24 Jul 2020
You can consider AIA Gauranteed Protect Plus II, this plan has limited pay term option 12/20/65/75. With 12 pay, you will have completed your payment by 52 years old and the coverage for CI is either 65 / 75 depending on your choice. It is a whole life plan that has an option to add Early Critical Illness rider as well. Upon claim of early critical illness, the sum assured for the basic plan will not change.
If you prefer a plan that covers early, intermediate and major illness with reset of coverage 12/24 months and can claim up to 5x of the coverage and covers up to 100 years old, you can consider Power Critical Cover. This is a CI plan that has cash value upon surrender of policy from the age of 75 years old.
Thanks for your replies and contributions.
I have been thinking about the buying term for CI and then save-invest (self insured) for the remaining years.
Insurance is all about "what ifs" and taking care of the dependents. The ultimate objective for me is not to burden my son in 20+ years later.
Financially, i am ok for now. No car, no maid, HDB, 1 kid.
@Jonny / Hariz: I'm very new to this forum; i dont even know where's the option for PM. How about you drop me a message? I'm always open to hear more views.
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Depending on your finances and your income ability, you might want to do some comparisons between whole life + early CI or term life + CI covers.
Whole life + CI at 40 will definitely be alot more expensive but everyone has different needs and income earning ability.
I think it depends on how much coverage you need.
If you don't need too much coverage, e.g. less than $200k payout, then taking Whole Life insurance @ 40yo is ok, it's more expensive compared to taking it at 20yo but it's still affordable. And if you can stretch your budget nowadays people pay 10years only and they're covered the whole life (until 99yo).
However, if you need high payout, e.g. more than $500k, perhaps due to family committments and etc, then getting a term CI plan makes more sense (cheaper). However it's pay-as-you-cover so you'll have to decide until when you want to be covered.
Can run through these questions with your FC/FA. And of course must have hospital plan first because that'll take care of the bills!
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