I am currently looking for term/whole life insurance for my husband, DOB 02/03/1972, non-smoker works as ship surveyor.
Checked several quotations :- Sum assured 500k
1) Hong Leong – 450/mthly, sustain til age 68, but expire 2072
2) AiA – 408/mthly til age 70, expire 2042
3) Prudential – 415/mthly age 70, expire 2042
as for no 2 and 3, there are additional benefits – accidents death is 2x sum assured, and several.
So, is it advisable to go for no 1 wth no add on benefits but longer expiry policy or wth either 2 or 3.
Would like to have longest/max insurance coverage wth min premium.
Or is there any other insurance but the 1 wth takaful options.
Rohayah the answer to your questions probably lies in these questions below:
1) Is there any good reason why you’d want his 500k coverage to last until age 70? If yes, does the 2 years difference (68 vs 70) make a big difference? Noting that the sustainability-until-age is just an estimation; it’s not a guarantee.
2) Is his position as a ship surveyor prone to accidental death?
Rohayah, you responded:
1) Yes, checked again prudential the premium lower to 368 for 20 years coverage which is til 68 y.o
2) Sun Life 350 premium for the same benefits 500k sum assured, 20 years coverage.
If that sounded reasonable with negligible difference, what’s keeping you from making a decision to proceed with, say, SunLife?