ANB 31 M non-smoker. Advice needed. Pretty well covered for now. But after extensive research, thinking of boosting some ECI coverage with the options below, any advice?

👍🏼Good that u think and plan further ahead. There always 2 school of thoughts. 1 is using WL for critical illness plan... At age 31,50k coverage can cost 300 to 350 per month..
Another school of thought is using term or standalone to cover till liability period or extension of liability period. I belong to this group... As if i retire... I dont have any income coming in, i make sure my integrated shield continue.... So in the event i got CI, i am well covered for any hospital expenses. I just need to make sure i have enough cash funds during my retirement years. Integrated shield is reinbursement basis so i still need to make sure i have cash with me.... By putting the 1k into SA, u are restricting your cash reserves...
You can reach out to me for further advise.
#planwithcolin

Definiton for Payout

In addition to doing a comparison based on premium and coverage, it will be important to understand the terms for payout as well. This is especially important for early critical illness coverage. In detail, not all policies have the same terms for payout.

By far, all my clients prefer to have critical illness coverage with a broader definition for payout, as compared to one with complicated terms and conditions. This is because all my clients prefer to focus on recovery, rather than to fight the technical jargons.

Hence, you may wish to research along the same path as well.

Portfolio Review

At the same time, one of the most important things to do is to have a complete understanding of your existing insurance portfolio. Through this process, it allows us to understand the coverage that we have, any financial gap, as well as to find out whether we are overpaying for our insurance policies.

Key Reasons Why:

Why Every Client needs an Insurance Policy Summary

Finally, it is more straightforward to get a whole life or term to 100 (with non-participating cash value) if the intention is to cover you for life. While the accumulation of wealth is important, so is the associated administrative work. Of course with proper planning, your method may work.

On the whole, get a consolidation on all your existing insurance policies first. Thereafter, have a detailed look to find out how an addiitonal policy may fit into place. While doing so, integrate it with your financial portfolio and see how things can work together. When the need arise to get additional coverage for early critical illness, ensure that you fully understand and is comfortable with the terms for payout.

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