facebookWhen I was 21, i signed up for a CI plan 100k coverage. 7 years later, my agent asks me to increase coverage. Does it mean i have to forgo the 7 years of premium i have paid as it is a life plan? - Seedly
Seedly logo
Seedly logo
 
Bryan Chong

Asked on 05 Jul 2020

When I was 21, i signed up for a CI plan 100k coverage. 7 years later, my agent asks me to increase coverage. Does it mean i have to forgo the 7 years of premium i have paid as it is a life plan?

0 comments

6 answers

Answer Now

Answers (6)

Hi Bryan,

You should check to see if you really do need increased coverage first. If you don't, then there's no need to buy an additional plan. But, most likely you do, and you can still keep the old plan, while making up the difference with a new plan.

The new plan could be a whole life or a term, it really depends, but as you are less than 30 years old, a whole life would probably make more sense for CI cover. Remember, you don't need to get a lot, just enough to make up the short fall. Your older policy has been in force for a while now and the compound effects of the bonus is something you want to keep going, so keep the old plan.

0

Thank You!
Can you clarify
I wonder if
This is so helpful 👍
What about

Post

Hey there!

You might want to consider purchasing another policy if that works for you, eg. getting a term plan to cover your essential working years.

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

0

Thank You!
Can you clarify
I wonder if
This is so helpful 👍
What about

Post

RQ

Rebecca Qin

Level 4. Prodigy

Answered on 15 Jan 2021

You can consider to purchase a new life plan. As there are new products in the market for you to con...

Read 4 other answers with a Seedly account

You will also enjoy exclusive benefits and get access to members only features.

Continue with Facebook
Sign in with Apple

Sign up or login with an email here