Costly rider to cover critical illness

A consumer bought an investment linked policy with an annual premium of $1,200. He insured for critical illness rider for $50,000. He found that the cost of the rider increases as he grows older and will exceed the premium at age 60. The cash value will start to decrease.

I advised the consumer to consider if he needs the critical illness rider at age 60, as his accumulated saving may be more than the sum assured. He can terminate the rider and save on the high cost that is deducted from his savings. He decided to terminate the policy and buy a private Shield to cover the cost of the critical illness.