If you are looking for a life plan for your child, this post is for you. The Manulife LifeReady Plan gets you everything you need in coverage and is possibly (in my opinion) the best plan there.
What does a wholelife plan give you?
What you get in wholelife plans is protection on the life of your child. It is in my opinion the right vehicle to get you that.
That means that if your child has critical illnesses, you can claim from the policy.
Coverage extends to early critical illness and this plan has the widest definition.
It is a risk and a possibility.
In the Manulife LifeReady policy, you get up to 5x the multiplier on the sum assured which is among the most competitive of offers to you.
Which means if you cover for $40k sum assured on your child, the claims payout will be $200k. The premiums are the cheapest from comparisons.
I bought a wholelife plan on my child too
I use to believe that insurance should only be on me and my wife's life. We are after all breadwinners and insurance should be bought only to replace income.
But I got to know about sick children.
The cost involve, the sacrifice involved by the whole family.
It is just a simple realisation that nobody is immune. Not even him.
So, I bought a wholelife plan to obtain insurance coverage on the life of my child.
You will be surprised how cheap it will be especially if your child is still young.
I bought my through an AVIVA plan more than 1 year ago. This Manulife LifeReady will offer to you now even more than what I got previously.
Hence, it has been the plan that I've started recommending.
Buy a policy early for your child and a wholelife plan is the right vehicle
Before sharing further analysis, I'd like to introduce myself to you.
Hi, I'm Josh Tan, an independent financial planner and the TOP candidate of my CHFC cohort. I'm qualified to guide you in what you should look for.
Don't take my word for it, check out what others have to say
What do other advisers get WRONG frequently?
1) Buy an endowment plan to fix university cost first.
It is missing the point. You think about it.
2) Plans with high cash value and wrong levels of protection
A properly structured plan for your child will require less than $100 per month in most instances. But a wrong plan with the wrong focus will cost you a few times more.
If you are open to getting coverage for your child and have questions, leave them in the comments section below.
Last updated on October 24th, 2018 at 12:02 pm