HWZ Forums

Login Register FAQ Mark Forums Read

AXA Inspire Flexi Protector

Like Tree1Likes
  • 1 Post By xmodconnects
Reply
 
LinkBack Thread Tools
Old 17-08-2014, 12:25 PM   #1
Senior Member
 
Join Date: Mar 2014
Posts: 648
Smile AXA Inspire Flexi Protector

Hi all, was told by my Financial Consultant (my friend who just started working) to apply for the ILP above. Would like to seek for 2nd opinion, preferably people who have signed up for it and how do you all find it so far.

I read up the contract clauses and found that there are many fees stated inside e.g Sales Charge, Insurance Charge (also known as Cost of Insurance (“COI”)), Administration Fee, Service Fee, Annual Management Fees p.a., Fixed Operating Fees p.a., Membership fees etc

Does the premium goes higher when I get older? Is this a value for money plan?

A bit about myself, I just started working, save about 40% of my income and is a risk-averse person. Does this plan suits me or is there other plan that suits me better. I can also do away without this plan.

I have 2 life insurance policies
- Great Eastern FlexiLife20 (series2)
- NTUC income (paid from CPF account)

Do I really need another life insurance policy i.e. AXA Inspire Flexi Protector again?

Thank you for sharing your experience or advice. Really appreciate it!
my_voice is offline   Reply With Quote
Old 17-08-2014, 12:42 PM   #2
Member
 
bigmice's Avatar
 
Join Date: Aug 2010
Posts: 232
do not buy any ILP, sure lose money.
I suggest you invest these money in stock or unit trust
__________________
GE planner
bigmice is offline   Reply With Quote
Old 17-08-2014, 01:01 PM   #3
High Supremacy Member
 
wahkao3's Avatar
 
Join Date: Mar 2005
Posts: 26,655
invest into low risk, high return investments. those are your best bet
wahkao3 is offline   Reply With Quote
Old 17-08-2014, 01:05 PM   #4
Banned
 
Join Date: Aug 2008
Posts: 80,612
how close is your friend to you?

do you enjoy giving him at least 50% of your first year premium to him? if so, carry on!
Keverus is offline   Reply With Quote
Old 17-08-2014, 01:06 PM   #5
Junior Member
 
Join Date: Jul 2014
Posts: 37
ILP will not be suitable for you if you are a risk adverse person. As what you have read, there are alot of charges in an ILP, and you are also exposed to market risk. What is the purpose for this plan? For protection, or for savings? And whether do you have sufficient insurance for yourself. The first one you might want to look at can be your NTUC Income plan which I believe is a shield plan. You might want to add on the rider to cover your co-insurance and deductibles in the event of hospitalisation. Secondly, how comprehensive is your GE plan? What is the coverage for death and critical illnesses? The ideal coverage is 10 times your annual income.
Miko09 is offline   Reply With Quote
Old 18-08-2014, 01:07 AM   #6
Senior Member
 
Join Date: Mar 2014
Posts: 648
ILP will not be suitable for you if you are a risk adverse person. As what you have read, there are alot of charges in an ILP, and you are also exposed to market risk. What is the purpose for this plan? For protection, or for savings? And whether do you have sufficient insurance for yourself. The first one you might want to look at can be your NTUC Income plan which I believe is a shield plan. You might want to add on the rider to cover your co-insurance and deductibles in the event of hospitalisation. Secondly, how comprehensive is your GE plan? What is the coverage for death and critical illnesses? The ideal coverage is 10 times your annual income.
Lol they recommend me this plan saying since I am a conservative person, this plan is rather stable as investment is on blue chips, companies like SIA, Singtel etc....

After all the research done online on previous hwz threads, I am firmly not taking up the AXA inspire plan.

No hospitalization protection yet. I am paying abt 93/mth for the GE plan. Coverage I need to dig out my policy to check.
my_voice is offline   Reply With Quote
Old 18-08-2014, 01:10 AM   #7
Senior Member
 
Join Date: Mar 2014
Posts: 648
how close is your friend to you?

do you enjoy giving him at least 50% of your first year premium to him? if so, carry on!
Wa, really 50%? They give me such nice figures say can grow loads of money with 8% interest rate etc. I know it's sort of selling tactics lah.
my_voice is offline   Reply With Quote
Old 18-08-2014, 09:37 AM   #8
Supremacy Member
 
MaoZeDuo's Avatar
 
Join Date: Aug 2012
Posts: 6,468
Wa, really 50%? They give me such nice figures say can grow loads of money with 8% interest rate etc. I know it's sort of selling tactics lah.
8% only a projection thus non-guaranteed...
MaoZeDuo is offline   Reply With Quote
Old 18-08-2014, 12:01 PM   #9
Senior Member
 
Join Date: Dec 2006
Posts: 1,264
If it is an investment, there are other ILP and/or investment plans available. What is your budget when your friend approaches you ?
__________________
Insurance quotes. Analysis and needs based. Contactwooty@gmail.com
wooty100 is offline   Reply With Quote
Old 18-08-2014, 02:17 PM   #10
Junior Member
 
Join Date: Jul 2014
Posts: 37
Lol they recommend me this plan saying since I am a conservative person, this plan is rather stable as investment is on blue chips, companies like SIA, Singtel etc....

After all the research done online on previous hwz threads, I am firmly not taking up the AXA inspire plan.

No hospitalization protection yet. I am paying abt 93/mth for the GE plan. Coverage I need to dig out my policy to check.
If you are a conservative person, and looking at savings, look at endowment plans instead of an ILP. However, if you are open with investments, you may wish to look into bonds instead of an ILP.

Do consider to add on the shield rider for a more comprehensive coverage for your hospitalization. Protection wise, I think you will need to check out how much coverage do you have currently, for a proper planning based on your current financial portfolio.
Miko09 is offline   Reply With Quote
Old 18-08-2014, 09:36 PM   #11
Senior Member
 
Join Date: Jan 2013
Posts: 839
Best to keep your investments and insurance separate.

And TS may I know how old are you and how many dependents do you have? When I say dependents, I mean people whom you are supporting monthly, and likely to "starve" to death if you don't support them. If your answer to this is 0, then your priority shouldn't be on life policies.

The main priority should be hospitalisation, you NEED to have that.

Here's an insightful write up on this topic, as the author has disclaimed, don't take it as a gospel but rather take the thought process as a guide.

My Insurance Philosophy | Investment Moats - Stock Market Investing
Rmondo is online now   Reply With Quote
Old 18-08-2014, 09:43 PM   #12
Senior Member
 
Join Date: Jan 2013
Posts: 839
If you are a conservative person, and looking at savings, look at endowment plans instead of an ILP. However, if you are open with investments, you may wish to look into bonds instead of an ILP.

Do consider to add on the shield rider for a more comprehensive coverage for your hospitalization. Protection wise, I think you will need to check out how much coverage do you have currently, for a proper planning based on your current financial portfolio.
If he is open to investments, ILP shouldn't even be considered, because it is a half assed "investment" vehicle. Basically, it doesn't do what it's supposed to do well, which is coverage. And with the crazy fees, the investment portion is also half past 6.
Rmondo is online now   Reply With Quote
Old 18-08-2014, 11:22 PM   #13
Senior Member
 
Join Date: Mar 2014
Posts: 648
If he is open to investments, ILP shouldn't even be considered, because it is a half assed "investment" vehicle. Basically, it doesn't do what it's supposed to do well, which is coverage. And with the crazy fees, the investment portion is also half past 6.
You are right. My friend and his manager have stopped bugging me after I list down those questionable contract terms. And I hope ppl stop PM me, I am not interested and will not reply anymore.
my_voice is offline   Reply With Quote
Old 19-08-2014, 01:17 AM   #14
Junior Member
 
Join Date: Dec 2007
Posts: 23
Hi all, was told by my Financial Consultant (my friend who just started working) to apply for the ILP above. Would like to seek for 2nd opinion, preferably people who have signed up for it and how do you all find it so far.

I read up the contract clauses and found that there are many fees stated inside e.g Sales Charge, Insurance Charge (also known as Cost of Insurance (“COI”)), Administration Fee, Service Fee, Annual Management Fees p.a., Fixed Operating Fees p.a., Membership fees etc

Does the premium goes higher when I get older? Is this a value for money plan?

A bit about myself, I just started working, save about 40% of my income and is a risk-averse person. Does this plan suits me or is there other plan that suits me better. I can also do away without this plan.

I have 2 life insurance policies
- Great Eastern FlexiLife20 (series2)
- NTUC income (paid from CPF account)

Do I really need another life insurance policy i.e. AXA Inspire Flexi Protector again?

Thank you for sharing your experience or advice. Really appreciate it!
TS you sound like a young person who started working. I suggest you do not take up any life insurance plan from any company. You should take up a term insurance plan until 65 which covers death, tpd and the standard 30 CI's. After having term insurance coverage for 10 times your yearly income, you should then surrender your current life policies to prevent any further losses in fees and costs although it might seem painful to do so. You will find that to insure 10 times your annual income with a term plan pretty affordable. Save the rest of your money and build up a nice sum to invest in in the long term on your own. There are many ways to invest on your own without stupid fees and there is great input here on this forum with regards to that.

Your financial consultant friend should not be one you trust fully anymore since he is willing to take 50% of your premium every month for nothing. Some people say buying term alone is foolish because u have no coverage after 65 but that is ******** especially if you are a young person. From 25 to 65 is a time span of 40 years. During this 40 years the value of the sum assured you applied for today would be enough to buy a curry puff from old chang kee, and not sustain you should you fall ill.
Rmondo likes this.
xmodconnects is offline   Reply With Quote
Old 08-09-2014, 07:05 AM   #15
Senior Member
 
WindBoi's Avatar
 
Join Date: Nov 2002
Posts: 1,823
Best to keep your investments and insurance separate.

And TS may I know how old are you and how many dependents do you have? When I say dependents, I mean people whom you are supporting monthly, and likely to "starve" to death if you don't support them. If your answer to this is 0, then your priority shouldn't be on life policies.

The main priority should be hospitalisation, you NEED to have that.

Here's an insightful write up on this topic, as the author has disclaimed, don't take it as a gospel but rather take the thought process as a guide.

My Insurance Philosophy | Investment Moats - Stock Market Investing
Hi Rmondo, thanks for raising my post. To Thread Starter, I agree you should separate wealth building and insurance. Frame insurance as an expense.

ILP are unit trust + term insurance that have premiums starting low ending extremely high.

Think of this like a science experiment. When you try to merge 2 things together, you tend to lose something. What you lose here are hidden cost.

What works over the long term is not really a lot of these products but COSTS. The max you usually make for these unit trust is 6-8% per annum over the long run.

Imagine your cost is 0.5%, 1%, 2.5%. The higher your cost the more you lose.

Think of it another way. If you pay for the mortgage for a HDB flat would you want to save interest over the 25 years from 2.5% to 1.5%? the difference is 60k. why wont you do this for your investment?
__________________
Moderator's Note: Signature Guidelines Infringement
WindBoi is offline   Reply With Quote
Reply
Important Forum Advisory Note
This forum is moderated by volunteer moderators who will react only to members' feedback on posts. Moderators are not employees or representatives of HWZ. Forum members and moderators are responsible for their own posts.

Please refer to our Terms of Service for more information.


Thread Tools

Posting Rules

Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are On