Term Life Coverage and CI Plans

[donrick]

Dear friends,

I have recently gotten married and am expecting a child next year. I am thinking of getting a term life coverage till age 99 as the premiums are lower (average income earner) as well as a CI plan. What are the plans out in the market that have affordable premiums for a good coverage? e.g 500-1m. Thanks so much for advice!

 

[Bigoya]

Dear friends,

I have recently gotten married and am expecting a child next year. I am thinking of getting a term life coverage till age 99 as the premiums are lower (average income earner) as well as a CI plan. What are the plans out in the market that have affordable premiums for a good coverage? e.g 500-1m. Thanks so much for advice!

Before thinking of which insurer has the best bargain, consider if you REALLY needs to be covered till age 99 as it comes with a cost.

Your child would be independent by 25 yrs time (hopefully), upon your death (touch wood), do you intend to leave him a legacy or are you worried about him having to depend on your income lost to live his life?

Is your wife working? Would she also be dependant on your income?
What about your parents?

Is a $1M term plan covering till age 99 necessarily the best solution to your concern?

Have you really planned what are your financial goals and how you'd like to make better use of your money?

 

[computers70]

Before thinking of which insurer has the best bargain, consider if you REALLY needs to be covered till age 99 as it comes with a cost.

Your child would be independent by 25 yrs time (hopefully), upon your death (touch wood), do you intend to leave him a legacy or are you worried about him having to depend on your income lost to live his life?

Is your wife working? Would she also be dependant on your income?
What about your parents?

Is a $1M term plan covering till age 99 necessarily the best solution to your concern?

Have you really planned what are your financial goals and how you'd like to make better use of your money?

Yup, have to agree on above. Do consider like Gen3 plans from AIA, manulife or other insurance companies. They would give a better value.

If your budget is tight now. buy a term plan first later do a conversion to a life plan. Do speak to your agent on these, and please do your own homework too.