Wednesday, April 09, 2008

Advice from a financial planner


I currently have the following insurance coverage: whole life, investment linked, decreasing term, mortgage insurance, company coverage disability income, private Shield. (Details provided)

However, my critical illness coverage is very low. I am considering either a limited premium life insurance or a term insurance covering specifically critical illness.

My questions are:
a) Do i need to cover for critical illness?
b) If yes, should i cover for 75 years or 99 years ?
c) If no, should I focus on something else?


Please see if these FAQs are able to answer your questions:

If you want specific advice on your situation, I suggest that you see a financial planner.


Anonymous said...

The rule of thumb for CI is treatment cost plus 3-5 years of your annual salary. Do you think Limited premium plan can allow you to meet this need?
Only term can.
You don't need for whole life. Most people buy whole life but never keep for whole life. Ironical. isn't it?
This is what you call ,the head is misplaced in the heart.
Don't listen to the insurance salesmen, listen to the expert.

Anonymous said...

If you approach an insurance salesman he or she will sell you a limited whole life so that you have limited coverage so that you can buy from them another limited coverage limited premium whole life in the next "review" if nothing happens. It goes on until you so drained before you have enough.
In the mean time the agent laughs all the way to the bank, wins an incentive trip to an exotic land and gets a fat year end bonus. As for you, you don't know even what hits you until something happens.
It might be too late for a "review"
of the insurance salesman.

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