Basics of Insurance

[moejoseph]

when new agent comes here and tout heavily about ilp, you know he/she is not very financially savvy and only cares about the huge comms ilp brings to his/her pocket

kekeke

Well i'm not touting about ILP but bringing a balance side of views to it, as with everything else. As mentioned, for individuals like yourself who are financial savvy and able to get better returns elsewhere, by all means go ahead.

For people like myself who are not as knowledgeable or experience, and like some financial bloggers mentioned, who don't mind the fees, ILP is one of our way out

 

[JuniorLion]

Well i'm not touting about ILP but bringing a balance side of views to it, as with everything else. As mentioned, for individuals like yourself who are financial savvy and able to get better returns elsewhere, by all means go ahead.

For people like myself who are not as knowledgeable or experience, and like some financial bloggers mentioned, who don't mind the fees, ILP is one of our way out

"Don't mind the fees". The fees could mean a difference of more than 100k at the end of 30years!

Some weeks back, I questioned if there is any need for ILP-wrapper around the fund, where you can just buy the fund direct via POEMS.

Searching through 10 insurers and 30+ ILP products later, the only ILP "worth" your time is TM Wealth Enhancer. This ILP invest 105.3% of the amount you put in. At surrender, you lose 5% (bid-sell spread. Backloaded). You gain very very marginally. But it's not really worth your time.

All other ILP products stack extra costs so much so that you are better off buying the fund direct.

And don't us started on the 101% nonsense.

Moejoseph, go peddle your wares elsewhere please.

 

[akwl88]

Well i'm not touting about ILP but bringing a balance side of views to it, as with everything else. As mentioned, for individuals like yourself who are financial savvy and able to get better returns elsewhere, by all means go ahead.

For people like myself who are not as knowledgeable or experience, and like some financial bloggers mentioned, who don't mind the fees, ILP is one of our way out

moi will quote - "A FOOL AND HIS MONEY ARE SOON PARTED"

This phrase is typically used to describe someone who loses their money quickly, either by being tricked or spending it wastefully.

 

[BBCWatcher]

Searching through 10 insurers and 30+ ILP products later, the only ILP "worth" your time is TM Wealth Enhancer. This ILP invest 105.3% of the amount you put in. At surrender, you lose 5% (bid-sell spread. Backloaded). You gain very very marginally. But it's not really worth your time.

Tokio Marine lists 102.2% as the initial allocation figure in their product brochure (but not many other details). Where are you seeing the 105.3%?

And isn't this plan exclusively for CPF savings?

 

[JuniorLion]

Tokio Marine lists 102.2% as the initial allocation figure in their product brochure (but not many other details). Where are you seeing the 105.3%?

And isn't this plan exclusively for CPF savings?

Source is comparefirst.sg. Stated that from 1 Oct 2019 onwards. Yes, only cpfis.

 

[tangent314]

It's an cute offer at 105.30%
.95 * 105.30% = 100.035% so your 'gift' is only 0.035%

You can only purchase TMLS funds with this plan, which are wrappers around other sub-funds with an additional 0.10-0.20% markup in management fees plus additional miscellaneous fees.

 

[JuniorLion]

It's an cute offer at 105.30%
.95 * 105.30% = 100.035% so your 'gift' is only 0.035%

You can only purchase TMLS funds with this plan, which are wrappers around other sub-funds with an additional 0.10-0.20% markup in management fees plus additional miscellaneous fees.

Actually, the only other fees is the 'management' fees. And you're right about the 'gift' of 0.035%. So I said, it's not worth your time.

 

[akwl88]

TS run road liao after he realize he did not stumble into a goldmine here?

haha

 

[TabascoSauce]

Moejoseph, the folks frequenting MM are not your typical noobs.

You can't generate leads from here. You are not the first one trying, and no, you didn't stumble upon a gold mine.

Lol this is very true.

Without the financial savvy ppl here protecting this sub forum, it will jus be a dead platform filled with Insurance Agents advertising ILPs/endowments

 

[havetheveryfun]

well comparing him to the other guy outside now, at least he put in more efforts and doesnt solicit thatopenly

 

[moejoseph]

TS run road liao after he realize he did not stumble into a goldmine here?

haha

Bro i am still here haha. Will still try my best to answer any relevant questions raised regarding insurance