facebook30yr smoker I am thinking to get axa term death 200k 40/mth 100k tpd with supercriticare ci 50k 80/mth. looking at between pru life active and multi flex for death and single claim ci, what’s the diff? - Seedly

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J

John.b

07 Aug 2020

Insurance

30yr smoker I am thinking to get axa term death 200k 40/mth 100k tpd with supercriticare ci 50k 80/mth. looking at between pru life active and multi flex for death and single claim ci, what’s the diff?

Reason why I put 50k sa multi claim ci 50k is because its premium is quite high, and im thinking about getting the whole life fixed term insurance with cash value with a single claim ci with much higher coverage and instead of putting higher sa on multi claim i shift it to higher sa in single claim which is enough to cover multiple claim and it’s much cheaper so once my single claim ci is claimed at least i have my multi ci running. Btw i only have a hospital plan. Also tight on Budget.

Discussion (4)

What are your thoughts?

Jonathan Soh

Jonathan Soh

07 Aug 2020

Wealth Manager at Aviva Financial Advisers

Wow one of the longest sentences I've seen. You might want to check out these links for the cheapest term & CI plans if you are tight on budget:

https://investmentmoats.com/budgeting/insurance...

https://treeofwealth.sg/early-stage-critical-il...

Do reach out to me here if you like to know more. I cover 9 major insurers including Aviva, AXA, NTUC, Manulife etc.

Duane Cheng

Duane Cheng

06 Aug 2020

Financial Consultant at Prudential Assurance Company Singapore

Hi John,

For a good start, it would be good to ascertain what would constitute as ideal coverage for yourself. That would mean adjusting your sum assured to what you would need in relation to your drawn income, after which adjustments based on your budget.

As per the policy name, whole life covers for the entirety of your life, and term policies cover you for a specified term which you will determine during your consultation with your advisor. Unfortunately, due to yourself being a smoker, you are statistically more subceptible to illness. Therefore the premiums which you will pay will be higher than a non-smoker.

PRUActive Life(PAL) and Prulife MultiFlex(PLMF) are both whole life CI policies. The main difference is the CI coverage, PAL covering 56 vs PLMF's 36 CIs. The premiums for PAL are also more affordable compared to PLMF, due to the flexible nature of the policy.

In my opinion, if budget is an issue for you, try to prioritize what is more important to you at this point. If CI coverage is important, just focus on one solution, which might be whole life or term. Following which, when you have more disposable income, you can then do a review to revisit other solutions to insure against CI.

You should definitely have a better indepth discussion with your advisor, to hopefully try and reconcile what you should have and what you can do at this point in time. If you do need assistance, Do contact me, and we can schedule an indepth consultation for yourself.

Hope i was able to address your queries!​​​

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