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Anonymous

06 Jul 2020

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How much CI/ ECI did you purchase since the premiums are expensive? Based on rule of thumb, 5x annual income but it is very costly to be really fully insured. Do you self-insure partially?

I am currently insured only about 50% but feel confident covering the remaining 50% by self insurance.

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Al

06 Jul 2020

You might want to relook your structure. There shouldn't be an issue unless you have medical conditions or if your age exceeds 40.

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Tan Li Xing

06 Jul 2020

Financial Consultant at Prudential Assurance Company (Singapore)

Hi Anon,

Just lke what Hariz mentioned premiums are determined by age and health, so if you are getting it before 40 and have no health conditions, it should be affordable.

Also in regards to 5x your annual income, that is a guideline, and also with the current trends for products that provide CI protection, there is usually a multiplier factor that actually covers helps to make up for the 5x of your annual income with affordable premiums, so not sure if you have looked at those as well.

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Hariz Arthur Maloy

05 Jul 2020

Independent Financial Advisor at Promiseland Independent

Hi Anon, insurance premium is only determined by age and health. If you started early (before 40), f...

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