For a comprehensive insurance coverage covering wealth accumulation stage of your life (i.e. working life), SAF Group Insurance is the cheapest out there. The coverage includes:
1. Term Insurance (till 70 years old)
2. CI (till 65 years old)
3. Early CI (till 65 years old)
For example, a couple of 34 years old and wife of 32 years old, the total premium is as follow:
Husband
1. Term Insurance (till 70 years old with 200K coverage) = $17,587 (over 36 years)
2. CI (till 65 years old with 100K coverage) = $16,458 (over 31 years)
3. Early CI (till 65 years old with 100K coverage) = $12,786 (over 31 years)
Total Premium = $46,832
Wife
1. Term Insurance (till 70 years old) = $15,984 (over 36 years)
2. CI (till 65 years old with 100K coverage) = $16,699 (over 31 years)
3. Early CI (till 65 years old with 100K coverage) = $6,900 (over 31 years)
Total Premium = $39,583
I understand there is cheaper term coverage out there. However, the total premium is not as cheap after including CI and early CI. For a comprehensive coverage (Term + CI + Early CI), SAF Group is the cheapest.
I advocate term coverage during working life (wealth accumulate stage) in case anything happen during this period of one's life.
For coverage after 65 or 70, I believe one should already be self-insured (accumulated wealth during working life) instead of paying high premium to insurance companies for term insurance + CI + early CI. Furthermore, there is not much income loss to be hedged for a typical salaried worker after 65 or 70. Nonetheless, hospital insurance is still a must (as old as possible) to cover the high medical cost.
Do let me know if there is a cheaper plan for (Term till 70 + CI till 65 + Early CI till 65). I am interested to purchase. Pls provide your contact details as I am unable to PM you with minimum 10 post requirements to PM Thanks.