1. Reduce AIA triple cover coverage, premium fm 6k to 3k (up to 100 yrs old) 2. Replace triple cover with TM Term Assure II, premium 1.7k (up to 75 yrs old) . Which option is better - if 100k coverage?

Hi anon,

If you are looking at covering CI, have you considered a limited payment whole life plan? It may be more cost efficient than paying for a term plan till age 75. I do not know what your age is, but if you are in your 20s or 30s, a limited payment whole life plan with CI/ECI rider will probably be a lot cheaper in total premiums compared to a term plan with coverage term till age 75.

While there is a chance of a relapse for CI, statistically speaking, it will be lower than the chance of getting any CI at all. Typically the cost of multi-pay plans gets high if you wish to cover till 100, and you'll need to find a balance point between multi-claim and whole of life coverage. I'd generally prefer to have a whole life plan as the final resort, but rely on a multi-pay plan till age 65-75 in the event something strikes me when I'm working.

Also, there are many insurers offering whole life CI plans. Speak with an independent financial advisor to get an overview of the options for you. There's probably a permutation somewhere that will allow you to get whole life and multi pay CI cover without crossing 10% of your annual income, but you'll have to provide the specific numbers about your current situation to the advisor.