HWZ Forums

Login Register FAQ Mark Forums Read

Best Term Insurance Plan(Do Not Solicit for Pm)

Like Tree468Likes
Reply
 
LinkBack Thread Tools
Old 23-02-2014, 03:49 PM   #46
Senior Member
 
Join Date: Jun 2010
Posts: 1,968
Mortality rate for guys is abt 78 to 80? So i guess 85 is quite safe. I do have clients that prefer to buy term till 90 just to be safe. It also depends on your family history as well. Afterall the difference in the premium for 85 and 90 isn't a lot.
stan91 is offline   Reply With Quote
Old 23-02-2014, 10:11 PM   #47
Senior Member
 
BombVoyage's Avatar
 
Join Date: Feb 2008
Posts: 1,359
hi all

which plan provide the best coverage if my budget is ~$150?

is there any plan that cover whole family as in me and my parents?
BombVoyage is offline   Reply With Quote
Old 23-02-2014, 10:20 PM   #48
Arch-Supremacy Member
 
blurblur123's Avatar
 
Join Date: Mar 2011
Posts: 22,681
hi all

which plan provide the best coverage if my budget is ~$150?

is there any plan that cover whole family as in me and my parents?
how old is yr parents? did they have any medical insurance such as integrated medishield? get ntuc enhanced incomeshield if they dun have any sickness... ntuc one can sustain for a long run... use cpf to deduct...

get h&s insurance first. for term, if yr parents are ntuc member, u can get ntuc luv with deluxe cover.
blurblur123 is offline   Reply With Quote
Old 24-02-2014, 09:48 AM   #49
Member
 
Join Date: Oct 2005
Posts: 126
Hi all,
sorry to hijack the thread.
I need quotes for term insurance 200k death/TPD and early CI. Till age 85.
Male/29 ANB/ non smoker.

Much thanks
faeron is offline   Reply With Quote
Old 24-02-2014, 11:16 AM   #50
Member
 
Join Date: Aug 2006
Posts: 193
Mortality rate for guys is abt 78 to 80? So i guess 85 is quite safe. I do have clients that prefer to buy term till 90 just to be safe. It also depends on your family history as well. Afterall the difference in the premium for 85 and 90 isn't a lot.
True but hope your client also understands the present value of coverage after discounting annual inflation.

Assuming someone covers for 100k from 25 to 90 for 65 years and inflation is at 4% pa, the real value of coverage is only about $7000 when he is 90. This coverage is likely to be insignificant. Of course, the real value of premiums will fall accordingly too.

Though these are assumptions, but at least it gives us a preview of what to expect and this is also why endowment plans are less attractive as the returns are sometimes insufficient to even cover inflation.
invigorated is offline   Reply With Quote
Old 25-02-2014, 12:54 AM   #51
Member
 
Join Date: Jan 2006
Posts: 308
actually, I think term insurance can just cover till 85 years old. If I really outlive my insurance policies, then I hope my investment can last me till I die or hope my children will be filial. lol.
hi its quite pointless to pay until you are 85, i think 65 will be a good age for you to stop paying for any plans as you should be retiring and you should use the your own cash to self insure. By 60 your children should be old enough to support themselves.
bigmice likes this.
__________________
I am your Protection and Money Saving Expert
RockyHero is offline   Reply With Quote
Old 28-02-2014, 11:50 AM   #52
Junior Member
 
Join Date: Jan 2014
Posts: 46
Thumbs up

Term life insurance is often regarded as pure life insurance. With term life insurance, you pay a fixed premium for a specified term or number of years (between 5 to 30 years) and the benefits of the policy can be claimed in the event of a death. The rates are normally renewable at the end of the term period and there is no cash value or investment component attached to this type of policy. I would suggest opting for the Zurich Term life insurance plan
Sofiawotson is offline   Reply With Quote
Old 02-03-2014, 10:25 PM   #53
Arch-Supremacy Member
 
Join Date: Dec 2002
Posts: 19,627
lol. same sentiments. 65-75 seems risky. I thnk 85 seems safe. 99 abit farfetched and premiums probably alot..
Buy until more than 65 years old is ridiculous if you guys still don't realise it. You are suppose to save and invest for retirement, not depend on insurance handout. Term insurance is supposed to protect your dependents until you have accumulate enough money for retirement. If you plan for 500k for retirement savings for both you and your spouse and you pass away at 65 years before you have a chance to use the retirement savings then your spouse will have 500k to herself so why would you need another 500k term insurance? Unless you intend to depend on the term insurance payout as retirement savings for your spouse which is crazy.

IMO, after your kids reach 25 years old, you do not need term insurance as your dependents will be reduced significantly.
nahbehism and lushiris like this.
hwmook is offline   Reply With Quote
Old 03-03-2014, 10:48 AM   #54
Member
 
Join Date: Nov 2010
Posts: 291
Buy until more than 65 years old is ridiculous if you guys still don't realise it. You are suppose to save and invest for retirement, not depend on insurance handout. Term insurance is supposed to protect your dependents until you have accumulate enough money for retirement. If you plan for 500k for retirement savings for both you and your spouse and you pass away at 65 years before you have a chance to use the retirement savings then your spouse will have 500k to herself so why would you need another 500k term insurance? Unless you intend to depend on the term insurance payout as retirement savings for your spouse which is crazy.

IMO, after your kids reach 25 years old, you do not need term insurance as your dependents will be reduced significantly.
Actually after much consideration, I also feel the same way. But 65 is abit too early. If the premium difference is not much between 65 and 75, then I rather have 75 because it gives me the option to cut anytime before that. My concern is not death but more TPD and CI in old age. I will have savings without doubt but I would have a greater peace of mind knowing I have insurance to buffer expenses at that age
cookieemonsterr is offline   Reply With Quote
Old 03-03-2014, 01:01 PM   #55
Member
 
Join Date: Jan 2006
Posts: 308
Actually after much consideration, I also feel the same way. But 65 is abit too early. If the premium difference is not much between 65 and 75, then I rather have 75 because it gives me the option to cut anytime before that. My concern is not death but more TPD and CI in old age. I will have savings without doubt but I would have a greater peace of mind knowing I have insurance to buffer expenses at that age
hi cookieemonster, i provided u some quotes please. do pm me on your point of view. thanks
__________________
I am your Protection and Money Saving Expert
RockyHero is offline   Reply With Quote
Old 27-03-2014, 07:40 AM   #56
Arch-Supremacy Member
 
i1magic's Avatar
 
Join Date: Dec 2002
Posts: 20,366
I was considering getting term coverage of $1 million for both myself and my wife.

So naturally I looked at Aviva SAF Group Term :

http://www.aviva.com.sg/pdf/SAF_GTL_Product_Summary.pdf

I mean where to find :
1. Fixed premium throughout
2. Premium the same at ANY age entry
3. Up to 65yrs old

Was almost want to sign up liao, then I found this :

Page 5 paragraph 1 :

GROUP RISK LIMITATIONS

• In the event of claims arising from any number of insured persons in a single conveyance, Aviva’s maximum aggregate liability shall be limited to S$10 million for each land conveyance, S$18 million for each sea conveyance and S$20 million for each air conveyance. If the claims are a result of Acts of Terrorism and/or War Risk; such claims shall be further subject to the limits of this special coverage.

• In the event of claims arising from any number of insured persons as result of Acts of Terrorism, Aviva’s maximum liability shall be limited to 0.5% of the aggregate insured sum of the whole group policy.

• In the event of War, including UN Peacekeeping/Humanitarian Missions and Acts of Terrorism arising thereof, resulting in claims from any number of insured persons, Aviva’s maximum liability shall be limited to 0.25% of the aggregate insured sum of the whole group policy.

Can anybody confirm what it means above?
__________________
Now Playing Warface ... with clan Imperio-Azteca.
i1magic is offline   Reply With Quote
Old 27-03-2014, 03:16 PM   #57
Junior Member
 
Join Date: Jan 2005
Posts: 82
Hi there,
The group risk limitations are only applicable in the military settings where a whole group of people are conveying via military conveyance (land vehicles, ships or planes), then the max claim will be 10mil, 18mil and 20mil PER conveyance vehicle respectively. These info are told to me by Aviva some times back when i was doing research and comparison.


Cheers.



I was considering getting term coverage of $1 million for both myself and my wife.

So naturally I looked at Aviva SAF Group Term :

http://www.aviva.com.sg/pdf/SAF_GTL_Product_Summary.pdf

I mean where to find :
1. Fixed premium throughout
2. Premium the same at ANY age entry
3. Up to 65yrs old

Was almost want to sign up liao, then I found this :

Page 5 paragraph 1 :

GROUP RISK LIMITATIONS

• In the event of claims arising from any number of insured persons in a single conveyance, Aviva’s maximum aggregate liability shall be limited to S$10 million for each land conveyance, S$18 million for each sea conveyance and S$20 million for each air conveyance. If the claims are a result of Acts of Terrorism and/or War Risk; such claims shall be further subject to the limits of this special coverage.

• In the event of claims arising from any number of insured persons as result of Acts of Terrorism, Aviva’s maximum liability shall be limited to 0.5% of the aggregate insured sum of the whole group policy.

• In the event of War, including UN Peacekeeping/Humanitarian Missions and Acts of Terrorism arising thereof, resulting in claims from any number of insured persons, Aviva’s maximum liability shall be limited to 0.25% of the aggregate insured sum of the whole group policy.

Can anybody confirm what it means above?

Last edited by gantan88; 27-03-2014 at 03:52 PM.. Reason: input more info
gantan88 is offline   Reply With Quote
Old 10-04-2014, 12:32 AM   #58
Senior Member
 
Join Date: Dec 2005
Posts: 611
Hi all

I am newbie with insurance plan

I dont have any insurance now

Aia agent quote me

1. 32yrs, M
2. 33yrs, F
3. 6yrs, F
4. 3mths, M

All non smokers

With AIA first family protect with sgd 3000 annualy/person till 15 years

Is it good ? Please advise!

Thanks
victor_corner is offline   Reply With Quote
Old 10-04-2014, 02:16 PM   #59
Arch-Supremacy Member
 
xtwis7's Avatar
 
Join Date: Oct 2006
Posts: 16,898
Hi all

I am newbie with insurance plan

I dont have any insurance now

Aia agent quote me

1. 32yrs, M
2. 33yrs, F
3. 6yrs, F
4. 3mths, M

All non smokers

With AIA first family protect with sgd 3000 annualy/person till 15 years

Is it good ? Please advise!

Thanks
What policies do you and your spouse have first? If nothing at all, get H&S for yourself, spouse and kids first? If that is done, get term for yourself up to $x? CI, TPD also will probably be good since you have 2 kids and 1 is just born. I think such packaged products for a family are usually more gimicky than buying independent policies?
__________________
Life is great.
xtwis7 is offline   Reply With Quote
Old 10-04-2014, 10:47 PM   #60
Member
 
bigmice's Avatar
 
Join Date: Aug 2010
Posts: 232
Hi all

I am newbie with insurance plan

I dont have any insurance now

Aia agent quote me

1. 32yrs, M
2. 33yrs, F
3. 6yrs, F
4. 3mths, M

All non smokers

With AIA first family protect with sgd 3000 annualy/person till 15 years

Is it good ? Please advise!

Thanks
1. Do you have shield plan?
This is 1st choice, if no you can choose AIA or GE or PRu
2. If 1is item answer is yes, then can look for Critical illness coverage
(can choose term or whole life)
3. accident
__________________
GE planner
bigmice 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