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Anonymous
Max payable amount for whole life critical insurance at different age of entry, fixed term payment?
Good day to all, I have a question on the max payable amount for fixed payment term, whole life critical insurance.
Assuming if it is the same company, same whole life Critical insurance product, same sum assured, and same number of repayment year, if the person purchase (date of entry) at age 25 compared to age 29, assuming the health condition is the same and no new medical condition(a), will the max payable sum increase and by a substantial amount such as 20-30%?
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Elijah Lee
08 Sep 2020
Senior Financial Services Manager at Phillip Securities (Jurong East)
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Hey there!
Typically it should be a 10-15% difference. It usually gets exponentially higher towards a certain age band but it's still relatively less drastic compared to waiting it out, say ten years later.
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Hariz Arthur Maloy
05 Sep 2020
Independent Financial Advisor at Promiseland Independent
Just generated some numbers. Expect about 11-15% difference total premium difference. But bigger dif...
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Hi anon,
I did a quick check for a typical insurer (limited payment over 20 years) and the difference between someone buying at 25 and someone buying at 29 was about 10.8% (same for both genders). This assumes $200K sum assure for CI and Early CI with a 50/50 split in coverage for both.
Hope this data point helps. The usual caveats apply (insurability must be present).