Term insurance questions

[ExEngineer]

I already have some term life insurance, but am considering increasing the coverage. Appreciate if anyone can help share any advice...
(I’m in my 40s, with young kids & would like to have term coverage until I’m in my 60s ie kids completed education and start working on their own).

1. How should I assess the value of CI riders? Aside from cost is there a big difference between riders from different insurers or are they more or less standard?

2. Medical exams - are there any term policies that can be purchased without a medical exam? I don’t have any pre-existing conditions that I’m aware of; I just don’t really like the idea of putting a medical exam on record with insurers just in case they try to unfairly use it as basis of not paying out afterwards. I’m also worried that if I take a medical now and the results are less-than-perfect, whether disclosing the details to one insurer would somehow make the records available to all other insurers (including my current ones).

3. Several Singapore based insurers seem to offer a no frills Direct Purchase term policy - these seem attractive for my objective of adding simple term coverage. Anything to watch out for with such policies?

 

[soneat]

I already have some term life insurance, but am considering increasing the coverage. Appreciate if anyone can help share any advice...
(I’m in my 40s, with young kids & would like to have term coverage until I’m in my 60s ie kids completed education and start working on their own).

1. How should I assess the value of CI riders? Aside from cost is there a big difference between riders from different insurers or are they more or less standard?

2. Medical exams - are there any term policies that can be purchased without a medical exam? I don’t have any pre-existing conditions that I’m aware of; I just don’t really like the idea of putting a medical exam on record with insurers just in case they try to unfairly use it as basis of not paying out afterwards. I’m also worried that if I take a medical now and the results are less-than-perfect, whether disclosing the details to one insurer would somehow make the records available to all other insurers (including my current ones).

3. Several Singapore based insurers seem to offer a no frills Direct Purchase term policy - these seem attractive for my objective of adding simple term coverage. Anything to watch out for with such policies?

1. Different insurer may offer different number of CI covers. The Standard CI definition is 37. Income CI definition covers 40. Prudential CI definition covers 50+. Go take a look at CompareFirst to have an idea.

2. Yes. Insurer typically have guidelines on how much they can insure without explicit medical underwriting. It depends on the entry age as well. In general, if the sum assured is not big, it will be considered non-medical.

3. DPI CI definition consist of 30 conditions.

 

[boredboiboi]

I already have some term life insurance, but am considering increasing the coverage. Appreciate if anyone can help share any advice...
(I’m in my 40s, with young kids & would like to have term coverage until I’m in my 60s ie kids completed education and start working on their own).

1. How should I assess the value of CI riders? Aside from cost is there a big difference between riders from different insurers or are they more or less standard?

2. Medical exams - are there any term policies that can be purchased without a medical exam? I don’t have any pre-existing conditions that I’m aware of; I just don’t really like the idea of putting a medical exam on record with insurers just in case they try to unfairly use it as basis of not paying out afterwards. I’m also worried that if I take a medical now and the results are less-than-perfect, whether disclosing the details to one insurer would somehow make the records available to all other insurers (including my current ones).

3. Several Singapore based insurers seem to offer a no frills Direct Purchase term policy - these seem attractive for my objective of adding simple term coverage. Anything to watch out for with such policies?

1. For ci, they have to follow LIA

2. As long as u declare healthy, usually insurers do not request for medical check up

3. Limitation for direct purchase. Usually conditions covered are lower, and sum assured usually cap at 400k for diy.

 

[tangent314]

1. For ci, they have to follow LIA

2. As long as u declare healthy, usually insurers do not request for medical check up

3. Limitation for direct purchase. Usually conditions covered are lower, and sum assured usually cap at 400k for diy.

Could you explain "conditions covered are lower"?
As far as I know for term life insurance the conditions are binary - dead or not dead, and for CI you mentioned they all follow LIA. Is it the TPD claim conditions that are lower?

 

[boredboiboi]

Could you explain "conditions covered are lower"?
As far as I know for term life insurance the conditions are binary - dead or not dead, and for CI you mentioned they all follow LIA. Is it the TPD claim conditions that are lower?

As in lesser conditions for ci. Use wrong word.

 

[winthony]

I already have some term life insurance, but am considering increasing the coverage. Appreciate if anyone can help share any advice...
(I’m in my 40s, with young kids & would like to have term coverage until I’m in my 60s ie kids completed education and start working on their own).

1. How should I assess the value of CI riders? Aside from cost is there a big difference between riders from different insurers or are they more or less standard?

2. Medical exams - are there any term policies that can be purchased without a medical exam? I don’t have any pre-existing conditions that I’m aware of; I just don’t really like the idea of putting a medical exam on record with insurers just in case they try to unfairly use it as basis of not paying out afterwards. I’m also worried that if I take a medical now and the results are less-than-perfect, whether disclosing the details to one insurer would somehow make the records available to all other insurers (including my current ones).

3. Several Singapore based insurers seem to offer a no frills Direct Purchase term policy - these seem attractive for my objective of adding simple term coverage. Anything to watch out for with such policies?

Hello!

1) Standard wise yes more or less the same. Companies have to follow the LIA's guideline. The reason you see things like Company X covering 100 illnesses and Company Y covering only 50 illnesses is how they "word" their descriptions. Essentially they list out the illnesses instead of grouping them up. Hope that make sense

2) Essentially if the quantum is not super ridiculous for your age + income etcetc, no medical check up would be required.

3. Direct purchase term's coverage for CI/ECI will not be as comprehensive as compared to those going through a FA!