Which CI would I buy?

Which Critical Illness Termlife would I recommend? 

Four TermLife policies with CI which I would recommend:

1.  Mindef-Aviva Group Term Life.  Top recommendation, but good for upto 60, even though it can costly cover upto 70-yo.  Need read T&C for eligibility. Star Best Buy.

2.  Singlife-Aviva My Protector.  Perpetual 35% lifetime lock-in premium discount. But pay for whole lifetime at lock-in premium. Star Best Buy. 

(Note: Last year was 35%; this year perpetual discount was reduced to 30%). Medical just gets more expensive over the years.


3.  Ntuc Income VivoLife-350 or -180.  But it's name has since changed "Star Secure".  It's premium has risen.  It is limited pay over a desired tenure, say pay 10-year for lifetime coverage; can tailor or tradeoff cost between early CI & Advanced CI.  This is good for our children as they need not pay after tenure and covers their wholelife.

Anyway, medical cost will always rise. Star Better Buy.

4. GE Multipay CI plan.  30% of Year-1; subsequent years, 10%. 


As for the rest overseas insurers, I could want certainty.  Reason:

I have no crystal ball if their biz will stay or being bought over during my or children's lifetime.

Parts of AXA, John Hancock n Aviva were sold to Hsbc, Manulife & Singlife respectively.

Example:

SingLife-Aviva MyProtector for a mid-20s, 

*$500k Death, TPD, advanced CI; Premium: ~$1.2k p.a. for lifetime payable.  But what is $1.2k amount in 30-years?

*INCOME Vivolife-350: $280k x3.5 accelerated CI coverage before 70 yo, $3.9k ~ $4.7k p.a. pay for 10-years, protect for life.


Wait.  I am no insurance agent.

It would be good to buy CI from different insurers for diversification n for different CI coverage. 

Good to buy early to lock-in its premium and no medical loading exclusion.

Comments

  1. Mr Ferrari7 February 2023 at 18:54

    For now, some say $200k CI is adequate; maybe for one-off non-recurrence sickness claim. What would you think?

    ReplyDelete

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