Should i continue with this insurance plan?

[xXxJavierxXx]

Tokio Marine Legacy life

Coverage $70000
Minimum Benefits $175000 (Till age 70)

Premium annually $2425.50

Purchase this plan 4 years ago when i start working. I have some pre-existing conditions and this incur extra loading. I have to pay for another 21 years.

I have aviva myshield plus along side with this life plan.

Should i just switch to a term policy to reduce my cost of insurance?

 

[Lewis.T]

You may not be able to be covered for DD/C.I. on new policies.

You should try to see if you can get covered and the premiums involved if there is loading on your new proposed policy, then we can calculate if it will make financial sense to switch.

 

[eboy]

Use the dividends if any to offset the premiums and pay the balance Loh

 

[computers70]

hmm, I would drop the riders, so that I can use this as a 'savings'
With rider + loadings, does not do any good.

 

[blurpandasg2014]

This plan is very good. U cannot find anything better in the market. Suggest u keep it and add on term for the rest of ur coverage

 

[soneat]

Tokio Marine Legacy life

Coverage $70000
Minimum Benefits $175000 (Till age 70)

Premium annually $2425.50

Purchase this plan 4 years ago when i start working. I have some pre-existing conditions and this incur extra loading. I have to pay for another 21 years.

I have aviva myshield plus along side with this life plan.

Should i just switch to a term policy to reduce my cost of insurance?

I recall this plan is pretty ok although the Legacy Infinite is even better. If your condition has improved/did not reoccur etc, you can appeal to the insurer to remove/reduce the loading. Give it a try first.

 

[xXxJavierxXx]

hmm, I would drop the riders, so that I can use this as a 'savings'
With rider + loadings, does not do any good.

Just want to find out if all the so called riders necessary? MDB term riders etc.

 

[Bigoya]

Tokio Marine Legacy life

Coverage $70000
Minimum Benefits $175000 (Till age 70)

Premium annually $2425.50

Purchase this plan 4 years ago when i start working. I have some pre-existing conditions and this incur extra loading. I have to pay for another 21 years.

I have aviva myshield plus along side with this life plan.

Should i just switch to a term policy to reduce my cost of insurance?

What was the initial reason that you bought this plan with this struture/amount of coverage and premiums?

Apart from the relatively higher-than-Term-premium, are there other reasons that triggers a consideration for switching to Term?

Do note that by surrendering, most of the $9.7k premiums paid would not be returned to you.

Just want to find out if all the so called riders necessary? MDB term riders etc.

I believe if you are to take these MDB riders away, you sum assured would be only $70k throughout your life instead of $175k till age 70 and back to $70k + C.V. thereafter.

 

[FP_IFA]

Getting a term plan doesn't mean no loading. In fact the loading could be higher. If you want to replace it with a term plan, make sure your term is incepted (for 90 days) before dropping the whole life.

Removing those riders reduce the plan covers drastically. Imagine saving $800 but your cover drop from $1750000 to $70000 and losing critical illness cover.

 

[OngHuatHuat]

Leveled fee term can be quite expensive if coverage is till a very old age.

Getting a term plan doesn't mean no loading. In fact the loading could be higher. If you want to replace it with a term plan, make sure your term is incepted (for 90 days) before dropping the whole life.

Removing those riders reduce the plan covers drastically. Imagine saving $800 but your cover drop from $1750000 to $70000 and losing critical illness cover.