Advertisement
Anonymous
I am reviewing my insurance plans and realised I'm paying quite a high amount of premiums (range of $3k annual) for Life insurance (with CI) and term life insurance with $1mio coverage. Other than these two plans, I am also paying for Premier on top of the usual MediShield option. I know it can be subjective here, but am I paying too much? I bought them when I was 27, pretty late. It's only been 1 year in.
3
Discussion (3)
Learn how to style your text
Lim Wei Siang
07 Mar 2019
Financial Consultant at Advisors Alliance Group - Aia Fa
Reply
Save
As Hariz mentioned, u should look at coverage instead.
But since it's only been 1 year since u have purchased, it is not too late to review. You can reconsider if u really need a whole life(i assume is) insurance (u also didnt mention the coverage). You could have gotten a term life with CI instead. The rest of the money u can invest through any instruments.
The $1mio term life: You could add ci coverage to this so that u could do without your other whole life. Or if u want additional $1mil coverage, maybe look for cheaper plans in the market. $1mil coverage can be gotten for just $492/yr (assuming u are a male).
There will be more details we need to look at. Only when u can see alternatives, then u can compare and decise whether u are paying more than u should be getting instead.
Do add me or any other experts here on facebook to discuss in detail.
Reply
Save
Hariz Arthur Maloy
06 Feb 2019
Independent Financial Advisor at Promiseland Independent
Instead of looking at premiums, look at coverage.
You should have 10-15X your annual income as Lif...
Read 1 other comments with a Seedly account
You will also enjoy exclusive benefits and get access to members only features.
Sign up or login with an email here
Write your thoughts
Related Articles
Related Posts
Related Posts
Advertisement
I believed you had your answers but I would like to offer a different opinion.
This is what I believe:
I have to agree with Mr Chang...there are many different factors affecting a decision on suitability and different products that can be mixed and matched to try achieve what you require, within your comfortable budget. Think of it like a Set Meal vs Ala-carte.
It will be best to talk to your Financial Consultant or have another to review and have the discussion together.
Actions brings about Reactions/Consequences.
Knowledge increases your choices and thus deciding on an action with a reaction you are comfortable to bear.