What are the considerations between taking up ECI as a standalone plan versus as a rider with a whole life plan?

Costing and numbers.

1. Ask if you need ECI for whole life.

2. Do the numbers for term versus whole life and compared IRR returns.

From the numerous comparisons I've done over the years, it is a compelling argument that ECi with whole life will prove a better deal than term. The acturial rates are marginally cheaper.

Hey there!

Whether to get a multi-pay CI or whole life plan will largely depend on your objectives. In general, accelerated CI riders will reduce your death benefit and if it's a 100% acceleration, your plan will terminate upon payout of CI diagnosis (do check T&Cs, different plans may work differently) and there will not be a death benefit.

A multi-pay CI plan, of course, offers multiple claims for relapses, different CI occurrences etc. Some even cover pre-early conditions eg. AIA Power Critical Cover and allow for multiple claims for special conditions like osteoporosis etc. They also typically come with a premium waiver rider option that basically waives off your premiums upon diagnosis of CI to ensure you're covered. In general, the multi-pay CI can help top up the coverage needed.

It may not be an "either-or" option but which do you get first.

A good CI coverage in total will be approximately 5x of your annual income to cover for the time off work needed to recuperate. Do consult a licensed financial consultant to evaluate your objectives and needs. All the best!

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