Some customers like to take a Whole Life policy that covers 30 dread diseases, and they want to pay their premium for a certain number of years only, ie not for life.
They ask NTUC Income to offer this plan.
We will be introducing this plan in about 3 months time. I have to alert them that the premium will be much higher than a whole life policy.
For example, if you insure $50,000 with premiums payable for life, you may have to pay a premium of about $1,000 (actually, it depends on your age).
If you take a 20 year payment policy, you may have to pay 2 times of the premium, or more. This is due to the shorter premium period.
Alternatively, you can take a smaller policy to fit your budget.
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