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

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Old 07-09-2015, 11:07 AM   #796
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[QUOTE=marvel.avengers.ultron;95741490]Hi all,

The Total Premium for Singaporean Policyholder (Rounded to nearest $) is annual or monthly ?

Hi there,

The total premium for basic hospital/shield plan is on Annual basis.
However, the premium for riders which is paid in CASH to cover your out-of-pocket expenses (e.g. deductible and co-insurance) may be paid by monthly basis.

Feel free to let me know if you have any concerns.

Thanks.
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Old 07-09-2015, 12:33 PM   #797
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Hi,

Is there anything I can help you with? I'm from IFA. Thanks.
Kindly don't spam...
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Old 11-09-2015, 01:54 AM   #798
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Advice needed

Hi, I need some advice. I used to have Pru policies being an ILP coverage $100K, Pru Early CI, Pru FlexiCash n PruSave, aside from this I have Manulife Life insurance coverage of $240K and an accident plan. Just a month ago I met another Pru advisor who suggested taking over my policies and in e meanwhile proposed few new policies to realign my portfolio. She suggested replacing my Manulife Life insurance and take up a new Pru Life plan limited pay 10 years as I do not need to pay for life and said i don't need PA plan as I already have SAF Group term insurance which covers my accidental needs. After which she proposed addition term insurance coverage of $500K (TPD & Death) till age 85, PruWealth and CPF investment for my OA. And also she asked me to put my ILP on premium holiday as she said ILP is risky and cost of insurance may affect my overall returns but I shouldn't cancel cause I could still enjoy the coverage till the policy has zero value. So overall I have Pru Life, Pru Early CI, PruSave, PruFlexiCash, PruWealth, Pru term vantage and comprehensive hospital plan. So for Death and TPD I will have $900K coverage and $400K for CI and I have to pay $1000 every month for my insurance and my take home pay is $2400+. My agent also suggested not to terminate my ML policies immediately but to cancel my GIRO and let the policy lapse.
Then another agent B told me that I shouldn't be spending so much on insurance and questioned on the reason for the proposed coverage and also do I know the financial impact if I surrender my ML life insurance(overall I have paid $5K for it)? He also mentioned ML PA plan cover GP for accidental causes but SAF group term does not. He then said that the reasons why I was asked to go on premium holiday for my ILP is because if I surrender my ILP and take up new plans it will be deemed as replacement and my new pru agent will not be able to get her commission. Also the reason for not terminate my ML policy immediately was because the pru agent is afraid ML side will know and rebut pru agent proposal and activate free look. Also looking into my pru CPF investment he pointed out that the pru agent actually invested 80% into bonds and by doing so she is only trying not to lose my capital but it will be hard to gather any growth to outperform CPF OA interest of 2.5%. FYI my risk profile is balanced. He also criticised Pru agent for overselling and not taking into the interest of clients financial capability. Agent B was very agitated when he analysed my portfolio as he keep saying Pru agent is only interested in earning commission by asking client to cancel policies and not consider client's financial ability, basically is not putting client interest first.
Could anyone kindly advise me is agent B telling the facts? Any comments?
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Old 11-09-2015, 03:12 AM   #799
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Hi, I need some advice. I used to have Pru policies being an ILP coverage $100K, Pru Early CI, Pru FlexiCash n PruSave, aside from this I have Manulife Life insurance coverage of $240K and an accident plan.

Just a month ago I met another Pru advisor who suggested taking over my policies and in e meanwhile proposed few new policies to realign my portfolio.
She suggested replacing my Manulife Life insurance and take up a new Pru Life plan limited pay 10 years as I do not need to pay for life and said i don't need PA plan as I already have SAF Group term insurance which covers my accidental needs.
After which she proposed addition term insurance coverage of $500K (TPD & Death) till age 85, PruWealth and CPF investment for my OA. And also she asked me to put my ILP on premium holiday as she said ILP is risky and cost of insurance may affect my overall returns but I shouldn't cancel cause I could still enjoy the coverage till the policy has zero value.

So overall I have Pru Life, Pru Early CI, PruSave, PruFlexiCash, PruWealth, Pru term vantage and comprehensive hospital plan. So for Death and TPD I will have $900K coverage and $400K for CI and I have to pay $1000 every month for my insurance and my take home pay is $2400+.

My agent also suggested not to terminate my ML policies immediately but to cancel my GIRO and let the policy lapse.

Then another agent B told me that I shouldn't be spending so much on insurance and questioned on the reason for the proposed coverage and also do I know the financial impact if I surrender my ML life insurance(overall I have paid $5K for it)?

He also mentioned ML PA plan cover GP for accidental causes but SAF group term does not. He then said that the reasons why I was asked to go on premium holiday for my ILP is because if I surrender my ILP and take up new plans it will be deemed as replacement and my new pru agent will not be able to get her commission.

Also the reason for not terminate my ML policy immediately was because the pru agent is afraid ML side will know and rebut pru agent proposal and activate free look. Also looking into my pru CPF investment he pointed out that the pru agent actually invested 80% into bonds and by doing so she is only trying not to lose my capital but it will be hard to gather any growth to outperform CPF OA interest of 2.5%.

FYI my risk profile is balanced. He also criticised Pru agent for overselling and not taking into the interest of clients financial capability. Agent B was very agitated when he analysed my portfolio as he keep saying Pru agent is only interested in earning commission by asking client to cancel policies and not consider client's financial ability, basically is not putting client interest first.

Could anyone kindly advise me is agent B telling the facts? Any comments?
Learn to split your words into different sentences or it will just look like a wall of text that is gonna turn off readers.

I can tell you are paying too much for insurance and am quite sure you tio chop gao gao liao.
Can you tell us how long you have been holding the various plans you had above?

The ILP plan should be the first thing to cancel if you haven't been paying for too long, like 10 years?
All the other plans are sure to have overlapping coverage.

It's amazing how one can buy so many policies without really understanding anything, that's why most financial agents are really bad. If you look at the forums here, many financial agents are pretty bad. Just recently quite a few from GE try to promote their 2% guaranteed 5 year plan which is worst than government bonds, some even argue on length why their plan is good when it's not.

Take all financial agent's words with a pinch of salt.
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Old 11-09-2015, 01:15 PM   #800
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Pru save, pruflexi ans prulink ilp since 2010. Manulife life plan since 2012. Pru term vantage, pru wealth and pru life plan was just around July this year.
Learn to split your words into different sentences or it will just look like a wall of text that is gonna turn off readers.

I can tell you are paying too much for insurance and am quite sure you tio chop gao gao liao.
Can you tell us how long you have been holding the various plans you had above?

The ILP plan should be the first thing to cancel if you haven't been paying for too long, like 10 years?
All the other plans are sure to have overlapping coverage.

It's amazing how one can buy so many policies without really understanding anything, that's why most financial agents are really bad. If you look at the forums here, many financial agents are pretty bad. Just recently quite a few from GE try to promote their 2% guaranteed 5 year plan which is worst than government bonds, some even argue on length why their plan is good when it's not.

Take all financial agent's words with a pinch of salt.
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Old 11-09-2015, 01:24 PM   #801
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Take all financial agent's words with a pinch of salt.
but these are experts! Surely their advise is good?
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Old 11-09-2015, 03:03 PM   #802
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Hi, I need some advice. I used to have Pru policies being an ILP coverage $100K, Pru Early CI, Pru FlexiCash n PruSave, aside from this I have Manulife Life insurance coverage of $240K and an accident plan. Just a month ago I met another Pru advisor who suggested taking over my policies and in e meanwhile proposed few new policies to realign my portfolio. She suggested replacing my Manulife Life insurance and take up a new Pru Life plan limited pay 10 years as I do not need to pay for life and said i don't need PA plan as I already have SAF Group term insurance which covers my accidental needs. After which she proposed addition term insurance coverage of $500K (TPD & Death) till age 85, PruWealth and CPF investment for my OA. And also she asked me to put my ILP on premium holiday as she said ILP is risky and cost of insurance may affect my overall returns but I shouldn't cancel cause I could still enjoy the coverage till the policy has zero value. So overall I have Pru Life, Pru Early CI, PruSave, PruFlexiCash, PruWealth, Pru term vantage and comprehensive hospital plan. So for Death and TPD I will have $900K coverage and $400K for CI and I have to pay $1000 every month for my insurance and my take home pay is $2400+. My agent also suggested not to terminate my ML policies immediately but to cancel my GIRO and let the policy lapse.
Then another agent B told me that I shouldn't be spending so much on insurance and questioned on the reason for the proposed coverage and also do I know the financial impact if I surrender my ML life insurance(overall I have paid $5K for it)? He also mentioned ML PA plan cover GP for accidental causes but SAF group term does not. He then said that the reasons why I was asked to go on premium holiday for my ILP is because if I surrender my ILP and take up new plans it will be deemed as replacement and my new pru agent will not be able to get her commission. Also the reason for not terminate my ML policy immediately was because the pru agent is afraid ML side will know and rebut pru agent proposal and activate free look. Also looking into my pru CPF investment he pointed out that the pru agent actually invested 80% into bonds and by doing so she is only trying not to lose my capital but it will be hard to gather any growth to outperform CPF OA interest of 2.5%. FYI my risk profile is balanced. He also criticised Pru agent for overselling and not taking into the interest of clients financial capability. Agent B was very agitated when he analysed my portfolio as he keep saying Pru agent is only interested in earning commission by asking client to cancel policies and not consider client's financial ability, basically is not putting client interest first.
Could anyone kindly advise me is agent B telling the facts? Any comments?
I will say dont surrender manulife life plan. Relook at standalone PA plan.

Terminate ILP and pruearly. ILP is always a bad choice, much better contracts out there compared to prudential early.

Pruflexi and prusave, keep it since they are endowment plans.

You can pm me for more information.
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Old 18-09-2015, 09:34 AM   #803
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but these are experts! Surely their advise is good?
Agents are expert in financial planning, however, advises are subjected to individual agents.

If you trust your agent as an individual and feel that he/she is doing you justice, there's nothing wrong then.

So long you don't feel like you have been cheated, all is good. Eventually, decisions are still made by the consumers and not agents.

Moral of the story, think through on your own before deciding and ask the agents all sorts of questions to clarify your doubt.

Always know what you are buying!

Cheers!
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Old 18-09-2015, 06:47 PM   #804
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Moral of the story, think through on your own before deciding and ask the agents all sorts of questions to clarify your doubt.
So we need to be able to think through on our own before consulting agents?

for those who can think through on their own, I think they dont even need agents in the first place
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Old 20-09-2015, 01:50 PM   #805
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So we need to be able to think through on our own before consulting agents?

for those who can think through on their own, I think they dont even need agents in the first place
Not think through on your own then consult an agent. It's consult the agent then think through on your own.

If you don't consult an agent, you won't be able to find out more about the products available. Definitely you can Google online and find all sorts of information, but an agent makes your life way easier and clearer. And agents are regulated by MAS and hence, only allowed to tell the truth.

However agents are not you. They can tell you this product or that product is good for you. But whether you believe in what he/she tells you or believe in the product that's based on you.

The reason why people always feel cheated by insurance is because they are not sure of what they are buying, they don't believe in it. Then they will feel pressurised to buy or be in a state where they don't even know why they ended up buying in the first place.

That's why I said you have to think it through on your own after consulting an agent. It's just like shopping for clothes, all your friends can tell you the blue dress is nicer than the pink one but you simply like the pink one and decided to go against their advice. Decision lies in your hands.
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Old 22-09-2015, 02:24 PM   #806
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Old 29-09-2015, 12:09 PM   #807
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I've TM whole life plan, but thinking of converting to term life cos it's much cheaper.. Not sure of what is available but will term life cover :
- death & total disability
- critical illness
- early onset of CI (this one I don't know if there's any term plan that has it )

And say 200k coverage , how much will yrly premiums be ? Assuming non-smoker, male/female 29/31 years old (respectively)
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Old 29-09-2015, 12:30 PM   #808
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I've TM whole life plan, but thinking of converting to term life cos it's much cheaper.. Not sure of what is available but will term life cover :
- death & total disability
- critical illness
- early onset of CI (this one I don't know if there's any term plan that has it )

And say 200k coverage , how much will yrly premiums be ? Assuming non-smoker, male/female 29/31 years old (respectively)
Think you are in the wrong thread.
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Old 29-09-2015, 12:39 PM   #809
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Okie paiseh wor
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Old 17-10-2015, 09:09 PM   #810
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should one consider purchasing normal insurance plan or those group term insurance lets say if im in the civil/public service.

lets say im only going for term plans, no investment linked products
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