Sorry guys to bother with yet another insurance question...hope can get some advice/ideas from here on what type of insurance to buy and how to decide coverage needed...
profile: married with a baby on the way, male 34 yrs old and female 29 years old / no other insurance at the moment except for medishield plans...recently bought a hse and took a mortgage loan of 900k
met with an insurer recently/briefly and was advised to buy life insurance that pays premium for only 10 years for permanent coverage against death, tpd and ci...interesting and attractive plan but premiums expensive (abt 10k per yr for 10 yrs for 300k coverage each for myself/wife from now to age 65; after 65 coverage will be halfed + whatever bonus/surrender value
the policy recommended is fine except that it is inadequate to cover my current liabilities...here is what im thinking to do...hope can get some feedback
i'm thinking for the next 10 years to set a coverage amt of 1.5m in the event of death/tpd and 500k in event of CI...individually for myself and wife...to do that im thinking to buy several term insurances that i will progressively drop at later point in my life when my liabilities reduce and children grow up...
i'm currently working for govt and found a very affordable policy call pogis by aviva...basically 500k coverage for death/tpd with annual premium $300...and 300k coverage for CI with annual premium $360...rates are up to 45 years...can also buy for my wife and free coverage for children if both of us buy...only issue is i need to remain a govt worker...i foresee that shd be the case for at least next 5 yrs...
On top of that im planning to buy from other insurance companies term insurance of value 500k, 300k and 150k respectively for both myself and wife...and at age 45, 55 and 65 we will decide if we still need those coverage and will drop accordingly
full medical/hospitalization coverage we will likely buy all the way until we die or no longer afford/need...
my question is does my plan even make sense?! sorry i only started reading about insurance recently so like to hear more ideas rather than only from the insurers...im gathering opinions from friends but most of them are buying in haphazard manner..hahaa
me and wife have decided to set aside ard 10k budget per yr for these kind of insurance (excluding the medical/hospitalization ones)...would such a budget be sufficient to get the coverage i need...and shd i diversify or consider other products like life insurance, accident, disability income, etc
profile: married with a baby on the way, male 34 yrs old and female 29 years old / no other insurance at the moment except for medishield plans...recently bought a hse and took a mortgage loan of 900k
met with an insurer recently/briefly and was advised to buy life insurance that pays premium for only 10 years for permanent coverage against death, tpd and ci...interesting and attractive plan but premiums expensive (abt 10k per yr for 10 yrs for 300k coverage each for myself/wife from now to age 65; after 65 coverage will be halfed + whatever bonus/surrender value
the policy recommended is fine except that it is inadequate to cover my current liabilities...here is what im thinking to do...hope can get some feedback
i'm thinking for the next 10 years to set a coverage amt of 1.5m in the event of death/tpd and 500k in event of CI...individually for myself and wife...to do that im thinking to buy several term insurances that i will progressively drop at later point in my life when my liabilities reduce and children grow up...
i'm currently working for govt and found a very affordable policy call pogis by aviva...basically 500k coverage for death/tpd with annual premium $300...and 300k coverage for CI with annual premium $360...rates are up to 45 years...can also buy for my wife and free coverage for children if both of us buy...only issue is i need to remain a govt worker...i foresee that shd be the case for at least next 5 yrs...
On top of that im planning to buy from other insurance companies term insurance of value 500k, 300k and 150k respectively for both myself and wife...and at age 45, 55 and 65 we will decide if we still need those coverage and will drop accordingly
full medical/hospitalization coverage we will likely buy all the way until we die or no longer afford/need...
my question is does my plan even make sense?! sorry i only started reading about insurance recently so like to hear more ideas rather than only from the insurers...im gathering opinions from friends but most of them are buying in haphazard manner..hahaa
me and wife have decided to set aside ard 10k budget per yr for these kind of insurance (excluding the medical/hospitalization ones)...would such a budget be sufficient to get the coverage i need...and shd i diversify or consider other products like life insurance, accident, disability income, etc
