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My agent recently scolded me for letting my money rot and asked me to sign up for this plan: https://www.axa.com.sg/savings-investments/axa-wealth-accelerate#coverage
Brochure here
1) Am I underutilising my money now? Should I continue waiting for an economic downturn like my dad said, or invest now to take advantage of compounding? If now, how should I portion my investments for a 10-year horizon?
Im paying ~2600/yr for a ILP for death, tpd, ci at 200K. 10yrs old policy. Now it has just break even, will be surrenderring it.Luckily, I have hospitalisation insurance from AIA which is paid for by my dad's Medisave as of now. Term insurance was signed under this agent, but I find it really expensive at $100/mth with Multi-pay CI. It's the Aviva 1.1 million one.
How is your CI coverage like? Or do you think death + TPD coverage is enough?
How much would you recommend I increase my RSP to? I have been hesitating because Nikko am seems like at a high point now, but I guess that's the whole point of DCA
Thanks for the perspective on the insurance.
I'm with this agent because at least she recommended Term instead of Whole life, and she's an IFA. So far I've managed to fend off her ILP recommendations, and I honestly don't have many other choices lol, my friends in insurance are all AIA and also recommend me ILP.
I think as long as I know what I'm signing into, should be fine Plus she is quite proactive, if anything happens, at least she will follow up properly.
I'm with this agent because at least she recommended Term instead of Whole life, and she's an IFA. So far I've managed to fend off her ILP recommendations, and I honestly don't have many other choices lol, my friends in insurance are all AIA and also recommend me ILP.
I think as long as I know what I'm signing into, should be fine Plus she is quite proactive, if anything happens, at least she will follow up properly.
How much would you recommend I increase my RSP to? I have been hesitating because Nikko am seems like at a high point now, but I guess that's the whole point of DCA
Thanks for the perspective on the insurance.
I understand CI is for covering your lost income when you are sick - it's just that an extra $60-70/month feels so expensive when considering that it's money I'm not getting back + the coverage of $200,000 is not that high either. Doesn't help that the industry is so opaque that I can't find much information what people my age pay on average for Term Death + TPD + CI coverage. The people around me all are getting Whole life, which is
Disability Income Insurance (DII) is very important indeed, especially in Singapore. Personal Accident Insurance is not.Cant help you much in term of investing.
but for insurance, i can tell you with confidence from personal experience that the single most important one is hospitalization coverage.
get coverage early when there is no exclusion and hold on to it.
Personal accident coverage next, followed by Term Insurance if you have dependents.
those CI, early CI, disability income etc are really optional stuff.
Hi all! I am a 24 y/o female freelancer with an average monthly income of ~$3000, no CPF contributions.
Currently, I have about $75,000 in savings, distributed:
$35k in SSB (~2%),
$20k in CIMB FD (1.7%), and
$20k in DBS Multiplier (~2%) which was only opened recently (before that was CIMB FastSaver).
Recently also opened RSP with POSB of $100/mth for Nikko am STI ETF. (~$300 so far only)
My dad has been telling me to hoard my money and wait for the economic downturn, but as time passes and my money grows, I feel a little uncomfortable just leaving money to grow at inflation rates. At the same time, I understand where he's coming from, and have read that lump sum investments outperform DCA. I'm also not knowledgeable enough/too lazy to do DD to buy stocks or ETFs and find that the commission rates are too ex.
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My agent recently scolded me for letting my money rot and asked me to sign up for this plan: https://www.axa.com.sg/savings-investments/axa-wealth-accelerate#coverage
Brochure here
...although there are a lot of start up bonuses etc, I have always been of the view that BTIR is the way to go. And yet, I have no clear direction or idea on how I should invest my money at the moment.
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I have a few questions/ would like to seek your opinions on the following questions:
1) Am I underutilising my money now? Should I continue waiting for an economic downturn like my dad said, or invest now to take advantage of compounding? If now, how should I portion my investments for a 10-year horizon?
2) What do you guys think of the plan my agent told me about? Apparently, the fees are only 0.26% p.a. if I sign for the 15 year plan, and there's a 200% bonus or something. It sounds good, but what's the catch?
3) Also, if there are any agents here, can I also get your opinion on CI whole life insurance vs CI term with cash back? Is there a difference? Currently I have Aviva's Term death + TPD + multi-pay CI rider which is damn expensive at $64/mth, and I am thinking of getting CI whole life instead, so I at least get the money back.
Thank you so much, any input or views would be appreciated
woah!! why take it so personal?No, I haven’t signed. I just wasn’t aware it’s an ILP and am asking for opinions here. I don’t appreciate the use of “stupid”, I’m here to learn and such comments aren’t helping.
can look at this link for roboadvisors.Do you mind sharing how you decided on that portfolio allocation?
For now, I think I’ll look into increasing my RSP to 500/month and maybe IWDA. Thank you for the insight!
Thank you!! I will go look into it. Are you personally using any roboadvisor platform? Do you have one to recommend?