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Anonymous

18 Apr 2019

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Is early critical illness insurance coverage a must for kids?

I’m planning to buy a whole life plan for my 4 year old kid as premiums will be low and his insurability is high now, and I chanced upon the option to add in Early CI as a rider, I personally feel that CI coverage is a must, but am unsure about the need for early CI, especially for a young kid. Would love some inputs about this to see if the extra $5 per month is worth it anot for the lowest amount. Oh and of course he is covered under hospitalisation and PA already.

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Julia Chan

08 Sep 2018

I regretted not buying ECI for my son before he was diagnosed with autism. So if you already plan to buy for him, or you think he may want to buy it in future, then buy it before anything happens.

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Hariz Arthur Maloy

15 Aug 2018

Independent Financial Advisor at Promiseland Independent

Hi Anon! Great question.

Actually Early CI has more benefits for juveniles as there is extra cover for 8 to 11 Juvenile specific conditions.

Now on to how much should you cover for?

In a dual income household, if the child falls ill, one parent may stop working to take care of your child. There's a loss of income here. I'd opt to get 3 years of one parent's Annual Income as cover.

For a single income household, you may need to now employ a domestic helper to help your spouse with the daily chores on top of her taking care of your child. There's extra cost here. So I'd opt to get about 3 years of this extra expense as cover.

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Tan Siak Lim

14 Aug 2018

CFP. Director, Financial Advisory Group at Financial Alliance

Early CI is generally not a must have, but good to have. This argument is true for both kids and adu...

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