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Should i cancel MINDEF Group Term Life policy?
I am 30 yrs old, current Annual Income is $33k/without deduct CPF. Need advise whether do I need to cancel MINDEF Group Term Life policy?
Currently owns NTUC VivoLife 180 $40k, NTUC VivoCare $30k, PruLife Multiplier Flex $150k wif ECI $60k.
Understand that, the MINDEF Group Term Life policy doesn't have CI coverage currently unless I add on Living Care. Does that mean useless for this policy?
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Hariz Arthur Maloy
07 Jun 2019
Independent Financial Advisor at Promiseland Independent
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Definitely not. In fact, looking at the figures posted from your WL policies, you may still be under insured.
I suggest to cover your insurance gaps with the group term life and add on the Living care rider for CI cover, you may want to look at private term policies as well if you want ECI coverage.
Based on your annual income, you should have a total of about 330k as coverage in the event of death if you have dependents and 150k in the event of CI.