Hi Mr. Tan,
Now I am planning to get a protection insurance for my newborn baby.... After listening to many insurer and products, I have finalised the below plan.... need your advise which is the best?
My main concern is I want a protection for my baby of sum assured of 100k with critical illness for whole life and my budget is hope to be within $100 monthly.
Initially I have decided to take up ILP. I met some friends who are over 50yrs old and they warned me against it as they are holding some ILP and regret it because of the high cost..... so should i spend another $20 more in other to get a traditional life policy?
(details removed)
Looking forward to your advise.
REPLY
Please read this FAQ on saving for your child's education.
If you decide to buy an ILP (which I recommend), you should choose one with low expenses. This website shows you the front end charges of several products in the market.
The best is a "do it yourself" unit trust. The next best is a low cost ILP offered by NTUC Income.
For your baby, I suggest that you buy a Medishield or private Shield plan, to cover the cost of medical treatment. The premium is very low, i.e less than $100 a year.
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