- WholeLife with CI. Premium payable till age 80/85 or so.
- Limited Pay WholeLife with CI. Premium payable for 15/20/25 years or so. Premium is more expensive than (1).
- Term with CI till age 90/99
- Integrate CI need into retirement sum. For example, you estimate $1.2mil for retirement, and $200k for CI need after retirement, then your target retirement sum is $1.4mil. Before retirement, cover CI need with Term with CI till retirement age, premium is lower than (3).
- Similar to (4) but separate the investment component for CI need from retirement portoflio. Also use Term with CI till retirement age. Invest the rest with reasonable expected return so that at the expiration of term, the investment amount is equal or more than the sum assured.
I recently voice my concerns about Critical Illness (CI) coverage in sgfunds.
"Maybe I'm just paranoid but I always imagine myself getting a critical illness when I'm old. It doesn't help when the government says that 1 in 2 will live till 85yrs.
I imagine the worst case scenario that I'm all alone and barely surviving with my retirement fund. How do I cover myself if I have a CI after age 75?"
After a healthy exchange of views, the solutions are as follow:
Hi, I got your blog add from CNA. Which co offers term + CI to say, about 85? Are the conditions very strict? Thanks.
Hi mooncake,
You can try AXA LivingEnhancer or HSBC Value Long Term Plus. Sorry, couldn’t provide u with more, you can try consulting a qualified IFA.
Hi Derek
Thanks for your tips. I will most certainly look them up as my current CI plans only provide to age 60, but most big illnesses start after that. Thanks for taking the trouble to update the stock picks! Happy blogging.