Hi Mr. Tan,
Does NTUC have a term insurance that covers critical illness? Two years ago, I bought I-term. I checked with the NTUC consultant and he says that NTUC do not have term insurance for critical illness, thus I ended buying the Living policy...
REPLY
You can buy a Living Benefit which is like a Term insurance that covers critical illness. It comes as part of the Family Policy.
More details here:
http://www.tankinlian.com/faq/choice.html
Here is a case of conflict of interest.Agent lied in order to sell a wholelife living which gives high commission. This is one of the ways insurance agent will use to convince that wholelife is good. Like you need most when you are old, or baby for head start. Both these periods are a waste of money if you have more important needs in other areas.The irony is when people need most is when they have a family,but they have too little
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It is probably an honest oversight by the consultant when he accidentally forgot to tell you.
ReplyDeleteBut the past is the past. Don't fret over it. It is still not to late to add in the Living Benefit. After all, your purpose is to protect you and your family financially against major illnesses.
It would be even more worrying if the insurance agent does not understand the plans they are selling. Family Insurance Plan is one of the best products Income has. You can add a great variety of term-like riders for your whole family under one plan and incur a single policy fee. This beats holding multiple policies where you incur multiple policy fees. To illustrate. A living rider + decreasing term + hospital cash + personal accident benefit can be added in this plan. You will be surprised at how inexpensive it is. Of course, most agents will not even tell you about it.
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