Can I reduce my 5x multiplier to 2x/3x multiplier on my whole life plan and add on a rider to my term life plan?

HI anon,

Am I too late to answer this? Here's my view:

ECI cover on a whole life is quite cost efficient actually, but after reading your comments, I suspect the main concern you are facing is that your multiplier is rather high (5x). Yes, it is true, what others said, that you cannot reduce the multiplier after the policy is incepted.

If you get a 3x ECI WL plan instead (and maybe put a longer premium duration to ease your cashflow) and let go of the 5x plan after the 90 day waiting period is over, this will reduce your premium on a yearly basis. It sounds like the premiums for the 5x plan is really straining your cash flow at the moment. But you have to understand that if a CI occurs, you would be looking at a $150K payout instead of a $250K payout, and would you be ok with that?

Lastly, just because your old plan covers 30 condition and the new one covers 37, should not be the reason you buy more coverage (in terms of sum assured). You get more coverage because you need it. Sure, having 7 more covered conditions is good, but does it warrant getting a new plan? I doubt so. I lived with my old WL CI plan for 10 years before getting a WL ECI plan, and that was only because I got married and required more coverage, not because my original WL CI plan only had 30 conditions covered. You shouldn't be buying a new plan every time some insurer comes out with something newer and better, or you'll be broke in no time.

Hi,

Isn't 5x multiplier cheaper than 2x/3x? Overbought your whole life plan as in the premiums you spent is too high for yourself?

Actually for whole life plans, the ECI/CI is considered a rider as well, because there are usually no cash value for this portion.