1 Million Life Cover Is Affordable

Is ONE million dollars of life protection coverage expensive?

Not if one goes for term life cover. In the first place, why does one probably need 1 million of life cover? For one, if you are a young parent with infant children, who will provide the kids with quality living less any sacrifice in present living standards for the next 20-25 years should either or both you and spouse pass on early in unforeseen circumstances? Or if you have aged parents who no longer qualify for long term care protection, who will provide for them should they require daily assisted care when you are not around?

NTUC term plans are budget friendly in filling this gap. However, a worthy contender has emerged from the likes of TM Asialife (who has been revamping their insurance plans and launching new ones recently).
Here are some figures for comparison on a ONE MILLION term life cover for 20 years.

30yrs Male Non-smoker	NTUC i-Term	TM Peace of Mind(RP)
Standard rate	74.50 pm	82.20 pm
Elite/Preferred rate	64.50 pm	73.55 pm

30yrs Female Non-smoker	NTUC i-Term	TM Peace of Mind(RP)
Standard rate	59.50 pm	62.30 pm
Elite/Preferred rate	51.50 pm	57.10 pm

One will notice that there are standard and special underwriting rates for the large amount insured. Elite (TM Asialife) and Preferred (NTUC) rates applies to lives insured which pass more stringent underwriting criteria and appropriate discounts are given accordingly.

Beyond the rates, it is important to note the benefit coverage. NTUC i-Term and TM Peace of Mind (RP) both pay out lump sums for Death and Terminal Illness. However, for Total & Permanent Disability, NTUC i-Term pays out max of 1 million per year, where balance is paid the following year. In the case of TM Peace of Mind (RP), TPD payout is in a lump sum.

[Additional note: NTUC i-Term sum assured less than 750k pays out TPD claim in stages 10% 1st 4yrs followed by 60% in 5th yr]

Alternatively, Transamerica offers its term life plan RoP30 where less than standard lives (i.e. persons with additional health conditions) are likely to still receive cover through its tiered levels of underwriting criteria. It is a USD denominated plan with 100% premium refund feature if no claim at end of policy term.

1 Million Life Cover is Affordable.