Eldershield - is it worth insuring?

Dear Mr Tan,
I have just received a letter asking me to subscribe for Eldershield. Can I know is it worthwhile to subscribe to it or not. I am covered with enhanced Incomeshield, term insurance, accident and critical illness plan.

REPLY
It depends on the cost and benefit of the Eldershield plan.

I suggest that you take the annual premium and accumulate it at interest rate of 4% per annum (which is what you now earn on your special account).

The chance of making a claim before age 75 is quite low. The chance of making a claim after 75 is probably between 30% to 50% (which is just my guess).

Perhaps, you can see if it make sense to insure, or carry the risk on your own.