BPI AIA Life Protect Health Direct vs. Sun Life Fit and Well Advantage 10
Hi everyone! I’m 31 years old and don’t have any dependents. I’m looking for some advice.
I’ve been paying for the BPI AIA Life Protect Health Direct insurance for two years now, which I initially got as an offer through my credit card. My monthly premium is 1,160.50, and it will be renewable after 10 years, with a coverage amount of 500,000. If I don’t make any claims within those 10 years, I’ll receive a 50% cashback.
Recently, I came across an advertisement for Sun Life and requested a quote. They offered me a 10-year insurance plan that extends coverage until I turn 100. This plan costs 35,000 annually and also offers a coverage amount of 500,000, along with some hospital benefits and cash benefits starting at 65.
Now, I’m torn between sticking with my BPI AIA plan or switching to the new Sun Life insurance. I’m not sure which option is better.
To be honest, I initially chose BPI AIA just because it was offered to me, and that made me interested in insurance as a whole. While BPI AIA is more budget-friendly, being renewable, I’m curious if the Sun Life plan might be a better choice in the long run. What do you think?
When considering whether to switch from BPI AIA Life Protect Health Direct to Sun Life Fit and Well Advantage, there are several factors to consider:
Coverage: Both policies have a face amount of 500k, but Sun Life offers additional hospital benefits and cash benefits after age 65. Think about your healthcare needs and how the additional coverage from Sun Life might be beneficial in the future.
Cost: You mentioned that you’re currently paying about 1,160.50 per month for BPI AIA, which totals around 13,926 annually. In contrast, Sun Life will cost you 35k annually. Evaluate whether the additional benefits from Sun Life justify the higher cost for you.
Renewability: The BPI AIA policy is renewable after 10 years, which could mean potentially higher premiums later on. The Sun Life plan covers you until age 100, providing peace of mind that your coverage won’t lapse unexpectedly as you age.
Cashback Offer: The BPI AIA policy offers a 50% cashback if there are no claims after 10 years. This can be appealing if you are confident you won’t need to use the insurance. However, consider whether this feature is more important than the additional coverage offered by Sun Life.
Future Needs: Consider your current financial situation and future needs. As you have no dependents now, think about how your situation might change. The Sun Life plan may provide better long-term benefits as you age.
Personal Preference: If you feel more comfortable with a plan that offers more comprehensive coverage regardless of the price, then Sun Life might be the better option. If you prefer a more affordable option and are comfortable with the current level of coverage, staying with BPI AIA could work for you.
Ultimately, think about your priorities: do you prefer lower premiums now or broader coverage in the years ahead? Consulting a financial advisor could help clarify your options based on your specific health needs and financial goals.