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Anonymous
https://www.greateasternlife.com/sg/en/personal...
Is it worth it? It can cover my parents and my future newborn. Or is it better to just get a term plan?
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Loh Tat Tian
08 Oct 2019
Founder at PolicyWoke (We Buy Insurance Policies)
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You have to ask yourself whether the additional premiums to be paid, versus the coverage, versus getting the term plan is worth it or not. I can't really advise on anything... but
Mathematically, if the premium is 1% of the sum assured, after 40 years, you would have saved and invested (at 4%) that amount to reach the full coverage.
For 2% premiums to the coverage, it takes about 27 years.
For 3% premiums to the coverage, it takes about 21 years.
I hope this forms a guideline.