Cost of a critical illness rider

Hi Mr Tan,

Two years ago, I bought a critical illness rider for $60 per month for $50K which is attached to my whole life policy.

Is it correct to buy a rider, as it will expire should I decide to terminate my whole life policy? As I am now in my sixties, I may not want to spend too much on insurance. Pls advise.

REPLY:

I suggest that you should consider the following options:

1) The cost to you of continuing the whole life and critical illness rider for the next 10 years

2) The cost of an alternative method of giving you the protection

You should ask the insurance adviser to give information to you that you can understand, and make the best decision. Apart from talking to your current insurance adviser, you can also talk to another insurance adviser.

I hope that they can give you information to make a better choice.