Cancel my insurance policy

runforyourlife

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I am paying about 5k on 100k pru life multiplier for 10 years.. not sure if it was a wise decision as compared to term.. people here will say buy term and invest the rest.. but not all know how to invest, or rather invest professionally.. I am one of them, that's why I choose the "hard" way.. I guess it's up to individual.. but I will definitely continue to pay.. at least end of policy I can get back almost double of the total premium paid (hopefully I am still alive)

having said that, I think the total premium for 10 and 25 years is too huge, not really worth it. looking at it, since you said you 3k is too much, I think you will probably forgo it sooner or later. so I will suggest you forgo asap to avoid losing more money. of course please replace it with another more affordable plan.

actually i'm in the same situation, 5k for 600k coverage i reckon? pru multiplier. not sure why i bought it in the first place but basically hopefully i get back everything at 55 or 65 cant recall
 

RayOfLight

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actually i'm in the same situation, 5k for 600k coverage i reckon? pru multiplier. not sure why i bought it in the first place but basically hopefully i get back everything at 55 or 65 cant recall

hmm for 100k only.. with multipler effect.. max I think is 3 x which is 300k for death.. they have a table for it.. I think break even is around 55-60 years old.. 65 can get back about 100k which is around 200% of the total premium paid..

I personally think it's ok to take this plan if going for 10 years repayment only.. if go for 25 years then maybe not very worth it.. but of course have to "suffer" for the 10 years..
 

runforyourlife

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hmm for 100k only.. with multipler effect.. max I think is 3 x which is 300k for death.. they have a table for it.. I think break even is around 55-60 years old.. 65 can get back about 100k which is around 200% of the total premium paid..

I personally think it's ok to take this plan if going for 10 years repayment only.. if go for 25 years then maybe not very worth it.. but of course have to "suffer" for the 10 years..

yup i also thinking about it. cos like e rest here, i'm a term goondu, no investment knowledge.
 

Shion

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Always good to have updated BI

Might not serve a big purpose but at least can check out the difference between premiums paid to date and guaranteed surrender value
 
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makav31i

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Surprised no one recommend TS to sign up for the MINDEF and MHA Group Insurance...
 

OngHuatHuat

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I realize the whole life limited pay policy now is getting lousier.

I think it is quite impossible to get similar deal for my Prulife limited pay for the same sum assured with same starting age. I should have raise it to 200 k sum assured last time to better protect myself.

moi ish good boy hor ;)
 

akwl88

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I realize the whole life limited pay policy now is getting lousier.

I think it is quite impossible to get similar deal for my Prulife limited pay for the same sum assured with same starting age. I should have raise it to 200 k sum assured last time to better protect myself.

how much do you think you need to protect yourself?
 

OngHuatHuat

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Not sure. But I feel that life insurance seems like not very adequate. I still have a few mortgage plans to cover my loan so not in a rush to get term plan yet.

how much do you think you need to protect yourself?
 

akwl88

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Not sure. But I feel that life insurance seems like not very adequate. I still have a few mortgage plans to cover my loan so not in a rush to get term plan yet.

your life insurance ish get for your family or get for ownself de?
 

OngHuatHuat

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Both lor.

If something happens to me, my family will get the payout, then they can use it to
Pay off existing housing loans and get my houses lor. :)
Anyway, I forgot I have cpf as well, so that part can actually serve as quite a big buffer for my family if something happen to me. :)

your life insurance ish get for your family or get for ownself de?
 

makav31i

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I realize the whole life limited pay policy now is getting lousier.

I think it is quite impossible to get similar deal for my Prulife limited pay for the same sum assured with same starting age. I should have raise it to 200 k sum assured last time to better protect myself.

Your PruLife Limited Pay is the 6th Series or ...?
 

OngHuatHuat

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I signed up in year 2011. I think 6 th series is one of the better ones. The current one I see the illustration from website like very cui.

Don't know lei...Mine also 6th series which I signed up in 2013...
 

makav31i

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I signed up in year 2011. I think 6 th series is one of the better ones. The current one I see the illustration from website like very cui.

I thought of adding more to my WL portion but still looking around for a better WL policy...I already got 500k Term Policy, but will consider shifting my Term Coverage to the MHA and Mindef Group Policy and up the coverage to 1million...
 

OngHuatHuat

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Actually cpf special quite good in terms of retirement planning and protection.

Because if anything happen to you, all cpf including those on medisave will pass on to your beneficiaries as cash.

Can consider that as part of the insurance as well.

I thought of adding more to my WL portion but still looking around for a better WL policy...I already got 500k Term Policy, but will consider shifting my Term Coverage to the MHA and Mindef Group Policy and up the coverage to 1million...
 

T H I N K

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Actually cpf special quite good in terms of retirement planning and protection.

Because if anything happen to you, all cpf including those on medisave will pass on to your beneficiaries as cash.

Can consider that as part of the insurance as well.

Exactly, it is not just for death protection! So dun over insure and throw more money into the drain with Term!

Treat your whole life policies as your bond portfolio, as u treat your CPF as well !
 

Shion

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I realize the whole life limited pay policy now is getting lousier.

I think it is quite impossible to get similar deal for my Prulife limited pay for the same sum assured with same starting age. I should have raise it to 200 k sum assured last time to better protect myself.

Costs relatively high since only pay for a certain period. Long gone were the days of NTUC Living Policy
 

OngHuatHuat

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Yeah I think they realize the insurance cost at later stage gets very high, so those limited pay premium are much higher now.

Costs relatively high since only pay for a certain period. Long gone were the days of NTUC Living Policy
 
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