Anonymous

25 Nov 2019

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For my term insurance, should I go for 5 years renewable, 20 years level or up to 65 years level?

Is it wiser to lock in the premium rate or take a chance at renewing my premium rate every 5 years? Is there any difference between getting term from advisors or directly online? I will add CI coverage, but is early CI coverage necessary? I’m in my early 30s with no pre-existing conditions. Thanks!

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Alan Kor

24 Sep 2019

1) term insurance provides high coverage with low premiums. ideally, it will be good to lock in to 65. however, you can terminate at any time when there is no need for term insurance, ie no dependents.

2) no difference from agents or online as the plan is from insurers itself. agents are not legally obligated to service you.

Early ci is good to have but not necessary, due to the high cost of the premiums and low coverage.

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Gabriel Tham

23 Sep 2019

Tag Team Member at Kenichi Tag Team

I went for 65 level for 1 reason. To have a locked-in rate without worry.

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Loh Tat Tian

23 Sep 2019

Founder at PolicyWoke (We Buy Insurance Policies)

It is not easy to answer this question. When you renew every 5 years, the
Rate of increase versus Ti...

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