I have life insurance 101k. Pay off Oct 2031. Surrender $9481.50. I don't have coverage of: 1)10-15 years worth of annual salary for Death and TPD. 2) 3-5 years of annual salary for income protections due to CI. Should I get Terms insc ? how much? - Seedly
Seedly logo
Seedly logo
 

Insurance

Anonymous

Asked on 07 May 2018

I have life insurance 101k. Pay off Oct 2031. Surrender $9481.50. I don't have coverage of: 1)10-15 years worth of annual salary for Death and TPD. 2) 3-5 years of annual salary for income protections due to CI. Should I get Terms insc ? how much?

0 comments

4 answers

Answer Now

Answers (4)

Sort By

Gabriel Tham
Gabriel Tham
Level 9. God of Wisdom
Answered on 08 May 2018
  1. Life insurance of 101k = how many times of your annual salary? If it is insufficient, can your agent increase this coverage for you?

Most insurers will allow increment of coverage on existing policy.

  1. Can you get CI riders on existing policy?

  2. Amount of coverage depends on how much you can afford. Do not go for too much coverage if the premiums are killing you.

  3. To go for term insurance or not? This depends on what you plan to do with the extra savings from going term insurance.

Yes, term insurance is way cheaper but do you have an investment plan to grow your extra savings? Whole life insurance has an investment portion for people who are not able to invest the money themselves or are just lacking the knowledge.

  1. Do a policy comparison across other insurers. Can you get the similar policy with desired coverage with CI at a cheaper rate? ​​​

0 comments

👍
2
Thank You!
Can you clarify
I wonder if
This is so helpful 👍
What about
Post
Colin Lim
Colin Lim, Financial Services Consultant at Colin Lim
Level 7. Grand Master
Answered on 18 Apr 2020

You can do paid up option or continue the premium. First of all, I need to understand your situation before I can advise accordingly.

0 comments

👍
0
Thank You!
Can you clarify
I wonder if
This is so helpful 👍
What about
Post

Hello,

Tem plan is cheap but you have to pay yearly for as long as you wishes to be covered.

I will definitely need more information in order to come up with a solution for you.

As I am from a financial advisory firm, i am able to provide yout with products from over 30 companies, and ight now we have many perpetual discounts on term plans which may be of value to you.

More information will also be needed from you for me ot come up with a solution to the situation you're currently in.

Do drop me an Email at: [email protected] or click on the link in my profile to have a chat with me.

Cheers!

0 comments

👍
0
Thank You!
Can you clarify
I wonder if
This is so helpful 👍
What about
Post
Brandan Chen
Brandan Chen
Level 7. Grand Master
Answered on 02 Aug 2018

If you do not have that form of coverage. Do speak to an advisor.

Term would generally be more affordable if you are on a tighter budget. But if you do decide to purchase Term, do also remember to invest the difference.

As for your death coverage, if you have liabilities such as house or children, perhaps you can use that to decide your coverage that you require, rather than just 10 to 15 times of income.

Drop me an email at [email protected] and I would be happy to assist you with a review. No obligations to purchase.

0 comments

👍
0
Thank You!
Can you clarify
I wonder if
This is so helpful 👍
What about
Post