How much is "enough" for a life insurance?
Insurance Talk V2, Anything and everything about insurance
Insurance Talk V2, Anything and everything about insurance
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May 12 2014, 04:38 PM
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#1
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Senior Member
3,294 posts Joined: Dec 2005 |
How much is "enough" for a life insurance?
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May 12 2014, 05:06 PM
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#2
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3,294 posts Joined: Dec 2005 |
Nowadays especially when age is growing older... the whole life insurance premium is super expensive a lot of peoples are going to those investment linked insurance.. what is the cons of having big sum insured with cheaper premium ?
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May 13 2014, 12:08 AM
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3,294 posts Joined: Dec 2005 |
QUOTE(roystevenung @ May 12 2014, 11:47 PM) First off, is there a reason to have huge sum insured, especially at older age? Life/CI is meant for income replacement during our working career while we work towards our retirement. Yes it is available, those plan are called investment linked plan which do not have higher bonus compared to whole life insurance plan. Comparing with the same amount of sum insured, I would need to pay double or even triple the premium for a whole life insurance.Upon retired, most of us working people will lose the medical benefit and had to rely on their own personal medical card. Big sum insured with cheaper premium at older age does not exists in insurance context since insurance goes up by age based on the mortality rate. SoS? |
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