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Best Term Insurance Plan(Do Not Solicit for Pm)

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Old 01-03-2018, 05:50 PM   #3466
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Term: Low premium high coverage. Use remaining savings to do own investment for future protection and retirement.

Whole life: Higher premium lower coverage. But includes guaranteed cash value + non guaranteed. May likely surrender during retirement years to get back amount of premium you have put in or more.

Is an apple to banana comparison. Which one do you need?

Hi which is better?
Term or whole life plan?
As I just bought a Supreme early multiplier 20 from GE
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Old 01-03-2018, 05:55 PM   #3467
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Term: Low premium high coverage. Use remaining savings to do own investment for future protection and retirement.

Whole life: Higher premium lower coverage. But includes guaranteed cash value + non guaranteed. May likely surrender during retirement years to get back amount of premium you have put in or more.

Is an apple to banana comparison. Which one do you need?
For people like me not investment savvy and 30yo only child in the family which will be a better choice?
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Old 01-03-2018, 06:01 PM   #3468
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For people like me not investment savvy and 30yo only child in the family which will be a better choice?
Will ur dependents be able to survive based on your payout shld u uplorry the next moment?
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Old 01-03-2018, 07:18 PM   #3469
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Will ur dependents be able to survive based on your payout shld u uplorry the next moment?
Not exactly, Just additional financial support.
Cause I also not say buy very huge premium
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Old 02-03-2018, 02:37 AM   #3470
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For people like me not investment savvy and 30yo only child in the family which will be a better choice?
U do have an option to learn about investment.
Let's assume that you do not have time (or interest) to do that, that's fine too.

Looking at participating plan which could generates cash value on ur behalf (no doubts there'd be charges), it makes a lot better sense for you rather than if u Buy Term and Spend the Rest (BTSR) or Buy Term and Bochap the Rest (BTBR).
By bochap, i mean not even trying to grow the money with inflation just to at least breakeven.

So if we look at par plans, would a whole life plan be a good idea?

I can't think of much Pros if we compares it one of my recently developed idea (don't intend to share it publicly, yet).
But the main Cons would be that if u surrender it for the cash payout, you loose the cover, and if u keep the cover, you lock the cash. It's just inflexible.

N.B. I'm not even suggesting ILPs here btw.
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Old 04-03-2018, 01:37 AM   #3471
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Hi all
Wondering if you can assist with quotation.
I'm 25yo this yr, F, non smoker.
Alr have 500k death/tpd + 300k ci under AIA but it only covers for 30years i.e. when im 54.
Thinking of increasing my coverage with additional 500k death/tpd up to 65 but not sure if i shld decrease my ci coverage with AIA (to 200k?) And then take up the 100k ci for up to 65yo instead.

Can anyone quote me for 500k/750k death/tpd (by itself) and also with 100k/200k ci for up to 65yo? Looking for term.

Thanks!!
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Old 04-03-2018, 05:14 AM   #3472
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Hi, as someone who does not have any insurance coverage at the moment, may I ask if it’ll be more advisable to:
1. purchase all policies from a single company through a very trusted agent, or
2. purchase different policies from various companies that provide the same coverage at lower premiums?
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Old 04-03-2018, 07:09 AM   #3473
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Hi, as someone who does not have any insurance coverage at the moment, may I ask if itíll be more advisable to:
1. purchase all policies from a single company through a very trusted agent, or
2. purchase different policies from various companies that provide the same coverage at lower premiums?
I'd rather go for option 2.
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Old 04-03-2018, 11:54 AM   #3474
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Regardless of whether you are investment savvy or not, always buy "Term insurance" and "invest the rest" will never go wrong!

If you are not investment savvy, you should read and adopt this simple investment method advocated by Shiny Things here:
https://forums.hardwarezone.com.sg/9...-post1908.html

https://forums.hardwarezone.com.sg/m...b-4866757.html

The most important caveat I want to point out is this about some people strongly advocating you to buy REITs:

"15. on being Dividends-Centric

Dividends whoring is a dangerous business. Generally, you buy stocks for capital gains, not for their dividends. If you want income, buy bonds.

DOWNTOWN JOSH BROWN

"One of the most dangerous things an investor can do to a portfolio is to seek bond-like returns from the stock market, while taking de facto equity risk on the fixed income side. In English - to turn their bonds into stocks & their stocks into bonds.

Buy high-yielding dividend stocks for their current income and pretending they are "bond-like" is a recipe for nasty surprises at some point down the line. But this is precisely what many in the industry have been doing - Financial advisors, ETF providers, money managers - everyone's playing.
"

Yap, just like these people telling you to buy REITs for dividend income!


Off my head the insurances you must have includes:
1) Hospitalization insurance (Medishield); IP good to have but not necessary, Can buy when you are young and much cheaper (can drop when much older).
2) Term life insurance (if you have dependents) - only need to cover until 60 years old; don't buy to 99 years old because too expensive and not neccessary!
3) Disability Income insurance (if you are working)
4) Mortgage (term decreasing) insurance - cheap to have if you have mortgages to pay.

Good to have insurance includes:
5) Some CI insurance cover until 60 years old, don't need a lot, may be about $100k-200k?

Insurances to avoid:
A) ILPs
B) Whole Life
C) Endowments

After 60 years old, you can self insure right? (Not worth buying insurance anymore except Medishield because they are most likely too expensive, high premiums and low protection).

Oh yes, another one currently, that ElderShield, is a waste of money - high premiums but low payout and even more difficult to be eligible to claim.

For people like me not investment savvy and 30yo only child in the family which will be a better choice?
Term: Low premium high coverage. Use remaining savings to do own investment for future protection and retirement.

Whole life: Higher premium lower coverage. But includes guaranteed cash value + non guaranteed. May likely surrender during retirement years to get back amount of premium you have put in or more.

Is an apple to banana comparison. Which one do you need?

Last edited by ervino; 04-03-2018 at 12:26 PM..
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Old 04-03-2018, 12:07 PM   #3475
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Choose 2, and compare quotations from various companies and get the best deal for each type of policies (best deal means not the cheapest but the cheapest with the most comprehensive coverage)!
Don't just buy cheapest but doesn't cover this and cover that and excessively high excess etc (e.g. like car insurance)!

Hi, as someone who does not have any insurance coverage at the moment, may I ask if it’ll be more advisable to:
1. purchase all policies from a single company through a very trusted agent, or
2. purchase different policies from various companies that provide the same coverage at lower premiums?
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Old 04-03-2018, 12:54 PM   #3476
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Hi all
Wondering if you can assist with quotation.
I'm 25yo this yr, F, non smoker.
Alr have 500k death/tpd + 300k ci under AIA but it only covers for 30years i.e. when im 54.
Thinking of increasing my coverage with additional 500k death/tpd up to 65 but not sure if i shld decrease my ci coverage with AIA (to 200k?) And then take up the 100k ci for up to 65yo instead.

Can anyone quote me for 500k/750k death/tpd (by itself) and also with 100k/200k ci for up to 65yo? Looking for term.

Thanks!!
How much is your current coverage with AIA?

For your profile,

Death/TPD coverage only till age 65,
500k : $499.35/year.
750k : $696.70/year.

500k Death/TPD + CI till age 65,
100k CI : $617.60/year.
200k CI : $735.85/year.

750k Death/TPD + CI till age 65,
100k CI : $814.35/year.
200k CI : $932.60/year.

Pricing from Aviva.
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Old 05-03-2018, 02:50 AM   #3477
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Wondering if aviva direct term with ci till 65 with coverage 400k is good enough for single 30 year old non smoker?
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Old 05-03-2018, 07:01 AM   #3478
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Wondering if aviva direct term with ci till 65 with coverage 400k is good enough for single 30 year old non smoker?
Yes, if:
1) You do not have aging parents; and
2) You are not intending to get married and have children.
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Old 05-03-2018, 09:15 AM   #3479
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Yes, if:
1) You do not have aging parents; and
2) You are not intending to get married and have children.
Hi thanks. If I do intend to get married in future what kinda terms coverage I need?
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Old 05-03-2018, 09:26 AM   #3480
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Hi thanks. If I do intend to get married in future what kinda terms coverage I need?
I'd go for 1mil coverage with MINDEF AVIVA GTL.
Or
I will buy another direct term with another insurer for 400k coberage. Total of 800k.
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