I am looking for a whole life + permanent disability + ECI coverage. Which insurance provider provides the best value? - Seedly
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Anonymous

Asked on 03 Jul 2020

I am looking for a whole life + permanent disability + ECI coverage. Which insurance provider provides the best value?

30Y, Male, non smoker

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Hi anon,

This does depend on a few factors such as your basic sum assured, multiplier amount and payment duration.

However, concurring with Hariz, in general Aviva, China Taiping and lastly Manulife would provide the most value for money cover for your profile. In addition to what was mentioned by him, Aviva and China Taiping also provide lifetime TPD coverage as opposed to Manulife where the TPD cover stops at age 70. These two companies are thus always at the top of my recommendations to a majority of clients looking for a limited payment whole life plan.

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Frankie Rappaport
Frankie Rappaport
Top Contributor

Top Contributor (Jul)

Level 9. God of Wisdom
Answered on 03 Jul 2020

When you think of investing, life insurance products are inferior investment options.

they are complex and hard to understand.

there are better options to longterm investing (which is something the insurance companies do with the money invested into life insurances by the retail investor ...)

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Hi Anon,

After countless comparisons, I have to say my top 3 are Aviva, China Taiping, and Manulife.

Aviva is the only insurer that pays all 3 components of the base cover, additional cover and cash value throughout the policy while other insurers pay base + higher of additional cover or cash value.

This alone puts it at the top of my list each time.

Next would be China Taiping due to premium and CI conditions covered. Comprehensive with many additional misc CIs added.

Manulife nothing too special but comes at a respectable 3rd place in most of comparisons.

I've attached a sample comparison for a 25yr old male non smoker, for 100k X 3 covering Death/TPD/CI with half ECI just as a gauge of what you can expect. This isn't made for your profile nor the coverage would be exactly what you're looking for.

If you'd like take a closer look with the numbers, feel free to reach out.

P.S ignore Etiqa in the table as it doesn't have ECI. Only advanced stage.​​​

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Hariz Arthur Maloy
Hariz Arthur Maloy

05 Jul 2020

Whole Life policies with multipliers offer 3 components. Let's use the above example. 100k coverage for life. 200k coverage as a term till 70. Cash value that will effectively equal the base cover by 40 years or so. So a claim made at 60 for example, every insurer would pay 100k + either 200k additional cover or cash value (whichever higher). The cash value will never be above 200k in this example. Let's assume it's 80k. You make a claim and you only get 300k and lose out on the 80k cash value accumulated already. This is the case with every insurer except Aviva. Aviva will pay 100k + 200k + 80k. The extra premium you paid for inflation adjusted cash value is given to you instead of eaten up by the insurer.
Question Poster

3w ago

Do you recommend the same for term insurance? interested to find out more.