facebookFor a fully accelerated CI/ECI rider on a life plan, would this be considered CI coverage only? Do I then have to get a separate term plan to cover death/TPD/TI? - Seedly

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Anonymous

18 Aug 2020

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Insurance

For a fully accelerated CI/ECI rider on a life plan, would this be considered CI coverage only? Do I then have to get a separate term plan to cover death/TPD/TI?

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?

Discussion (4)

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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.

Hariz Arthur Maloy

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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