22, on full uni scholarship with annual allowances. Already have a whole life (230k SA @1.3k/yr)+SAF GTL (200k). Is it a good idea to get a new whole life policy with early CI rider for purpose of the latter? What are my options and their pros/cons? - Seedly

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Asked by Anonymous

Asked on 30 May 2018

22, on full uni scholarship with annual allowances. Already have a whole life (230k SA @1.3k/yr)+SAF GTL (200k). Is it a good idea to get a new whole life policy with early CI rider for purpose of the latter? What are my options and their pros/cons?

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Gabriel Tan Jun Wei
Gabriel Tan Jun Wei
Level 3. Wonderkid
Answered on 30 May 2018

Hi

I agree with Gabriel. Consider adding rider to your current policy. But if the plan doesn't allow, you can consider a standalong early CI plan with no cash value.

But if you want something limited pay, then you can consider having a whole life with early CI.

I'll drop you my email [email protected] if you need a second quotation!

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Gabriel Tham
Gabriel Tham
Top Contributor

Top Contributor (Jun)

Level 8. Wizard
Answered on 30 May 2018

Check if you can add on a CI rider on your existing policies. It is much better in terms of trying to claim and also save you money.

You might also want to evaluate if you really need 2 life policies that you currently hold.

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Brandan Chen
Brandan Chen
Level 5. Genius
Answered on 04 Jun 2018

Similar thoughts with both Gabriels.

Option 1: add on a rider to your existing WL plan.

Pros: Limited pay, Lifetime coverage Cons: More expensive compared to Term, Sum assured of your existing plan will decrease if you make a claim

Option 2: Stand alone CI plans

Pros: Cheaper, May allow for multiple claims Cons: Pay till you do not want coverage

As a rule of thumb, you should cover ~10x your annual income for Death & Diability, and ~4-5x your annual income for CI (including ECI)

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