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Anonymous

Posted on 30 Nov 2020

What are some of the most competitive and good coverage CI life insurance you would recommend to a new mummy?

What are some of the more competitive coverage CI life insurance for a new mum?

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Discussion (2)

Hi anon,

Welcome to motherhood!

I presume you are looking for CI cover for yourself as your expenses would probably have gone up due to your newborn and you need to ensure that your coverage remains relevant.

Depending on the situation, (and especially if you are looking for early CI cover and/or CI cover for your life), a limited payment whole life (WL) CI plan would be quite cost effective. Most WL plans will come with a booster/multiplier which increases the coverage of your plan during your working years and is really like a term plan stacked on top of a traditional whole life. You will only need to pay premiums for a limited number of years.

At the moment, I would say that plans from China Taiping and Aviva are currently the most popular amongst my clients due to the premium/coverage ratio, as well as the fact that the offerings from these two companies cover amongst the most number of conditions in the market (Taiping has the most), including things such as a payout upon the complete surgical excision of a Benign Tumour (suspected malignancy) or upon diagnosis of a Borderline Malignant Tumour (for Aviva)

If you are more concerned about relapse of CI, then a multipay plan may suit you. However, the payout structures of multipay plan is rather complex and it is probably better explained to you by an independent advisor as it's not possible to just use words to illustrate it. However, take note that multipay plans are term plans, meaning you have to pay every year, and if you are blessed with good health, then you just have to keep paying until a claim occurs or the plan ends. If you want your multipay to cover you for your entire life, it can be very pricey.

If budget is tight, then consider a term plan with a single payout, which can be a stand alone CI plan, or a CI rider added to a term plan covering death/TPD. In fact, I'd say that you will want to also consider getting death/TPD coverage as you have a dependent now (although the details of that that is out of the scope of this question)

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Hi anon,

Congratulations on the birth of your newborn!

You can consider a multi-pay CI plan that offers a payout upon relapses or onset of different CI occurrences. They are typically more comprehensive since they cover a range of special conditions apart from the usual CIs eg. Gout and also offer multiple payouts for that.

If you are looking at something comprehensive, you can look at AIA Power Critical Cover since it's the only product in the market that covers pre-early conditions eg. Benign tumours that require excision. It comes with a premium-waiver rider that waives off your premiums too upon diagnosis of CI of any stage.

For your child, you may want to look at getting a whole life plan for him/her since it would be cheaper at a young age and with it's limited pay function, your child would be insure for life once he/she hits a certain age. This will give your child a potential head start In the future.

Your CI coverage should be approximately 5x of your annual income and if Budget is too tight, you can dial it down. All the best!

Financial planning is an integral part of life. You can reach me here to find out more.ā€‹ā€‹ā€‹

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