Critical Illness coverage (CI)

[freeloop2]

Your based sum assured is 50k? I would suggest not to go for multiplier for whole life plan. Get a based sum assured of whole life plan and enhanced it with a term plan.

Yes, based SA is 50k, 4 times multuplier till 70 then back to 50k+bonus after 70. Is there any life insurace without multiplier at about the same premiums with equivalent 200k or more coverage in the market now?

 

[freeloop2]

till age 52? no la, life plan cover till u pass on.
25 years is the yrs he need to pay

Yes u are right!! Pay until 52 yo

 

[freeloop2]

Any reason why u only want to be covered 25yrs to age 52?

Not sure if the plan u refering to got multipler or not. If yes, what is the basic SA?
If this plan got no multiplier, note that if u tio early CI u claim 100k. If u pass away at age 50 ur legacy only left 100k.
If got multiplier, the coverage would be much worst.

Personally i find the coverage low from every aspect.

Hey bro, i was asking about life insurance pay untill im 52 yo then cover the rest of life but multiplier ends at 70 yo. I intend to buy another term insurance with a higher coverage when im able to afford in a few years later. Currently looking at life insurance cuz its cheaper to buy at a younger age

 

[MikeZhang]

Yes, based SA is 50k, 4 times multuplier till 70 then back to 50k+bonus after 70. Is there any life insurace without multiplier at about the same premiums with equivalent 200k or more coverage in the market now?

Yes there is whole life limited pay without multiplier. But the premium will be likely more expensive than multiplier. 100k based SA is more than enough and use term plan to enhance it. I don't advise ppl to use whole life as investment tool. It's always good to claim from whole life.

 

[freeloop2]

can share the link? im a bit confused. thanks

 

[sputnikmoment]

Do I need to still get CI coverage if I already have an early CI plan?

 

[~sabaisabai~]

Do I need to still get CI coverage if I already have an early CI plan?

No harm to get additional

 

[Carnage]

Early CI is a very expensive CI plan. Due to the high cost of it and the limited actual reason for needing the coverage, generally people would only choose a coverage of around $50k.

On the other hand, CI is relatively cheaper and it is meant to cover your loss of income should you be diagnosed for major illnesses such as kidney failure or cancer. Assuming you have another 10 years of life expectancy, this $50k from your early CI coverage is going to be insignificant to cover for your living expenses, therefore, you'd still need to get yourself a CI.

Early CI when gotten young, is actually affordable.

 

[sputnikmoment]

Early CI is a very expensive CI plan. Due to the high cost of it and the limited actual reason for needing the coverage, generally people would only choose a coverage of around $50k.

On the other hand, CI is relatively cheaper and it is meant to cover your loss of income should you be diagnosed for major illnesses such as kidney failure or cancer. Assuming you have another 10 years of life expectancy, this $50k from your early CI coverage is going to be insignificant to cover for your living expenses, therefore, you'd still need to get yourself a CI.

Thanks for the insight. That way, i should ladder my coverage with 50k early CI & 100k CI instead of just 150k early CI.

 

[bjornng]

currently have aviva 100k group term life.. was thinking of adding ECI and CI rider into it.

i've read around and i understand that aviva ECI is more ex? and also something about claiming.. was wondering if you guys think it's advisable. because i think their premiums is still much cheaper.. also, i believe that getting all from 1 company would be easier.. rather than submitting claims for different companies. (eg, i got GTL from aviva, and i purchase another term + CI from let's say GE)

my portfolio now has 200k WL (Dad bought for me), 100k term (aviva MHA),H&S. plan now is to enhance through term, and add in ci and eci rider.

would like to humbly seek your opinions. thank you!

 

[Carnage]

every plan when gotten young, are actually affordable. Except for those yearly renewable plans like integrated shield plan and Aviva GTL's CI rider.

Also, when buying something, anything and not just insurance per se, we don't just look at its affordability, but also practicability and its worthiness.

You just said it was very expensive, now you said it's affordable. Make up your mind...

 

[chopra]

There is standalone CI plan, up to age 99.

At 99yo, u (ur descendants) hope u die asap before financially n physically straining them

Sent from hoping for a slower paced singapore using GAGT

 

[dendii]

The key thing to note is at the moment, Aviva's term is good for value until age 65. So you risk not being covered after that, or having to pay exponentially higher premiums after.

I will recommend getting a separate term life from another insurer to enhance your overall protection.

You may also want to consider increasing your Aviva term coverage amount since it is still very good value for Death/TPD until 65, and very affordable as well.

currently have aviva 100k group term life.. was thinking of adding ECI and CI rider into it.

i've read around and i understand that aviva ECI is more ex? and also something about claiming.. was wondering if you guys think it's advisable. because i think their premiums is still much cheaper.. also, i believe that getting all from 1 company would be easier.. rather than submitting claims for different companies. (eg, i got GTL from aviva, and i purchase another term + CI from let's say GE)

my portfolio now has 200k WL (Dad bought for me), 100k term (aviva MHA),H&S. plan now is to enhance through term, and add in ci and eci rider.

would like to humbly seek your opinions. thank you!

 

[dendii]

Do I need to still get CI coverage if I already have an early CI plan?

Depends on what kind of Early CI plan you have. Do you have the details?

Some ECI plans pays out only for Early, Intermediate stages and not Major. Some pay out from Early to Major.

 

[Carnage]

Make up my mind?
By affordable, I was referring to parents getting it for kids below age of 21.

By expensive, i was referring to anyone getting for themselves above the age of 21.

Affordability is subjected to the scenerio, and we are not pariticularly discussing a specific scenerio here so what's there to make up my mind about?

Likewise, while term plans are affordable, you cant say the same for a 60yo getting a term plan for himself, can you?

There is no particular scenario to talk about since everyone requires insurance be it life or critical illness. If you get it late, then it's too bad. At least your self insured was right.

Affordability depends on so much factors, not just premiums. There are people willing to pay to transfer the risk, why stop them just because you deem the premiums not to be worth it.

 

[getsourmuffins]

Hi hi~

I'm relatively new in this insurance thing. Just started working for 1 year an am looking out to purchase a critical illness plan.. Right now i only have personal accident + hospitalization plan..

Spoke to an AIA agent and was quoted a CI plan for $153, premium term will be till age 46 and max coverage age will be whole life.

Some payout includes death benefit.. Early stage critical illness payout $25,000 and the major stage critical illness before 65 will payout $100,000.

Is this consider affordable? Thanks!

 

[akwl88]

Hi hi~

I'm relatively new in this insurance thing. Just started working for 1 year an am looking out to purchase a critical illness plan.. Right now i only have personal accident + hospitalization plan..

Spoke to an AIA agent and was quoted a CI plan for $153, premium term will be till age 46 and max coverage age will be whole life.

Some payout includes death benefit.. Early stage critical illness payout $25,000 and the major stage critical illness before 65 will payout $100,000.

Is this consider affordable? Thanks!

U can get a term plan till 65 which covers death, tpd and ci

500k coverage for death and tpd and 200k for ci roughly 1k premiums per year

 

[getsourmuffins]

U can get a term plan till 65 which covers death, tpd and ci

500k coverage for death and tpd and 200k for ci roughly 1k premiums per year

So cheap and higher coverage (i think 500k for death is quite a lot.. the current one which i'm quoted only 100k)? Which company offer this?

 

[akwl88]

So cheap and higher coverage (i think 500k for death is quite a lot.. the current one which i'm quoted only 100k)? Which company offer this?

Its a form of protection as income replacement for your dependants.

With the cost of livings nowadays, not sure 100k can survive for long

Axa

 

[JK1688]

So cheap and higher coverage (i think 500k for death is quite a lot.. the current one which i'm quoted only 100k)? Which company offer this?

Depend on your age. For 25yrs old, death 500k till 65 is only like 200-300/yr

For death /tpd/ci 200k until 65 is only 500+/yr

Sent from using GAGT