Dear Mr. Tan,
I bought the NTUC I-young policies for my two sons at $100 annual premium for a coverage of $50,000. The policies will lapse upon the age of 29. Should I switch to a Term insurance policy, as mentioned in your blog, for an annual premium of $100 to $300 for a coverage of about $150,000 or stick to I-young? Your learned advice is much appreciated.
REPLY
Both options are suitable. When your sons are ready to buy their own Term insurance, they can buy a Term insurance for about 5 years of their income, and discontinue the iYoung policy. In the meantime, the iYoung will serve them well.
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