Multi-pay Critical Illness Insurance Plans

[winthony]

Whole life sounds good, some also advocate buying term and invest the rest into index ETF.

One thing about whole life is really nearly whole life commitment! Anytime one cannot sustain the payment and surrender the policies, the Insurance company will earn.

BTIR is a good advice provided you are disciplined enough to do it The difference in premium reinvested into an index fund could potentially get better return but the question is, how many people are going to be disciplined enough to do so?

I would say wholelife has lesser commitment as it has a limited premium payment term of lets say 15~25 years as compared to a term policy because you have to foot the premium till the very end

 

[sunbox]

Looking for 100k ECI with multipay option for Male, ANB 39, non smoker for up to age 65 and 75.
Could i please get the quote?

 

[boredboiboi]

Looking for 100k ECI with multipay option for Male, ANB 39, non smoker for up to age 65 and 75.
Could i please get the quote?

Ok will quote u soon

Company A
100k till 65 - $1329/year
100k till 75 - $1980/year

Company M ( premium is before 5% perpetual discount)
100k till 65 - not available
100k till 75 - $2029/year

Company T
100k till 65 - not available
100k till 75 - $2459/year

Company X (does not have extra payout for late stages)
100k till 65 - $1266/year
100k till 75 - $1708/year

 

[winthony]

Looking for 100k ECI with multipay option for Male, ANB 39, non smoker for up to age 65 and 75.
Could i please get the quote?

Sure! In that case it would be the Multipay standalone. I will quote you the more popular providers

A
Till 65 : $1329

Till 75 : $1980

M Before 5% perpetual discount
Can only choose till 75 or 99
Till 65 : N/A

Till 75 :$2029

T
Can only choose till 70,75 or 85
Till 65 : N/A

Till 75 :$2459

 

[Smithy07]

Looking for multipay for myself and my Dad for $100k each cover till age 75. Profiles below.

Myself: ANB 36, non smoker
My Dad: ANB 62, smoker

Do we need to go for medical underwriting for $100k coverage?

 

[winthony]

Looking for multipay for myself and my Dad for $100k each cover till age 75. Profiles below.

Myself: ANB 36, non smoker
My Dad: ANB 62, smoker

Do we need to go for medical underwriting for $100k coverage?

Every application would go through underwriting! or you mean medical checkup?

Will quote for you

A
ANB 36 : $1733/annually

ANB 62 : N/A!


M
ANB 36 : $1769/annually

ANB 62 : $18,166.70/annually

 

[Smithy07]

Every application would go through underwriting! or you mean medical checkup?

Will quote for you

Oh ya. I mean medical check up. Haha.

 

[moejoseph]

Looking for multipay for myself and my Dad for $100k each cover till age 75. Profiles below.

Myself: ANB 36, non smoker
My Dad: ANB 62, smoker

Do we need to go for medical underwriting for $100k coverage?

Your dad may need due to age, and especially if he has got any conditions.

For yourself, if you have no conditions, no need for medical checkup

Below quote from AXA Direct:

ANB 36, Male Non-Smoker
$100k Multipay till age 75 @ $1498/year

ANB 62, Male Smoker
$100k Multipay till age 75 @ $

* AXA system currently undergoing maintenance, will update once it is up

 

[boredboiboi]

Looking for multipay for myself and my Dad for $100k each cover till age 75. Profiles below.

Myself: ANB 36, non smoker
My Dad: ANB 62, smoker

Do we need to go for medical underwriting for $100k coverage?

Depends on health condition declare. If healthy usually no. 100k is not very high coverage. For your dad, does he has any recent checkup or any health condition?

Below is the quote

Company A
Male ANB 36, non smoker - $1733/year
Male ANB 62, smoker - not available

Company T
Male ANB 36, non smoker - $2074/year
Male ANB 62, smoker - $17623/year

Company M (premium is before 5% perpetual discount)
Male ANB 36, non smoker - $1769/year
Male ANB 62, smoker - $18166.70/year

Company X (does not pay extra for late stages)
Mae ANB 36, non smoker - $1498/year
Male ANB 62, smoker - $13412/year

 

[winthony]

Oh ya. I mean medical check up. Haha.

For your dad, if he doesnt have any pre-existing, still might have the chance of needing medical check up

 

[xoutcastx]

Will quote for u soon
Why stop at 65 and 75? Because that where your income stop and no need for income replacement. And hospital plan upgraded.
Most popular pick is company M and A

Company A
100k till 65 - $1005/year
100k till 70 - $1253/year
100k till 75 - $1561/year

Company M ( premium is before 5% perpetual discount)
100k till 65 - not available
100k till 70 - not available
100k till 75 - $1586.50/year

Company T
100k till 65 - not available
100k till 70 - $1414/year
100k till 75 - $1791/year

Company X (does not have extra payout for late stages)
100k till 65 - $954/year
100k till 70 - $1101/year
100k till 75 - $1321/year

Hi, went to ask an agent to show the policy, 100k till 75, the amount came up higher, 9dollars difference per month(139/Mth, 1668/Yr for A). Is there a discount in your quote?

 

[winthony]

Hi, went to ask an agent to show the policy, 100k till 75, the amount came up higher, 9dollars difference per month(139/Mth, 1668/Yr for A). Is there a discount in your quote?

I checked on my side, based on ANB 33 and 100k coverage till 75 it is indeed $1561

 

[Smithy07]

Based on the premiums, I guess it's not suitable to buy for my Dad. The total premiums paid for 6 years would have exceed the $100k coverage.

 

[winthony]

Based on the premiums, I guess it's not suitable to buy for my Dad. The total premiums paid for 6 years would have exceed the $100k coverage.

Due to your dad's age, it is really quite insane. My suggestion is, look at his hospitalization and make sure its in order.

Another alternative is get a standalone ECI/CI policy.

For example, Company A : ECI/CI 100k till age 75 : $6064.20

 

[boredboiboi]

Hi, went to ask an agent to show the policy, 100k till 75, the amount came up higher, 9dollars difference per month(139/Mth, 1668/Yr for A). Is there a discount in your quote?

No discount. We got 2 person quoting here. Both same. The agent quote for u wrong. Should be the agent wrong i guess?

Or maybe the agent base in age last birthday and term become 1 more year?

I tried base on age 32 (anb 33) and 43 years term (ends at anb 76) monthly mode premium is $139.15.
Maybe the agent put 1 more year term ba.
He want earn more commission

 

[boredboiboi]

Based on the premiums, I guess it's not suitable to buy for my Dad. The total premiums paid for 6 years would have exceed the $100k coverage.

With that premium, its better off to buy a lifetime income plan or investment plan.

 

[moejoseph]

Based on the premiums, I guess it's not suitable to buy for my Dad. The total premiums paid for 6 years would have exceed the $100k coverage.

Updated quote from AXA Direct. System has resumed.

ANB 36, Male Non-Smoker
$100k Multipay till age 75 @ $1498/year

ANB 62, Male Smoker
$100k Multipay till age 75 @ $13,412/year
$50k Multipay till age 75 @ $6706/year

*Min coverage is $50k


Wouldn't advise clients above age 60 to get such a high coverage as the premium is very high. Even for ILP, the cost of insurance will be too high and will eat into the units.

One way will be to reduce the coverage significantly. Otherwise, it is really not ideal to get coverage after 60.

 

[LordDeathZ]

I was recommended a life policy with the following coverage:
Sum assured $100k with 3x multiplier for death and TPD
Coverage for CI/ECI at $50k each with 3x multiplier

Currently I only have SAF term life of $300k and I am looking for a coverage on CI + ECI

Will this life policy provide the sufficient coverage for myself?

 

[winthony]

I was recommended a life policy with the following coverage:
Sum assured $100k with 3x multiplier for death and TPD
Coverage for CI/ECI at $50k each with 3x multiplier

Currently I only have SAF term life of $300k and I am looking for a coverage on CI + ECI

Will this life policy provide the sufficient coverage for myself?

Hello there! For ECI/CI, I always recommend 3~5x of your annual salary as a gauge.

If you are looking at ECI + CI coverage, currently the most popular product is the Multipay structured product

 

[boredboiboi]

I was recommended a life policy with the following coverage:
Sum assured $100k with 3x multiplier for death and TPD
Coverage for CI/ECI at $50k each with 3x multiplier

Currently I only have SAF term life of $300k and I am looking for a coverage on CI + ECI

Will this life policy provide the sufficient coverage for myself?

Why multiplier only 3? Are you looking at cash value?
I realise why so many pple see 3 multiplier is because most of them say “i always sell 3 times multiplier”
Boost to its max. 5 times where most companies has it.
Eci/ci coverage - recommended 3 to 5 times of annual income. If you buy a wholelife with death ald, you can drop the mindef coverage too unless got shortfall then stay as it is.

Depends on your age, i would also recommend wholelife if you are below age 33