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Why I regret spending too much on Insurance

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Old 29-12-2017, 07:30 PM   #31
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OK, so what serious financial problem(s) would this product solve for you that you couldn't reasonably handle on your own?

And what's the cost for this product, by the way?
Loss of income due to hospitalisation. If you are employed with a fixed salary and paid hospitalisation leave then it's redundant in my opinion.

If you drive taxi and have no savings then maybe it's something useful but I suppose it's useless for most.
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Old 29-12-2017, 07:35 PM   #32
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Loss of income due to hospitalisation. If you are employed with a fixed salary and paid hospitalisation leave then it's redundant in my opinion.
Yup. Of course, one big issue is that hospitalization isn’t the only reason you might lose income. It’s not even the most likely reason, in terms of percentage(s) of lost income at least. So if the concern is loss of income due to inability to work.... You can see where this is going, right?

If you drive taxi and have no savings then maybe it's something useful but I suppose it's useless for most.
Maybe, but even then you’d probably be better off choosing the Integrated Shield rider with the option to collect some cash if you voluntarily choose a lower ward.
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Old 29-12-2017, 10:50 PM   #33
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OK, so what serious financial problem(s) would this product solve for you that you couldn't reasonably handle on your own?

And what's the cost for this product, by the way?
For just in case something happened. Such as stroke or chronical illness.
But now hospital hardly keep patient for long, either discharge and send back home or nursing home so highly unlikely to stay up to a month or two.

If cover nursing home and hospitalisation leave maybe can consider.
Premium about $15K for next 15 years. Need to hospitalised about 75 days to break even, not include opportunity cost and the unknown of premium increment over the years.
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Old 29-12-2017, 11:17 PM   #34
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For just in case something happened. Such as stroke or chronical illness.
I see you realized pretty quickly that a hospital cash plan doesn’t actually pay very much even in such circumstances.

According to the Ministry of Health, the average hospital stay for a “stroke with complications” is about 8 or 9 days. At $200/day you’d get $1,800, or thereabouts. I suppose that’s nice and all, but it’s not a life-altering sum for most, and at what cost?

If cover nursing home and hospitalisation leave maybe can consider.
For something that’s going to seriously disable you, your ElderShield pays. DII would pay even more often.

Premium about $15K for next 15 years.
My goodness! That’s painful.

Need to hospitalised about 75 days to break even, not include opportunity cost and the unknown of premium increment over the years.
This isn’t looking too attractive to me. At the very least it doesn’t seem like it ought to be at the front of your “What do I buy next?” list.
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Old 29-12-2017, 11:32 PM   #35
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Not sure why some people subscribe to the idea of term life insurance until 99 years old. The premiums are super expensive
Who said anything about term till 99? Term protection is to protect your dependents until they can fend for themselves. Insurance is for protection, not for attempting to get rich off it.
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Old 06-01-2018, 06:15 PM   #36
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Hi to all financial management experts, the following is my insurance coverage. My take home is 3.6k. Which one in your point of view is non-essential or impoortant ones i should include? 28y.o here.

1. Pru hospitalisation + rider $40/mth
2. Pru accident term 100k $14/mth
3. Pru late CI & death term 500k (250k for CI) $125/mth
4. Pru death term 500k $23/mth
5. Great eastern early CI 150k $108/mth
6. ntuc wholelife $60/mth

Originally planning to discontinue 3rd,4th,5th and sign Aviva 1mil death term plus 300k early + late CI, cost only 190/mth. Save about $60.

After reading this thread, should i just cancel 2,4,5 and buy a disability income replacement as mentioned by BBCwatcher?

Last edited by rottingapple; 06-01-2018 at 06:23 PM..
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Old 06-01-2018, 06:36 PM   #37
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Hi to all financial management experts, the following is my insurance coverage. My take home is 3.6k. Which one in your point of view is non-essential or impoortant ones i should include? 28y.o here.

1. Pru hospitalisation + rider $40/mth
2. Pru accident term 100k $14/mth
3. Pru late CI & death term 500k (250k for CI) $125/mth
4. Pru death term 500k $23/mth
5. Great eastern early CI 150k $108/mth
6. ntuc wholelife $60/mth

Originally planning to discontinue 3rd,4th,5th and sign Aviva 1mil death term plus 300k early + late CI, cost only 190/mth. Save about $60.

After reading this thread, should i just cancel 2,4,5 and buy a disability income replacement as mentioned by BBCwatcher?
ECI has always been a waste of $$ in my view. Too many conditions to hit the payout...
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Old 06-01-2018, 07:18 PM   #38
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ECI has always been a waste of $$ in my view. Too many conditions to hit the payout...
I started to agree with this, i am thinking maybe the disability income protection may be better.
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Old 06-01-2018, 07:45 PM   #39
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Hi to all financial management experts, the following is my insurance coverage. My take home is 3.6k. Which one in your point of view is non-essential or impoortant ones i should include? 28y.o here.

1. Pru hospitalisation + rider $40/mth
2. Pru accident term 100k $14/mth
3. Pru late CI & death term 500k (250k for CI) $125/mth
4. Pru death term 500k $23/mth
5. Great eastern early CI 150k $108/mth
6. ntuc wholelife $60/mth

Originally planning to discontinue 3rd,4th,5th and sign Aviva 1mil death term plus 300k early + late CI, cost only 190/mth. Save about $60.

After reading this thread, should i just cancel 2,4,5 and buy a disability income replacement as mentioned by BBCwatcher?
360 x 12 months almost 4k plus per yr lol

Ur agent must be very happy
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Old 06-01-2018, 09:08 PM   #40
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Rottingapple, do you have any dependents? (Any individuals who could not realistically sustain themselves financially without your help?)
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Old 06-01-2018, 09:18 PM   #41
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Rottingapple, do you have any dependents? (Any individuals who could not realistically sustain themselves financially without your help?)
I have 2 parents, Dad 68y.o but health is ok to do simple part time, Mum has medical condition not fit for work.

Last edited by rottingapple; 06-01-2018 at 09:27 PM..
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Old 06-01-2018, 10:01 PM   #42
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I have 2 parents....
That wasn’t the question.

I presume they’ll be sad if you leave this early plane before they do, but what’s their financial situation?
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Old 06-01-2018, 10:44 PM   #43
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That wasn’t the question.

I presume they’ll be sad if you leave this early plane before they do, but what’s their financial situation?
Oh. My Mum has a bit of savings, less than 100k. My Dad has no savings. I have 100k savings, if i die earlier than expected my savings will go to my Mum.

Hdb fully paid up. No loan.

Last edited by rottingapple; 06-01-2018 at 10:56 PM..
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Old 06-01-2018, 11:05 PM   #44
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Oh. My Mum has a bit of savings, less than 100k. My Dad has no savings. I have 100k savings, if i die earlier than expected my savings will go to my Mum.

Hdb fully paid up. No loan.
Simply: are they dependent on you for daily living? If you disappear from this planet right now, can they survive without any insurance payout upon your demise?


1. Pru hospitalisation + rider $40/mth
2. Pru accident term 100k $14/mth
3. Pru late CI & death term 500k (250k for CI) $125/mth
4. Pru death term 500k $23/mth
5. Great eastern early CI 150k $108/mth
6. ntuc wholelife $60/mth
2 is optional if you can afford it.
3 is probably worth dropping.
4 is probably overkill at 500k coverage, but it is not too expensive.
5 is probably worth dropping.
6 -> what is it for?



Seriously, you need that much coverage???
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Old 06-01-2018, 11:31 PM   #45
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Simply: are they dependent on you for daily living? If you disappear from this planet right now, can they survive without any insurance payout upon your demise?




2 is optional if you can afford it.
3 is probably worth dropping.
4 is probably overkill at 500k coverage, but it is not too expensive.
5 is probably worth dropping.
6 -> what is it for?



Seriously, you need that much coverage???
Oh, they cant survive without my insurance payout.

Ntuc wholelife should be an endowment. The good thing is that the surrender value is higher than the amount i put in. Will payout cash bonus that has rolling these years plus the sum assured.

I bought a lot of these insurance last time thinking i might want to leave some money for my brothers as well. But one million term coverage now i feel is probably too much. Thank you for your input.

Last edited by rottingapple; 06-01-2018 at 11:44 PM..
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