Advice on Insurance investment proposal

[hogrider88]

After two "friends" tried selling me ILP and another long lost fren contacted me cuz he is turning to this profession.. I muz say i hv lost faith.

Nw turning to DPI is partly this reason. No offence i know they need earn a living too but we need to think for ourselves too.

 

[reinphd]

Term from dpi is cheaper than term for insurance agents. Do you think is worth it to purchase from agents? In case something happens and someone can do it for you? Or the claim process is not tough at all and can diy?

Sent from Samsung SM-G900F using GAGT

 

[wts2013]

TS pls read the latest debate on whole life vs term vs ILP all posted yesterday. Are these people having second thoughts about whole life, or are they just being funny or nasty?

Whole life is not the same as ILP, but they are telling people is the same. Just because ILP is the black sheep, they also condemn whole life.

Some people make money from ILP, it depends when u buy it, single premium vs regular savings, the underlying assets, etc

Whole life - depends which ones u buy, who is the insurer, not all are good, u have to do your home to pick the better ones if not the best. It is the same principle as u do in whatever u buy.

pls read this post and all the discussions that follow, real life example of what moi is talking about, ie whole life policy vs term http://forums.hardwarezone.com.sg/95410354-post53.html, all just posted a few hours ago,

read this http://forums.hardwarezone.com.sg/95410728-post25.html and the post that follows to the end

http://forums.hardwarezone.com.sg/95404657-post18.html

did he changed his mind about whole life or just trying to be funny or nasty http://forums.hardwarezone.com.sg/95421006-post49.html

http://forums.hardwarezone.com.sg/95384034-post34.html
if this guy hopes to make a gain of 600k after he die before he reached 99, he has to continue to work to pay his 2.4k premium or obtain funds from his assets or next of kin. If he does not die before 99, he has to kill himself somehow to recover his more than 160k in premiums. Is his post real or just trying to be funny or is he an insurance agent?

hahaha

 

[Shiny Things]

TS pls read the latest debate on whole life vs term vs ILP all posted yesterday. Are these people having second thoughts about whole life, or are they just being funny or nasty?

Whole life is not the same as ILP, but they are telling people is the same. Just because ILP is the black sheep, they also condemn whole life.

No, we condemn whole life because it's basically a really expensive way to buy a bond fund. You put the money in; the insurance company invests it in a conservative mix of bonds and equities; you earn 2-4% a year; you cash it out at 65 or whatever; and you pay titanic fees on the way in, during the life of the policy, and when you get out.

It's like buying a bond ETF and paying a truckload of fees for it, and you can't get at the money if you need it without paying gargantuan fees.

Whole life is worse than just buying-term-and-investing-the-rest-in-a-bond-fund. ILPs are worse than buying-term-and-investing-the-rest-in-a-balanced-portfolio-of-stock-and-bond-funds.

 

[winorlose]

TS pls read the latest debate on whole life vs term vs ILP all posted yesterday. Are these people having second thoughts about whole life, or are they just being funny or nasty?

Whole life is not the same as ILP, but they are telling people is the same. Just because ILP is the black sheep, they also condemn whole life.

Some people make money from ILP, it depends when u buy it, single premium vs regular savings, the underlying assets, etc

Whole life - depends which ones u buy, who is the insurer, not all are good, u have to do your home to pick the better ones if not the best. It is the same principle as u do in whatever u buy.

pls read this post and all the discussions that follow, real life example of what moi is talking about, ie whole life policy vs term http://forums.hardwarezone.com.sg/95410354-post53.html, all just posted a few hours ago,

read this http://forums.hardwarezone.com.sg/95410728-post25.html and the post that follows to the end

http://forums.hardwarezone.com.sg/95404657-post18.html

did he changed his mind about whole life or just trying to be funny or nasty http://forums.hardwarezone.com.sg/95421006-post49.html

http://forums.hardwarezone.com.sg/95384034-post34.html
if this guy hopes to make a gain of 600k after he die before he reached 99, he has to continue to work to pay his 2.4k premium or obtain funds from his assets or next of kin. If he does not die before 99, he has to kill himself somehow to recover his more than 160k in premiums. Is his post real or just trying to be funny or is he an insurance agent?

hahaha

Whats so funny? $2.4k per year i have already set aside this money.. Sorry hor u cant afford means i cant buy? Like i have said, its inheritance for my family and what are the chances of living pass 99years old?. I have alot of whole life policies which i will not need to pay anymore when i am 50-55years old so i intend to withdraw them out when i am 60-65 and just keep the 600k term. Also this 600k term is with critical illness/disability premium waiver.. So event of CI or disability, i dont need to pay premiums

Insurance is not money which i can enjoy but a protection of assets for my family in event of death/tpd/critical illness.

If u kena stroke and need long term care.. But u didnt buy any form of critical illness insurance and have no $$$ to afford treatments like physiotherapy etc. Whereas another guy is covered for critical illness for 500k and his family can afford to give him better treatment.

Stop treating insurance like a form of profit.. Knn got money payout better than no money payout right?

Fyi, nowadays stroke is quite common. Just go ttsh and sit at lvl 10 wards, everyday so many new patients coming in for stroke.. then u realise it's that common. Even 30+ year old adults also not spared.

Also if u dont buy when u r young and healthy, then buy when? When u r sick and fragile.. U beg them to insure u, they see u also dont give a ****.

When we are young, we always assume our body is healthy and nothing can stop us.. Haha.. U see when **** happens and then u **** bricks.. And your family can't support your treatments financially because they also have their own burdens to take care of.. Then u will ask yourself .. Why didnt i buy insurance.. Die better la

In this case what is your reasonable planning?

 

[goldsilvercity]

Actually BTIR isn't difficult. If you can understand insurance policies, then you sure as hell can understand BTIR. In fact, it's so much simpler, you don't even need an agent to meet you to explain. Just asking here would get you covered.

Another thing is, investing in ETF, if you understand it, you will realise
1) it's totally not as ultra risky as you think.
2) In the long run, it pays you much better than you think.
3) it's basically buying a bunch of companies like Singtel, OCBC, DBS etc... 4) The odds of all bankrupting is near 0, the possibility of ETF recovering after crisis is 100% so far with decades of record
5) market crash is not the worst thing, it can amplify your returns
6) It's easier than you think
7) it takes less effort than you think
8) you will be laughing all the way to the bank after 20-30 years.

On the other hand, it's the buy and sell that is much more risky, that comes with the better returns.

wish there is a great commercial or public dept who can push this idea to the public...
we should start a facebook page or something

 

[doody_]

TS pls read the latest debate on whole life vs term vs ILP all posted yesterday. Are these people having second thoughts about whole life, or are they just being funny or nasty?

Am I having second thoughts? Yes, if your policy exists and I can get those returns you promised. A $888/year WL policy that returns 60k after 30 years. I have never seen a policy that can promise such good returns. Please let me know your insurance agent's contact ASAP so I can get in on this fantastic deal which is paying more than CPF SA account and even comes with 50k insurance coverage.

 

[Mecisteus]

Am I having second thoughts? Yes, if your policy exists and I can get those returns you promised. A $888/year WL policy that returns 60k after 30 years. I have never seen a policy that can promise such good returns. Please let me know your insurance agent's contact ASAP so I can get in on this fantastic deal which is paying more than CPF SA account and even comes with 50k insurance coverage.

most likely it is a policy from TM. they do give very generous guaranteed returns.

of course 30 years later, you need to depend on the credit faith of this company as to whether they can honor their promises.

just think about it for a second. many insurance companies dont give out so generous bonuses and some can barely make it. what is so special about TM that they can still maintain their payouts? sustainable? i dont know. but you will know after 30 years. but if you like to take a chance, dont put all in this company.

 

[wts2013]

hahaha, pls read my concluding remarks here

http://forums.hardwarezone.com.sg/95437384-post62.html

 

[InsuranceAgentSG]

haha yes. i treated him to lunch at a hawker centre when he met me lol..

okay so term insurance is just annual payment for a small sum, maybe few hundreds and the money is to buy the insurance product without any returns right?

Yes that is right.

Term insurance basically covers you for the period that you need.

No returns, just the cost of insurance cover.