Best Term Insurance Plan(Do Not Solicit for Pm)

bigmice

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how much coverage for the following is considered adequate for a 32 year old single male? Income abt 6k

Death???

Critical illness??

Early critical illness??

disability income??

dun say 1 million... i got no dependants... so buy for 1 million is like burn money
you can use the formula to estimate your SA
death=5~10 years your annual income
CI=2~5year annual income
early CI= 2x annual income
disability=suggest 2000~3000/month ~ max your 75% salary
 

villan

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please advise:

term life till 65 vs term life 5 years (auto renewable)

if 5 years is auto renewable regardless of medical condition, seems more worthwhile as the annual premium is much lower
 

lzydata

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please advise:

term life till 65 vs term life 5 years (auto renewable)

if 5 years is auto renewable regardless of medical condition, seems more worthwhile as the annual premium is much lower

Yes but the premiums each time it is renewed will be raised. If you commit longer i.e. till 65 the overall premiums paid should be less than 5-year renewable.
 

soneat

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yay ! good news for us. I have no idea too. The % commission for agents is fixed between each individual policies one right? Cannot suka suka they just up the % when they sell u right?

Do u intend to get from DIYinsurance or aviva insurance agents?

My only concern with this is I am not sure if DIYinsurance will give services like explain the whole policy in details and help to review policy etc.
I am a client with DIY Insurance. Currently I believe there's a 20% perpetual discount for Aviva and 15% for AXA.

The 30% commission rebate is 30% of the commission they receive from the insurance company, less some S$27++ admin fee. As the commission is usually received over 4-5 years, customers will get the rebate for the first few years.
 

soneat

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I am a client with DIY Insurance. Currently I believe there's a 20% perpetual discount for Aviva and 15% for AXA.

The 30% commission rebate is 30% of the commission they receive from the insurance company, less some S$27++ admin fee. As the commission is usually received over 4-5 years, customers will get the rebate for the first few years.
Just to add, DIY Insurance does give services like explaining the whole policy in details and provide some perspectives. After all, they still need to be compliant to MAS regulations/requirements.

Good thing is....they are not pushy.
Bad thing is....you need to be at their office at Duxton Hill during office hours.
 

Niaoson

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Is there a cap on the sum assured through DIY Insurance?

Previously wanted to get $1mil but remember couldn't do so via them..
 

soneat

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Is there a cap on the sum assured through DIY Insurance?

Previously wanted to get $1mil but remember couldn't do so via them..
It will depend on the insurer you are trying to buy the insurance from. E.g. If you want to buy S$1m coverage, your income must be at least S$50Kpa (assuming you are below 40yo).

For large sum purchase, insurer will impose financial underwriting as well. That includes your income level as well as your intention for purchasing the insurance.
 

autumnal_solace

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Aviva or Prudential Term Insurance better?

Can someone advise on term plans Aviva MyProtector-Level Plus vs Prudential Term Vantage?

Understand both plans are having promo currently, but which is the better of the two?

Seems like people on this thread knows about Aviva but what about Prudential? Any comparison as both are term plans.

Thanks much! A noob at insurance hence appreciate anyone who can help shed light on the above.
 

IndianChief

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Btw how come for grp insurance like SAF, smokers are not penalised, but under proper term insurance smokers have to pay premium??
 

bigmice

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Can someone advise on term plans Aviva MyProtector-Level Plus vs Prudential Term Vantage?

Understand both plans are having promo currently, but which is the better of the two?

Seems like people on this thread knows about Aviva but what about Prudential? Any comparison as both are term plans.

Thanks much! A noob at insurance hence appreciate anyone who can help shed light on the above.
you can see the result compare for the similar plan
SA 1mil male birthday :01/01/1986

225458ub386bi01r41z1zt.jpg
 
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soneat

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Can someone advise on term plans Aviva MyProtector-Level Plus vs Prudential Term Vantage?

Understand both plans are having promo currently, but which is the better of the two?

Seems like people on this thread knows about Aviva but what about Prudential? Any comparison as both are term plans.

Thanks much! A noob at insurance hence appreciate anyone who can help shed light on the above.
It depends on gender,your entry age and number of years to cover. As an example,for young 20+years old who buy term to 99 years old female,prudential is competitive (or slightly cheaper than Aviva). In most instances,AXA and Aviva 1m plan is cheaper.
 

sgt_hippo

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juz did a comparison on an excel spreadsheet

SAF 200K TPD + 200k CI, 31 to 65 years = $39100
AXA DPI - 200K TPD + CI 31 to 65 years = $29526

DPI so much cheaper!
 

Iceman 82

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For a comprehensive insurance coverage covering wealth accumulation stage of your life (i.e. working life), SAF Group Insurance is the cheapest out there. The coverage includes:
1. Term Insurance (till 70 years old)
2. CI (till 65 years old)
3. Early CI (till 65 years old)

For example, a couple of 34 years old and wife of 32 years old, the total premium is as follow:

Husband
1. Term Insurance (till 70 years old with 200K coverage) = $17,587 (over 36 years)
2. CI (till 65 years old with 100K coverage) = $16,458 (over 31 years)
3. Early CI (till 65 years old with 100K coverage) = $12,786 (over 31 years)

Total Premium = $46,832

Wife
1. Term Insurance (till 70 years old) = $15,984 (over 36 years)
2. CI (till 65 years old with 100K coverage) = $16,699 (over 31 years)
3. Early CI (till 65 years old with 100K coverage) = $6,900 (over 31 years)

Total Premium = $39,583

I understand there is cheaper term coverage out there. However, the total premium is not as cheap after including CI and early CI. For a comprehensive coverage (Term + CI + Early CI), SAF Group is the cheapest.

I advocate term coverage during working life (wealth accumulate stage) in case anything happen during this period of one's life.

For coverage after 65 or 70, I believe one should already be self-insured (accumulated wealth during working life) instead of paying high premium to insurance companies for term insurance + CI + early CI. Furthermore, there is not much income loss to be hedged for a typical salaried worker after 65 or 70. Nonetheless, hospital insurance is still a must (as old as possible) to cover the high medical cost.

Do let me know if there is a cheaper plan for (Term till 70 + CI till 65 + Early CI till 65). I am interested to purchase. Pls provide your contact details as I am unable to PM you with minimum 10 post requirements to PM Thanks.
 
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sgt_hippo

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For a comprehensive insurance coverage covering wealth accumulation stage of your life (i.e. working life), SAF Group Insurance is the cheapest out there. The coverage includes:
1. Term Insurance (till 70 years old)
2. CI (till 65 years old)
3. Early CI (till 65 years old)

For example, a couple of 34 years old and wife of 32 years old, the total premium is as follow:

Husband
1. Term Insurance (till 70 years old with 200K coverage) = $17,587 (over 36 years)
2. CI (till 65 years old with 100K coverage) = $16,458 (over 31 years)
3. Early CI (till 65 years old with 100K coverage) = $12,786 (over 31 years)

Total Premium = $46,832

Wife
1. Term Insurance (till 70 years old) = $15,984 (over 36 years)
2. CI (till 65 years old with 100K coverage) = $16,699 (over 31 years)
3. Early CI (till 65 years old with 100K coverage) = $6,900 (over 31 years)

Total Premium = $39,583

I understand there is cheaper term coverage out there. However, the total premium is not as cheap after including CI and early CI. For a comprehensive coverage (Term + CI + Early CI), SAF Group is the cheapest.

I advocate term coverage during working life (wealth accumulate stage) in case anything happen during this period of one's life.

For coverage after 65 or 70, I believe one should already be self-insured (accumulated wealth during working life) instead of paying high premium to insurance companies for term insurance + CI + early CI. Furthermore, there is not much income loss to be hedged for a typical salaried worker after 65 or 70. Nonetheless, hospital insurance is still a must (as old as possible) to cover the high medical cost.

Do let me know if there is a cheaper plan for (Term till 70 + CI till 65 + Early CI till 65). I am interested to purchase. Pls provide your contact details as I am unable to PM you with minimum 10 post requirements to PM Thanks.

like i posted above

juz did a comparison on an excel spreadsheet

SAF 200K TPD + 200k CI, 31 to 65 years = $39100
AXA DPI - 200K TPD + CI 31 to 65 years = $29526

DPI so much cheaper!
__________________
 

Iceman 82

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like i posted above

juz did a comparison on an excel spreadsheet

SAF 200K TPD + 200k CI, 31 to 65 years = $39100
AXA DPI - 200K TPD + CI 31 to 65 years = $29526

DPI so much cheaper!
__________________

DPI is cheaper as it doesn't cover early CI which is the expensive part. DPI is also an accelerated plan unlike SAF Group
 
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