Asked on 26 Sep 2018
So far I have gotten Prudential's hospitalisation plan. I am thinking of getting a term plan with CI for coverage at a lower cost (as compared to life plans). Cost is a major factor for me as my family's finances are in bad shape, but I do not want to skimp on necessary protection, or sign with a company that tends to reject claims.
I think it is better to buy from an agent that you trust. This will ensure that you have a higher probablity of claiming when you need it. You can consider term life/whole life plans, disability income plan, death, and CI/early CI. Regarding whether early CI is necessary, I think you'll have to answer that yourself. Would you have enough money to pay for medical bills should you get a CI in the early stages?
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Just happened to see this question; just wondering if things have been better for you? Also before looking at CI coverage, have you gotten a personal accident policy as well? Cause I think once your have your hospitalisation covered, a personal accident plan would be good to look into.
Also, in regards to term or whole life, it really depends on what you are looking at, if you are looking to only have a short term coverage, then yes, definitely a term plan make better value as compared to a whole life policy. Of course the most ideal situation is to meet up with an agent and through the meeting do a proper needs analysis before advising you on something that suits your needs.
Also in regards to claims, I think sometimes it's not really just the insurer, the agent actually plays a vital part and you might want to go with someone you are comfortable with and you can trust. Do reach out if you have further questions
Have you gotten your insurance policies?
Talk to Financial Consultants whenever possible would be my advice to you.
This is what I believe:
Coverage vs Affordability - you will have to be truthful to your consultant on the cash flow portion and do a full Financial Review that covers Wealth Protection, Accumulation & Distribution. Based on your discussion, you will list your priorities and budget. It will be the consultant’s job to cater as much as possible with your budget.
There are ”Set Meal” & “Ala-carte”. So be clear on your priorities so that various combination can be proposed to suit both your needs and budget.
I’m Pro Early CI - people are getting more health conscious with regular check ups done. Insurance is all about “What ifs”...so what if you are diagnosed with early stage CI? If your policy does not cover, the whole cost of treatment to possible loss of income will be affecting your wallet and bank balance. (Because people around me got diagnosed with CI at an early stage and had it treated.)
Actions comes with reactions/consequences.
Knowledge gives birth to more choices.
With more choices, you will be able to better make a decision with a consequence that you can bear.
If price is a big concern for you. Then term is the best solution for you. in the market, there are some company that provide convertible term, meaning you have the option to convert the term to a whole life plan without medical underwriting. This type of plan is very suitable for young adult like you. Next, Income is your main important component, you can consider cover that portion with disability income protection, this will provide you monthly income in the event you cannot continue working due to illness or injury.
Since cost is a major factor use this website to buy direct purchase insurance, no commission and cheaper than buying from an agent. Just make sure after you chose the plan you want read their T&Cs and stuff.
I wanted to post the same advice that I give normally, but I think maybe I should try something different.
1) if you can, spend a bit on DNA testing overseas at about $100. No guarantee to know but at least it shows you higher risk you might likely possess due to genes
2) The cheapest CI plans (standard 37 CIs) that I know of is myprotector and Aviva Mindef insurance. But to beat a whole life of the same coverage, you need a ROI of 4%. Consider it. The agent that can understand this statement would be the one you should look for.