Tuesday, February 26, 2008

Ask for quotes from a few insurance companies

Hi Mr. Tan,
I recently asked a insurance company to quote me for term insurance for critical illness. I was given the following quotation. My profile : 39 years old, non-smoker, perfect health. Term insurance for critical illness : $300,000 for 30 years. The insurer quote me $274 per month. It seems very high after referring to your table. Is this the market rate for term assurrance for critical illness?

REPLY

Some insurance agents quote high premium rates for term insurance, as they wish to get you to buy whole life policies.

I suggest that you ask a few insurance companies to quote the short term critical illness insuance for you. You can get their contact number from this FAQ: http://www.tankinlian.com/faq/termd.html.

Perhaps you should ask for 20 or 25 years and reduce the coverage to $50,000 for the critical illness plan and insure $250,000 under a decreasing term insurance. Read this FAQ:
http://www.tankinlian.com/faq/choice.html

You can ask NTUC Income to quote you the Living benefit under the Family Insurance policy.

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