I am an Advisor with Manulife, but due to MAS regulations, we arent allowed to provide any recommendations online without having a full understanding of your profile. However, I can break down the basics for you via this comment. Firstly, we should first understand how much coverage we require for both Early CI and Late CI. Typically, we would suggest a coverage of about 5x of your annual income for coverage. For Early stage, typically about 1 - 2 x of your annual income. Secondly, what are the options available. There are typicall 3 options for you to take up. Whole Life Plan with ECI & CI rider, Term Plan with CI Rider, Multi-claim CI plans which is a term plan that only covers CI but allows for one to claim multiple times. Thirdly, What is your overall budget? My suggestion is that you should NOT spend more than 10% of your income on all your insurance including your health insurance and Personal accident insurance if any. Things to look out for: 1) No of conditions that are covered. For Manulife, we cover a total of 106 conditions, which is one of the more comprehensive CI plans in the market 2) Fine print on the definition of the conditions 3) For Multi-Claim CI, it would be good to take a look at the structure from the various insurers. Some insurers provide 0 waiting period for their ECI claims but do not allow you to claim from the same category of CI again, whereas some may have a waiting period of 1 year for multiple claims but yet do not restrict you in the category of CIs. In conclusion for Critical Illness plans, you may either get a combination of Whole Life and Term, or a Multi-claim CI plan depending on your budget and preference! As for endowment policies, there are typically 2 types, those with flexibility and those without. More often than not, the endowment plans with flexibility tend to generate lower returns as compared to those without flexibility. More importantly, before deciding on an endowment plan, do understand your current risk profile and your savings/investment objective. There are plenty of options for you to grow your money. You should definitely speak to a financial advisor to find out more! Lastly, feel free to connect with me via my email at [email protected]
if you would like to have a further (non-obligatory) discussion on your personal financial planning.