Hi All,
Seeking some help and advice on insurance matters. Age 36., male, non smoker. I have a pre existing condition where I dont walk that well due to high fever when I was 3 years.
In 2007, I bought 2 25 years limited life insurance plans from UOB Life for 150k and 50k coverage. Annual Premiums are 3.4k, 1.4k respectively. In 2010, Prudential bought over UOB Life. The 2 policies exclude TPD, paralysis and CIs arising from my preexisting condition.
I recently underwrote for the Prudential's multiplier life plan. Surprisingly, they are willing to accept my application with no exclusions and just 15 percent loading on original premium.
With this turn of events, I am seriously considering to surrender my UOB Life 150k policy.. And use the money plus topping a bit more to get the Pru Multiplier plan at abt 100k coverage. With the multiplier effect, I can get covered for about 250k for ci, TPD and death till 65. After 65 yrs old, its drops back to 100k guaranteed coverage plus bonuses.
Surrender value aside. I think getting covered without exclusions is important to me. Not having TPD coverage leaves me vulnerable.. So does my plan make sense? I know its bad to surrender a life policy after six years. On the other hand, Im getting complete coverage but at a less amount..
The proposed Pru Multiplier policy only needs me to pay for 15 years. So I will be done by 51.
Term plans are out of question for me. But I managed to get Zurich Z care for 100k, Z protect 100k ( exclude TPD)
Based on my current status: 200k UOB Life (Death and CI only), 100k Z Care (CI) 100k Z protect (Death, Accident). So conclude 300k CI, 300k Death.
My planned readjustment: 50k UOB Life (Death and CI only), 100k Z Care (CI) 100k Z protect (Death, Accident). 100 k basic Pru multiplier (Death CI TPD) 250k before 65 years old. So conclude 400k CI, 250k TPD, 400k death. before 65 years.
Does it make sense to sacrifice the 150k life insurance to get more complete coverage? Please advise?
Seeking some help and advice on insurance matters. Age 36., male, non smoker. I have a pre existing condition where I dont walk that well due to high fever when I was 3 years.
In 2007, I bought 2 25 years limited life insurance plans from UOB Life for 150k and 50k coverage. Annual Premiums are 3.4k, 1.4k respectively. In 2010, Prudential bought over UOB Life. The 2 policies exclude TPD, paralysis and CIs arising from my preexisting condition.
I recently underwrote for the Prudential's multiplier life plan. Surprisingly, they are willing to accept my application with no exclusions and just 15 percent loading on original premium.
With this turn of events, I am seriously considering to surrender my UOB Life 150k policy.. And use the money plus topping a bit more to get the Pru Multiplier plan at abt 100k coverage. With the multiplier effect, I can get covered for about 250k for ci, TPD and death till 65. After 65 yrs old, its drops back to 100k guaranteed coverage plus bonuses.
Surrender value aside. I think getting covered without exclusions is important to me. Not having TPD coverage leaves me vulnerable.. So does my plan make sense? I know its bad to surrender a life policy after six years. On the other hand, Im getting complete coverage but at a less amount..
The proposed Pru Multiplier policy only needs me to pay for 15 years. So I will be done by 51.
Term plans are out of question for me. But I managed to get Zurich Z care for 100k, Z protect 100k ( exclude TPD)
Based on my current status: 200k UOB Life (Death and CI only), 100k Z Care (CI) 100k Z protect (Death, Accident). So conclude 300k CI, 300k Death.
My planned readjustment: 50k UOB Life (Death and CI only), 100k Z Care (CI) 100k Z protect (Death, Accident). 100 k basic Pru multiplier (Death CI TPD) 250k before 65 years old. So conclude 400k CI, 250k TPD, 400k death. before 65 years.
Does it make sense to sacrifice the 150k life insurance to get more complete coverage? Please advise?
