Opps sorry, just new here, not sure about the rules, already edited my post. Thanks
Getting started with insurance
- Thread starter Wood4
- Start date
Opps sorry, just new here, not sure about the rules, already edited my post. Thanks
Cover yourself from income loss in the event of disability and major illnesses.
oceanicmanta
Supremacy Member
- Joined
- Jan 14, 2013
- Messages
- 9,342
- Reaction score
- 1,185
personally I feel the criteria for disability income can be quite onerous ... so best read & understand the terms, else it becomes an expensive "add-on"
for loss of income, I prefer the certainty of self-savings rather than depend on insurer's payout.
for loss of income, I prefer the certainty of self-savings rather than depend on insurer's payout.
is it the job of the agent to inform the client if they do not have sufficient fund in medisave for deduction?
my mom received the letter from the insurance company but did not do anything about it as she does not understand english.
It's only recently when we were going thro her insurance then she found the letter. Unfortunately, the policy has lapsed.
Called the agent and the agent says why we did not help her to read the letter?
I tot agent should receive this kind of notice too and they can inform their client?
my mom received the letter from the insurance company but did not do anything about it as she does not understand english.
It's only recently when we were going thro her insurance then she found the letter. Unfortunately, the policy has lapsed.
Called the agent and the agent says why we did not help her to read the letter?
I tot agent should receive this kind of notice too and they can inform their client?
if u see below the letter, it is also addressed to your agent. your agent gets the same info as you
judging from the situation you went through, the agent is not obliged to inform your mum about this.
but your agent MUST and is OBLIGATED to receive the commissions from your mum
please thank your agent for getting the commissions from your mum while doing nothing
just saw the cc info at the bottom of the letter after you mentioned.
called the agent to ask about it and he started by blaming us for not reading the letter when we didnt even blame him in the 1st place.
i guess we didnt give him enough business as this agent was recommended by a rich relative.
called the agent to ask about it and he started by blaming us for not reading the letter when we didnt even blame him in the 1st place.
i guess we didnt give him enough business as this agent was recommended by a rich relative.
- Joined
- Jan 5, 2015
- Messages
- 84,273
- Reaction score
- 10,137
Should be useful to know.
http://www.clearlysurely.com/blog/i...ics-15-life-insurance-words-you-need-to-know/
http://www.clearlysurely.com/blog/i...insurance-terms-you-need-to-know-part-2-of-2/
And a thread with the important points
http://deluxeforums.hardwarezone.co...rance-words-terms-their-meanings-5709240.html
http://www.clearlysurely.com/blog/i...ics-15-life-insurance-words-you-need-to-know/
http://www.clearlysurely.com/blog/i...insurance-terms-you-need-to-know-part-2-of-2/
And a thread with the important points
http://deluxeforums.hardwarezone.co...rance-words-terms-their-meanings-5709240.html
Last edited:
One thing i learned (the hard way) is NEVER choose an insurance agent that is flashy with his materials stuff. If you happen to see his FB or instagram filled with pictures of their expensive car/watch/gadgets then my advice to you is avoid at all cost. These insurance agents have nothing on their mind other than how to push the highest commission product to you so that they can afford/maintain these luxury lifestyle.
No la. These agents are just laughing in your face with the caption "Thanks for funding my lavish lifestyle, suckers!"
Hi there! May i know if there are any insurance savings plans that can pay out lump sum in 5 years time? Cant seem to find any, mostly at least 10 years :/ Thanks in advance!
The best (IMO) available currently:
https://www.etiqa.com.sg/personal/life-insurance/savings-retirement/easy-save-series/eeasy-save/
Hi everyone! Just started working and taking over my insurance payments from my parents, so wanted to seek some advice regarding my coverage.
25 y/o male, non-smoker, non-drinker, no medical problems except some insomnia problems that I recently saw a private doc in Singapore for, but no longer going for consultation/treatment
Existing coverage:
- GE Essential Protector Plus Accident Plan A (no cash value) // $19.56/month, premium term til age 75 // 50k accidental death, 5k medical expenses, 500 TCM, 100/day for hospital income due to dengue/food poisoning
- Aviva Group Term Life // $6.15/month, premium til 65 // 150k death/TPD
- NTUC Income Dependent Scheme (CPF) // 46k death/TPD
- GE Supreme Health Plus // $417/year (CPFMS, guaranteed lifetime payment term) // up to private hospitalisation, annual limit $1.5m
- GE Total Health Select with Medishield Life // $18.90/month (guaranteed lifetime payment term) // supplement on Supreme Health's deductible and co-insurance, hospitalisation cash incentive
Am currently in the process of upgrading (1) my Aviva Group Term Life to $1m for $41.60/month til age 65, and getting (2) Aviva Group Personal Accident ($600k, $6/month) + (3) Living Care rider ($350k, currently $14.35/month but increases every 5 years up to 65)
Am wondering if what I will have after the above Aviva upgrades (total ~$135/month for everything, including the CPF parts) is enough/too much/too little based on my current age and health. My parents are close to retirement and do not have much disposable income. I have heard about the importance of hospitalisation and CI coverage, but would like to learn more about it. I also wanted to ask particularly about the Group insurance, as I have heard that there is a case to getting a separate individual Term Life, which I understand now that I can buy direct up to 400k coverage from the companies by checking comparefirst.sg.
Am very new to the working world and the concept of personal finance in general, so any advice is very much appreciated. Thank you!
25 y/o male, non-smoker, non-drinker, no medical problems except some insomnia problems that I recently saw a private doc in Singapore for, but no longer going for consultation/treatment
Existing coverage:
- GE Essential Protector Plus Accident Plan A (no cash value) // $19.56/month, premium term til age 75 // 50k accidental death, 5k medical expenses, 500 TCM, 100/day for hospital income due to dengue/food poisoning
- Aviva Group Term Life // $6.15/month, premium til 65 // 150k death/TPD
- NTUC Income Dependent Scheme (CPF) // 46k death/TPD
- GE Supreme Health Plus // $417/year (CPFMS, guaranteed lifetime payment term) // up to private hospitalisation, annual limit $1.5m
- GE Total Health Select with Medishield Life // $18.90/month (guaranteed lifetime payment term) // supplement on Supreme Health's deductible and co-insurance, hospitalisation cash incentive
Am currently in the process of upgrading (1) my Aviva Group Term Life to $1m for $41.60/month til age 65, and getting (2) Aviva Group Personal Accident ($600k, $6/month) + (3) Living Care rider ($350k, currently $14.35/month but increases every 5 years up to 65)
Am wondering if what I will have after the above Aviva upgrades (total ~$135/month for everything, including the CPF parts) is enough/too much/too little based on my current age and health. My parents are close to retirement and do not have much disposable income. I have heard about the importance of hospitalisation and CI coverage, but would like to learn more about it. I also wanted to ask particularly about the Group insurance, as I have heard that there is a case to getting a separate individual Term Life, which I understand now that I can buy direct up to 400k coverage from the companies by checking comparefirst.sg.
Am very new to the working world and the concept of personal finance in general, so any advice is very much appreciated. Thank you!
JuniorLion
Supremacy Member
- Joined
- May 15, 2017
- Messages
- 7,831
- Reaction score
- 40
All you have are hospitalization plans, and term coverage. $135/month is considered OK, if you know how to go ahead and invest the rest of your money.
Direct Purchase Insurance (DPI) are very cheap and worth the money, but do you have any dependents? Or you forsee you will have dependents in the future (reasonable assumption). In that case, I'd say go buy DPI Term Life.
Other things to do:
1) Top up your CPF SA diligently -- $7000 per year. Your future self will thank you.
2) Top up your SRS and use it to buy either STI ETFs or buy some blue-chip stocks.
3) Learn how to invest, or if not, take the safer route. The safer route is to buy endowment plan and/or savings plans and/or whole life policies.
I'd recommend that you do (2) rather than (3). But (3) is really not that bad a choice.
Hi, thanks for the super quick reply! Will my existing plans and intended upgrades (i.e. just hospitalisation and term life as you said) be enough coverage?
About dependents, I am currently not married but have no opinion yet on children, so I would say that there is a possibility I would have dependents in the future. Would it be better to get the DPI in addition to my Group Term Life later on when I am more certain about dependents/family then?
I have started to invest a little bit in the STI ETFs, and am hoping to save and invest more over the long term. The CPF and SRS are very good points, will take note about them. Thanks again!
JuniorLion
Supremacy Member
- Joined
- May 15, 2017
- Messages
- 7,831
- Reaction score
- 40
Is it enough coverage? Yes. It is above average. $1mil is a lot of money. The most important is CI, and you're already getting Aviva Living Care, which is one of the best one around. Otherwise, you can top it up with DPI Term CI, but the cost will really start to sink in when you're getting older (e.g. the premiums get more as you get older).
I highly recommend the CPF Top-up. Cheers.
Looking for advise on Great Easter Flexi Goal
Hello gurus, I come across this Great Easter Flexi Goal plan https://www.greateasternlife.com/sg...my-wealth/wealth-accumulation/flexi-goal.html . Need your advise to see if I should purchase it.
I currently have one plan with Great Easter with monthly payment of $200 for Investment Link https://www.greateasternlife.com/sg...ily/life-protection/smart-life-advantage.html.
Hello gurus, I come across this Great Easter Flexi Goal plan https://www.greateasternlife.com/sg...my-wealth/wealth-accumulation/flexi-goal.html . Need your advise to see if I should purchase it.
I currently have one plan with Great Easter with monthly payment of $200 for Investment Link https://www.greateasternlife.com/sg...ily/life-protection/smart-life-advantage.html.
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 Community Guidelines and Standards, Terms of Service and Member T&Cs for more information.
Please refer to our Community Guidelines and Standards, Terms of Service and Member T&Cs for more information.
