Advertisement

Anonymous

19 Aug 2020

∙

Should I cancel Company A life plan bought earlier in the year with loading, and increase coverage of Company B life plan which recently got approved with no exclusions / loading? (More in comments)?

Life Plan A: SA $40k with CI and ECI fully accelerated riders. X3 Multiplier till age 80. Paid 25% CI and 50% ECI extra premium for loading.
Life Plan B: SA $50k with CI/ECI riders, X6 multiplier till age 70.
FA from B sent me for medical checkup. All was clear except BMI >30 but managed to appeal with no exclusions / loading.
Difference in premium was $500/yr.
Focus: Cover CI
Should I:
1) Keep both, try to appeal A but pay for own checkup
2) Cancel Plan A, Increase Plan B SA and/or multiplier

2

Discussion (2)

What are your thoughts?

Learn how to style your text

Hariz Arthur Maloy

18 Aug 2020

Independent Financial Advisor at Promiseland Independent

Hi Anon,

You can appeal to Plan A, sign a medical extraction form if both insurers have an agreement between them, or if not, buy the medical report.

Mention, that you'd want to keep the policy if loading can be removed but if it isn't possible you'd prefer to increase coverage on your new policy.

A strongly worded letter with the medical report and proof of new insurance with the recent insurer can push the old insurer hard enough to remove your loading.

Reply

Save

View 1 replies

Write your thoughts

Related Posts

When I was 21, i signed up for a CI plan 100k coverage. 7 years later, my agent asks me to increase coverage. Does it mean i have to forgo the 7 years of premium i have paid as it is a life plan?

How should I (28F) plan my insurance? I currently only have the NTUC Enhanced Shield Plan (Hospitalisation), so have gaps in my Life and CI coverage. Recently bought a condo (BUC) with my family?

I bought an ILP 3 years ago and want to surrender and change to a whole life plan with limited pay, to reduce premium that I will be paying for similar coverage on death, TI, TPD, CI. Should I do it?

I have a whole life plan from young (about 23years now) but i have to pay $600+ yearly and the coverage is $25k for death and $15k for CI. I need to pay this for life. Is this plan still competitive?

What additional insurance should I get besides Integrated Shield Plan? Most recommend term-life and investing, but I'm uncomfortable with not having coverage after 65yo. Any comments on a whole-life plan with early critical care rider. 25-30yo.?

Related Posts

When I was 21, i signed up for a CI plan 100k coverage. 7 years later, my agent asks me to increase coverage. Does it mean i have to forgo the 7 years of premium i have paid as it is a life plan?

How should I (28F) plan my insurance? I currently only have the NTUC Enhanced Shield Plan (Hospitalisation), so have gaps in my Life and CI coverage. Recently bought a condo (BUC) with my family?

I bought an ILP 3 years ago and want to surrender and change to a whole life plan with limited pay, to reduce premium that I will be paying for similar coverage on death, TI, TPD, CI. Should I do it?

I have a whole life plan from young (about 23years now) but i have to pay $600+ yearly and the coverage is $25k for death and $15k for CI. I need to pay this for life. Is this plan still competitive?

What additional insurance should I get besides Integrated Shield Plan? Most recommend term-life and investing, but I'm uncomfortable with not having coverage after 65yo. Any comments on a whole-life plan with early critical care rider. 25-30yo.?

Advertisement