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Nancy Fancy
13 Nov 2020
Financial Consultant at a Financial Advisers
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Elijah Lee
09 Nov 2020
Senior Financial Services Manager at Phillip Securities (Jurong East)
Hi anon,
For death/TPD coverage, you need to first ask yourself, how much coverage you need, and for how long do you need it? This type of coverage will be largely for the purpose of protecting dependents and liabilities. Typically you would need to either use 10 times of annual income, or the financial needs to meet liabilities and sustain dependents, whichever is higher.
This is quite a simple and straight forward product (unless you have very unique needs), so the cheapest term plan would probably meet your needs. Typical cost effective term plans can include China Taiping, TokioMarine, Aviva, Manulife, depending on the amount of cover, duration of cover, gender and such factors.
For CI coverage, a whole life limited payment plan may be a cost effective way if you are of the opinion that you would require CI cover for life, with more coverage during your working years. You would typically need to cover at least 5 years of expenses, and have a contingency amount for other areas such as treatment not covered by your shield plan, second medical opinion, etc. Most clients of mine take either China Taiping or Aviva, based on cost and features (e.g. the base sum assured, the amount of late CI cover, if you want early CI cover as well, etc)
For CI, there is also the option of a multipay plan. This will be suitable as an add on to a whole life if you have worries of recurrent CIs. However, this is not easily compared across the insurers as they have different payout structures.
To get a more comprehensive picture of all your options, you can talk to an independent financial advisor who distributes products from most insurers, in order to get the information you need to make a cost effective choice.
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Pang Zhe Liang
09 Nov 2020
Fee-Based Financial Advisory Manager at Financial Alliance Pte Ltd (IFA Firm)
Severe Stage Critical Illness
Firstly, we need to ascertain the scope of coverage that you need...
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Hi Anon,
Agree it is better to have a chat with insurance agent as there are so many factors to consider for life / CI insurance.
You can reach me here for more information.