HWZ Forums

Login Register FAQ Mark Forums Read

Whole life limited pay insurance

Reply
 
LinkBack Thread Tools
Old 12-08-2017, 04:28 PM   #1
Junior Member
 
Join Date: Aug 2017
Posts: 6
Whole life limited pay insurance

Need advise on WL plan, Female 1986 May Age 31 non smoker. Currently have quotations for NTUC vivolife 350. I need GE, PRU, Manulife. Please help! With early CI and CI.
Frostylight is offline   Reply With Quote
Old 12-08-2017, 04:35 PM   #2
Senior Member
 
Join Date: Nov 2014
Posts: 845
Need advise on WL plan, Female 1986 May Age 31 non smoker. Currently have quotations for NTUC vivolife 350. I need GE, PRU, Manulife. Please help! With early CI and CI.
Manulife best liao.
blurpandasg2014 is offline   Reply With Quote
Old 12-08-2017, 05:21 PM   #3
Supremacy Member
 
Join Date: Jan 2014
Posts: 8,084
Should I get this for my kids before they develop any conditions?
mummy1234 is offline   Reply With Quote
Old 12-08-2017, 07:53 PM   #4
Master Member
 
Join Date: Apr 2012
Posts: 2,563
Why aren't you looking at ntuc income and tokio marine?
lifeishard is offline   Reply With Quote
Old 13-08-2017, 12:07 AM   #5
Junior Member
 
jsiying's Avatar
 
Join Date: May 2016
Posts: 28
Need advise on WL plan, Female 1986 May Age 31 non smoker. Currently have quotations for NTUC vivolife 350. I need GE, PRU, Manulife. Please help! With early CI and CI.
Hi Frostylight.
Great to know that you are looking at an important aspect.
But there are a few pointers to take note as I was trying to generate a uptation for you I realised you did not state the coverage you are looking at.
Assuming your annual income is $48,000,
Singapore's standards would be to cover from 5-10times of your annual income as income replacement for yourself and your loved ones.
Another thing to consider would be your limited payment term, do tou orefer to pay more per month in short term overall or pay lesser per month but longer term overall?
Paying more per month in short term will allow you to save about 10-20k in overall premiums paid while the latter will allow you more liquid cash flow currently.
Do feel free to openly reply me here or PM me so that I could generate a quote most suitable to your needs.

Cheers
jsiying is offline   Reply With Quote
Old 13-08-2017, 12:08 AM   #6
Junior Member
 
jsiying's Avatar
 
Join Date: May 2016
Posts: 28
Should I get this for my kids before they develop any conditions?
Hi mummy1234
It would be good to start from young as you are able to lock in lower premiums outlay and also their perfect health conditions

Cheers
jsiying is offline   Reply With Quote
Old 13-08-2017, 12:33 AM   #7
Junior Member
 
Join Date: Aug 2017
Posts: 6
Hi Frostylight.
Great to know that you are looking at an important aspect.
But there are a few pointers to take note as I was trying to generate a uptation for you I realised you did not state the coverage you are looking at.
Assuming your annual income is $48,000,
Singapore's standards would be to cover from 5-10times of your annual income as income replacement for yourself and your loved ones.
Another thing to consider would be your limited payment term, do tou orefer to pay more per month in short term overall or pay lesser per month but longer term overall?
Paying more per month in short term will allow you to save about 10-20k in overall premiums paid while the latter will allow you more liquid cash flow currently.
Do feel free to openly reply me here or PM me so that I could generate a quote most suitable to your needs.

Cheers

Hi,

I'm looking at around 60k sum assured for death, CI, tpd and 50k early CI. I do have recommendations from friends NTUC vivo life 350 and manulife life ready. As they have the 3.5 multiplier for vivo and 5x for manu life. I do want to have a good surrender value upon maturity too.
Frostylight is offline   Reply With Quote
Old 13-08-2017, 12:43 AM   #8
Junior Member
 
Join Date: Aug 2017
Posts: 6
I have a brother 24 1993 Feb smoker would like to get a life plan too. Any recommendations?
Frostylight is offline   Reply With Quote
Old 13-08-2017, 01:19 AM   #9
Junior Member
 
jsiying's Avatar
 
Join Date: May 2016
Posts: 28
If you are looking at 60k before multiplier, it sums up to 180k(for 3x) and 240k(for 4x).
Good surrender value meaning?
Do take note not to confuse life plan with savings and there is no maturity dates for Life Plan as technically the 'maturity' would be upon a claim for TPD/CI/Death.
There are many kinds of people,
some like the idea of buy term n invest the rest,
some like the idea of getting one substantial life plan coverage, a few savings and a few investments,
some like to buy life plan and want to cash out eventually when turning old and no commitments.
Frostylight you may wish to consider this few options as well so that you would not be torn in between compromising your coverage for cash returns or vice versa.

Let me work out the figures for you and reply you soonest with the amount.
Meanwhile you may wish to reply me with some questions or concerns you may have as well

Hi,

I'm looking at around 60k sum assured for death, CI, tpd and 50k early CI. I do have recommendations from friends NTUC vivo life 350 and manulife life ready. As they have the 3.5 multiplier for vivo and 5x for manu life. I do want to have a good surrender value upon maturity too.
jsiying is offline   Reply With Quote
Old 13-08-2017, 01:21 AM   #10
Junior Member
 
jsiying's Avatar
 
Join Date: May 2016
Posts: 28
Same thing, objective of getting one.. CI coverage? Death benefit? Or badic protection and actually mosy importantly want to have cash value in return?
Different ppl different needs so would be good for me to understand more before I shove any products to you guys which is pretty commonly faced.

Cheers

I have a brother 24 1993 Feb smoker would like to get a life plan too. Any recommendations?
jsiying is offline   Reply With Quote
Old 13-08-2017, 01:29 AM   #11
Junior Member
 
Join Date: Aug 2017
Posts: 6
If you are looking at 60k before multiplier, it sums up to 180k(for 3x) and 240k(for 4x).
Good surrender value meaning?
Do take note not to confuse life plan with savings and there is no maturity dates for Life Plan as technically the 'maturity' would be upon a claim for TPD/CI/Death.
There are many kinds of people,
some like the idea of buy term n invest the rest,
some like the idea of getting one substantial life plan coverage, a few savings and a few investments,
some like to buy life plan and want to cash out eventually when turning old and no commitments.
Frostylight you may wish to consider this few options as well so that you would not be torn in between compromising your coverage for cash returns or vice versa.

Let me work out the figures for you and reply you soonest with the amount.
Meanwhile you may wish to reply me with some questions or concerns you may have as well
Hi,

I would like to cash out when I'm old.Vivo life is offering 3.5 multiplier manulife is 5x cover till 70 both with CI and early ci So I would like to get some quotations before deciding
Frostylight is offline   Reply With Quote
Old 13-08-2017, 02:20 AM   #12
Senior Member
 
Bigoya's Avatar
 
Join Date: Jan 2017
Posts: 1,615
Hi,

I would like to cash out when I'm old.Vivo life is offering 3.5 multiplier manulife is 5x cover till 70 both with CI and early ci So I would like to get some quotations before deciding
For the same sum assured after factoring multiplier, the higher the multiplier, the cheaper the plan will be.
E.g. $100k SA with 5x Multiplier would be cheaper than a $250k SA with 2x Multiplier. Both plans covers you for $500k until multiplier expires.

Question to ask yourself when deciding the multiplier to select and the overall sum assured you require:
"How much of financial risk are you exposed to from now till age 65/70?"
"How much you'd need to be covered for after the multiplier cease, without taking into the considerations of cash value since the amount is only projected and non-guaranteed?"

Lets say, if you'd need $500k sum assured now till age 65/70 and maybe $100k sum assured thereafter,
you need a plan with basic $100k SA with 5x multiplier, rather than a $250k SA with 2x multiplier.

Common misconception is buying a plan with a fixed SA in mind but grab the highest multiplier available just because "multiplier" sounds like it comes free of charge, therefore higher must mean better.
AKA Kiasu-Singapore style.


A Whole life plans also has more variables to consider as compared to a simple Term life plan whereby you'd only need to consider Sum Assured VS Premium.
Each of these variables, specifically "premium payment term (PPT)" and "Multiplier" would have drastic effect on premium.

Also, to evaluate which plan is the best for you, you'd be comparing a few things across the plans, assuming we have basic SA, PPT and Multiplier decided:
- Annual Premiums payable for the selected PPT
- Guanranteed Death benefit after multiplier cease
- Projected non-guaranteed death benefit after multiplier cease
- Guaranteed Surrender value (at age 65/70) after multiplier cease
- Projected non-guaranteed Surrender value (at age 65/70) after multiplier cease.

These are some important things you need to decide before we are able to close in to provide relevant quotations for you before you could evaluate and make further fine-tuning and decisions.

Lastly, also note that, assuming your policy has a total projected surrender value of $100k by age 65, after 35 years of inflation, the same payout would only worth $35k based on today's value after factoring an assumed 3% rate of inflation.
Does the surrender value still makes sense to you?
__________________
Independent Financial Advisor.
Pure advice. No bullsh*t.

Last edited by Bigoya; 13-08-2017 at 02:24 AM..
Bigoya is offline   Reply With Quote
Old 13-08-2017, 02:40 AM   #13
Junior Member
 
jsiying's Avatar
 
Join Date: May 2016
Posts: 28
Great points made by Bigoya bro.
Frostylight do remember to check your inbox.

Cheers.

Hi,

I would like to cash out when I'm old.Vivo life is offering 3.5 multiplier manulife is 5x cover till 70 both with CI and early ci So I would like to get some quotations before deciding
jsiying is offline   Reply With Quote
Old 13-08-2017, 03:16 AM   #14
Senior Member
 
Bigoya's Avatar
 
Join Date: Jan 2017
Posts: 1,615
To also add on a little more, whole-life being a more complex form of insurance policy (compared to Term life), insurers tends to add in fanciful stuff AKA features that may or may not make sense to you, which varies between insurers to insurers.

Basic comparison based solely on SA, PPT, premium, G + NG death benefit/Surrender Value may not give you a full complete picture for apple to apple comparison.

Furthermore, if we bring everything back to the very beginning, a whole life plan may not even actually fit your needs best. It may be a Term life + whole life combo, or a Term life + standalone CI combo, etc etc etc...

Most importantly is you sit down with an independent financial adviser whom you think you can give the benefit of doubt to, and then explore the possibilities together to find the most cost-effective solution which at the same time offers the most comprehensive coverage to all your obvious risk exposure and possible blind spots which have been previously overlooked.

PS: It can be very time consuming, but trust me it'd be worth it (if you find the right adviser).
__________________
Independent Financial Advisor.
Pure advice. No bullsh*t.

Last edited by Bigoya; 13-08-2017 at 03:21 AM..
Bigoya 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

HardwareZone
Rewards