Dear Mr. Tan
I am a female, age 25. I have received the following quotation:
1. Term insurance for $100,000 up to age 65: premium is $150 a year
2. Living benefit for $50,000 up to age 65: premium is $190 a year.
Question: Is the premium rate acceptable?
The premium rates are acceptable. The Term insurance rate is about 15% lower than the indicative rates set out in my webpage: http://www.tankinlian.com/faq/term.html. You are getting a good deal. Congratulations.
Question: Should I spend the $190 for the living benefit, as I am also covered under a Enhanced IncomeShield plan.
Decide on what you feel best. The medical expenses can be covered mostly by the Shield plan. There could be some loss of income, during the period of treatment.
Do you wish to get $50,000 in this event? Of course, the chance of it happening is small, maybe 5% to 10% over the next 30 years. If you are willing to spend $190 to have peace of mind, then you can buy the living benefit.
Conclusion: She decided to spend the $190 to get peace of mind. That is a good decision.
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