For CI coverage, should I buy up to a certain age e.g 75 years old or whole life e.g. up to 100 years old?

Hi anon,

If you are down with CI, you will require financial liquidity to deal with the myraid of costs that are associated with it, beyond just the hospitalization bills. Thus, CI coverage is something that I recommend be kept for life. However, we don't want to pay for life and that is where a limited payment whole life plan covers you.

Such costs include the loss of income when you are working, and when you are retired, you will want to avoid liquidating your income assets to pay for your expenses.

You'll often find that a term plan till age 75 with CI cover will likely be more expensive than a limited pay whole life plan covering the same amount (depending on your age, profile, etc, of course). In this case, a limited pay plan would make more sense from a total cost perspective as your retain your coverage for life.

In a best case scenario, you pass on peacefully and the payout goes to your estate.​​​

CI is a lump sum payout, and is triggered when an insured event occurs. Its purpose is to protect against a loss of income and the accompanying issues of a higher cost of living.

So the qn is when do you think you could possibly get a ci. And the short answer is as long as you are alive.

My basic rule of thumb is get a ci cover, a base amount for life. That way when ci does occur, you have payout to mitigate financial grief. As a survivor of a serious medical condition, let me tell you the last thing you want to worry about is money. It's awesome to be able to get treatment and rest at home. ​​​