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Anonymous
Will I be able to claim both?
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https://www.aaronleow.com/insurance-requirement...
You can use the above calculator for tabulation of insurance and premium guidelines.
Most would get both to receive a cost-efficient structure for insurance needs.
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Jonathan Soh
13 Aug 2020
Wealth Manager at Aviva Financial Advisers
Hi there. Yes you can claim from multiple whole life and term plans. No problem. There is no claim l...
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Hey there!
Yes, you will be able to claim for both. If you are looking for limited pay for your early working years, then yes, whole life plan will work well for you. You can choose to top it up either with a term plan and/or a standalone muti-pay CI plan in the future. It comes down to the objectives of your plans.
Your whole life plan allows you whole life coverage which acts as a base, whereas your term plan will be there to hedge against a liability with its high coverage while your standalone CI plan will help to top up your CI coverage since it's highly likely your CI rider is, by default, an accelerating rider, ie. it will reduce your death benefit. Ultimately, your needs will evolve along the way with changing life stages eg. marriage with kids, housing etc.
However, do note that if you are getting multiple of the same plan, you may want to check if there is a total effective cap to the claims you can get from both of the same plan.
Financial planning is an integral part of life. You can reach me here to find out more.