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Anonymous
My annual income is about $60k. The life plan I have is $300k with CI and ECI accelerated riders. I can safely say my CI covers 5x my income, right? Since it is advisable to have 10x income protection for dependents, currently 0 but may have child(ren) and parents not working in future, do I buy a $300k or $600k term plan?
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Hariz Arthur Maloy
17 Aug 2020
Independent Financial Advisor at Promiseland Independent
Hi Anon, spot on, the WL plan you have I would consider is only for CI and not for the purpose of death cover. So I would top up a 600k Term Policy covering Death.
However do consider a 1M policy as they usually have quite a big discount and most policies allow you to buy 50% more upon certain life stage events without a health declaration and it wouldn't be that much more expensive.
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Yes. Your full sum assured of 300k will be accelerated (maybe subjected to cap for ECI depending on your policy terms). Once 300k paid out for CI/ECI, your policy will cease.
You may consider term plan to cover for your life when necessary.