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Anonymous
The coverage seem impossible to achieve with any single policy, making consumers buy more and pay higher.
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Loh Tat Tian
31 May 2020
Founder at PolicyWoke (We Buy Insurance Policies)
Oh wow. And I am here doing my slides for Insurance Planning JEDi Episode 5 and found a Q&A specifically on this 10X income and 5X for CI.
its going to be a deep conversation if i go really deep, but there is a related question over here
https://seedly.sg/questions/i-have-seen-post-th...
Quote and unqoute myself "
These are just general rule of the thumbs. Because it covered the following:
(1) Cost of 10X annual income is for death and 5X to premiums is affordable enough.
(2) Coverage should be sufficient for a family to make changes and accomodate (either lower expenses or change in lifestyle which should hopefully help).
(3) some form of coverage helps to manage cost expectations (combination of the 2 reasons above).
Of course, a more detailed coverage plugging all the liabilities would be much better, but that takes a lot more work."
If you have TPD, would $1 million be enough? Thats my question. (can it last 50 years with medical inflation? while you invest in a fairly stable to pay your own nursing home + care + expenses). A fairly reasonable estimate is $2,000 a month for a TPD person.
If you need even more details and research, might want to drop over to AIC (Agency for Integrated Care) and ask from the horse mouth if you have such concerns.
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If it is impossible, insurance wouldn't work.
It is very possible to structure insurance plans at a...
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Hi ,
insurance is a long term commtiment .. u need to see what u can afford .. but dont forget to lock in the most essential ones .. hospital plan ..