Hi Mr Tan,
Two years ago, I bought a critical illness rider for $60 per month for $50K which is attached to my whole life policy.
Is it correct to buy a rider, as it will expire should I decide to terminate my whole life policy? As I am now in my sixties, I may not want to spend too much on insurance. Pls advise.
REPLY:
I suggest that you should consider the following options:
1) The cost to you of continuing the whole life and critical illness rider for the next 10 years
2) The cost of an alternative method of giving you the protection
You should ask the insurance adviser to give information to you that you can understand, and make the best decision. Apart from talking to your current insurance adviser, you can also talk to another insurance adviser.
I hope that they can give you information to make a better choice.
Have a H&S medical plan is important.
ReplyDeleteThis is a must. For the others you
may or may not need them. Get a proper adviser; some who is well qualified to give you a financial check up to see if you need any insurance. Ask an insurance agent he or she will find ways or create needs for you in order to sell you something.
I hope you are already covered under a good H/S plan. If not, go check out and apply for one.
ReplyDeleteHowever such policy are usually subjected to stricter underwriting and no guarantee of acceptance from most companies.
If not accepted, one company may accept you as you can apply without declaring your medical history. Talk to your Financial Adviser and they will give you more info.