Is there a need for multiple life insurance?

Life insurance refers to traditional protection and endowment policies from insurance companies. A traditional whole life or term policy prevent our love ones to go into financial burden in the event of our premature death.  We can add additional benefits such as critical illness which will give a payout  if major illness such as cancer, stroke or paralysis occurs.

I did several reviews for my clients and found that most people purchased major illness plans only from one company because the agent can only recommend product from that specific company. We had seen financial giants fell in the recent years. The clients is taking unneccessary risk if they purchased insurance only from one company and it happens to be a fallen giant in the years to come.

More importantly, with effect from 1st July 2003, the Insurance Industry had adopted common definitions for all Critical Illnesses. However, different companies have their own 30 critical illnesses.

This chart shows the some of the critical illnesses offer by different companies.

If you want to have a $200,000 of critical illness coverage. The tied agent can only choose the 30 critical illnesses provided by his represented company. As an IFA, we have the option to select across two or more companies.

For example, you had a insurance policy from Prudential. The tied agent is able to give you the same list of illness only when you need to increase your coverage by $100,000.  As an IFA, we have the option to choose Aviva or TM Asialife  insurance to cover the same $100,000 to have an additional critical illness known as Poliomyelitis to your list. If you are a lady, we might even suggest spliting that $100,000 between AXA and Manulife so you can have both Poliomyelitis and Systemic Lupus Erthematosus with Lupus Nephritis(SLE) added to your crtitical illness list. This mix-and-match  could increase your 30 major illness from one company to effectively 33 major illness.

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