Should I be prioritising getting a term insurance or critical illness plan?

Hi anon,

Instead of looking at the type of plan, look at the type coverage you need, and how much of it you need.

You have identified critical illness as something you are looking at. That's great. The thing is, based on what you need, and what you already have, if you don't have a shortfall, then there's actually no need to take any action. If you do, you then need to identify what that shortfall is, and you can then identify what plans would suit you

As Hariz has put it, you can get a term plan with no CI. You can get one with CI. You can get a term with multipay CI. Standalone CI plans are actually all term plans. A whole life plan can be bought without CI coverage (not that it makes much sense). The permutations are quite plentiful.

Hi Anon, they aren't opposites. You can get a term CI plan. You can get a Term plan with no CI. You can get a whole of life plan with or without CI as well. All current standalone CI plans are in fact term plans.

So focus on the amount of cover first. The rule of thumb is 10 X Annual Income in the event of death should you have dependents, and 5 X Annual Income in the event of illness.

Then work with an advisor you trust for a comparison of options.