Here is IFA Wilfred Ling’s take on why term insurance was banned in one insurance Agency >> Ban for Selling Term
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Tina
Wednesday 13th of April 2011
If your age is not old (say 30) you can leverage using $1 for $1000. You use $5000 to pay for a $500,000 coverage. In 20yrs you paid a $100k. Critical illness (just like death) is almost a sureness, if you decide to take out the $100k and stop the leverage, it's ok. You also have the choice to continue leaving your $100k there and leverage with bonuses upon a claim on critical illness or death or total permanent disability, no further input of cash is needed. I think it is a workable strategy for our health do not improve as we age, it deteriorates...insurer may not want us or the risk is too high the insurer will just charge us high premiums. However, rule of thumb is to justify your cover amount needed before you find the most efficient way on how you pay for it, either pure term, term+whole life or whole life limited pay. It's all up to you.
Drizzt
Wednesday 13th of April 2011
Hi Tina, thanks for visiting. I think its an interesting thought that you will definitely succumbed to cancer so you should make sure you get the most bang for the buck.
I never thought of it that way. most do not really!