I am having a early CI rider attached to my whole life plan. Current annual income is around 60k. Was thinking to accelerate the claim if an early CI strikes. Is 150k for early CI sufficient? - Seedly
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Critical Illness (CI)

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Anonymous

Asked 3d ago

I am having a early CI rider attached to my whole life plan. Current annual income is around 60k. Was thinking to accelerate the claim if an early CI strikes. Is 150k for early CI sufficient?

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Hey there!

A good rule of thumb for CI coverage is 5x your annual income to supplement your income in the event you're unable to work due to a CI occurrence. If thats too high a budget for you, you can dial down then. The other option is to use a higher multiplier. WL plans have different multiplier options and typically the higher the multiplier, the cheaper it is since there is lesser allocated to cash value generation.

You shouldnt be spending more than 10% of your income on insurance in total (including hospitalization etc).

Financial planning is an integral part of life. You can reach me here to find out more.

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Question Poster

2d ago

Hi there. Was wondering what about early CI? I am planning to have 450k of adv CI (90k x 5) as rider to my whole life plan. Is 150k (30k x 5) for early CI sufficient?
Oh Yi Ning
Oh Yi Ning

2d ago

Hey there, in general I try and match the early CI to the advanced CI coverage. The reason being is that we will never complain if the payout is given to us upon early CI diagnosis. Medication and treatment in general for early CI is still sizeable and we will never know if it progresses and we are unable to work because of that. Of course having that level of early CI coverage will be quite a stretch on your budget so you can dial down from there to see what works for you.
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