So after I cancelled my ILP, I finally diverted it to purchase MINDEF Group Personal Accident, most of it still goes to investments though.
I purchased the plan through this link.
It is a rather cheap coverage as it is subsidised by MINDEF to NSmen like me.
Some conditions are required prior to joining
- MINDEF or MHA Public Officers
- Volunteers (MINDEF/MHA/SPF/CDAU)
- Employees (FT/PT/Contract) of DSTA/MINDEF or MHA Related Organisations
- Aged 65 or less
Here are some reasons why I took this up
- Need personal accident coverage (no underwriting for max coverage)
- Potential addition of Group Term Life (GTL) in the future if coverage is required to be increased (cheap too! no underwriting up to 1M for Life+TPD)
- Did some research and the CI and ECI is only cheap until age 30, so thereafter, it is more costly as it is increasing rather than flat rate
- Once …