New Retirement Plan, RevoRetire, with Disability Care Benefit from NTUC Income

[xiaowee]

New Retirement Plan, RevoRetire, with Disability Care Benefit from NTUC Income

http://aboutfinancialplanning.net/new-retirement-plan-revoretire-with-disability-care-benefit-from-ntuc-income/

Assuming one is more risk adverse and opt for this new retirement plan from NTUC, what are your thoughts or review of this plan?

Thanks!

 

[BBCWatcher]

It's gimmicky, of course. It's a retirement plan that doesn't pay out for every policy holder's entire retirement (it's term limited, not life or joint/survivor limited), and it incorporates a disability benefit that doesn't cover most disabilities. Fabulous.

 

[computers70]

It's gimmicky, of course. It's a retirement plan that doesn't pay out for every policy holder's entire retirement (it's term limited, not life or joint/survivor limited), and it incorporates a disability benefit that doesn't cover most disabilities. Fabulous.

well said, coupons are deposited at 3.5%, I am sure, they will reduce to 3 next year

 

[Bigoya]

It's gimmicky, of course. It's a retirement plan that doesn't pay out for every policy holder's entire retirement (it's term limited, not life or joint/survivor limited), and it incorporates a disability benefit that doesn't cover most disabilities. Fabulous.

What are the "most disabilities" does it not cover?
As far as I could think of, depression and intellectual disabilities. What else?

 

[BBCWatcher]

As far as I could think of, depression and intellectual disabilities. What else?

Oh my goodness, there are tons of them! (And by the way, any "disability insurance" coverage that doesn't cover dementia and Alzheimers, as just two examples, is a cruel, gimmicky joke.) As just a few examples:

* Respiratory ailments that require oxygen tanks and leave you so breathless you can barely move. (But you can speak, so no coverage for you!)

* Any ailment involving intense, unresolved pain, such as chronic, severe headaches.

* Kidney failure, requiring frequent dialysis.

* Photosynthetic ailments, that leave you unable to walk outside for any length of time.

* Loss of digestive function, requiring complex nutrition support, colostomy bags, and the like.

* Severe arthritis.

It doesn't take much imagination here.

 

[blurpandasg2014]

Revoretire vs manulife retireready vs axa retire happy. Who win

 

[BBCWatcher]

Revoretire vs manulife retireready vs axa retire happy. Who win

The insurance companies, their highly compensated executives, and their shareholders.

One of the cardinal rules of investing/saving is thou must never mix insurance and investment. If you mix them then you invariably end up with lousy (low value for money) investments and lousy insurance. A policy that successfully, attractively combines both is like a unicorn: it doesn't seem to exist.

 

[Bigoya]

Oh my goodness, there are tons of them! (And by the way, any "disability insurance" coverage that doesn't cover dementia and Alzheimers, as just two examples, is a cruel, gimmicky joke.) As just a few examples:

* Respiratory ailments that require oxygen tanks and leave you so breathless you can barely move. (But you can speak, so no coverage for you!)

* Any ailment involving intense, unresolved pain, such as chronic, severe headaches.

* Kidney failure, requiring frequent dialysis.

* Photosynthetic ailments, that leave you unable to walk outside for any length of time.

* Loss of digestive function, requiring complex nutrition support, colostomy bags, and the like.

* Severe arthritis.

It doesn't take much imagination here.

I like your creativity. Find me something else that could otherwise cover what you mentioned.

 

[Bigoya]

Revoretire vs manulife retireready vs axa retire happy. Who win

That depends on what's your criteria on "winning".
Otherwise, Aviva MyRetireChoice for me.

 

[blurpandasg2014]

That depends on what's your criteria on "winning".
Otherwise, Aviva MyRetireChoice for me.

My winning criteria is that the guaranteed return is highest with projection payout also highest. Better still if upon death during payout period, the death value is worth.

I am 28 this yr.. And I last checked aviva returns for my age doesn't seem as good

 

[BBCWatcher]

Find me something else that could otherwise cover what you mentioned.

There's no particular creativity required. Dementia, just as one example, affects 5 to 8% of individuals age 60 and over (World Health Organization estimate, with the variability attributable to varying definitions and measurement uncertainties).

All of the following insurance products available in Singapore have broader definitions of disability than NTUC's RevoRetire (joke) product has:

Great Eastern Pay Assure
Aviva IdealIncome
AIA Premier Disability Cover
ElderShield and ElderShield supplement policies
Clements International High-Limit Temporary and Permanent Disability Insurance
Long Term Care (LTC) insurance policies

 

[mSnooze]

My winning criteria is that the guaranteed return is highest with projection payout also highest. Better still if upon death during payout period, the death value is worth.

I am 28 this yr.. And I last checked aviva returns for my age doesn't seem as good

Aviva just launch a new plan MyRetirementChoice 2 weeks ago, highest guaranteed return.

 

[Bigoya]

My winning criteria is that the guaranteed return is highest with projection payout also highest. Better still if upon death during payout period, the death value is worth.

I am 28 this yr.. And I last checked aviva returns for my age doesn't seem as good

We shares the same mindset.
Unfortunately you cant have the best of both worlds.
MyRetirementChoice meets the returns and payout criteria.

 

[blurpandasg2014]

Aviva just launch a new plan MyRetirementChoice 2 weeks ago, highest guaranteed return.

We shares the same mindset.
Unfortunately you cant have the best of both worlds.
MyRetirementChoice meets the returns and payout criteria.

Thanks for sharing. Btw i checked that myretirement choice cant be paid by SRS. However the flexibility of premium term and retirement age is really good


Does anyone know if manulife retire ready 10,15,20yr payment term can be paid via SRS or only lump sum?

 

[Bigoya]

Thanks for sharing. Btw i checked that myretirement choice cant be paid by SRS. However the flexibility of premium term and retirement age is really good


Does anyone know if manulife retire ready 10,15,20yr payment term can be paid via SRS or only lump sum?

SRS is for Single Premium only. This applies to most, if not all, insurers since one may not regularly top-up his/her SRS which might risk lapse of policy.

 

[computers70]

Anyone got any BI to discuss ?

 

[blurpandasg2014]

Yup would love to take a look at the BI too.

 

[Bigoya]

That's the best I could probably show to protect my identify on the public platform.

 

[blurpandasg2014]

Thanks Bigoya Bro. Do u happen to have the aviva one?
From comparefirst, I estimated that IRR for guranteed is abt 2.65% for my age.

 

[Bigoya]

Thanks Bigoya Bro. Do u happen to have the aviva one?
From comparefirst, I estimated that IRR for guranteed is abt 2.65% for my age.

I do. But I gotta know what's your preference for premium term, payout term, and age to receive the 1st draw out.

The earlier BI from Manulife was single premium since you wanted to use SRS.
Aviva can't do single premium, hence SRS is not an option.