Cheapest way to insure?

[OrionTuition]

Hi,

I've just moved house recently and i will need to find a plan that can cover myself and my wife for mortgage insurance or equivalent insurance that cover us Home Protection Scheme (HPS).

In your opinion, which insurance company / plan can provide the equivalent coverage in the cheapest manner possible?

Coverage required: 860k
Male: 35yrs old
Female: 32yrs old
Both non smoker and have no pre-existing illness.

 

[OrionTuition]

anybody?



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[wooty100]

Will be ablw to quote 2 kinds. Term or decreasing term . Latter being cheaper as sum assured goes down every year. Can provide more details via pm if u interested.

 

[bloodsucker]

Just take the HPS. Its provided by the govt. Nothing beats their pricing. If u keep trying to find cheaper deals to save those few dollars, u are gonna end up losing more.

 

[OrionTuition]

Just take the HPS. Its provided by the govt. Nothing beats their pricing. If u keep trying to find cheaper deals to save those few dollars, u are gonna end up losing more.

Wish I'm qualified too

 

[yoshihara]

Hi,

I've just moved house recently and i will need to find a plan that can cover myself and my wife for mortgage insurance or equivalent insurance that cover us Home Protection Scheme (HPS).

In your opinion, which insurance company / plan can provide the equivalent coverage in the cheapest manner possible?

Coverage required: 860k
Male: 35yrs old
Female: 32yrs old
Both non smoker and have no pre-existing illness.

It is more than meet the eyes. Its not just a mortgage insurance that you meet. PM if interested to find out more.

 

[matchy]

Just take the HPS. Its provided by the govt. Nothing beats their pricing. If u keep trying to find cheaper deals to save those few dollars, u are gonna end up losing more.

TS also can shop for long term insurance like disability, hosp etc

 

[PRUbombz]

Just take the HPS. Its provided by the govt. Nothing beats their pricing. If u keep trying to find cheaper deals to save those few dollars, u are gonna end up losing more.

There is only but 1 advantage to HPS. That is you are allowed to use your CPF to fund the plan.

But there is also a disadvantage to getting a mortgage insurance with HPS vs from any private insurer. The problem with HPS is that the plan ties to the property and NOT the life assured. Thus, if you intend to upgrade your home, you need to buy another HPS or another mortgage insurance. And that would obviously be more expensive as you are now x number of years older. At the same time, the application will be subjected to underwriting again. Which means there may exclusions to the plan or premium loading due to some existing health conditions which you didn't have previously. Mortgage insurance also allow CI coverage, which is not available with HPS.

In the long run, mortgage insurance with private insurer is the way to go.

 

[galant22]

am in a similar situation now but my hse is still being built...
thinking to buy term, not mortgage insurance
fire insurance already provided by the bank free for x years....

 

[shkeat]

Hi guys,
Most of the time private insurer are actually cheaper than HPS and able to provide a better benefits.

 

[bigmice]

Hi guys,
Most of the time private insurer are actually cheaper than HPS and able to provide a better benefits.

yes, you a correct.