Multi-pay Critical Illness Insurance Plans

[Kiasu Mum]

Please advise which is better for teenagers to cover ECI (including all stages)
- term + ECI
- whole life plan + ECI
- whole life plan + Multipay (necessary)

how much should be the sum assured to be covered for such age?

Many thanks

 

[winthony]

Please advise which is better for teenagers to cover ECI (including all stages)
- term + ECI
- whole life plan + ECI
- whole life plan + Multipay (necessary)

how much should be the sum assured to be covered for such age?

Many thanks

For a teenager, would suggest going for wholelife since it would be limited pay and the premium would make more sense than going for a term!

A multipay added to a wholelife would compress the multipay premium to a limited amount of years and it could shift the premium up

Sum assured would be up to individual as well as budget of course

 

[boredboiboi]

Please advise which is better for teenagers to cover ECI (including all stages)
- term + ECI
- whole life plan + ECI
- whole life plan + Multipay (necessary)

how much should be the sum assured to be covered for such age?

Many thanks

Wholelife + eci

Depends on budget.
Most of the parents bought 150-300k coverage for their child

 

[Kiasu Mum]

Thanks winthony & boredboiboi for fast response,

150k to 300k SA or with multiplier and how much yearly premium to pay?

 

[winthony]

Thanks winthony & boredboiboi for fast response,

150k to 300k SA or with multiplier and how much yearly premium to pay?

Sure! Perhaps can have a little more details on your kid to generate a more accurate quotation

 

[mummynew]

Thanks winthony & boredboiboi for fast response,

150k to 300k SA or with multiplier and how much yearly premium to pay?

For youth's insurance, I would suggest to budget an amount, such as $2400/year or $3600/year premium, that the child can take over the premium payments comfortably when he/she starts working. From this budget, then works towards the benefits.

 

[boredboiboi]

Thanks winthony & boredboiboi for fast response,

150k to 300k SA or with multiplier and how much yearly premium to pay?

Kid is Boy or girl ? Age next birthday?
Only want old ci definition or new also can?
How many years of payment? 5/10/15/20/25?

 

[boredboiboi]

For youth's insurance, I would suggest to budget an amount, such as $2400/year or $3600/year premium, that the child can take over the premium payments comfortably when he/she starts working. From this budget, then works towards the benefits.

2400 to 3600 is too much.
Now with multiplier. Premium is about at most 1500-2500

 

[mummynew]

2400 to 3600 is too much.
Now with multiplier. Premium is about at most 1500-2500

Usually I start off with premium term of 20 years. If that term cannot get the ideal cover, then extend to 25 years etc.

 

[boredboiboi]

Usually I start off with premium term of 20 years. If that term cannot get the ideal cover, then extend to 25 years etc.

Yup. What coverage did u get?

 

[mummynew]

Yup. What coverage did u get?

The latest cover of my coming 18 yo nephew:

https://imgur.com/a/ySV7Piq

*if the multiplier cover were to drop off at 70 yo, then I will pick Manulife over Aviva. But prefer it to end at 75 yo, and so chose Aviva over Manulife (that I was told offer only max at 70). I 'foresee' he will live above 90 yo (gene and lifestyle elements) and so felt if ends at 70 will be a bit too young. Extended the premium term to 25 years old from 20 years to lighten his 'burden' of premium payment when he starts work in case he cant get good income (tho overall I still foresee no issues as he is a bright child).

 

[boredboiboi]

The latest cover of my coming 18 yo nephew:

https://imgur.com/a/ySV7Piq

*if the multiplier cover were to drop off at 70 yo, then I will pick Manulife over Aviva. But prefer it to end at 75 yo, and so chose Aviva over Manulife (that I was told offer only max at 70). I 'foresee' he will live above 90 yo (gene and lifestyle elements) and so felt if ends at 70 will be a bit too young. Extended the premium term to 25 years old from 20 years to lighten his 'burden' of premium payment when he starts work in case he cant get good income (tho overall I still foresee no issues as he is a bright child).

Then u should go for china taiping. China taiping until 85.

 

[mummynew]

Then u should go for china taiping. China taiping until 85.

Off budget for my brother bah (but my kids' ended at 85 coz the paternal grandparents both passed at close to 100 yo).

 

[boredboiboi]

Off budget for my brother bah (but my kids' ended at 85 coz the paternal grandparents both passed at close to 100 yo).

I see. At least homework is done

 

[Kiasu Mum]

ANB 20 years old, boy
old definition
payment terms 25 years

which is the best insurer and plan with SA50K is it sufficient as he got another WLP of the same amount but with only CI that was bought when young.

CTP unknown?

 

[mummynew]

I see. At least homework is done

I have been studying 'longevity' and quite 'troubled' with many around me who live past 80s and into their 90s and so am concerned about those who insured until 65 yo only as the newer generation is supposed to have even longer lives due to medical advancement.

Longevity is really a 'big issue' to me...

 

[boredboiboi]

ANB 20 years old, boy
old definition
payment terms 25 years

which is the best insurer and plan with SA50K is it sufficient as he got another WLP of the same amount but with only CI that was bought when young.

CTP unknown?

Ctp is new definition ald
50k without multiplier?
50k death/tpd?
50k eci?

You dont have much option left for old ci.
I will say go for company A then

Base 50k death/tpd/eci, multiplier 2 till age 70(that the min multiplier, cannot put 1)
Coverage becomes 100k death/tpd/eci
$1242.50/year for 25 years.

 

[ment0smintz]

How much for tm multiclaim with eci... Around 400K coverage.. 32 year old going 33...

 

[winthony]

ANB 20 years old, boy
old definition
payment terms 25 years

which is the best insurer and plan with SA50K is it sufficient as he got another WLP of the same amount but with only CI that was bought when young.

CTP unknown?

I guess the best bet now would be Company A!

Going by 50k base death/tpd + 50k base eci with 2x multiplier till age 70

$1242.50/annually based on premium payment term of 25 years

 

[boredboiboi]

How much for tm multiclaim with eci... Around 400K coverage.. 32 year old going 33...

Will quote for u. Male or female? Smoker or non smoker?
U might wan to reduce your coverage as early stage payout cap is 350k and system dont allow more than 350k coverage to be generated

Coverage till what age? 70/75/85

Base on age next birthday 33 female non smoker
350k till age 70 - $5638.50/year, with premium waiver ($5913.10/year)
350k till age 75 - $6447/year, with premium waiver ($6817.75/year)