Is it neccessary to get TPD coverage after retirement?

I was reading up on some of my current whole life plans, and noted that TPD coverage usually ends after 65/70. Am considering taking up Manulife Life Ready Plus, however I read that tpd coverage ends at 70. Is there any other WL plan that provides TPD coverage for life?

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Colin Lim

03 May 2020

Financial Services Consultant at Colin Lim

In fact your careshield life will be able to cover u for life.
Reach out to me if u want to know more on careshield and TPD solutions..

I will share certain schools of thoughts and determine your thoughts and provide u with solutions.
#planwithcolin

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Pang Zhe Liang

03 May 2020

Lead of Research & Solutions at Havend Pte Ltd

Generally, the objective of life insurance coverage for Total & Permanent Disability is to cover for the loss of income during your working years. Based on the general trend where we will stop working by age 70, hence coverage for Total & Permanent Disability stops as well.

Having mentioned that, there are Government's scheme such as ElderShield and CareShield Life that provides lifetime coverage.

Finally, you may also consider using alternative planning such as wealth accumulation to cover such gaps in the later years.

I share quality content on estate planning and financial planning here.

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