Mindef-Aviva Term (Living Care)

For Mindef-Aviva Term policy:

I noticed that Living Care premium:

- jumps at age 45 by ~300% (from $9.90 --> $27.50 p.m.).

- jumps at age 60 by ~40% (from $58 --> $80 p.m.).


Takeaway#1 is to buy Limited Pay TERMLife CI before age 40 where its premium are lock-in at entry.

Takeaway#2 for Mindef-Aviva Term Living Care policy: is not worth buying Living Care & Living Care Plus after age 60. (See RED circle above on steep premium from $58 to $80 p.m. from age 60).

In fact, mortality charge premium (for senior beyond age 60) for most insurance policy are high.

~~~~

About a year ago, I was at Manulife Roadshow; the young agent sounded convincing to advise me to surrender my ILP Prudlink Wholelife policy and use the cash to switch over buy her ILP Manulife ... with bonus.   

This new Manulife policy cover more CI coverage list and properly stated late CI.

A few clarification from me about mortality charge and sale charge, she was quietened.

~~~~~

In summary,

1. Dont buy any more insurance nearing age 60 or beyond. It's premiums will be very high.

2. Unless you have precursor of impending critical sickness, at least a year before (before medical record registered), then you can think harder of such Critical Illness or even Term Insurance.


https://ferrarilim.blogspot.com/2023/03/how-much-total-to-cover-1m-ci-termlife.html

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