facebookI'm looking to improve my CI protection through a Life Insurance policy. At 47 years old, would it make more sense to get a term or whole life policy? - Seedly

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Anonymous

24 Jul 2020

Insurance

I'm looking to improve my CI protection through a Life Insurance policy. At 47 years old, would it make more sense to get a term or whole life policy?

I am 47 but only have limited coverage for critical illness with my old life insurance plan which has only $30k sum assured. Should I be considering a term or whole life policy?

Discussion (5)

What are your thoughts?

Patricia Law

Patricia Law

24 Jul 2020

Financial Services Consultant at AIA

Hi there,

You can consider hybrid of 2 plans to cover:

1) AIA's Secure Flexi Term with TPD which covers up to 75 years

  • convert to WL without underwriting

  • $500k coverage on death and TPD $2,537.25 / yr + optional Early Critical Premium Waiver Protector (ECPWP) $522.13 / yr = $3,059.38 / yr (Excludes first year discount of 20% - promotion ends 15 Aug 2020 + 10% if you are AIA vitality member)

2) Getting a CI plan based on your age will be expensive. But you can consider having a sum covered with AIA's Power Critical Cover that offers 12/24 mths reset / relapse benefit that will reset at sum assured and you can claim up to 500% of the sum assured

  • life plan option (means you will have cash value upon surrender of policy from age 75 years onwards)

  • $50k coverage (means max claim $250k)

  • $2,619.23 / yr + optional $1,109.93 / yr for Early Critical Premium Waiver Protector (ECPWP) = $3,639.16 (Excludes first year discount of 15% - promotion ends 15 Aug 2020 + 10% if you are AIA vitality member)

  • This is one of the best plan in the market which covers early, intermediate and major CI

Tan Li Xing

Tan Li Xing

18 Feb 2020

Financial Consultant at Prudential Assurance Company (Singapore)

Hi Anon,

What is your main concern? WL covers you the whole of life and term's policy period is determined by you. How long do you think you need the coverage for? Is there a multiplier effect on your current policy?

Just to highlight from an age perspective, getting a WL policy now might be pricey. Even for term insurance (depending on coverage) might be pricey too, but of course it's better to meet someone face to face and let them run a quotation to see which makes better sense for you.​​​

A few factors to consider,

  1. Current Health Status

  2. Cashflow considerations relative to the pre...

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