Advice on insurance

[Sensational]

serious bro

get term plan and hosp plan enough liao

invest the rest to form a safety net when you have no dependents

guaranteed 50k only is zzz......

haha precisely man. but this was bought by my mum ages ago and I am taking over the plan when i start work. but no matter how i see like abit not worth.

that's why i seriously considering just surrendering and then buy the AXA WL plus a term or something. the premium can be used for those man.

 

[akwl88]

haha precisely man. but this was bought by my mum ages ago and I am taking over the plan when i start work. but no matter how i see like abit not worth.

that's why i seriously considering just surrendering and then buy the AXA WL plus a term or something. the premium can be used for those man.

i understand

i also cancelled my AIA Prime Life police (wl plan - 40k coverage only zz which my parents brought for me) when i learn more about insurance and brought term life till 65 instead

paying 1k per year for 500k coverage of death and tpd, 200k of ci

so worth it plus cost much lesser and the savings are channeled towards investments

 

[Hanuta]

I don't mean to hijack this thread but seems like a few people who know quite well about insurance here. Do you all know if I cancel my policy, do i need to have my original policy with me? or just identification card will do? Thanks!

 

[Lewis.T]

I don't mean to hijack this thread but seems like a few people who know quite well about insurance here. Do you all know if I cancel my policy, do i need to have my original policy with me? or just identification card will do? Thanks!

Good to have both if not just your ID.

 

[mSnooze]

haha precisely man. but this was bought by my mum ages ago and I am taking over the plan when i start work. but no matter how i see like abit not worth.

that's why i seriously considering just surrendering and then buy the AXA WL plus a term or something. the premium can be used for those man.

Just get a term will do, the cash value in WL is minimal and easily attain through other forms of investments.

 

[Sensational]

Just get a term will do, the cash value in WL is minimal and easily attain through other forms of investments.

thanks for the advice. so i should also give up the AIA WL that I have now?

 

[akwl88]

thanks for the advice. so i should also give up the AIA WL that I have now?

get a term first before you cancel your wl

 

[mSnooze]

thanks for the advice. so i should also give up the AIA WL that I have now?

Get a term first, cancelling is easy if you are willing to forgo the "cash value" that you have build up over the past few years, if there is any.

 

[Sensational]

get a term first before you cancel your wl

noted. i was thinking of getting term insurance till the age of 75:

Death and TPD : 500K or 1 million?
CI: 250k
Early CI: 50k

Would that be sufficient? DIYInsurance gave me quote on the following for $121.80 for a term insurance to 65 years old:

Death/TPD : 1m
CI: 250k
Early CI: 50K

 

[akwl88]

noted. i was thinking of getting term insurance till the age of 75:

Death and TPD : 500K or 1 million?
CI: 250k
Early CI: 50k

Would that be sufficient? DIYInsurance gave me quote on the following for $121.80 for a term insurance to 65 years old:

Death/TPD : 1m
CI: 250k
Early CI: 50K

Really depends on your needs, liabilities and affordability

For me, i think 500k more than enough liao for the amt i am paying

Cashflow is impt in the early years of adulthood when accumulating for retirement

Wont want to spend too much money on insursnce, preferably less than 5% of take home pay

 

[SBC]

Sounds cheap. But major downside is payable till age 100.

 

[mSnooze]

noted. i was thinking of getting term insurance till the age of 75:

Death and TPD : 500K or 1 million?
CI: 250k
Early CI: 50k

Would that be sufficient? DIYInsurance gave me quote on the following for $121.80 for a term insurance to 65 years old:

Death/TPD : 1m
CI: 250k
Early CI: 50K

For your case, Male, non-smoker, ANB 27, coverage till age 75:

$500K Death/TPD, $250K CI, $50K Early CI costs $1,567.20/year.
$500K Death/TPD, $250K CI costs $1,069.70/year.

$1M Death/TPD, $250K CI, $50K Early CI costs $1,964.45/year.
$1M Death/TPD, $250K CI costs $1,466.95/year.

 

[Sensational]

Sounds cheap. But major downside is payable till age 100.

haha which one is cheap?

 

[Sensational]

For your case, Male, non-smoker, ANB 27, coverage till age 75:

$500K Death/TPD, $250K CI, $50K Early CI costs $1,567.20/year.
$500K Death/TPD, $250K CI costs $1,069.70/year.

$1M Death/TPD, $250K CI, $50K Early CI costs $1,964.45/year.
$1M Death/TPD, $250K CI costs $1,466.95/year.

thanks for the quote! which insurer is this?

 

[mSnooze]

thanks for the quote! which insurer is this?

That is under Aviva, should be the cheapest in the market for your age.

 

[eboy]

The first question should be - what are your liabilities? You need to know to calculate the sum assured

U can consider a disability insurance as well which I believe many ppl overlook

 

[Sensational]

The first question should be - what are your liabilities? You need to know to calculate the sum assured

U can consider a disability insurance as well which I believe many ppl overlook

haha if it is right now i don't have any liabilities at all. only my parents.

disability insurance as in to replace the loss of income due to disability?

 

[akwl88]

haha if it is right now i don't have any liabilities at all. only my parents.

disability insurance as in to replace the loss of income due to disability?

Tpd is there liao

 

[eboy]

Tpd is there liao

TPD criteria is more stringent than disability insurance

 

[eboy]

haha if it is right now i don't have any liabilities at all. only my parents.

disability insurance as in to replace the loss of income due to disability?

Yes but not 100%