Thanks guys, I've decided not to get the annuity and to cancel my ILP.
About the STI ETFs, any idea where I can get info on buying ETFs on rsp? Do I need to open accounts with banks or something? Sorry for the noob questions.
I suggest that you take a look at Shiny Thing's thread. Don't be daunted by the idea of investing.
Yes, you will need to open the relevant account(s) with the bank(s). The amount that you wish to invest will impact the choice of method to invest.
Hi all
Im in mid 30s ( no dependents except parents) and currently have two polices for ten Years
1) NTUC Income shield enhanced plus rider ($300 medisave , $300 cash /yr)
2) Manulife lifeprotector 20 with CI (20yrs limited premium plan-100kcoverage )-$2k/year
I do regular saving in low risk investment option like FD. No stocks and unit trust.
Should i increase my insurance coverage with a term insurance or whole life pla ? Any recommendation if im intending to get more coverage against ci and tpd?
Is that Manulife lifeprotector a whole life policy or ILP?
Your death/tpd coverage should be dependent on how much your dependents need to survive in the event of your untimely demise. This is something that only you (and your dependents) have to decide. If you find that 100k coverage is not enough, you can some cheap term plan for additional coverage.
BTW, fixed deposits are not investments.
I came across an advertisement today regarding selling insurance policy to a third party company instead of surrendering the policy back insurance company. How does this work? The company claims that they will buy at higher than surrender value.
Most likely they will continue to pay for the policy until maturity and then obtain the final surrender value.