DBS changed its Mutiplier plan

highsulphur

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I went to a DBS branch and asked for the manuProtect Decreasing Lite. The staff quoted me $40+ per month premium. How did u guys get $10-$15 per month?

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Did you choose the shortest tenure for 150k?
 

koolkool

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Did you choose the shortest tenure for 150k?
Thanks. I asked for the cheapest and the staff quoted me this amt. I'll try another branch and asked for shortest tenure. Do u know what's the shortest tenure? Haiz. I think he doesn't want to do business since premium so little.

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chiokcc

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I went to a DBS branch and asked for the manuProtect Decreasing Lite. The staff quoted me $40+ per month premium. How did u guys get $10-$15 per month?

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Since I have no outstanding loan, I got the ManuProtect TermLite instead.

Ask the agent for a quote. They can cater the insured amount to give you the monthly premium you desired.
 

highsulphur

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Since I have no outstanding loan, I got the ManuProtect TermLite instead.

Ask the agent for a quote. They can cater the insured amount to give you the monthly premium you desired.

It doesn't matter if you have any outstanding loans or not
 

chiokcc

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Thanks. I asked for the cheapest and the staff quoted me this amt. I'll try another branch and asked for shortest tenure. Do u know what's the shortest tenure? Haiz. I think he doesn't want to do business since premium so little.

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The agent who attended to me said many new customers were looking to get insured partly due to the new tier requirements, so the agent was quite well versed when I stated my intention, and gave me a list of options quite fast.

Everything is done on iPad, and took me about one hour to complete as I am an existing DBS/POSB customer
 

highsulphur

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Thanks. I asked for the cheapest and the staff quoted me this amt. I'll try another branch and asked for shortest tenure. Do u know what's the shortest tenure? Haiz. I think he doesn't want to do business since premium so little.

Sent from Xiaomi POCOPHONE F1 using GAGT

I can recommend someone from Parkway branch if you are nearby. He helped me and knew why I was buying (for multiplier)
 

spearhawk

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I went to a DBS branch and asked for the manuProtect Decreasing Lite. The staff quoted me $40+ per month premium. How did u guys get $10-$15 per month?

Sent from Xiaomi POCOPHONE F1 using GAGT

Let them know you want the below.

B7UcKNl.jpg
 

koolkool

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Thanks Spearhawk, highsulphur and chiokcc for all your help. Managed to get the insurance done just now at another branch. Lots of questions asked and spent a while in the bank. But I think I forgot about the advice here and signed up to pay annually not monthly.

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highsulphur

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Thanks Spearhawk, highsulphur and chiokcc for all your help. Managed to get the insurance done just now at another branch. Lots of questions asked and spent a while in the bank. But I think I forgot about the advice here and signed up to pay annually not monthly.

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I did annually too with cash option so I won't be renewing
 

a4973

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What is the difference between pay annually vs monthly? Thanks

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spearhawk

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What is the difference between pay annually vs monthly? Thanks

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Annually slightly cheaper, but monthly allows you the flexibility to cancel early if DBS multiplier tncs changed anytime to be less favourable.
 

highsulphur

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Annually slightly cheaper, but monthly allows you the flexibility to cancel early if DBS multiplier tncs changed anytime to be less favourable.

If you do monthly, must remember to cancel giro after 12 months?
 

a4973

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Annually slightly cheaper, but monthly allows you the flexibility to cancel early if DBS multiplier tncs changed anytime to be less favourable.
For annual payment there should be proration if cancel early?

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o2atom

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I did annually too with cash option so I won't be renewing

Correct me if I am wrong, if you paid it annually, wouldn't the deduction be one time only? How are you going to meet the multiplier requirement for the next 11 months?
 

highsulphur

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Correct me if I am wrong, if you paid it annually, wouldn't the deduction be one time only? How are you going to meet the multiplier requirement for the next 11 months?

They will prorate the annual payment over 12 months for the purpose of the multiplier tiering
 

o2atom

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For annual payment there should be proration if cancel early?

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Please check your policy document. Some insurance do not refund premium though.
My understanding is that the premium diff. between monthly and annually is about 3%. So even if you pay monthly, it will only be 30+ cents more for $12 monthly premium (can be easily covered by the additional interest u earn).
 
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weng0202

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Have an idea but not sure whether it will work.

Currently I already have 3 categories for the multiplier but have problems getting the 30k transaction to qualify for the 3.8% interest.

I was thinking of just buy 12k worth of shares and then sell it immediately. Will the total transaction be 24k?

This would allow the 100k I have to earn an average of 3.65% pa. What do you guys think?
 
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