Anonymous
Understand that
1) We don't own this, govt does
2) Cant nominate anyone as beneficiaries
3) Maximum liability of 0.75% for war/terrorism
4) No agent to 'support' us
So assuming, the govt WONT EVER terminate this group policy, and there WONT BE any war/terrorist act in the future. Would YOU personally get another insurance plan? If yes, why?
Also, assuming i get another term life insurance elsewhere. Would i be able to get both sum assured from both companies? How does 'duplicate' policy works?
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Tan Li Xing
15 May 2020
Financial Consultant at Prudential Assurance Company (Singapore)
Hi Anon,
I do think it would be good to get another policy. As some guidelines on how much we should be covered would be;
10x your annual income for Death & Total Permanent Disability
5x your annual income for Critical Illness
2-3x your annual income for Early Stage Critical Illness
So you could factor those in on how much coverage for an additional policy.
Also in regards to 'duplicate' policy, there is no duplicate when it comes to life insurance, meaning in the event of death all policies that provide that coverage will pay out. So it is important that you understand what coverages you have on hand, or have an agent who will walk through your policies with you.
Also as compared to a term, I would recommend to getting a Whole Life policy for coverage against Critical Illness and Early Stage due to the possibility of Critical Illness happening in our lifetime. Do reach out if you have any questions
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Loh Tat Tian
13 May 2020
Founder at PolicyWoke (We Buy Insurance Policies)
If premiums are ok, can consider diversifying the payout. Due to Policy Protection Scheme of $500k c...
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As many have suggested, yes go for additional coverage.
For your info, depending on your age, private insurance plans may be cheaper than the MINDEF sponsored ones.
I took up the following policy at age 21 and it was cheaper as compared below.
MINDEF GROUP TERM LIFE
Total cost for 30 years = $369/ yr
AVIVA MyProtector Term Plan
Total cost for 30 years = $334.55/ yr
Living Care premium increases every 5 year. For more info can check out on Aviva website.
Age 21 to 25: 8.4 x 12 = 100.80
Age 26 to 30: 12.3 x 12 = 147.60
Age 31 to 35: 18 x 12 = 216
Age 36 to 40: 29.7 x 12 = 356.40
Age 41 to 45: 29.7 x 12 = 356.40
Age 46 to 50: 82.5 x 12 = 990
Total cost over 30 years = $10836
Average per year = $361.20
As for Aviva CI Advance Cover Plus II, a rider for the above mentioned Aviva MyProtector Term Plan, the yearly premium cost for 300k CI is ONLY $172.60.
Only MINDEF Personal Accident plan is worth it in my opinion as the premium cost is cheap and doesn't increase over time. I got the max coverage of 600k for Personal Accident from MINDEF Group Term Plan.