Insurance Advise

[dslr]

Hi,

I will like to seek some advise on my insurance/coverage policy. Currently, I have these policies in place.
Per yer I am paying about 10k on the policies. I wanted to cut down some of the payment as I am going to puchase my new house soon. I will like to hear from a 3rd person opinion then to my agents.

AIA - whole life for 15 years (anually est $1.6k)
AIA - Critical Illiness (Complete Critical Cover) (anually est $1.7k)
AIA - Investment (Max Protector) (montly est $164)

Prudential - PruLink Protection Account (montly est $300)
Prudential - PruShield (anually est $300)
Prudential - PruShield Extra (montly est $31)

Questions:
Does the above policies overlap each other?
Which policies can I lower down my payment?
I understand AIA whole life policy will give out dividends, is it wise to just take the cash or reinvest?

May I know under which policiy will be cover if there is a serious illness (eg. Stage 1 Cancer) which one of them will be cover. AIA Critical Iliness?

Thanks.

 

[NiteX2]

Out of the policies you have, prulink protection account is one that you can look at to reduce your premium since it is an ilp. The minimum is $100/month if I remember it correctly.

AIA investment should be able to reduce as well but the reduction won't be that great.

There is no overlapping policies per se, but there isn't any policies that allow you to claim in the event of stage 1 critical illness as well. Your policies cover mainly late stage illnesses from what you have stated.

Without taking a look at your current portfolio, I wouldn't be able to comment more on it. If you don't mind, I can meet up with you to take a look at your existing policies and give you an overall summary of it. I am from an IFA by the way if you are worried if I am another tied agent.

Do let me know and have a good day

 

[s_kengnam]

Hi

AIA Complete Critical Cover you 50% of sum assured for Stage 1 Cancer.
From your premium I guess you should be covered about 100k.
Thus you should be able to claim 50k if you have stage 1 cancer.
and 100k if cancer is stage 3 onwards.

I understand AIA whole life policy will give out dividends, is it wise to just take the cash or reinvest?
Normally the dividend would be of significant value later on in your life. Recommend to keep it and only take it out during rainly days.

From my knowledge, I believe your whole life plan and 2 investment linked plans give you similar protection, Death, TPD and Major Critical illness. You yourself have to know how much cover you need. From there, then you can decide which plan is not required due to your budget constraint. Ideally if possbile, cancellation of plan is always the last resort.

Maybe you can pm me your commitment and all the sum assured of your plans, then I can how i can help you thru private message.