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Anonymous
Say I already have 500k whole life insurance sum assured for myself with company A, is it wise to go for a 500k whole life coverage for my baby son at company A or should I go for another insurance company? I understand there is a cap for SDIC protection. For different life assured, are there 2 different caps? Or the 2 x 500k falls under 1 aggregated cap?
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Elijah Lee
23 Sep 2020
Senior Financial Services Manager at Phillip Securities (Jurong East)
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I would like to present the contrarian view: the insurance companies could profit more from it than you and your family
defense:
https://blog.massmutual.com/post/whole-life-ins...
critique:
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Hi anon,
The protection is based on sum assured/surrender value per life assured per insurer.
Thus if you have $500K under insurer A and your baby has $500K sum assured as well, there won't be any issues as the caps apply to the individual and not collectively.