Asked by Anonymous
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
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.
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 https://www.facebook.com/luke.ho.54.
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).
I am from Manulife.
Typically for Insurance, the most important is to have Health Insurane which you already have : Aviva.
Next, we look at coverage for Death, Disability, Critical illness. Depending on your life stage, needs and budget, it will determine what kind of plan and coverage suits you best.
Looking at what you shared, Both your Manulife and GE plan may be covering the same thing. However, it would be best if you can have a chat with your advisor to review your portfolio.
Based on the little information that you shared, there is little we can comment on as we do not know what your needs are.
If you would like to, you may reach out to me via the following link to arrange for a portfolio review.