NTUC Income LUV

[newbie1979]

I will be 55 in May and have been holding back cancel PruLink policy because it include Critical Illness coverage. Yup, its a mistake and have been 'losing' lots of money through these years holding on to this policy.

I came across the Income LUV (Deluxe) which is for NTUC members and include term life and 30 critical illness.

The monthly premium for SGD100k coverage for age 56-60 is $56. Much lower than the Prulink (yes, I am aware LUV is term and does not have accumulated value)

Some queries -
a. reading the FAQ it seems the coverage is until age 70?
b. Is this renewal till later age?
c. We can only buy this policy online and not thru' an agent?

Also like to hear your feedback on this product.
Many Thanks.

 

[FP_IFA]

I will be 55 in May and have been holding back cancel PruLink policy because it include Critical Illness coverage. Yup, its a mistake and have been 'losing' lots of money through these years holding on to this policy.

I came across the Income LUV (Deluxe) which is for NTUC members and include term life and 30 critical illness.

The monthly premium for SGD100k coverage for age 56-60 is $56. Much lower than the Prulink (yes, I am aware LUV is term and does not have accumulated value)

Some queries -
a. reading the FAQ it seems the coverage is until age 70?
b. Is this renewal till later age?
c. We can only buy this policy online and not thru' an agent?

Also like to hear your feedback on this product.
Many Thanks.

It is a group term plan so you have to be a NTUC member to apply. Prulink insurance cost at your age is much higher than LUV. I think the cover will end at 70 without the option to further renew.

Things to consider before you do any switch:
1. Health - Is your health still good enough for NTUC to give you standard term.
2. Waiting period - Even if your health is good and NTUC gives you a standard term, you should still hold your Prulink at least 90 days after you get your LUV. This is because of the 90 days waiting period for LUV's major CI claim.