Advice on pru term vantage

[Elloell]

Am 23, male and non smoker.

Quoted $158/month up till the age of 99 for coverage of

-500k for death
-500k TPD up to 65 years old
-250k for CI to 80 years old

Please advice , is this a good plan ?

 

[Shion]

1) Do you need a long duration term plan
2) Do you need a high sum assured

 

[tiny]

Am 23, male and non smoker.

Quoted $158/month up till the age of 99 for coverage of

-500k for death
-500k TPD up to 65 years old
-250k for CI to 80 years old

Please advice , is this a good plan ?

$158 per month is $1896 per year. Do u have such cash to pay when u are in your 70s and 80s? If u need to resort borrowing from your children or grandchildren to service your insurance premiums, then are you a responsible person?

 

[Shiny Things]

Am 23, male and non smoker.

Quoted $158/month up till the age of 99 for coverage of

-500k for death
-500k TPD up to 65 years old
-250k for CI to 80 years old

Please advice , is this a good plan ?

It'll be a hell of a lot cheaper if you just get it to age 65. You don't need the insurance after your kids have flown the coop.

 

[Elloell]

It'll be a hell of a lot cheaper if you just get it to age 65. You don't need the insurance after your kids have flown the coop.

Yeah I understand. There's no early CI that comes with this, what are the plan I should get with early CI covered ?

 

[Shion]

I think Aviva MyProtector term has an early CI rider option

http://www.aviva.com.sg/life-and-health/for-individuals/term-life.html#myprotector

 

[durianseeds]

A plan is simply a tool and is only good if it serves your needs.

Some questions you might want to ask yourself first,

What's your reason(s) for choosing 500k/250k sum assured? How long is the 500k death benefit intended to sustain your loved ones when you're gone, given your current/projected standard of living? Is 250k enough to last you until full recovery upon a CI? Are your CI and death benefits from the same or separate pot of money?(cos it will affect your balance death benefit)

Is the quoted price within your budget? This is a long term commitment, plan ahead and start cheaper if needed. Next time when you earn more can always get plans with larger protection benefits.

Why do you want coverage till 99? Some people want to be covered shorter, for example, till 65 only because that's the supposed age when all your children are independent, debts are fully paid, have little to no liabilities and dependents (if everything goes well). Others want to be covered till 99 cos likely they will die by then and the death payout can also be used as inheritance to 2nd/3rd gen. If you buy early now, you lock in the cheap price and health insurability. And as a bonus, if along the way you get diagnosed with CI or TPD, all balance premiums would be waived (provided you got waivers).

Important thing is what you want for yourself, the plan is merely a tool. Does this plan with its quoted features meet what you want? If price is a big factor, compare prices between insurers based on similar features then make an informed decision. But compare too much also no end de, having a trustworthy and reliable agent is usually worth the extra few bucks.

Am 23, male and non smoker.

Quoted $158/month up till the age of 99 for coverage of

-500k for death
-500k TPD up to 65 years old
-250k for CI to 80 years old

Please advice , is this a good plan ?

 

[Perisher]

A plan is simply a tool and is only good if it serves your needs.

Some questions you might want to ask yourself first,

What's your reason(s) for choosing 500k/250k sum assured? How long is the 500k death benefit intended to sustain your loved ones when you're gone, given your current/projected standard of living? Is 250k enough to last you until full recovery upon a CI? Are your CI and death benefits from the same or separate pot of money?(cos it will affect your balance death benefit)

Is the quoted price within your budget? This is a long term commitment, plan ahead and start cheaper if needed. Next time when you earn more can always get plans with larger protection benefits.

Why do you want coverage till 99? Some people want to be covered shorter, for example, till 65 only because that's the supposed age when all your children are independent, debts are fully paid, have little to no liabilities and dependents (if everything goes well). Others want to be covered till 99 cos likely they will die by then and the death payout can also be used as inheritance to 2nd/3rd gen. If you buy early now, you lock in the cheap price and health insurability. And as a bonus, if along the way you get diagnosed with CI or TPD, all balance premiums would be waived (provided you got waivers).

Important thing is what you want for yourself, the plan is merely a tool. Does this plan with its quoted features meet what you want? If price is a big factor, compare prices between insurers based on similar features then make an informed decision. But compare too much also no end de, having a trustworthy and reliable agent is usually worth the extra few bucks.

Are you an insurance agent?

 

[durianseeds]

Yeah, wanna trade opinions and develop ideas with other forummers

Are you an insurance agent?

 

[bibu00]

What insurance company are you from?

 

[cLip6z]

Yeah, wanna trade opinions and develop ideas with other forummers

Advocate on this too. Nice detail explanation!

Sent from NIL using GAGT

 

[durianseeds]

What insurance company are you from?

Pm me

Advocate on this too. Nice detail explanation!

Thanks thanks! always still learning

 

[ashao911]

Am 23, male and non smoker.

Quoted $158/month up till the age of 99 for coverage of

-500k for death
-500k TPD up to 65 years old
-250k for CI to 80 years old

Please advice , is this a good plan ?

so r you going to pay $158 till 99?

 

[Shion]

so r you going to pay $158 till 99?

Totally not worth

 

[doody_]

Totally not worth

$158/month isn't a lot if he is covering 500k. For 500k coverage, he should be making a decent salary.

 

[Lewis.T]

Take into consideration the premium waiver riders you can add, which makes the plan that much better. In the unfortunate event you get a critical illness you not only get a lump sum payout, all your future premiums are waived too. Your children/family can be the beneficiaries.

But who am I kidding, most of you here are just looking out for yourselves, maybe you'll understand why people do this when you have children of your own.

 

[Shion]

Take into consideration the premium waiver riders you can add, which makes the plan that much better. In the unfortunate event you get a critical illness you not only get a lump sum payout, all your future premiums are waived too. Your children/family can be the beneficiaries.

But who am I kidding, most of you here are just looking out for yourselves, maybe you'll understand why people do this when you have children of your own.

http://www.investmentmoats.com/budgeting/insurance/what-is-insurance-premium-waiver/

 

[Shion]

$158/month isn't a lot if he is covering 500k. For 500k coverage, he should be making a decent salary.

My stand is -- Anyone but Pru/AIA/AXA

 

[MikeZhang]

Totally not worth

In my opinion, if he intend to leave 500k legacy for his dependant, why can't he can buy until 99. Of course we can't rule out that life span might increase and he may live after 99 unless he suicide.

Otherwise if purchase term plan till 99, got for Tokio Marine. It will be cheaper.

 

[Shiny Things]

Take into consideration the premium waiver riders you can add, which makes the plan that much better. In the unfortunate event you get a critical illness you not only get a lump sum payout, all your future premiums are waived too. Your children/family can be the beneficiaries.

But who am I kidding, most of you here are just looking out for yourselves, maybe you'll understand why people do this when you have children of your own.

Are you really calling us selfish because we're recommending term-to-65 instead of term-to-99 or whole-life? That's... kind of desperate.