loftystew
Master Member
- Joined
- Oct 24, 2009
- Messages
- 2,926
- Reaction score
- 15
I'm looking to increase my coverage for my AVIVA SAF term plan which I'm currently insured for 100K. That's $12.80 per month.
I'm looking for advises on how much I should increase for the coverage to prevent falling into the over-insured situation.
Some background info: I'm currently holding a diploma grad pay (around 2K).
I'm currently hesitating on whether to increase my coverage to 200K or 300K (Yea, I know I'm only paid in advance up to 100K when sh!ts hit the fan, the balance will be paid to my beneficiary when I'm gone). Main idea of getting a coverage of more than 100K is to leave some cash behind for my family when I'm gone. Premium, depending on which coverage I ultimately choose, will be either $25.60 or $38.40 per month.
Since AVIVA SAF term payout of up to 100K when I'm alive doesn't seems to cover major illnesses, I'm also thinking of adding the rider - supplementary living care insurance so that I will get a sum of money which will tide me over easier (pay medical bill, etc) till I'm dead. Probably going to get 200K coverage for this which equates to additional $20 per month for age below 46 with gradual increase of premium till $228.33 for age 65.
I do have a hospital shield plan (preferred) from NTUC income. 200K from supplementary living care + the hospital shield plan should tide me over or at the very least reduce some of my burdens (medical care, etc) till I'm dead due to illness I think.
So according to what I have planned out:
Death or TPD -> $200K ($100K advance if I were to stay alive)
Major Illness -> $200K
Total premium per month for 200K coverage (below age 46) -> $25.60 + $ 20.00 = $45.60.
Total premium per month for 300K coverage (below age 46) -> $38.40 + $ 20.00 = $58.40.
Do take note that I'm comfortable with paying either both of the premium. As some might have already known, I'm planning to cancel my AIA plan of $75 per month in few months time so I'm definitely OK paying either one.
Any advises on my plan? Am I over-insured if I were to go for 300K coverage? Are there a better term plan than AVIVA?
Thanks in advance.
P.S - I probably add the personal accident rider too since the premium is fixed at $8.33 per month (coverage of 200K) regardless of age.
I'm looking for advises on how much I should increase for the coverage to prevent falling into the over-insured situation.
Some background info: I'm currently holding a diploma grad pay (around 2K).
I'm currently hesitating on whether to increase my coverage to 200K or 300K (Yea, I know I'm only paid in advance up to 100K when sh!ts hit the fan, the balance will be paid to my beneficiary when I'm gone). Main idea of getting a coverage of more than 100K is to leave some cash behind for my family when I'm gone. Premium, depending on which coverage I ultimately choose, will be either $25.60 or $38.40 per month.
Since AVIVA SAF term payout of up to 100K when I'm alive doesn't seems to cover major illnesses, I'm also thinking of adding the rider - supplementary living care insurance so that I will get a sum of money which will tide me over easier (pay medical bill, etc) till I'm dead. Probably going to get 200K coverage for this which equates to additional $20 per month for age below 46 with gradual increase of premium till $228.33 for age 65.
I do have a hospital shield plan (preferred) from NTUC income. 200K from supplementary living care + the hospital shield plan should tide me over or at the very least reduce some of my burdens (medical care, etc) till I'm dead due to illness I think.
So according to what I have planned out:
Death or TPD -> $200K ($100K advance if I were to stay alive)
Major Illness -> $200K
Total premium per month for 200K coverage (below age 46) -> $25.60 + $ 20.00 = $45.60.
Total premium per month for 300K coverage (below age 46) -> $38.40 + $ 20.00 = $58.40.
Do take note that I'm comfortable with paying either both of the premium. As some might have already known, I'm planning to cancel my AIA plan of $75 per month in few months time so I'm definitely OK paying either one.
Any advises on my plan? Am I over-insured if I were to go for 300K coverage? Are there a better term plan than AVIVA?
Thanks in advance.
P.S - I probably add the personal accident rider too since the premium is fixed at $8.33 per month (coverage of 200K) regardless of age.
Last edited:
