I'm 26yo. Is having a term plan ($99/mth) and Great Life Adv ($200/mth) ok? - Seedly
 

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Asked by Anonymous

Asked 1w ago

I'm 26yo. Is having a term plan ($99/mth) and Great Life Adv ($200/mth) ok?

What should I be looking to upgrade on? How do I know if my coverage is good enough?

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Hi Anon,

Just wanted to ask for both plans, when do they expire? Also like what Hariz mentioned abt how Great Life Adv is an ILP, it would be best to take note that there will be rising mortality charges with age. Though if you do continually pay the premium, it should act like a life protection policy.

Just wanted to ask, did you look into getting an integrated shield plan and personal accident plan as well?

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Well it depends on what and how much they cover my friend.

You can follow this rule of thumb.

Get 10 X Annual Income in the event of death and 5 X Annual Income as income protection in the event of Critical Illness.

If you follow these basic guidelines, you shouldn't be spending more than 10% of your income as premium.

So if you make 50k/yr. You should have 500k as death cover and 250k as CI cover, and this shouldn't cost you more than 5k/yr.

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Question Poster

1w ago

What do you think of Great Life Advantage?
Hariz Arthur Maloy
Hariz Arthur Maloy

1w ago

It's an Investment Linked Policy. So you just need to note the increasing cost of insurance and probably understand that after 60 or so, the investment value has to be the biggest driver of protection amount because if your sum assured is too high at that age, it'll eat into the plan, reducing your investment amount. You also need to be invested in quite an aggressive portfolio to mitigate costs and hopefully achieve the high investment value in the future. I don't distribute GE myself so I'm not 100% sure on the COI tables and the choice of funds available.