facebookWhat is the best term insurance for 500k sum assured, until age 65 with early critical illness for a female non smoker? - Seedly



18 Apr 2019


What is the best term insurance for 500k sum assured, until age 65 with early critical illness for a female non smoker?

I intend to terminate all my ILPs to buy term and invest the rest. I do not trust my old financial advisor, who has pretty much gone MIA on me but it's difficult to check the premium costs without contacting the insurance companies one by one. Would appreciate suggestions so I can narrow my research, thank you!

500k sum assured (decreasing is fine)
500k total and death benefit
Early critical illness coverage
Coverage about 30 years. (I'm 33 this year)

Discussion (3)

What are your thoughts?

Loh Tat Tian

Loh Tat Tian

13 Nov 2018

Founder at PolicyWoke (We Buy Insurance Policies)

1) Its not very wise to terminate until you can visualise the ILPs required ROI and the cost of insurance you have already paid. Though, some do say, short term cut-off is better than long term agony from the payments.

You need to sit down and examine the ILPs properly, the premium allocation, the surrender fees (if any) because it may not make sense to cancel now.

The funds that you are invested in may also affect the amount you can get back.

You may also wish to consider dialdown the coverage or reduce it to 0 to minimise cost of insurance now. (but judging from the COI, now is still cheaper than a WL or Term currently until you hit maybe near to 40 years old).

2) (a)For Early CI, you may wish to consider AIA triple critical cover, or Aviva Multi-pay CI, or even TM MultiCare. Though

(b) you can also consider increasing your 2X CI coverage instead (due to cost), and i advocate not paying too high for Multi-Pay plans (since likely you may tag it to a whole life instead).

Hope my reply helps because the COI table is hard to get nowadays.

Hariz Arthur Maloy

Hariz Arthur Maloy

07 Nov 2018

Independent Financial Advisor at Promiseland Independent

Before terminating your ILPs, do check what the available options are. You could possible reduce the insurance coverage to 0 or a minimum. It's never wise to outright cancel any insurance policy.

Best is also subjective. But the lowest cost ones would most likely be from Aviva or Manulife right about now.

Do let me know if you would want a full comparison from at least 6 different insurers.

That is a very good decision. I advocate going for direct insurance (buy direct with the company wit...

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