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
Seedly logo
Seedly logo
 

Insurance

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?

0 comments

2 answers

Answer Now

Answers (2)

Sort By

Gabriel Tham
Gabriel Tham
Level 9. God of Wisdom
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.

0 comments

👍 1
Brandan Chen
Brandan Chen
Level 7. Grand Master
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)

0 comments

👍 0