Currently I already have a Death + CI plan. I'm in a dilemma to get another plan that covers ECI due to budget constraints. Should I buy another plan to cover ECI?

Hi Anon,

I'm not sure if it's possible for you to add on the ECI component on your current plan. You might want to speak to your agent to see if that is feasible, as I do think adding on that to your current policy might make better sense and possible have cost-savings as compared to purchasing a new plan entirely.

For ECI, you can consider using 2 - 3x your annual income as a guideline in regards to how much coverage. But of course it might be better to consult with your agent to have a discussion and see what makes better sense for your situation.

Hi there. I'm guessing your death + CI plan is a life/term insurance with a CI rider attached. If this is the case, my suggestion will be to remove the CI rider and use the cost savings to partially fund the purchase of a standalone CI plan that covers early and severe stages. A CI rider is often not as comprehensive in coverage compared to a standalone CI plan.

An early CI plan is more important than a severe/late stage plan. ECI coverage should range anything between 3 to 10 yrs of your annual expenses, depending on your needs and budget. If you are constrained by your budget, I suggest you get a lower coverage first and add on more later in life.

You can take a look at this comparison for ECI plans. I cover Aviva, NTUC, Manulife and Tokio Marine amongst others. Do message me here if you like to find out more.