Best Term Insurance Plan(Do Not Solicit for Pm)

[evets]

must have for male sinkie, safra term insurance by ntuc and aviva

 

[saintgtril]

Pardon me if this has been asked before, i am sourcing for a new term insurance plan. What is the recommendation then?

safra term insurance by ntuc and aviva,
GE, or
AXA?

Of course, price is a consideration in my decision. FYI, i MR already.

must have for male sinkie, safra term insurance by ntuc and aviva

Just found out on comparefirst website that GE has change their term policy price. just less than 1 yr ago AXA have the cheapest term policy. now GE has become the cheapest. too bad i buy already cant change

What are you confused abt?

Term insurance is the most straight forwrd plan since there is no cash value.

Get the plan that provides you highest coverage at the lowest premium.

However, If u are confused about how much coverage you should be getting to protect your family, in terms of amount and no. of years, that would require discussion.

This is the price chart updated on July. AXA provides the lowest premium for your case.
http://www.diyinsurance.com.sg/portal/articles/html?art_id=20

We can talk more if you're keen.

 

[JK1688]

Pardon me if this has been asked before, i am sourcing for a new term insurance plan. What is the recommendation then?

safra term insurance by ntuc and aviva,
GE, or
AXA?

Of course, price is a consideration in my decision. FYI, i MR already.

maybe you can share your details like dob, smoker?

Sent from using GAGT

 

[XiaoZen]

Just want to share my thought when i bought my 1mil term insurance till 99, few years back.

I know i definitely need protection from death + TPD. I know i probably need legacy planning when i'm old. (yes, its just personally preference)

After looking through several insurance company, seems like only 1 company still do term till 99.

Look for a agent and discuss, she said she typically will not recommend ppl to take up term to 99 because no cash value etc.. I did my study and insisted.

Total cost is 300per month(fixed). 3600/year for 1mil death + TPD smoker age 30 that time.

I had discuss with my other insurance friend before on my plan. Financially, this plan does not seems sustainable. My friend thoughts is that probably insurance company is hedging on ppl whom lapse the plan.

Anw, i am pretty happy i bought my plan early. Because i know this plan increase price exponentially with age.

 

[Witwit84]

Just want to share my thought when i bought my 1mil term insurance till 99, few years back.

I know i definitely need protection from death + TPD. I know i probably need legacy planning when i'm old. (yes, its just personally preference)

After looking through several insurance company, seems like only 1 company still do term till 99.

Look for a agent and discuss, she said she typically will not recommend ppl to take up term to 99 because no cash value etc.. I did my study and insisted.

Total cost is 300per month(fixed). 3600/year for 1mil death + TPD smoker age 30 that time.

I had discuss with my other insurance friend before on my plan. Financially, this plan does not seems sustainable. My friend thoughts is that probably insurance company is hedging on ppl whom lapse the plan.

Anw, i am pretty happy i bought my plan early. Because i know this plan increase price exponentially with age.

This plan is purely for Death/TPD? does it include CI?

 

[XiaoZen]

This plan is purely for Death/TPD? does it include CI?

you can add CI as rider.. but CI got age till 65. need to add premium as well. not cheap. i did not add CI as rider that time due to budget constraint.

i added CI waiver rider.. which mean i will not need to pay premium if i kenna CI before 65.

 

[gunsol90]

This plan is purely for Death/TPD? does it include CI?

no it does not. only Death/TPD

anyway, for term plans you need to ask yourself whether you really need 1 million CI or not.

in my opinion if you are married with children, I think 350k CI coverage is already very good.

but yes you may need death/tpd more.

 

[XiaoZen]

Currently there's PruTerm Vantage and AXA Term Protector (To Age) tt is offering to 99. Not sure about other companies.

I think if anyone purchase a $1mil term plan till age 75 and if he pass away at age 76, cannot claim, he will feel wasted. So psychology, if they buy 1mil, they MUST get covered to 99 for a guarenteed legacy.

I am 30yrs old now. Say if i buy $1mil today cover to age 99. Should I pass away at age 80 (50yrs later), $1mil aft 3% inflation rate is only worth $228k today. Is it still worth paying $300/mth for that kind of guarenteed legacy?

Food for thoughts.

premium is fixed.. inflation will hit premium as well.

my thought is use this plan as "early as protection", "late as legacy". lol.. (i made up this myself). 1 plan serve 2 purposes.

since i believe in leaving legacy, must as well start early. if by u 50YO then start legacy plan, i believe it will be very expensive..

 

[Witwit84]

no it does not. only Death/TPD

anyway, for term plans you need to ask yourself whether you really need 1 million CI or not.

in my opinion if you are married with children, I think 350k CI coverage is already very good.

but yes you may need death/tpd more.

i think CI coverage is even more impt if you have a family. In cases like cancer or stroke where u cannot work but the treatment like experimental drugs (not covered by hospitalization insurance) for cancer etc are expensive, you not only have loss of income since you cannot work, you have extra medical expenses to bear. If the insured died its still not so bad, the family can just take the monies and live on...but if the insured is still alive with CI, it's zero income plus extra costs to take care of the insured. I am not an insurance agent but I have seen the toil cancer takes on the victim and the family in many of my relatives. It is very sad to see because those who are not that well off will choose not to burden the family and opt for the cheapest options, not trying the latest drugs etc (less will to fight and live on). I think buying CI insurance also gives the insured a peace of mind to seek the best treatment and fight to live and not worry about burdening his family.

 

[icyboiz]

Currently there's PruTerm Vantage and AXA Term Protector (To Age) tt is offering to 99. Not sure about other companies.

I think if anyone purchase a $1mil term plan till age 75 and if he pass away at age 76, cannot claim, he will feel wasted. So psychology, if they buy 1mil, they MUST get covered to 99 for a guarenteed legacy.

I am 30yrs old now. Say if i buy $1mil today cover to age 99. Should I pass away at age 80 (50yrs later), $1mil aft 3% inflation rate is only worth $228k today. Is it still worth paying $300/mth for that kind of guarenteed legacy?

Food for thoughts.

inflation is over rated. it doesnt go at 3% anymore. statistically for the last 5 years it's only 1.9%.

 

[evets]

inflation is over rated. it doesnt go at 3% anymore. statistically for the last 5 years it's only 1.9%.

yup, the average inflation in singapore is about 2%,so if your $$ is in any account giving less than 2%, then u are losing the value of your money over time.

 

[saintgtril]

maybe you can share your details like dob, smoker?

Sent from using GAGT

I born in April 1980s, a non smoker, male. I already MR. I will need more time to dig out my existing policies details.

I am looking to enhance my insurance coverage. I am exploring what options are available on the market (i.e. term and life). I do know the differences between the both (no cash value VS got cash value, cheaper VS more expensive premium).

My heart tells me to go with term plan as it is cheaper but with the same coverage??? (not sure) Any recommendation for me, guru? Thanks!

 

[Nystalia1990]

I born in April 1980s, a non smoker, male. I already MR. I will need more time to dig out my existing policies details.

I am looking to enhance my insurance coverage. I am exploring what options are available on the market (i.e. term and life). I do know the differences between the both (no cash value VS got cash value, cheaper VS more expensive premium).

My heart tells me to go with term plan as it is cheaper but with the same coverage??? (not sure) Any recommendation for me, guru? Thanks!

Just go for term will do for your case.

 

[tiny]

Just want to share my thought when i bought my 1mil term insurance till 99, few years back.

I know i definitely need protection from death + TPD. I know i probably need legacy planning when i'm old. (yes, its just personally preference)

After looking through several insurance company, seems like only 1 company still do term till 99.

Look for a agent and discuss, she said she typically will not recommend ppl to take up term to 99 because no cash value etc.. I did my study and insisted.

Total cost is 300per month(fixed). 3600/year for 1mil death + TPD smoker age 30 that time.

I had discuss with my other insurance friend before on my plan. Financially, this plan does not seems sustainable. My friend thoughts is that probably insurance company is hedging on ppl whom lapse the plan.

Anw, i am pretty happy i bought my plan early. Because i know this plan increase price exponentially with age.

I think you answered your own concerns.

You will need to think who is going to help pay for your $300/month premiums when you are in your 50s, 60s, 70s, 80s and 90s.

The only way you will "win" from the insurance company is that you pass away before 99 years old. The insurance company "win" from you if when you are unable to pay the premiums at one stage of your life (too many possible scenarios when you are between 50s to 99 years old). And you lose if you live beyond 99 years old. Will you attempt suicide in your 90s just to "win" from the insurance company? I doubt so, as you are too emotionally committed to see through the growing up stages of your grand children.

And... we are expected to live past 100 years old by the time we are in our 70s. Medical technology is improving. That's why government introduced CPF LIFE. Our government is not stupid.

 

[FP_IFA]

Currently there's PruTerm Vantage and AXA Term Protector (To Age) tt is offering to 99. Not sure about other companies.

I think if anyone purchase a $1mil term plan till age 75 and if he pass away at age 76, cannot claim, he will feel wasted. So psychology, if they buy 1mil, they MUST get covered to 99 for a guarenteed legacy.

I am 30yrs old now. Say if i buy $1mil today cover to age 99. Should I pass away at age 80 (50yrs later), $1mil aft 3% inflation rate is only worth $228k today. Is it still worth paying $300/mth for that kind of guarenteed legacy?

Food for thoughts.

GeckoZ, how much is $300 worth 50 years later then?

 

[icyboiz]

Don't mind, where did you get the figure from?
According to worldbank's figures, avg inflation rate from 2011 to 2015 in SG is 2.57%.

DIRECTLY FROM MAS.2011-2015 1.9%

 

[soneat]

Term to 99 or 100 plans. Axa, aviva, prudential, tokio marine.

Imho, average death age has only increased by 2+ years over the past decades. Probability of passing on before 99 is still very high

 

[akwl88]

Costs of living only has one direction to go

 

[zachary123]

I think you answered your own concerns.

You will need to think who is going to help pay for your $300/month premiums when you are in your 50s, 60s, 70s, 80s and 90s.

The only way you will "win" from the insurance company is that you pass away before 99 years old. The insurance company "win" from you if when you are unable to pay the premiums at one stage of your life (too many possible scenarios when you are between 50s to 99 years old). And you lose if you live beyond 99 years old. Will you attempt suicide in your 90s just to "win" from the insurance company? I doubt so, as you are too emotionally committed to see through the growing up stages of your grand children.

And... we are expected to live past 100 years old by the time we are in our 70s. Medical technology is improving. That's why government introduced CPF LIFE. Our government is not stupid.

I did that. 1m coverage till 99. Im also building up CPF. CPF life payout will hedge any payment concerns if I live until damn old. No worries.

 

[XiaoZen]

Term to 99 or 100 plans. Axa, aviva, prudential, tokio marine.

Imho, average death age has only increased by 2+ years over the past decades. Probability of passing on before 99 is still very high

300/mth because i'm a smoker... dun think my life expectancy can reach 99 if i continue with my current lifestyle.