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Newbie Guide: How to Find a Good Agent for Investment & Insurance?

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Old 24-07-2013, 02:53 AM   #706
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A lot has been said regarding the great ILP debate, I'd just like to add a different twist.

If purely for protection, it IS possible for an ILP to be even cheaper than term, for the same period of cover.

Wait...what?!

Let me repeat: Assuming same period of cover, ILP can be "transformed" into a term, and cheaper too!

Caveat1: Cheaper != Affordable
Caveat2: Very unorthodox, requires extensive knowledge of that particular ILP
Caveat3: Applies for older ILP's, not sure abt newer ones. So if u still holding on to the old ones, u can still "game" it.
Caveat4: Works especially well if bought young ie. ~30
Caveat5: NOT a selling idea (compliance issues)

With the above caveats, it is not accessible to the average consumer. So it's meant to be an academic discussion for the "pros" here

Great thead btw!
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Old 01-08-2013, 09:18 PM   #707
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Is there a write up some where on how to benefit illustration works? I have problems understanding it.

Thanks!
What is it you dont understand?
Surrender values means the money you get if you surrender
guaranteed means guaranteed amount loh.
Death benefits is amount of money your beneficiary gets when you die. Means no more surrender or what.

These values are projected at certain rates. different rates for ILPs and typical life/endowments. Projections only.
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Old 24-08-2013, 11:29 PM   #708
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Just don't buy a life insurance. Check my thread or blog to understand why.
greateasternlifedont.blogspot.sg/
Why you should not buy Great Eastern Life Insurance

Instead, look at term insurances, or if you have a mortgage, the best is mortgage insurance. The mortgage insurance is cheap because its coverage decreases over time, together with your outstanding loan. But that still gives you a great protection before retirement; and once the loan is repaid, the house is yours, so at the end whether you live or die it will be your or your relatives' asset.

Why you should not buy a life insurance

Last edited by manu2000one; 04-09-2013 at 08:59 PM..
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Old 20-12-2013, 12:55 AM   #709
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Hi, can anyone tell me that this IFA Philip capital is good financial institute or bad one? I know they also sell insurance.
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Old 22-12-2013, 10:30 PM   #710
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I'm not too clear about their sales and investment philosophy, but I can get my agent to describe and explain more to you...

From my not-so-good memory, they no longer offer ILPs (existing policies remain in force) as it goes against their philosophy and is also bad business for their investment arm.
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Old 02-01-2014, 09:53 PM   #711
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Hi all,

I have some enquries regarding the policy which i've just bought.

I have paid ard 2 payments of 3K each to get coverage on the following:

Death & Terminal Illness & TPD; $250K
Crisis Cover Provider III: $100K
Early Crisis Cover : $100k

I am 15 months into this policy and as of now, I want to get out of this plan.
I bought this policy when I wasn't aware and informed of insurance policies in general and I think I would want to buy term insurance. I've generally browesd through the forums and Im aware that many of you are against ILP.

Is there any advice that I can be given to switch out of this, if I want to?
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Old 03-01-2014, 12:03 AM   #712
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Hi all,

I have some enquries regarding the policy which i've just bought.

I have paid ard 2 payments of 3K each to get coverage on the following:

Death & Terminal Illness & TPD; $250K
Crisis Cover Provider III: $100K
Early Crisis Cover : $100k

I am 15 months into this policy and as of now, I want to get out of this plan.
I bought this policy when I wasn't aware and informed of insurance policies in general and I think I would want to buy term insurance. I've generally browesd through the forums and Im aware that many of you are against ILP.

Is there any advice that I can be given to switch out of this, if I want to?
From an independent adviser stand point, we don't like the charges and performance of the funds for ILPs. Should one wants to cash out their funds, they will lose coverage which they got it when they are healthy, should they choose coverage, the charges will wipe out the policy in their 50s. Your policy will not worth much after 15 months because of the premium allocation.

Insurance products are many. You must first know your priority, protection or savings and share with the adviser. Hope this helps.
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Old 03-01-2014, 11:07 AM   #713
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Looking for Insurance Policies (Please Quote / Pm Me)

Good Morning guys,

Firstly, I apologize for hijacking this thread. I would like to purchase insurance for myself. Could all the dedicated agents please PM me your conatcts and the type of insurance policies that would be suitable for me?

Age: 27
Non-smoker
Male, working adult

Currently I have no special preference on the type of insurance that I would require. Any advise on the types of insuarnce that I should purchase? Thank you for your kind and productive feedback.
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Old 04-01-2014, 12:57 AM   #714
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From an independent adviser stand point, we don't like the charges and performance of the funds for ILPs. Should one wants to cash out their funds, they will lose coverage which they got it when they are healthy, should they choose coverage, the charges will wipe out the policy in their 50s. Your policy will not worth much after 15 months because of the premium allocation.

Insurance products are many. You must first know your priority, protection or savings and share with the adviser. Hope this helps.
Thus as much, I will be able to substantiate my insurance coverage with a term with CI rider & will definitely be doing so before I

1. terminate the ILP
2. Reduce the coverage of the ILP

& the abv 2 is giving me dilemma
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Old 04-01-2014, 09:46 PM   #715
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Good Morning guys,

Firstly, I apologize for hijacking this thread. I would like to purchase insurance for myself. Could all the dedicated agents please PM me your conatcts and the type of insurance policies that would be suitable for me?

Age: 27
Non-smoker
Male, working adult

Currently I have no special preference on the type of insurance that I would require. Any advise on the types of insuarnce that I should purchase? Thank you for your kind and productive feedback.

First insurance to get is H & S plan - private.
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Old 07-01-2014, 10:51 AM   #716
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Kudos to all who provided me the advise I needed. Out of curiousity, I have seen folks reccomending and comparing policies between Aviva, Prudential, G.E, AIA.

It does seem awfully quiet that noone has bothered to reccomend policies from Manulife. Any reasons why?

Last edited by Queens87; 07-01-2014 at 10:53 AM..
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Old 14-01-2014, 11:58 PM   #717
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Thus as much, I will be able to substantiate my insurance coverage with a term with CI rider & will definitely be doing so before I

1. terminate the ILP
2. Reduce the coverage of the ILP

& the abv 2 is giving me dilemma
You really need to bite the bullet. You may try reducing sum assured and go for premium holiday for now though you may not save a lot base on age.
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Old 19-02-2014, 11:11 PM   #718
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From what i understand, many here think that a better option would be to get a Term Insurance and invest yourself, rather than getting a life insurance or endowment plan due to the higher premiums.

Correct me if i am wrong, but is it correct to say that if the endowment/life insurance gives guaranteed returns, i would get back the sum i put in when the plan is over?

Eg. I put in $300/mth for 1 year (assuming the plan is for 1 year). So in total i would have put in $300 x 12 = $3600. Does it mean i will get back $3600 + (the non guaranteed portion)?

If this is true, isn't a life insurance better since i am effectively not paying for the "insurance" (unlike term insurance) and i get a return on my investment?
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Old 20-02-2014, 06:01 AM   #719
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From what i understand, many here think that a better option would be to get a Term Insurance and invest yourself, rather than getting a life insurance or endowment plan due to the higher premiums.

Correct me if i am wrong, but is it correct to say that if the endowment/life insurance gives guaranteed returns, i would get back the sum i put in when the plan is over?

Eg. I put in $300/mth for 1 year (assuming the plan is for 1 year). So in total i would have put in $300 x 12 = $3600. Does it mean i will get back $3600 + (the non guaranteed portion)?

If this is true, isn't a life insurance better since i am effectively not paying for the "insurance" (unlike term insurance) and i get a return on my investment?
It is not wrong. But the period for you to break even is long. With such long period, if u channel the fund into proper investment, the returns would be much higher. Also not every company gives out full bonus like tokiomarine.

That's why I always stress purpose. A life plan is to provide protection for life, term to cover temporary needs. Dun be fool by agents who trying to convince u by looking at the return the plan gives if u cash out. You should never cash out a life plan unless really really tight situation.
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Old 20-02-2014, 06:05 AM   #720
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From what i understand, many here think that a better option would be to get a Term Insurance and invest yourself, rather than getting a life insurance or endowment plan due to the higher premiums.

Correct me if i am wrong, but is it correct to say that if the endowment/life insurance gives guaranteed returns, i would get back the sum i put in when the plan is over?

Eg. I put in $300/mth for 1 year (assuming the plan is for 1 year). So in total i would have put in $300 x 12 = $3600. Does it mean i will get back $3600 + (the non guaranteed portion)?

If this is true, isn't a life insurance better since i am effectively not paying for the "insurance" (unlike term insurance) and i get a return on my investment?
Just to add on, for endowment. It's not necessary 3600+ non guaranteed. It is common that endowment provides guaranteed ard 70% of premium paid. So u might see 2500+non guaranteed. Be aware of such figures.
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