TLDR
- Must buy hospitalization insurance/integrated shield plan
- BTIR (Buy Term, Invest the Rest)
- Personally, I believe that CI/ECI riders are unnecessary
- Forget about Endowment/ILP, use one of the robo-advisors or simply invest yourself
We wanted to get hospitalization insurance/integrated shield plan for Baby Ong as we deemed that to be the most important insurance one should get given the high cost of healthcare in Singapore.
The agent came with a bunch of other recommendations such as whole life, endowment and ILP. His rationale of getting a whole life is because it is the "cheapest" rate/premium one can get at age 0/1, pay 25 years get lifetime coverage, and cash value upon maturity. Endowment and ILP are to save up/invest for the baby education/university fees. I didn't buy it (both his recommendations and the policy). lol.
Let's just run through some numbers using the Aviva PI/product summary as a reference....
