Best Term Insurance Plan(Do Not Solicit for Pm)

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I appreciate the privates with the quotes.

Half a million cover for death and CI up to 85 years old. And TPD up to 70. All for $238. TM

Really curious abt Pruterm Vantage. TM's plan sounds good because CI is up to 85 years, good price it seems. The pruterm offers only 250k for CI and up to 70.

Anyone knows of any better than TM at the moment.

AXA quoted up to age 65 also, but a million, for all 3 at a similar price range

Im thinking of age 85 for CI/death and half a million coverage for all 3
 

matchy

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I appreciate the privates with the quotes.

Half a million cover for death and CI up to 85 years old. And TPD up to 70. All for $238. TM

Really curious abt Pruterm Vantage. TM's plan sounds good because CI is up to 85 years, good price it seems. The pruterm offers only 250k for CI and up to 70.

Anyone knows of any better than TM at the moment.

AXA quoted up to age 65 also, but a million, for all 3 at a similar price range

Im thinking of age 85 for CI/death and half a million coverage for all 3

by 70 year old...i would have paid 199k....hmmmmm
 
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If anyone can help, i also want an insurance policy for my dad, age 54 smoker. this is really important because they (my mum too, heard aviva has for both man and spouse) never had insurance.

What is the most affordable policy that will cover him till say 80-85 years (basically 30 years from now). He is a smoker so heard its more ex..

I had forced them to get 100% insurance already 2 years ago so at least covered on one end. Maybe that would suffice?
 
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nanotard

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Anyone mind advising on the SAF Aviva Group Term insurance? Is it good? Good enough to keep holding on to it pass your ORD?

How much is adequate? Currently I just a chao recruit
 

Motherliquor.P

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Aviva had a promotion last year. Not sure if it's still on going. 40 year term until you're 65, $1 million coverage (death and tpd) and CI waiver. Premium was $1041 per year.
 

blurblur123

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I appreciate the privates with the quotes.

Half a million cover for death and CI up to 85 years old. And TPD up to 70. All for $238. TM

Really curious abt Pruterm Vantage. TM's plan sounds good because CI is up to 85 years, good price it seems. The pruterm offers only 250k for CI and up to 70.

Anyone knows of any better than TM at the moment.

AXA quoted up to age 65 also, but a million, for all 3 at a similar price range

Im thinking of age 85 for CI/death and half a million coverage for all 3

TM quote is for TM enhanced term assurance???
 
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amount of premium will reduced due to inflation... so does yr coverage.

That was what I was thinking, it is better to get high coverage now and drag payment rather than get low coverage and pay within 25 years for life coverage.

The low life coverage would be too small in 60/70 years time.

ideally I would get both, I was thinking get term till 85. And then also get a life for anything beyond. Just abit of cover after 85, especially since I should have medisave, medishield, prushield 100% (costly but no choice, unless govt continues its pioneer generation policies ha) and fully paid house etc. It will just be me and my wife. Shouldnt this suffice?
 
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blurblur123

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That was what I was thinking, it is better to get high coverage now and drag payment rather than get low coverage and pay within 25 years for life coverage.

The low life coverage would be too small in 60/70 years time.

from my calculation based on my age (26 yr old), 500k will drop to become around 82k with 3% inflation at the age of 85. likewise, total premium paid will be 55k with 3% inflation.
 
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from my calculation based on my age (26 yr old), 500k will drop to become around 82k with 3% inflation at the age of 85. likewise, total premium paid will be 55k with 3% inflation.

Probably have to buy more insurance as income rises..I am also 26...

55k? I got 29k 170k paid
 
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blurblur123

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Probably have to buy more insurance as income rises..I am also 26...

55k? I got 29k 170k paid

oops. I use Pruterm vantage quotes instead...

Yeah, I am thinking of buying another term insurance when my income is higher... probably get a 1 million coverage...
 
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actually the more you read into the numbers, it somehow appears like its just some maths done to present plans in different ways. So ultimately it boils down to whether u feel its necessary to be insured for life or for a specific term.

if you pay for life plans within 25 years, u will forgo inflation that could have helped u if u bought term, but the variable component in life might make up for it..
 

blurblur123

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pruterm vantage at 163 till 85 will cost u 120k, reduced amount hence is 20k

I see. How I calculate is that I took 3% inflation times the amount leftover.

for example, in the first year:

1956 (no change in amount)

at second year, the amount will become 1897.32

then third year, it will be 1840.32...

yeah, I agree with u that it is just numbers but I want to learn if my calculation is correct or not. so it will allow me to make a sound decision...

Cos the reason why I choose this term plan is because the amount of premium I pay will still be lesser than my coverage...
 
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I didnt do the calculations on my own haha. I used this website - i hope the calculations are right.

Inflation Calculator - Save Enough to Account for Inflation

But the idea is the same as you sujggested. The money I need to pay for my term till 99, counted in todays real value accounting for future inflation.

Guess that is what the reduced amount means. So at the end of the whole term, i would have paid 20k in todays value for 80k in coverage in todays value. I would think at any point throughout the 65 years of paying, there will be this 1:4 (roughly) ratio? assuming annual inflation of 3%.

Let me use a concrete example and please help me correct if I am wrong.

I was quoted TM Legacy Plan with 200k death 200k CI (including early CI) and 200k TPD at $235/month for 25 years. Life coverage except TPD till 70

Just for comparisons sake I will use 85 years as reference point. In todays dollars, I would have paid 12k for a coverage of 33k (at the 85 year mark with an additional 4k in variable component for death in todays dollars if the policy returns hits 4.75%).

For the TM term, 500k coverage for Death/CI/TPD up till 85 and 70 for TPD. $238/mth

At 85th year, in todays dollars, I would have paid 29k for a coverage of 84k.

I understand we will need to do more data points other than 85th year for better comparison..not sure if I am right, but good if someone can support/refute this
 
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blurblur123

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I didnt do the calculations on my own haha. I used this website - i hope the calculations are right.

Inflation Calculator - Save Enough to Account for Inflation

But the idea is the same as you sujggested. The money I need to pay for my term till 99, counted in todays real value accounting for future inflation.

Guess that is what the reduced amount means. So at the end of the whole term, i would have paid 20k in todays value for 80k in coverage in todays value. I would think at any point throughout the 65 years of paying, there will be this 1:4 (roughly) ratio? assuming annual inflation of 3%.

Let me use a concrete example and please help me correct if I am wrong.

I was quoted TM Legacy Plan with 200k death 200k CI (including early CI) and 200k TPD at $235/month for 25 years. Life coverage except TPD till 70

Just for comparisons sake I will use 85 years as reference point. In todays dollars, I would have paid 33k for a coverage of 33k (at the 85 year mark with an additional 4k in variable component for death in todays dollars if the policy returns hits 4.75%).

For the TM term, 500k coverage for Death/CI/TPD up till 85 and 70 for TPD. $238/mth

At 85th year, in todays dollars, I would have paid 29k for a coverage of 84k.

I understand we will need to do more data points other than 85th year for better comparison..not sure if I am right, but good if someone can support/refute this

that is what I did too. I was quoted $297/month for 300k coverage in Tokio Marine legacy lifetime...

yet for the term, I could get a higher coverage with a lower amount... in my case, Pruterm vantage... I am also considering Tokio Marine Enhanced Term but my IFA is not keen in recommending this.

Therefore, I come to the conclusion that term insurance is more "wu hua" than life insurance... the cash payout from life insurance is just a marketing feat since many people would like to get some cash back... I guess in the end, it is just how we see these numbers.
 
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that is what I did too. I was quoted $297/month for 300k coverage in Tokio Marine legacy lifetime...

yet for the term, I could get a higher coverage with a lower amount... in my case, Pruterm vantage... I am also considering Tokio Marine Enhanced Term but my IFA is not keen in recommending this.

Therefore, I come to the conclusion that term insurance is more "wu hua" than life insurance... the cash payout from life insurance is just a marketing feat since many people would like to get some cash back... I guess in the end, it is just how we see these numbers.

Hi sorry, the ratio for life is abt 1:3 while for term is abt 1:4 for the same amount of money put in. I miscaculated. Hope i still did calculate it right. It is not 33k, its 12k

But I suppose it is not the withdrawal that I find attractive but just the fact that it is life. It is like an insurance to ur term insurance. If I cover term to 85, and something happens beyond that, then I have my life policy to fall back upon (on top of hospitalization, medisave, medishield, savings etc). Obviously, if after 85 my spouse or me is around and if something happens to either, then they will get something (more) to cure/give I suppose. But if only one is around by then, then can cash out lo ha. It just leaves the option open
 
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blurblur123

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Hi sorry, the ratio for life is abt 1:3 while for term is abt 1:4 for the same amount of money put in. I miscaculated. Hope i still did calculate it right. It is not 33k, its 12k

hahaha. I think we r correct in our calculation... :)
 
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