Is it really necessary to get a term or whole life insurance that covers ECI? I already have a whole life insurance that covers death, TPD and CI. ? - Seedly
 

Insurance

Asked by Good Day Every Day

Asked on 21 Sep 2018

Is it really necessary to get a term or whole life insurance that covers ECI? I already have a whole life insurance that covers death, TPD and CI. ?

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Mabel Tan
Mabel Tan, Financial Consultant at AIA
Level 3. Wonderkid
Updated on 07 Jun 2019

Hello!

Just to clarify, ECI coverage does not cover the hospitalisation and surgery cost. The cost is covered by ur hospitalisation and surgery plan under ur basic protection. ECI coverage is generally used to cover the loss of income during the period of ur recovery (Which by the rule of thumb would be x2 of ur annual income, meaning to say when diagnosed with ECI, you’ll be compensated with 2 Years of ur current annual income durIng ur recovery period). And ECI will be paid out during the early stages if your CI. be it stages 1 or 2, whereby the chance of recovery upon Diagnosis of the early stages as compared to the late stages hence coverage for ECI is definitely more expensive. However for late stage CI will only be paid out during stages 3 &4 where the chances of recovery is much slimmer.

after all, Insurance is always something to help you protect your money. So it might be something u should consider as well. my advice, get it while you’re young and healthy. the younger you are the cheaper ECI Insurance will be. :)

Hope this helps!

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Mabel Tan
Mabel Tan

04 Oct 2018

Yes, definitely!
Good Day Every Day
Good Day Every Day

05 Oct 2018

Noted with thanks
Nicholas Chan
Nicholas Chan
Level 6. Master
Answered on 22 Sep 2018

ECI cover is expensive. The premium if u pay till 65 & not claim can be as high as 40% of the insured amount. If the small insured amount does not make a difference for u, why insure?

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Yong Kah Hwee
Yong Kah Hwee
Level 8. Wizard
Answered on 21 Sep 2018

What if you need money to help cure your early stage illness? are you sure you have the money to pay? If not, then i'd suggest you get it if you have some spare cash each month!

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