I’m 28/F, I’m been paying 2.4k in annual premiums for whole life insurance with the following coverage:
– death/tpd/CI: 200k.
– premiums payable until 45yo but covers until 65yo
– sum assured of 50k which I can withdraw after 65yo
– failed to declare one health condition
– total premium paid until 45 yo is 48K
I found that plan to be bullshit and insufficient in coverage, hence after paying since 2017, I decided now to switch over to a term life instead to get higher coverage.
Term life coverage costs 1.8k in annual premiums with the following coverage:
– death/tpd: 1mil
– early CI/CI: 100k
– premium payable until 70yo
– total premium paid until 70yo is 74k / with 75% loading it is 116k
The issue however is that my application for term life has been approved but it came with a 75% loading (total $2.8k annual premiums) because of my pre-existing health conditions. I have also just fully declared my other health condition, with the hope that it doesn’t add any more to the loading.
Would you proceed with a term life even though there’s a hefty loading fee for pre-existing conditions? How much should one be spending on term life insurance (how many % of my annual salary)? Or based on the above information, what are your thoughts and advice?
submitted by /u/dancingbagels
[link] [comments]
I’m 28/F, I’m been paying 2.4k in annual premiums for whole life insurance with the following coverage: – death/tpd/CI: 200k. – premiums payable until 45yo but covers until 65yo – sum assured of 50k which I can withdraw after 65yo – failed to declare one health condition – total premium paid until 45 yo is 48K I found that plan to be bullshit and insufficient in coverage, hence after paying since 2017, I decided now to switch over to a term life instead to get higher coverage. Term life coverage costs 1.8k in annual premiums with the following coverage: – death/tpd: 1mil – early CI/CI: 100k – premium payable until 70yo – total premium paid until 70yo is 74k / with 75% loading it is 116k The issue however is that my application for term life has been approved but it came with a 75% loading (total $2.8k annual premiums) because of my pre-existing health conditions. I have also just fully declared my other health condition, with the hope that it doesn’t add any more to the loading. Would you proceed with a term life even though there’s a hefty loading fee for pre-existing conditions? How much should one be spending on term life insurance (how many % of my annual salary)? Or based on the above information, what are your thoughts and advice?
submitted by /u/dancingbagels [link] [comments]Read Morer/HealthInsurance