Asked by Anonymous

Is is necessary to have all the below insurance products below? Are there overlaps in coverage?

Need a balanced view, prefer non-IFA advice please. - Manulife Lifeready with CI and ECI rider -Manulife Ready Protect Accelertate - Aviva My health plus 1 -GE Whole life with ERB

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    • Nicholes Wong
      Nicholes Wong, Diploma in Business Management at Nanyang Polytechnic

      Top Contributor (Feb)

      398 Answers, 529 Upvotes
      Answered 4w ago

      Just normal poly student here.

      Health, CI, ECI and life insurance are all good to have but you seem to have 2 whole life insurance, is there any reason why you bought 2? Another important thing is to tell us how much each of them cover, number of dependents and your income so that we can tell you more specific if you are over insured or under insured.

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    • Luke Ho
      Luke Ho, Money Maverick at Money Maverick
      174 Answers, 291 Upvotes
      Answered 4w ago

      Not an IFA. I'd like to look at your Lifeready policy for a potential overlap - but needs specific details on the amounts. Generally I rarely put ECI and CI on the same policy.

      Your GE whole life plan should complement your LifeReady and vice versa.

      Like Hariz said, the total amount (10x, 5x) is more important.

      I'm big on saving you more money in the event there's an overlap so that said premiums can be channeled towards making you more money - I'm sure you agree that'd be far more favorable than being confused.

      You can drop me a message at

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    Hariz Arthur Maloy
    Hariz Arthur Maloy, Independent Financial Advisor at Promiseland Independent

    Top Contributor (Feb)

    355 Answers, 600 Upvotes
    21 Feb 2019

    Why no IFA. :(

    The products don't matter, coverage is what you should look at.

    I suggest making sure you have 10 X of your annual income in the event of death, 5 X of your annual income protected in the event of illness, a Hospitalisation plan up to your preffered quality of care with rider.

    For your life insurance, make a decision how long you want to be covered for. I suggest to get CI protection covered for whole of life, and some term until Retirement age (65/70).

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