For this year, I decided to purchase a disability income protection policy, accidental policy and upgraded my hospitalisation and surgery policy. The reason on me doing so is to ensure my wife and my future son will be able to get a sum of payout should anything happen to me (touch wood), or should my earning ability be crippled due to any condition, we will stick get a monthly income. I feel that being a father, it is my responsibility to make sure that their needs are well taken care of and ensure I do not become a burden to them should the unfortunate happens. My overall premiums per year has increase to 1,603$SGD but I am sure this will leave me a peace of mind and allow me to focus on other objectives.
In addition to getting a disability income plan and accidental plan, I took up a limited life policy plan to act as savings and additional protection, and also with this policy, I can reduce the premium on the disability income plan.
I found the service of the GE life planner very professional. She provided me alot of information on the policies I am buying and is very patient with my repeated questions.
Should anybody be keen to have her contact, please feel free to drop me a message.
Over the years, I made silly mistakes like getting a ILP with my CPF OA that does not help me in any way, moreover the funds performance had not been doing very well for a number of years, but this time round, I am sure what I am getting.
Below table is a updated summary of all my insurance policies:
| Plan Type | Death/TPD $'000 | M.I $'000 | Acc $'000 | Disability Income per month | Medicalannual/ lifetime limits | Premium (S$) |
| Term | $ 46 | $ 36.00 | ||||
| Trad Life | $ 25 | $ 29.25 | ||||
| ILP Life | $ 80 | $ 150 | $ 250.00 | |||
| Trad Life | $ 20 | $3,750 | $ 543.00 | |||
| Acc | $ 100 | $ 152.50 | ||||
| Disability Income | $3,750 | $ 908.65 | ||||
| Endowment | $ 20 | $ 20 | $ 111.11 | |||
| ILP | $ 15 | $ 10,000 | ||||
| Hospital | $500k/ unlimited | $ 206.56 | ||||
| Hospital | $200k/$1M | $ 287.25 | ||||
| $ 206 | $ 170 | $ 100 | $ 7,500 | As above | $ 6,818.28 |
No comments:
Post a Comment