facebookI have life insurance 101k. Pay off Oct 2031. Surrender $9481.50. I don't have coverage of: 1)10-15 years worth of annual salary for Death and TPD. 2) 3-5 years of annual salary for income protections due to CI. Should I get Terms insc ? how much? - Seedly
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Anonymous

22 Apr 2020

I have life insurance 101k. Pay off Oct 2031. Surrender $9481.50. I don't have coverage of: 1)10-15 years worth of annual salary for Death and TPD. 2) 3-5 years of annual salary for income protections due to CI. Should I get Terms insc ? how much?

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    Discussion (4)

    What are your thoughts?

    Gabriel Tham

    Gabriel Tham

    08 May 2018

    Level 14·Tag Team Member at Kenichi Tag Team

    1. Life insurance of 101k = how many times of your annual salary? If it is insufficient, can your agent increase this coverage for you?

    Most insurers will allow increment of coverage on existing policy.

    1. Can you get CI riders on existing policy?

    1. Amount of coverage depends on how much you can afford. Do not go for too much coverage if the premiums are killing you.

    1. To go for term insurance or not? This depends on what you plan to do with the extra savings from going term insurance.

    Yes, term insurance is way cheaper but do you have an investment plan to grow your extra savings? Whole life insurance has an investment portion for people who are not able to invest the money themselves or are just lacking the knowledge.

    1. Do a policy comparison across other insurers. Can you get the similar policy with desired coverage with CI at a cheaper rate?

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      Colin Lim

      Colin Lim

      18 Apr 2020

      Level 9·Financial Services Consultant at Colin Lim

      You can do paid up option or continue the premium. First of all, I need to understand your situation before I can advise accordingly.

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        Zachary Zou Lida

        Zachary Zou Lida

        18 Apr 2020

        Level 4·Financial Consultant at Professional Investment Advisory Service

        Hello,

        Tem plan is cheap but you have to pay yearly for as long as you wishes to be covered.

        I wi...

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