Asked by Anonymous
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?
Have you gotten your insurance policies?
Talk to Financial Consultants whenever possible would be my advice to you.
This is what I believe:
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.