Dear Mr Tan,
I am reviewing my existing policies: Living, Incomeshield and Ideal Plan, I have been unemployed for more than one year and found it difficult to get a new job as I am now in my fifties.
I was advised not terminate my Living Policy. I am considering whether I should buy a term policy (which you have recommended) since it would be cheaper and I could get a larger sum insured. However, will it cover my existing conditions of fibroids? Will this condition affect my Living policy since it was discovered after the policy was issued?
My advice of buying a term insurance policy applies mainly for young people - so that they can invest their savings in a low cost investment fund.
Looking at your circumstance, i.e. age and medical condition, it is best that you keep the existing Living policy, rather than switch to a term insurance policy, as you will have difficulty with getting term insurance now.
Your fibroid condition was discovered several years after you took your Living policy, so you will not have any problem with the coverage under the Living policy due to this condition. You can read my FAQ on "Indisputability".
I suppose that your children are now quite old, so there may not be any need for you to increase your life insurance coverage.
- ► 2020 (218)
- ► 2019 (1839)
- ► 2018 (1406)
- ► 2017 (1258)
- ► 2016 (828)
- ► 2015 (691)
- ► 2014 (144)
- ► 2013 (501)
- ► 2012 (1269)
- ► 2011 (1873)
12/12 - 12/19
- BEST Business Game
- Use Excel to calculate yield
- Invest in an indexed fund
- Role of social insurance
- GPS Navigation System
- Tourist attractions
- Renovating an industrial premise 
- Who pays for the cost of medical report?
- Financial planning for a child
- Financial planning for retirees
- Keep your existing Living policy
- After the Event Insurance
- High insurance charge on ILP
- Capsule hotel in Japan
- Beauty of the night
- Credit card for those above 60
- Concept about aging
- Color printer
- Download of Window Phone Apps
- Web App - Learning Tips
- Mobile App - Learning Tips
- Preventing dementia
- OKI Color Printer C3300
- Be educated about insurance
- Be educated about insurance
- Taxi fares in Kuala Lumpur - two tiers
- Happiness and wealth
- Taxi service in Singapore
- Talk by Dr. Jacques Attali (13 January 2011)
- FISCA financial planning talk
- FISCA insurance talk
- WikiLeaks and Negative Views
- Test your knowledge of insurance
- Capitalist system and its safeguards
- Court case on DBS High Notes - legal fees
- Dispute on interest rate with NTUC Thrift
- Life insurance policies sold to elderly, illiterat...
- Message from Spa Victim
- Democracy rating
- Ape Snap Dining Vouchers
- Wealth accumulator and Flexi Life
- Data roaming charges
- Fire safety regulations need to be practical
- Business Times report on the court decision on DBS...
- Cost of preparing a medical report
- SDCF and fire safety regulations
- Office renovation and fire regulations
- Court decision on DBS High Notes
- Heart implant at subsidized rate
- Timely termination of life insurance policy
- FISCA talk - Insuring your financial security (aka...
- Tips on preventing dementia
- Book - get value from your life insurance policies...
- HSA warns against pills
- Stress and high school students
- Invitation from the author of "Wisdom on how to li...
- Sudoku (Logic9)
- Case study - financial planning for the young
- Benchmark for deduction under a life policy
- Reforms in Malaysia
- WikiLeaks and George Yeo
- Make your own decisions
- Sydney Morning Herald - Big fat red faces
- Tranparency International's survey on corruption
- Low ranking under UN human development index
- MAS and whistle blowing
- FIDREC and the consumer
- Cash out scam
- Yield on Life Insurance Policy
- Tips on Savings and Investments
- Fake $10 note
- Wikileaks and Singapore leaders
- China - the old and the new
- Investor sue DBS over Lehman bonds
- Use Excel formulas
- 90% tax on banker's bonus
- Taxi service in Kuala Lumpur
- KL International Airport
- Medical report fee charged by the Singapore Dental...
- ▼ 12/12 - 12/19 (79)
- ► 2009 (1654)
- ► 2008 (2104)
- ► 2007 (1803)
- ► 2006 (696)
- ► 2005 (159)