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Anonymous
Annual income 70K, aged 33.
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Hariz Arthur Maloy
13 May 2020
Independent Financial Advisor at Promiseland Independent
Concur with Elijah (we say the same thing pretty much all the time haha).
I use a 5 X Annual Income formula and also encourage CI cover to be held for life.
So currently you have 170k but require 350k. I would add a 90k X 2 limited pay whole of life plan with multiplier to cover this gap. Also preferably if its all ECI, then you'd have 250k in ECI cover and 100k in advanced CI.
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Elijah Lee
13 May 2020
Senior Financial Services Manager at Phillip Securities (Jurong East)
Hi anon,
The amount of CI/ECI coverage needed depends on the individual.
There are some rules of t...
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Hi I'm 22 this year and my ECI is $100k (Aviva Multipay up to $300k), another $300k for CI.
I believed its alot cheaper to get CI when you are younger and lock in the premium cost.
However, I only took for 30 years till age 51. Mainly due to the cost factor. Premiums will increase exponentially after age 50+ due to the increased risk.
But most likely I'll be reviewing and taking new policies when I'm slightly older with more stable finances to take up longer coverage.