Asked on 14 Jul 2020
As RA n PCOS may be inherited, I would like to get some insurance for my gal aged 15 while she is still healthy. What plans should I get for her if my budget is limited? Appreciate if anyone can share the exact plans n insurer? Thank you.
Hi Anon, so sorry to hear what you're going through.
For your daughter, getting her a Limited Pay Whole Life plan with Early Crtitical Illness riders would be the policy to purchase.
You can opt for a term plan, but if you're getting longer than 50 years, the Whole Life plan would be more affordable.
Just note that diagnosisof PCOS is not considered a critical illness, but any complication that it may lead to might. Also RA is also considered a special condition benefit under ECI and not an critical illness by itself.
For insurers and plans, I would suggest working with an Independent Financial Advisor but the top 3 I usually end up recommending are Aviva MyWholeLifePlan III, Manulife LifeReadyPlus, China Taiping i-secure.
15 Jul 2020
Thank you Hariz for your reply. If both PCOS and RA is not considered a CI, may I know if there will b problem when purchasing a life or CI policy? As she is still young and has no dependents, would it be right that I focus on the CI area n is there any policy that just covers CI or ECI which is not term? Will u also b able to advice on what other insurance I should look into for my daughter if she is susceptible to the 2 illnesses? Thank U.
Hariz Arthur Maloy
15 Jul 2020
No worries. Family history of PCOS and RA aren't that big of an issue when underwriting. Of course if you have PCOS already, there may be exclusions to the reproductive organs. RA will also have it's set of exclusions but I have not personally come across with someone with that condition applying for insurance. PCOS, much more common. And yes, CI/ECI as a whole life for kids is preferred. Much cheaper than term as a whole actually. She definitely needs to get a hospitalization policy for sure. We have the Integrated Shield Plan as an option and I really hope she has this already. Other than ISP and a CI plan, there isn't much you can do with protecting financially against those 2 conditions as they aren't debilitating illnesses. If you'd like to discuss further, you can always reach out to me on FB messenger, or email me at [email protected]