Anonymous
Why insurance more ex for 7 Yrs old vs 14 yrs old?
Hi. I requested 2 term insurance quote with critical illness coverage for my kid 7 and 14. Apparently the 7 year old is more expensive. I thought insurance younger is cheaper. why more ex. anyone can enlighten me?
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Elijah Lee
12 Mar 2023
Senior Financial Services Manager at Phillip Securities (Jurong East)
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Like a new born baby will have a higher premium because they are bound to get sick easily. so it depends on the risk that the insurance company wants to classify the age of your kids to the risk level
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Jonathan Chia Guangrong
16 Feb 2023
SOC at Local FI
- Is it the same gender for both kids?
- Same sum assured for all benefits?
- Any health conditio...
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Hi anon,
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If the quotations are exactly alike, then there is no reason why the premiums should be higher for your younger kid.
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Then again, it is possible that you were given two very different quotes. Unless you can find a way to show the breakdown of your quotations, we can't tell for sure what is causing the difference.