Hi all,
I know the advice given is to buy term insurance. However, suppose my parents previously purchased life insurance policy for me, may I know how best to go about switching to term insurance?
I believe there would be substantial penalties for canceling my life insurance policy.
Thanks.
Is there a write up some where on how to benefit illustration works? I have problems understanding it.
Thanks!
Hi all,
I have some enquries regarding the policy which i've just bought.
I have paid ard 2 payments of 3K each to get coverage on the following:
Death & Terminal Illness & TPD; $250K
Crisis Cover Provider III: $100K
Early Crisis Cover : $100k
I am 15 months into this policy and as of now, I want to get out of this plan.
I bought this policy when I wasn't aware and informed of insurance policies in general and I think I would want to buy term insurance. I've generally browesd through the forums and Im aware that many of you are against ILP.
Is there any advice that I can be given to switch out of this, if I want to?
From an independent adviser stand point, we don't like the charges and performance of the funds for ILPs. Should one wants to cash out their funds, they will lose coverage which they got it when they are healthy, should they choose coverage, the charges will wipe out the policy in their 50s. Your policy will not worth much after 15 months because of the premium allocation.
Insurance products are many. You must first know your priority, protection or savings and share with the adviser. Hope this helps.
Good Morning guys,
Firstly, I apologize for hijacking this thread. I would like to purchase insurance for myself. Could all the dedicated agents please PM me your conatcts and the type of insurance policies that would be suitable for me?
Age: 27
Non-smoker
Male, working adult
Currently I have no special preference on the type of insurance that I would require. Any advise on the types of insuarnce that I should purchase? Thank you for your kind and productive feedback.
Thus as much, I will be able to substantiate my insurance coverage with a term with CI rider & will definitely be doing so before I
1. terminate the ILP
2. Reduce the coverage of the ILP
& the abv 2 is giving me dilemma
From what i understand, many here think that a better option would be to get a Term Insurance and invest yourself, rather than getting a life insurance or endowment plan due to the higher premiums.
Correct me if i am wrong, but is it correct to say that if the endowment/life insurance gives guaranteed returns, i would get back the sum i put in when the plan is over?
Eg. I put in $300/mth for 1 year (assuming the plan is for 1 year). So in total i would have put in $300 x 12 = $3600. Does it mean i will get back $3600 + (the non guaranteed portion)?
If this is true, isn't a life insurance better since i am effectively not paying for the "insurance" (unlike term insurance) and i get a return on my investment?
From what i understand, many here think that a better option would be to get a Term Insurance and invest yourself, rather than getting a life insurance or endowment plan due to the higher premiums.
Correct me if i am wrong, but is it correct to say that if the endowment/life insurance gives guaranteed returns, i would get back the sum i put in when the plan is over?
Eg. I put in $300/mth for 1 year (assuming the plan is for 1 year). So in total i would have put in $300 x 12 = $3600. Does it mean i will get back $3600 + (the non guaranteed portion)?
If this is true, isn't a life insurance better since i am effectively not paying for the "insurance" (unlike term insurance) and i get a return on my investment?