33 ANB, male, non smoker, healthy, 4.5K take home pay. Only have prudential shield plan. Looking at ECI/CI+ TPD+ Death whole life or term plan coverage till 70/75. Looking at Either Aviva or Manulife.?

Hi there. I cover 9 major insurers including Aviva and Manulife. Bear in mind that Manulife's critical illness change deadline has already passed. Aviva's is in one week.

My recommendation is to get term if you want higher death coverage, and life if you want the returns over time.

You can reach me here to find out more.

Hi Anon, do follow the rule of thumb of getting 5 X Annual Income in the event of CI is this policy is meant purely for that.

I personally would choose Aviva over Manulife because Aviva is the only insurer that pays all 3 components:

1) Base cover

2) Multiplier/Additional Cover

3) Cash Value

Throughout the multiplier period while Manulife and other insurers pay base cover + the higher of 2 or 3. Which can result in a lot of money not being paid out but eaten by the insurer if you make a claim before the multiplier ends.

I would also structure a 2 X multiplier with multiplier to 75 so that when the multiplier does end, you still maintain 5 X Annual Income as coverage.

So since your income is 54k, 5 X that is 270k.

A 135k X 2 policy paid over 20 years multiplier to 75 is probably one I'll consider with half ECI paid out and the rest advanced CI.