Dear Mr Tan,
Recently, I have been thinking of buying a life policy, my reasons as below:
I have a wife and 2 very young children and thus I need coverage for them. Sum assured should be $200,000. I would like to have returns for money invested.
Reading your BLOG, you would say to buy a decreasing i-term insurance for myself so as to protect them.
But if I'm hit by 30 major illness, the i-term would not help as I would need lots of money to see doctor whch is very expensive. I would have to buy a living rider and that cost a lot of money. Using the above policy, there is no return and my money will go down the drain.
I suggest that you ask the insurance adviser to give you the quote for the following:
Living policy to cover $200,000
Decreasing term (extended to cover dread disease) for $200,000 for 30 years
If you take the difference in premium and invest it to earn 6% per annum (not guaranteed) in a large, well diversified low cost fund), you will find that the total invested sum with gains will exceed $200,000 at the end of 30 years.
If you can get the figures for me, I can calculate the projected maturity value for you.
Wish you all the best for the Lunar New Year.
Tan Kin Lian
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