facebookRecommendation to get term insurance for 60yo? Would like to help check for insurances coverage as well; said person have personal accident + hospitalization rider only, which would be a good policy to go with these? - Seedly

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          Charmaine Ng

          Charmaine Ng

          Level 9·The Value Maximizer at @ Every Ma La Xiang Guo Stall

          26 Mar 2020

          Insurance

          Recommendation to get term insurance for 60yo? Would like to help check for insurances coverage as well; said person have personal accident + hospitalization rider only, which would be a good policy to go with these?

          Please recommend plans as well as service provider. Budget would hopefully be within $250 per month. Not too sure if this is too low. Not interested in whole life plan/investment thank you.

          3

              Discussion (3)

              What are your thoughts?

              Charmaine Chua

              Charmaine Chua

              26 Mar 2020

              Level 4·Personal Finance Geek at My Own Life

              When it comes to price, I'd strongly recommend you go direct to the insurer. I shopped around quite a lot when looking for my own coverage and realised that FWD and Singlife offer really competitive rates.

              I did a quick check for you using these details - Male, 60 years old, non-smoker, coverage $400k, coverage term 10 years till 70 years old.

              FWD - Monthly premium $191.40

              Singlife - Monthly premium $284.60

              You might want to provide more information like your desired coverage amount, coverage term as these contribute greatly to the calculation of your premiums.

              That being said, any reason why you decide to get term life insurance at 60 years old?

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                  Tan Li Xing

                  Tan Li Xing

                  25 Mar 2020

                  Level 9·Financial Consultant at Prudential Assurance Company (Singapore)

                  Hi Charmaine,

                  What coverage are you looking at for term? Also how long? Just to highlight that at the age of entry, it might be pricey, and I'm not sure if the budget of 250/ mth can be attained if you are looking to cover for 20 years, and covers Death, Total Permanent Disability & Critical Illness.

                  At that age, I won't factor in Early Critical Illness, cause just adding in that component, will definitely bring it above 250/ mth. Do reach out if you have further queries.

                  I think the IFAs should be able to advise you better cause they can look at a range of Insurers. For Prudential.. I'm not confident in being able to meet that budget.

                  Else you can actually go to https://www.moneyowl.com.sg/guideme and see what can be offered to you and also coverage within your budget is attainable

                  Reply

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                      Pang Zhe Liang

                      Pang Zhe Liang

                      25 Mar 2020

                      Level 14·Senior Financial Services Consultant at AIA Singapore Private Limited

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