Is Life Plan important and should add multiplier? Thinking of GE Complete Flexi Living Protect

28y/o, planning to get GE Complete Flexi Living Protect. This is life plan that covers CI? If this is so, does that mean no need to get another CI plan?
There is a multiplier rider to consider adding till 70. Is this good to add and how much coverage will be suitable? What are the consideration of having or not having?

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Elijah Lee

19 Feb 2022

Senior Financial Services Manager at Phillip Securities (Jurong East)

Hi anon,

Yes, GE Complete Flexi Living Protect covers CI. However, it does not mean that once you get this plan, you won't have to get another CI plan. Your needs will change over time and thus you must be aware that when you have a major life stage event (e.g. starting a family, bought a house, etc), you will want to re-evaluate your coverage to see if it is sufficient. I used to have just $40K CI cover in my teens, then I ramped it up to $240K when I started working, and now I have $340K CI cover as a married person (no kids yet).

The multiplier rider is the reason why you get a life plan. Multiplier riders multiply (as the name suggests) multiplies your coverage during your working years, which is the period where you need the most CI coverage. So I would say its a must to add the multiplier rider, but you need to consider how much coverage you need, so that you can determine the appropriate multiplier amount. For example, if you want a base of $100K CI cover and need $200K CI cover now, then you'll get a plan with a 2x multiplier. If you needed $300K CI cover, then you'll take a 3x multiplier.

Beyond just the consideration for the multiplier rider, consider also the scope of coverage of the plan as well as any special benefits, cost effectiveness, etc. I'd suggest that you look for quotations across multiple insurers so that you can get the best deal for yourself; an independent financial advisor will be able to provide a range of quotes for you.

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Yong

10 Feb 2022

Hi,

Life & Term plan covers Death, Total Permanent Disabilities, Terminal Illness, Critical Illness. It's just how you distribute the sum assured and your needs.

1) If you have gotten the right coverage sum assured for yourself, you won't need another CI plan.

2) It depends on what are your needs and how would you like to be covered. It will definitely be a need when it comes to life/term plans.

If you would like to discuss it in detail, I would love to connect with you!
https://www.instagram.com/thefinancialrab/
linktr.ee/thefinancialrab

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