Asked on 05 Jul 2020
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.
Oh Yi Ning, Financial Advisor at AIA Singapore
Top Contributor (Feb)
Answered on 06 Jul 2020
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.
You can consider to purchase a new life plan. As there are new products in the market for you to con...
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