I'm buying a whole life insurance for my son, age 25. I want to add on TPD and ECI. Is multipay or single ECI better? Which company is better for multipay and which for ECI?

Hi Lim,

These are possible answers to your queries

1) Is multipay or single ECI better? - Multipay is slightly more expensive than a single ECI. Many feel it's value. Me included

2) Which company is better for multipay and which for ECI? - these are some solutions

https://www.theastuteparent.com/2019/08/multica...

https://www.theastuteparent.com/2019/04/singlif...

3) old plan with no ECI, just CI - getting early CI coverage for him will be meaningful now. It covers short term loss of income well

4) Is multi-pay very hard to claim? - Claims are based on condition stated and definition is the same as early CI.

5)** we buy him a plan and he buys another later - Lock in the plan benefits now and the premium at his current age. Then he ONLY needs to start buying more coverage when he has a life stage like marriage and/or mortgage liability.**

Hope it helps. Look for a qualified adviser to run through the pros and cons of the various solutions and the stages of multi-CI claims. If I can be of help drop me an email at [email protected]. ​​​

Numerically, multiple pay is cheaper as they are partially accelerated products as compared to single pay. The goal of multiple pay is to ensure you stay insured for other ailments even if you get hit by one illness. It guarantees continued insurability.

A $200k 3 time pay CI plan is cheaper than a one time $600k CI plan.

Buy what you can if you have the cash, as you need to buy CI with health as well. Time works against you for protection plans.