Keep your existing Living policy

Dear Mr Tan,
I am reviewing my existing policies: Living, Incomeshield and Ideal Plan, I have been unemployed for more than one year and found it difficult to get a new job as I am now in my fifties.

I was advised not terminate my Living Policy. I am considering whether I should buy a term policy (which you have recommended) since it would be cheaper and I could get a larger sum insured. However, will it cover my existing conditions of fibroids? Will this condition affect my Living policy since it was discovered after the policy was issued?

REPLY
My advice of buying a term insurance policy applies mainly for young people - so that they can invest their savings in a low cost investment fund.

Looking at your circumstance, i.e. age and medical condition, it is best that you keep the existing Living policy, rather than switch to a term insurance policy, as you will have difficulty with getting term insurance now.

Your fibroid condition was discovered several years after you took your Living policy, so you will not have any problem with the coverage under the Living policy due to this condition. You can read my FAQ on "Indisputability".

I suppose that your children are now quite old, so there may not be any need for you to increase your life insurance coverage.