Getting started with insurance

[BBCWatcher]

Some companies are whole life with a expiry at 99/100. GE’s whole life is indeed whole of life till the person passes on.

Usually this factor doesn’t gets looked at that often but since this was brought up, just raising the point. That’s why there’s really no direct comparison for any of the whole life plans.

It's really quite annoying that some of Singapore's carriers abuse industry standard terms and call their term life insurance policies to age 99 (or 100) "whole life insurance." Like I said, in some countries that would be illegal. It should be illegal in Singapore, too. It's false and misleading.

For perspective, and per Singapore's 2019 life tables, if today's newborns have the same mortality experience over the next ~100 years as the past ~100 years of residents of Singapore, then more than 3.3% of baby boys and more than 7.8% of baby girls will see their 99th birthdays. But that's too pessimistic. Babies born today won't have the same mortality experience. With high confidence they will likely have a better mortality experience. For starters, they're not smoking as much as past residents.

Term life insurance to age 99 (or age 100) is really pretty crazy. It's a great financial incentive for elder abuse.

 

[Yello10]

Help on insurance portfolio

Hi all,

Asking for opinions on the current plans i have
Female ANB 33 , married no kids. One mortgage.
Pru shield and pru shield extra ( paying about $58 per month), fully covered for private hospital.
Pru CI term ( stand alone) $150K 3x - cover late stage
GE - $48/ yr Standard coverage by Govt

Recently went for portfolio review and this is proposed by the agent
AIA guaranteed protect plus WL- 150k , limited pay 20 years $3000/yr or pay up to 65 $2500/yr. the reason why the agent recommend this because there is a early stage CI coverage ( my current plan does not have ). The plan cover 104 CI . Is the proposed premium expensive?

OR
AIA pro lifetime protector (ILP) - 150k , $2573 / yr. agent put this for recommendation as there is multiple claims for early stage CI or late stage.

I will strike off the ILP, due to investment element and also heard some really bad experiences from my friends and own family.

After reading through about 20 pages of thread, I realise that DII is prob one thing that I will definitely look at. I would also want to cover early stage CI, since my current plan only covers late stage) . Anyone can advise if there are other company offering reasonable pricing in comparison with AIA ?

Also, I would like to check if anyone can enlighten me if the reason why AIA is more ex is due to the types of CI (104 ) that they cover ? I noticed some insurer indicate either 30 plus CI or 50 plus CI . And I wonder why there is a difference across the industry.

 

[Aresden]

Hi all,

Asking for opinions on the current plans i have
Female ANB 33 , married no kids. One mortgage.
Pru shield and pru shield extra ( paying about $58 per month), fully covered for private hospital.
Pru CI term ( stand alone) $150K 3x - cover late stage
GE - $48/ yr Standard coverage by Govt

Recently went for portfolio review and this is proposed by the agent
AIA guaranteed protect plus WL- 150k , limited pay 20 years $3000/yr or pay up to 65 $2500/yr.
.....................

I am not a qualified FA, but it seemed to me that the quoted premiums are too high.
1) If getting ECI is important to you, are there cheaper alternatives? Other insurers etc.
2) Assuming you are paying $2500/year for 32 years(until 65), are you able to afford?

 

[moejoseph]

Hi all,

Asking for opinions on the current plans i have
Female ANB 33 , married no kids. One mortgage.
Pru shield and pru shield extra ( paying about $58 per month), fully covered for private hospital.
Pru CI term ( stand alone) $150K 3x - cover late stage
GE - $48/ yr Standard coverage by Govt

Recently went for portfolio review and this is proposed by the agent
AIA guaranteed protect plus WL- 150k , limited pay 20 years $3000/yr or pay up to 65 $2500/yr. the reason why the agent recommend this because there is a early stage CI coverage ( my current plan does not have ). The plan cover 104 CI . Is the proposed premium expensive?

OR
AIA pro lifetime protector (ILP) - 150k , $2573 / yr. agent put this for recommendation as there is multiple claims for early stage CI or late stage.

I will strike off the ILP, due to investment element and also heard some really bad experiences from my friends and own family.

After reading through about 20 pages of thread, I realise that DII is prob one thing that I will definitely look at. I would also want to cover early stage CI, since my current plan only covers late stage) . Anyone can advise if there are other company offering reasonable pricing in comparison with AIA ?

Also, I would like to check if anyone can enlighten me if the reason why AIA is more ex is due to the types of CI (104 ) that they cover ? I noticed some insurer indicate either 30 plus CI or 50 plus CI . And I wonder why there is a difference across the industry.

You might want to compare other insurers' premium here, as i believe there are cheaper alternatives

104 is due to them listing out all the conditions, there are companies with 130+ as well

Will advise you to do so as CI definition changes is happening soon

 

[Yello10]

I am not a qualified FA, but it seemed to me that the quoted premiums are too high.
1) If getting ECI is important to you, are there cheaper alternatives? Other insurers etc.
2) Assuming you are paying $2500/year for 32 years(until 65), are you able to afford?

1) if anyone can give me a quote for WL with early CI coverage, I will be happy to take a look.

2) I probably can afford (provided with the current or incremental income) but not willing to part with the $$$. But also, I’m wondering if the high price is due to the types of CI that they cover ( around 104 types ). If anyone with knowledge maybe can help to explain that .. tyvm

 

[Yello10]

You might want to compare other insurers' premium here, as i believe there are cheaper alternatives

104 is due to them listing out all the conditions, there are companies with 130+ as well

Will advise you to do so as CI definition changes is happening soon

Yes I’m rushing to do it before 26 Aug.

 

[winthony]

Hi all,

Asking for opinions on the current plans i have
Female ANB 33 , married no kids. One mortgage.
Pru shield and pru shield extra ( paying about $58 per month), fully covered for private hospital.
Pru CI term ( stand alone) $150K 3x - cover late stage
GE - $48/ yr Standard coverage by Govt

Recently went for portfolio review and this is proposed by the agent
AIA guaranteed protect plus WL- 150k , limited pay 20 years $3000/yr or pay up to 65 $2500/yr. the reason why the agent recommend this because there is a early stage CI coverage ( my current plan does not have ). The plan cover 104 CI . Is the proposed premium expensive?

OR
AIA pro lifetime protector (ILP) - 150k , $2573 / yr. agent put this for recommendation as there is multiple claims for early stage CI or late stage.

I will strike off the ILP, due to investment element and also heard some really bad experiences from my friends and own family.

After reading through about 20 pages of thread, I realise that DII is prob one thing that I will definitely look at. I would also want to cover early stage CI, since my current plan only covers late stage) . Anyone can advise if there are other company offering reasonable pricing in comparison with AIA ?

Also, I would like to check if anyone can enlighten me if the reason why AIA is more ex is due to the types of CI (104 ) that they cover ? I noticed some insurer indicate either 30 plus CI or 50 plus CI . And I wonder why there is a difference across the industry.

Are you looking for ECI coverage specifically?

You can get a term+eci rider or multipay CI to cover you to the age you desire if cost is a factor.

For CI coverage, follow LIA's guidelines. There are only 37 recognized CI listed on their framework. The reason why got funny numbers like 104 etc is because they add early + intermediate + major stage of the illnesses together

 

[winthony]

1) if anyone can give me a quote for WL with early CI coverage, I will be happy to take a look.

2) I probably can afford (provided with the current or incremental income) but not willing to part with the $$$. But also, I’m wondering if the high price is due to the types of CI that they cover ( around 104 types ). If anyone with knowledge maybe can help to explain that .. tyvm

Company A :

150K Death + TPD + 150K ECI -> pay 20 years : $2347

Company M:

150K Death + TPD + 150K ECI -> pay 20 years : $2320.93


For WL policies, there is the multiplier and its expiry date. I have set it to be : Base -> 50k and multiplier ends at 70 years old.

 

[MrPippen]

Hello, any Prudential advisers here?

Might need some assistance with my policy. Feel free to drop me a PM. Thank you.

 

[Yello10]

Are you looking for ECI coverage specifically?

You can get a term+eci rider or multipay CI to cover you to the age you desire if cost is a factor.

For CI coverage, follow LIA's guidelines. There are only 37 recognized CI listed on their framework. The reason why got funny numbers like 104 etc is because they add early + intermediate + major stage of the illnesses together

Right right . Ok thanks!
I’m looking for insurance with cash value since I already have term CI

 

[winthony]

Right right . Ok thanks!
I’m looking for insurance with cash value since I already have term CI

I see, i have quoted 2 companies below! feel free to let me know what adjustment you want to make

 

[boredboiboi]

1) if anyone can give me a quote for WL with early CI coverage, I will be happy to take a look.

2) I probably can afford (provided with the current or incremental income) but not willing to part with the $$$. But also, I’m wondering if the high price is due to the types of CI that they cover ( around 104 types ). If anyone with knowledge maybe can help to explain that .. tyvm

The ci conditions usually +- not that many.
Why aia give u the option 20 years because they only have 12 or 20 years payment

Company M (with 5 times multiplier till age 70, multiplier higher means premium is lower)
After multiplier , 150k death/tpd, 150k eci - $1690.50/year (25 years premium payment term) , $1900.30/year(20 years premium payment term?

 

[exterminazn]

Yes I’m rushing to do it before 26 Aug.

Have you consider Or gotten disability income insurance though?

 

[moejoseph]

Right right . Ok thanks!
I’m looking for insurance with cash value since I already have term CI

If u are looking for cash value, a higher base will give u a higher surrender value if u decide to surrender later

Below quote from AXA Direct:

1) $150k Death/TPD/ECI till age 70, $50k Death/TPD/ECI after age 70
- Pay 20 years @ $2546.50/year
- Pay 25 years @ $2239/year

2) $150k Death/TPD/ECI till age 70, $30k Death/TPD/ECI after age 70
- Pay 20 years @ $2116.50/year
- Pay 25 years @ $1854/year

 

[MrPippen]

Yes I’m rushing to do it before 26 Aug.

WHy the rush though?

 

[boredboiboi]

WHy the rush though?

The changes of the new CI definition. The date is of LIA. Some insurers make changes even before that date. 1 to 2 weeks earlier

 

[James Lee WY]

WHy the rush though?

yea lor i think can gauge how much coverage you need first before you buy or else later regret, i jn see until this then i try check if i got covered enuf anot https://web.policypal.com/life-stage

 

[MrPippen]

Hello, any Prudential advisers here?

Might need some assistance with my policy. Feel free to drop me a PM. Thank you.

Still need.

Thanks in advance.

 

[Blacklist]

Right right . Ok thanks!
I’m looking for insurance with cash value since I already have term CI

Need help?

 

[Blacklist]

Still need.

Thanks in advance.

I can refer you someone trustworthy if you still need