How much to cover $1M CI Life?
How much total to cover $1M CI TermLife?
Different insurers CI coverage may vary;
- pre-post consultation duration by its Panel doctors,
- early or advanced stage CI
- premium overlay (limited pay or lifetime pay, fixed level or age adjusted cost)
- Termlife coverage (accelerated or fixed)
- Lifetime or limited age tenure.
- in their T&Cs (fine-print).
Insurers may not even last our lifetime, even being sold off to another; worse if it closes its biz CI segment.
So my opinion is to buy CI through various insurers; better local ones like INCOME, GE Life, Singlife-Aviva.
I am not insurance agent. But I am familiar with the cost which I paid for. So allow me to give you some cost estimate to cover $1M in their lifetime over next 60 years!
Someone says CI is good to have. Should it strikes, your loved ones will suffer to take care of you.
CI insurance has to work hand in hand with H&S + 10% Co-Pay Assist to cover As-charged cost.
To project a $1M bill, under H&S 10% co-pay assist rider cover, the deductible will be capped at $3000! In addition, the 10% will be borne by us, amounting to $100k. This might be the scene in 40-years time at the Private Hospital setting.
Again, it is scalable. Can afford, buy more; Earn less, cover lesser, but buy over the years.
For 20s year old, to cover $1M CI, some examples:
1. $280k X3.5 accelerated coverage by INCOME Vivolife-350; now it's name has changed. Cost payable over 10-year @$3,500 to 4,800 per year, depending on entry age. Lock-in fixed premium. After 10-year (you decide premium term), it's free cover for life.
Total 10-year premium cost for lifetime: $3,500 x 10 to $4,800 x 10 (or $35,000 to $48,000).
It would take a lot of time to explain X3.5 for this policy, please read T&C.
This policy also has a cashback value if one does not make CI claim.
2. $500k CI TermLife by Singlife-Aviva My Protector.
It's annual premium, lock-in fixed cost, pay for lifetime: ~$1,250 annually for life. Attached to it is usually Death & TPD lifetime coverage.
Premium is locked-in at entry for lifetime; pay for lifetime. For youth in their 20s, the premium varies slightly; so I assume $1,300 p.a. to cover $500k CI; usually it will also add cover for Death & TPD.
Current offer is permanent 30% lifetime dscount. Last year was 35% when I bought.
Lifetime total cost = $1,250 x (85 - your entry age, say 25yo); assume std life is age 85, amounting to $1,250 × (85 - 25) = $75,000.
3. Mindef-Aviva Living CareTerm CI upto age 60/70.
For SG man, buy under Mindef Term Living Care; for woman, buy under spouse as dependent. CI $100k annual premium is cheap, about $30 p.a., rising premium cost with age. You can cover more at earlier age when cost is still affordable and reduce when its cost gets more expensive over time.
Please do your own research and make own decisions.
Again, I am no insurance agent. Remember the insurance rules;
1. Buy what you can afford, and don't regret.
2. Buy when you are insurable and no medical condition loading.
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