In order to know whether a plan is good or sufficient, it is better to spend more time understanding more about you and your needs first. For example, what are some of your key priorities in life?
For GE's Supreme Early Multiplier, it would be important to learn and understand more about a participating whole life insurance policy and how it works. For this purpose, I have written a series of articles on this topic, and you may start with this one: What is a Participating Whole Life Insurance Singapore
Next, when we look at the set of coverage that you have provided, is having $100k of coverage sufficient to meet your insurance needs? Generally, according to a guideline from Life Insurance Association Singapore, the average death cover would be 10x annual income, and about 5x annual income for Critical Illness. With this in mind, is the monies that you are paying for the whole life insurance policy sufficient to that end?
Additionally, when using a participating whole life insurance policy, your monies is invested into the insurer's participating fund. Accordingly, you may also evaluate whether this is the optimal method of wealth accumulation, as well as the liquidity of these funds.
Fourth, assuming that the multiplier drops off at age 65, this means that you will likely be left with $25k of coverage plus the prevailing cash value. To this end, is this an amount that you are comfortable living with?
Fifth, you may study the impact of the length of the premium term against the total capital outlay that you will be paying for the policy in time to come. For the most part, this will likely affect how you plan your cash flow, be it for the short-term or over the long-term.
Sixth, since the policy that you have in question is a whole life insurance policy, another consideration is whether you really need to insure yourself for life? If not, is there a more efficient way of covering yourself in the latter years?
Meanwhile, in like manner, for your healthcare insurance, it is equally important to know more about your needs and affordability before we establish whether the said plan and rider is sufficient. For example, do you really need to be covered for expenses at private hospitals?
Secondly, what is the projected long-term rates of premium going to be like? Have you started planning towards affording the cost of healthcare insurance in the long run? And what happens if you need the coverage but cannot afford it in the future?
Thirdly, with the recent revision to how cancer treatments are being covered by integrated shield plan, it would be good to understand the impact on your existing healthcare insurance coverage.
As can be seen, I have been typing such a long answer and it is no where close to answering your questions fully. This is because we really need to know more about you and your needs before we can evaluate the suitability of your current plans. For this purpose, I would highly recommend you to speak to your Advisor, whom should be in a highly capable position to run through some of these points with you, as well as to answer your concerns fully. At the same time, you may also consider seeking an independent advice from another Advisor.
In order to know whether a plan is good or sufficient, it is better to spend more time understanding more about you and your needs first. For example, what are some of your key priorities in life?
For GE's Supreme Early Multiplier, it would be important to learn and understand more about a participating whole life insurance policy and how it works. For this purpose, I have written a series of articles on this topic, and you may start with this one: What is a Participating Whole Life Insurance Singapore
Next, when we look at the set of coverage that you have provided, is having $100k of coverage sufficient to meet your insurance needs? Generally, according to a guideline from Life Insurance Association Singapore, the average death cover would be 10x annual income, and about 5x annual income for Critical Illness. With this in mind, is the monies that you are paying for the whole life insurance policy sufficient to that end?
Additionally, when using a participating whole life insurance policy, your monies is invested into the insurer's participating fund. Accordingly, you may also evaluate whether this is the optimal method of wealth accumulation, as well as the liquidity of these funds.
Fourth, assuming that the multiplier drops off at age 65, this means that you will likely be left with $25k of coverage plus the prevailing cash value. To this end, is this an amount that you are comfortable living with?
Fifth, you may study the impact of the length of the premium term against the total capital outlay that you will be paying for the policy in time to come. For the most part, this will likely affect how you plan your cash flow, be it for the short-term or over the long-term.
Sixth, since the policy that you have in question is a whole life insurance policy, another consideration is whether you really need to insure yourself for life? If not, is there a more efficient way of covering yourself in the latter years?
Meanwhile, in like manner, for your healthcare insurance, it is equally important to know more about your needs and affordability before we establish whether the said plan and rider is sufficient. For example, do you really need to be covered for expenses at private hospitals?
Secondly, what is the projected long-term rates of premium going to be like? Have you started planning towards affording the cost of healthcare insurance in the long run? And what happens if you need the coverage but cannot afford it in the future?
Thirdly, with the recent revision to how cancer treatments are being covered by integrated shield plan, it would be good to understand the impact on your existing healthcare insurance coverage.
As can be seen, I have been typing such a long answer and it is no where close to answering your questions fully. This is because we really need to know more about you and your needs before we can evaluate the suitability of your current plans. For this purpose, I would highly recommend you to speak to your Advisor, whom should be in a highly capable position to run through some of these points with you, as well as to answer your concerns fully. At the same time, you may also consider seeking an independent advice from another Advisor.