CPF LIFE Basic, I think you're describing.
Sorry, to be clear, it should be "Premium paid + interest accrued
(during deferred period) + bonus allocated (if any,
during deferred period) - annuity paid out", where deferred period is the time between the payment of your premium and the time when payout begins.
All the CPF Plans work on the same basis in calculating the bequest, except that Basic has the RA component mixed in.
Do u know where I can find info on all insurance companies on their historical performance on paying those non guaranteed portion ?
Nope and I'm not surprised this info is so hard to find, tbh, given their abysmal record in this.
While you cannot find data on this, it's easy to find plenty of articles of customers complaining about how the bonuses they got on maturity of their policies are nowhere near what was promised. Recently there was a letter to ST forum where his 'escalating' annuity plan (where in all likelihood, the escalating component was the non-guaranteed portion of his plan), never escalated.
yes giving to my heir is very important. i rather give to kids than some dogs in the streets.
george gave everything to elizabeth, who will probably give to charles
harry gave oxley to barry and siblings.
you are not married. you will not understand how parents feel.
But you will never give anything to 'dogs in the streets'.
Even on the Standard Plan, if you live past 82, when the 'bequest' amount hits $0, the amount of money that has been paid out to you in your lifetime will be greater than your premium + interest accrued during the deferment period. If you die before 82, the bequest is calculated as I mentioned above, so you have lost nothing and that 'dog in the street' has gained nothing from you.
It needs to be repeated again that CPF Life and any lifetime annuity plan is an
insurance, not an
investment plan. It's purpose is not to form part of an estate for your heirs, but to ensure you have an income no matter how long you live.
Whether estate planning is important or not is up to each individual, and if it is important to you, you should do so. However, CPF Life, just like any other insurance, like Medishield Life or ISPs, cannot be part of that. Having said that, once the money is in your bank account, it's up to you how you want to spend it, which includes putting it into an investment or just leaving it there so that it can form part of your estate, if you wish.
if i find an agent, the agent will bug me like mad after this.
Just say no & ignore further calls from them. /shrug