Asked by Anonymous
Anyone did a comparison for ECI limited pay whole life policies?
Unlike the fella who answered below, ECI is undoubtedly the future. It's much more a statement of fact than it is an opinion, and the movement that the economy and government is taking towards it is proof of it.
I'm especially convinced of this from my in-depth research recently, which I posted as an article: https://www.moneymaverickofficial.com/posts/6-critical-illnesses-you-zero-coverage-part-one
Many late stage CIs are irreversible and random, while Early claims give you the opportunity to expedite treatments or have access to specialized ones so that you can get your life back on track, unlike late stages which require long term care.
As an FA who offers multiple companies, I've done a comparison table of whole life+early ci across the board. Each has its pros and cons and have benefits depending on your profile. Prices can also defer from age, especially between the early 40s group and the late 20s group.
The price also depends on what kind of multiplier you want. A $50,000 x 3 is cheaper than a $75,000 x 2, but you'll have substantially less of a claim after 70 as well as lower cash values, which can be pretty important once you see the difference in numbers.
Do drop me a PM and we can talk about this properly.
I am not an advocate of early CI plans, whole life plans are also not suitable to be used as a protection plan. Being limited pay will further reduce your ability to get adequate coverage.
For your age, u can get $400k (death, TPD, CI) until age 65, for less than $800/year.
If u would like to hear my reasoning and further discussion, feel free to add me on my facebook.