facebookI'm planning to get an ECI insurance plan - should I get a multipay/one time policy and should it be as a standalone or as a rider to a term life or whole life? - Seedly

Isabel Wong

15 Jan 2021


I'm planning to get an ECI insurance plan - should I get a multipay/one time policy and should it be as a standalone or as a rider to a term life or whole life?

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.

Discussion (7)

What are your thoughts?

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Now there are whole life plans cover early stage CI, no need additional rider. Only if you need the multipay, can add it as a rider.

100K coverage may not be enough for you. You can consider to buy another whole life plan or buy a term plan that later allows you to convert it to whole life plan.

If you want to have more quote options or to analyse your insurance coverage, you can contact me for more details.

Not a fan of ECI. Hospitalisation and CI is enough in my opinion

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

Pang Zhe Liang

06 Dec 2019

Financial Advisory Manager at Financial Alliance Pte Ltd (IFA Firm)

To ensure that you receive the best possible advice, we will have to do two things first.

Firstly, I will always do a comprehensive insurance portfolio summary for all my clients. Through this process, we will be able to clearly understand the policies that we have, its pros and cons, as well as on our financial gaps. I have explained it further here: https://www.blog.pzl.sg/why-every-client-needs-...

Next, we will do a cashflow analysis to understand your financial situation - assessing your income ability and spending habit. Here are some key things to know: https://www.blog.pzl.sg/understanding-your-pers...

With the two steps completed, we will have a clearer understanding on your background. Thereupon, we will discuss on your needs as well as on your goals for the future. Since there is no absolute answer to single pay vs multi-pay, then it will depend on how we build your financial future.

Talk to a professional from various insurance companies and understand the exact terms and features associated with each plan. Yes, this may be a tedious process but it will definitely be worth it. This is because of the long-term commitment that you will be facing and you don't want to make the wrong decision.

Additionally, surface comparison, i.e. comparison based on price, cover, and basic features doesn't help much. Hence, spend more time with a professional who is capable of explaining the contractual obligations in layman terms to you. Ultimately, insurance is useless if it comes with complicated payout terms. Never settle for 'definition is standard'.

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Tan Li Xing

05 Dec 2019

Financial Consultant at Prudential Assurance Company (Singapore)

Hi Isabel,

You have a very valid concern, and to be honest I am very glad that you are already look...

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