Best Term Insurance Plan(Do Not Solicit for Pm)

IFAadvisor

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Hi all

I am newbie with insurance plan

I dont have any insurance now

Aia agent quote me

1. 32yrs, M
2. 33yrs, F
3. 6yrs, F
4. 3mths, M

All non smokers

With AIA first family protect with sgd 3000 annualy/person till 15 years

Is it good ? Please advise!

Thanks
Hi Victor,

The recommendation by your AIA agent is an investment linked plan. Try to avoid such plan as they allocate your premiums into investment and the premium allocation can be as low as 15% (meaning your $3,000 premium, only $450 is invested)

Cost of insurance over the years will increase over the years too
 

-Jian-

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I think cheapest in the market is the SAF Group Term, i think you pay <$200/mth with $1mill coverage!
 

Aerial86

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I think cheapest in the market is the SAF Group Term, i think you pay <$200/mth with $1mill coverage!

Nope. For $1mil coverage it is $128/mth for Group Term but without CI. Aviva's another term plan for $1mil coverage with CI is about the same premiums or slightly higher after 25% discount.

Alternatively, Zurich and Prudential also has $1mil term plans with comparable premiums but includes CI too. Group term is more recommended for small sum coverage for death/TPD but not big sum.
 

sanzhu

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u kniw wad


u buy term is bang for buck


u buy whole life is compounding interest


u get wad u want
 

archcherub

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The question is when you meet your prospect and assuming they are unaware of BTIR, have you attempted to educate or inform them that they have a better way of doing it?

One does not really need to know how to invest. It's a no-brainer, passive way of putting away the extra money into something with better yield.

most agents dont do it... and convince themselves that their clients choose LIFE because it is the best, in their scenarios, as it is hassle for them.

they dont do it, because they have nothing much to sell to solve that problem.



Everything looks like a nail to a hammer salesman.
 

RayOfLight

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do a quick check.. most term insurance until age or 65 only? then how about after 65? no more? then if i 66 something happen how? if like that then won't life would be better since it covers for life?
 

Aerial86

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do a quick check.. most term insurance until age or 65 only? then how about after 65? no more? then if i 66 something happen how? if like that then won't life would be better since it covers for life?

Till age 65 term applies for SAF group term. The rest of them can go up higher, some even till 99. Both life and term has their own pros and cons which boils down to the needs of the insured and also deeper down into their financial standings and objective.

It is important that insured is totally clear of the potential gain and loss of either choice by going into an analysis together with someone professional. When I mean professional, I'm referring to any agents or FA that can give non-bias comments
 

Aerial86

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do a quick check.. most term insurance until age or 65 only? then how about after 65? no more? then if i 66 something happen how? if like that then won't life would be better since it covers for life?

Till age 65 term applies for SAF group term. The rest of them can go up till age 99. Both life and term has their own pros and cons which boils down to the needs of the insured and also deeper down into their financial standings and objective.

It is important that insured is totally clear of the potential gain and loss of either choice by going into an analysis together with someone professional. When I mean professional, I'm referring to any agents or FA that can give non-bias comments.

It doesn't harm sitting down and discuss, but it harms when you choose to commit into a lifelong thing without even gathering opinions.
 

pinpinpin

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Till age 65 term applies for SAF group term. The rest of them can go up till age 99. Both life and term has their own pros and cons which boils down to the needs of the insured and also deeper down into their financial standings and objective.

It is important that insured is totally clear of the potential gain and loss of either choice by going into an analysis together with someone professional. When I mean professional, I'm referring to any agents or FA that can give non-bias comments.

It doesn't harm sitting down and discuss, but it harms when you choose to commit into a lifelong thing without even gathering opinions.


I sat down with a AIA agent to discuss about the term and life plan for death, tpd, early CI.

Their plans are non competitive. But they wont say that to you.

I guess you still have to sit down with people of different companies and policies.
 

Aerial86

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I sat down with a AIA agent to discuss about the term and life plan for death, tpd, early CI.

Their plans are non competitive. But they wont say that to you.

I guess you still have to sit down with people of different companies and policies.

Yup what you say are correct. I did offer to have an discussion with you too, since i am able to represent all the companies except prudential and great eastern. But at the end of the day, it is still up to you to choose whether you want to work with a agent or FA.

I can only try my best to help.
 

RayOfLight

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I notice that term insurance does not cover ci, so most people here buy Term and add on ci? I think ci is very important for me. but if buy Term and add on ci, won't it be better to be life that covers everything?
 

Aerial86

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I notice that term insurance does not cover ci, so most people here buy Term and add on ci? I think ci is very important for me. but if buy Term and add on ci, won't it be better to be life that covers everything?

Term that add on CI will still be significantly cheaper than a life policy. How people choose between either one, mainly because life policy gives them the option of coverage for life and cash values. Term can also give them a lifetime coverage, but you will get nothing back at the end of the day.

That's why I can't stress enough that choice of types of insurance has to depend on many factors through detailed calculation and family needs.
 

greddy88

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don't think it is the cheapest anymore :s12:

I and my whole family are currently on the group saf insurance.. don't mind could share which company is the cheapest now?

Also, if now I change, in future I can always go back, assuming I don't kenna illness right?
 

Lewis.T

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I and my whole family are currently on the group saf insurance.. don't mind could share which company is the cheapest now?

Also, if now I change, in future I can always go back, assuming I don't kenna illness right?

You have to remember that premiums will increase with age, might be better to just stick with what you have.
 

NiteX2

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I and my whole family are currently on the group saf insurance.. don't mind could share which company is the cheapest now?

Also, if now I change, in future I can always go back, assuming I don't kenna illness right?
It depends on the age of the ppl in your family, the younger they are, the higher the chance of getting a good deal in the market.
Yes, you can go back if your health condition is still well and good
 

farielfyy

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I would like to know what is the best term plan out there too.

27f, non-smoker.

Covering death, TPD, CI and maybe PA (but this is not my priority as I hv shield plan in place)

Coverage of $500k each and CI $250k

Thanks in advance
 
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