I’m 28f . Tight on Budget. I have no dependent, non smoker. Only have hospital plan pru. Needs a CI plan. Should I take up a PRUTriple Protect term insurance with CI coverage or just a standalone CI?

Hi there,

I have no finance background but I am very thorough in doing my homework. If you'll trust my words, cancel your Pru hospitalization plan now and switch over to AXA (for private hospitalization plan) or GE (for public A ward plan). Note that this is the comparison which includes the addition of the rider plan. For me, it's worth the purchase.

Compare the hospitalization plan between Pru and any of the 6 other insurers and you'll find that it is the most expensive across the various age groups. Feel free to compare it in your own time across the age groups of 31 to 35, 61 to 65, and 71 to 73.

For term life, I'll encourage you to go with either Tokio Marine, GE, or AXA, they have some of the better priced plans. In my research, I don't think there's much difference when it comes to purchasing term policies. This is because their coverage is pretty much the same, the 30 critical illnesses. If you are willing to do your homework, you can even do a directpurchase yourself. Check out the website: comparefirst.

For most of the insurances, I don't think they offer standalone CIs at all, if they do, it will come together with ECI which is another price altogether. If you ask me, I'm not paying for ECI.

Note: Whatever I mention here, feel free to grab the pricing comparision between the various insurance companies to compare. You should be able to come to the same conclusion as me. In my understanding, there is really not much difference between the term life and hospitalization plans between insurers. For CI coverage, some charge you more for a wider number of CIs, I think the basic term life that covers 30 CI is good enough.

Hope it helps!

If you are truly low on budget, go for Aviva's MINDEF Group Insurance. It can be as low as $250 per year inclusive of CI coverage. But note that the price increase every 5 years (if I'm not mistaken). This bracket pricing is in contrast to how usual term life plans are priced, which is a fixed premium cost all the way. But in the long run, its definitely cheaper in my opinion.​​​

Hi anon,

Sorry to hear of your predicament. If you are tight on a budget, you will have to consider a renewable term plan over a shorter duration as a stop - gap measure. PruTripleProtect is a multipay plan, and not a traditional term

More importantly is the amount of coverage you need. At this point in time, ensure that you have enough to cover 5 years of your expenses as well as out of pocket treatment costs. Let's say it's about $150K you need. A 10/15/20 year renewable term plan with a CI rider covering this amount might be a lot cheaper than a multi-pay plan over the same period, as multi-pay plans have priced in the possiblity of multiple claims, where as a standalone term plan will terminate after a single claim.

For a renewable term, you will continue to get coverage after the plan renews, without medical underwriting, although when the plan renews, your premiums will increase. However, this does buy you some time to improve your financial situation so that you can consider other options later on.

I wish you all the best!