To begin with, we will need to know your current age. In effect, this helps us to determine whether a renewable term insurance policy is feasible in your situation.
For example, if you are in your early 20s, then a 30 year renewable term insurance policy may not insure you sufficiently. This is because you will probably be in your 50s and have zero insurance from then (because the 30 year term is up). Of course, this is unless you are willing and financially capable to renew that renewable term insurance policy at the prevailing renewal premium (which is likely more expensive than today's rate).
For this purpose, you may read more about each type of term insurance policies and how it works here: Types of Term Insurance Policies in Singapore
On the other hand, a level term insurance policy ensures that you will be insured till your desired age, e.g. till age 65, and you will pay the same flat premium throughout the coverage period. Despite it being slightly more expensive than a renewable term insurance policy, you get more insurability assurance in return. Hence, this will naturally be an easier way out.
Meanwhile, you may also get a combination of renewable term and level term insurance policy so that you strike a balance between the pros and cons of each type of term insurance policies. While cost won't be the lowest, it reduces the mistakes that you may make if your priorities change in the future. After all, nobody can predict the future. Hence, we can only do our best to create certainty to that end.
At this point, the best I can do is to second guess your goals based on the presented information. If you have further insights on your priorities and goals, feel free to share so that I can improve my thoughts to this end. Altogether, we will need to know all about you in order to determine the correct type of insurance policy for your needs. Above all, nobody likes to buy the wrong type of coverage and change it again later.
I share quality content on estate planning and financial planning here.
To begin with, we will need to know your current age. In effect, this helps us to determine whether a renewable term insurance policy is feasible in your situation.
For example, if you are in your early 20s, then a 30 year renewable term insurance policy may not insure you sufficiently. This is because you will probably be in your 50s and have zero insurance from then (because the 30 year term is up). Of course, this is unless you are willing and financially capable to renew that renewable term insurance policy at the prevailing renewal premium (which is likely more expensive than today's rate).
For this purpose, you may read more about each type of term insurance policies and how it works here: Types of Term Insurance Policies in Singapore
On the other hand, a level term insurance policy ensures that you will be insured till your desired age, e.g. till age 65, and you will pay the same flat premium throughout the coverage period. Despite it being slightly more expensive than a renewable term insurance policy, you get more insurability assurance in return. Hence, this will naturally be an easier way out.
Meanwhile, you may also get a combination of renewable term and level term insurance policy so that you strike a balance between the pros and cons of each type of term insurance policies. While cost won't be the lowest, it reduces the mistakes that you may make if your priorities change in the future. After all, nobody can predict the future. Hence, we can only do our best to create certainty to that end.
At this point, the best I can do is to second guess your goals based on the presented information. If you have further insights on your priorities and goals, feel free to share so that I can improve my thoughts to this end. Altogether, we will need to know all about you in order to determine the correct type of insurance policy for your needs. Above all, nobody likes to buy the wrong type of coverage and change it again later.
I share quality content on estate planning and financial planning here.