Getting started with insurance

[Mr. Wood]

Yes exactly. Since term till 65 is like CPF withdrawal age (and you can withdraw 20% from RA) after the term ends.

But of course, have to take note of the political risk in CPF.

This is a guideline, because no hard numbers to confirm that it is superior. But most of the time, it is.

if u hav policy illustration for TL and WL, can do a comparison table.
so far frm wht I see, WL cash value after 20years is abt below 3%. in terms of %returns, SA wins.

insurance co oso hav political risk

 

[Value.Matrix]

if u hav policy illustration for TL and WL, can do a comparison table.
so far frm wht I see, WL cash value after 20years is abt below 3%. in terms of %returns, SA wins.

insurance co oso hav political risk

Yes exactly. Use the hard numbers to jutify your decision.

Insurance co is partially protected under SDIC > Policy Protection Scheme of 100k surrender value currently, and death protection for $500,000. So still alright lah..

But decide and commit. No more regrets liao once decision made. We can make good decisions, but never the best 100% of the time.

 

[elliekoh]

@jwfeng, u can check out Great Family Care by GE but I agree with ivortyt about getting a life plan with ECI instead.

 

[elliekoh]

Should I get a PA plan? Considering I am working in a Startup that don't have any employee benefits?

I am a noob at this, just started working for 1 year and not sure if I should need one.

@jane567 If your company doesn't cover you with employee benefits, the first plan you should consider is hospitalisation plan (aka integrated shield).

 

[elliekoh]

Thanks for all the responses. So far I was recommended Sompo PA Junior and NTUC PA Assurance, but to be frank, not sure whether it is really necessary to get a PA plan for my child given that my child is already insured for hospitalization, and my company covers 80% outpatient for dependants. Will give it a further thought.

You can consider taking a personal PA plan for your child in case your company ever changes their provider or coverage. Also consider if your company outpatient covers TCM.

 

[elliekoh]

Hi,

I currently only have an integrated shield plan and is considering to get additional insurance for myself due to multiple dependents (parents and younger siblings).

Any suggestions on what I should be looking out for?

There is term CI that covers yourself and parents.
Siblings will need to be covered separately.

 

[singapurablue]

Need expert advise what would a 20year need and which choice is more appropriate since this seems at a schooling age....Term life or whoe life insurance? Glad to hear inputs.

 

[BBCWatcher]

Need expert advise what would a 20year need and which choice is more appropriate since this seems at a schooling age....Term life or whoe life insurance?

Why does this 20 year old near life insurance of any sort? Does he or she have any dependents?

 

[boredboiboi]

Need expert advise what would a 20year need and which choice is more appropriate since this seems at a schooling age....Term life or whoe life insurance? Glad to hear inputs.

Check with your parent if they got buy any plan for you. And you probably about to or ald finish ns and u can take up the aviva group term life which is very cheap.

 

[mummynew]

Why does this 20 year old near life insurance of any sort? Does he or she have any dependents?

I bought my first cover at about 18 yo with my pocket money and some part time work. My thought at that time was to benefit my financially poor parents in a small way within my means in the event that something happens to me.

At 18 then, I had no financial knowledge or whatever needs analysis. Bought the cover for the sole thought of repaying my parents (in a small way) for 18 years of bringing me up despite their struggles to make ends meet.

 

[BBCWatcher]

I bought my first cover at about 18 yo with my pocket money and some part time work. My thought at that time was to benefit my financially poor parents in a small way within my means in the event that something happens to me.

Yes, you had dependents, and consequently life insurance had some merit in your situation. Most teenage and age 20-something adults in Singapore nowadays don't have dependents, so that's why I'm asking the question.

 

[Value.Matrix]

Check with your parent if they got buy any plan for you. And you probably about to or ald finish ns and u can take up the aviva group term life which is very cheap.

Actually, I disagree with this being, though its quite a acceptable advice.

Its easier to upgrade and get cheap cover from Aviva Group Term. You probably should try to get private plan first to lock in the cheap rates (when you are young like below 30). After 30, then look into Mindef Aviva Term Death. (Do your due diligence too since this is a guideline).

For Critical Illness policy, you will need to calculate (including the increased premiums) for Living Care Policy.

For Living CAre +, do your own due diligence as their cover is very limited compared to the ECI from private insurers.

 

[boredboiboi]

Actually, I disagree with this being, though its quite a acceptable advice.

Its easier to upgrade and get cheap cover from Aviva Group Term. You probably should try to get private plan first to lock in the cheap rates (when you are young like below 30). After 30, then look into Mindef Aviva Term Death. (Do your due diligence too since this is a guideline).

For Critical Illness policy, you will need to calculate (including the increased premiums) for Living Care Policy.

For Living CAre +, do your own due diligence as their cover is very limited compared to the ECI from private insurers.

I totally agree thus I only mentioned the term and not the rider. I personally also don’t recommend the riders due to its limitation.

 

[maple96]

I bought my first cover at about 18 yo with my pocket money and some part time work. My thought at that time was to benefit my financially poor parents in a small way within my means in the event that something happens to me.

At 18 then, I had no financial knowledge or whatever needs analysis. Bought the cover for the sole thought of repaying my parents (in a small way) for 18 years of bringing me up despite their struggles to make ends meet.

Agree, 3 major benefits to buy a whole life insurance for "our generation": parents as dependents/beneficiaries, forced savings benefits when we retire, cheaper mthly premiums when young then returns when we retire will be good.

The younger generation lack good civic education, never think their parents are dependents when they are young, plus the "bad influence"

 

[Value.Matrix]

Agree, 3 major benefits to buy a whole life insurance for "our generation": parents as dependents/beneficiaries, forced savings benefits when we retire, cheaper mthly premiums when young then returns when we retire will be good.

The younger generation lack good civic education, never think their parents are dependents when they are young, plus the "bad influence"

Its frontloaded though, so quite a number might still want to Buy Term Invest the Rest (BTIR) in terms of mathematical calculation.

The cheaper premiums is not exactly a benefit, more of giving a peace of mind that your policy does not lapse.

And who else finds 1 million insurance is just adequate only... if you count in housing and children.

I find hitting FRS and BHS a better forced savings with better return though haha. But its not for everyone...

 

[maple96]

Its frontloaded though, so quite a number might still want to Buy Term Invest the Rest (BTIR) in terms of mathematical calculation.

The cheaper premiums is not exactly a benefit, more of giving a peace of mind that your policy does not lapse.

And who else finds 1 million insurance is just adequate only... if you count in housing and children.

I find hitting FRS and BHS a better forced savings with better return though haha. But its not for everyone...

U belong to the younger generation. Too much greed and fear. My WL earning 5% pa compounded now, no dependents, let it run until I need for retirement. For younger generation, maybe tough to achieve such benefits

But u might be one of those waiting on the sidelines for me to surrender my WL then rush to grab it, annual return about >10%+

 

[Value.Matrix]

U belong to the younger generation. Too much greed and fear. My WL earning 5% pa compounded now, no dependents, let it run until I need for retirement. For younger generation, maybe tough to achieve such benefits

But u might be one of those waiting on the sidelines for me to surrender my WL then rush to grab it, annual return about >10%+

Maybe... Because we study how insurance companies allocate their Endowments and Par Funds. Its 65% in bonds and 35% in other products. Can mimic, though its still at your own risk

I bought a WL of $50,000 and serviced it for 11 years le. Once regretted, but now its not a bad decision imho.

 

[p33p33]

Hello, I currently have a Aviva Term Life insurance with coverage of 300k. I'm reviewing my coverage now. Is it possible for me to extend coverage for the term plan including the riders and top up the payable premium?

 

[BBCWatcher]

Hello, I currently have a Aviva Term Life insurance with coverage of 300k. I'm reviewing my coverage now. Is it possible for me to extend coverage for the term plan including the riders and top up the payable premium?

You mean you want to increase the sum assured -- because (for example) you have another dependent, such as a new child, and cannot adequately self-insure against the additional financial needs of that new dependent if you were to die tomorrow?

Yes, you may be able to do that, but the increase in coverage is likely to be subject to underwriting, meaning the insurance company gets to take a fresh look at whether you're insurable. Also, Aviva won't necessarily have the best term life insurance offer to make. Indeed, you may not want Aviva this time around since the SDIC (the government insurance that backstops insurers in Singapore) has coverage limits, and there's some modest risk if you exceed those limits. You can comparison shop for term life insurance via Comparefirst.sg for example.

And what riders do you have?

 

[BBCWatcher]

The most affordable price in the market for a will needs to be free to match OCBC’s offer.