Turning 24 next year. I currently only have an ISP and 100k life policy which my parents bought when I was young and have no dependants.
The few insurance agents I have met either recommend the multipay policies or life with a rider as it is more "worth" given my age and each are normally only willing to give me 1/2 quotes which makes it harder to compare across policies.
Would like to know how I can go about analysing this.
I am not a fan of ECI, because the amount of policyholders claiming such clauses has been very small against the population of policyholders. Main reason is because it is very hard to detect CI illness at its early onset. I rather you spend the money purchasing life insurance or term. This should be higher priority insurances you should go after to cover your life expenses as contingency planning
I'd get a limited pay whole life with ECI coverage as a rider first. Then, if budget permits, I'll add on a small amount of multi pay as a term plan.
The whole life plan will cover you for life, and you'll have some form of coverage even when you are retired. The term plan will provide you with additional coverage on ECI while you are working and have the greatest need for coverage.
Any independent financial advisor can quote and compare for you a range of companies and policies for both Whole Life and Multipay plans.
While whole life plans are generally quite similar, multipay plans can be more complex in structure and you will need to know exactly how each of the plans work before deciding which is the right one for you. This is where the advisor comes in to help you understand these products before you make a decision. Getting a policy is a long term commitment so you will want to make sure you get the one that suits you best.
I'd recommend both. A base Whole Life with ECI cover and an additional term multi pay C...
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