Anonymous

18 Apr 2019

∙

Should I get term, life or CI insurance for my parents are in their 55-60?

Dad has a personal basic hospitalization plan while mum is covered under company's insurance. They do not have any other insurance at all (not a necessity since we hardly get by in the past). Now that I am working and we can afford it, should i get them covered for other plans?

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Brandan Chen

19 Jul 2018

Financial Planner at Manulife Singapore

Priority is to get your mum covered under hospitalisation treatment too.

Given their age, Term, CI or life would be expensive. Unless you are a high income earner, I suggest that you focus on getting yourself well covered first.

Another form of insurance you may consider is disability insurance like eldershield or the upcoming careshield.

The main rationale for purchasing or helping them pay for eldershield and hospital insurance is such that it doesn't put a strain on your finances in the future should something were to happen to them.

You may drop me an email at [email protected] should you have further questions

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