Getting started with insurance

[akwl88]

I read a lot of article online

seem like term insurance can do almost the same thing as a whole life insurance. It is also much cheaper

https://dollarsandsense.sg/term-and-whole-life-insurance-which-is-better/

http://www.moneydigest.sg/should-i-buy-term-or-life-insurance/

https://www.drwealth.com/life-vs-term-insurance-part-2-buy-term-and-invest-the-rest/

I want to know, is there any scenario a person should get Whole life insurance?

or it is it only kumgong get whole life insurance?

https://www.diyinsurance.com.sg/portal/articles/html?title=The+Case+for+Term+Insurance&art_id=35

 

[BBCWatcher]

I want to know, is there any scenario a person should get Whole life insurance?

Well, if your spouse is selling the whole life insurance, if she/he credibly threatens to divorce you if you don't buy it, and if you want to remain married to your spouse, that'd be one scenario when you should buy it.

More seriously, in some countries (not in Singapore) there are potential tax advantages with whole life insurance, particularly to avoid estate/inheritance/gift taxes.

 

[soulblader_89]

Well, if your spouse is selling the whole life insurance, if she/he credibly threatens to divorce you if you don't buy it, and if you want to remain married to your spouse, that'd be one scenario when you should buy it.

More seriously, in some countries (not in Singapore) there are potential tax advantages with whole life insurance, particularly to avoid estate/inheritance/gift taxes.

so BBCWatcher feel that whole life insurance is a waste of money and a no go?

do u personally buy any life insurance?

 

[BBCWatcher]

so BBCWatcher feel that whole life insurance is a waste of money and a no go?

In Singapore at least, yes.

do u personally buy any life insurance?

Personally, no. I don't need it, and I don't have any secondary issues (such as tax reasons) for buying it.

As background, life insurance helps financially protect the lifestyles of dependents in the event their financial supporter ("breadwinner") dies prematurely. (Or, in some policies, is equivalently dead as the policy defines it -- "total and permanent disability" as the policy defines it, for example.) That's all life insurance does.

If you have no dependents, you don't need life insurance. (Note, dependents can be spouses, partners, boyfriends, girlfriends, children, parents, nieces, nephews, friends...whoever you consider as and who is genuinely a dependent.)

If your dependents would be financially OK even if you were to die today, you don't need life insurance. For example, Bill Gates doesn't need life insurance, even if he has 37 dependents. His dependents will be perfectly fine (financially) after inheriting his large estate.

If someone (such as an employer) wants to give me tax free life insurance, with no offsetting consideration, I have no objection.

 

[soulblader_89]

In term of term insurance I am currently looking

this two
1) AIA SECURE TERM PLUS II
2) Great Eastern Flexi Term

Assuming a 29 years old, non smoker, want to cover $300,000 til 65, cover tpd + critical illness

Great Eastern Flexi Term is like cheaper, after calculation, how is the comparison between this two uh?

 

[BBCWatcher]

According to CompareFirst.sg, $300,000 of direct purchase term life insurance coverage until age 65 for a female nonsmoker born on January 1, 1989, is available for $232/year from Singapore Life. Tokio Marine and AXA are the next most affordable at $237/year.

I don't recommend "Critical Illness" coverage unless and until you've covered hospitalization (an Integrated Shield plan -- "as charged" public hospital B1 ward coverage is fine) and disability income insurance (DII) at some level -- and probably not even after covering those bases. If you disagree, and if you add CI coverage, the premium soars to $627/year (Aviva).

To repeat, if you have no dependents, or if your dependent(s) would be financially OK (and of course sad) if you were to die later today, you do not need life insurance.

 

[soulblader_89]

for term insurance is the premium fixed for the next 30 years? assuming I buy 30 years

like if I am suppose to pay $900+, does it mean I will just pay $900+ till I m 65?

will they adjust the premium as I grow older?

 

[BBCWatcher]

for term insurance is the premium fixed for the next 30 years? assuming I buy 30 years

The Singapore Life policy I mentioned has guaranteed level premiums (just checked). That's fairly common, but you have to check that, policy offer by policy offer.

Although Singapore Life has the lowest premium, I think I'd recommend Tokio Marine in this particular comparison. Tokio Marine has a much higher insurer credit rating -- it's a more creditworthy company, according to the rating agencies. Their premium is also guaranteed level (also just checked). I think it's worth $5/year for the higher quality insurer.

 

[mSnooze]

for term insurance is the premium fixed for the next 30 years? assuming I buy 30 years

like if I am suppose to pay $900+, does it mean I will just pay $900+ till I m 65?

will they adjust the premium as I grow older?

For Death and TPD portion of the term insurance, premiums are level and guaranteed throughout. For CI / Early CI rider, they are level premium but not guaranteed, companies are allow to adjust the premium with a 30 day advance notice. They may adjust it due to claim history as a whole, e.g. suddenly large significant amount of Singaporeans suddenly all claim Early CI / CI.

 

[soulblader_89]

for whole life insurance right, if I am I kenna something like cancer, and I make a claim once, does it mean the insurance will stop covering for the rest of my life if I kenna cancer again?

or it just cover everything until I die?

 

[xtwis7]

Depends if it’s early stage or what. Some plans are designed to pay out 100%.

for whole life insurance right, if I am I kenna something like cancer, and I make a claim once, does it mean the insurance will stop covering for the rest of my life if I kenna cancer again?

or it just cover everything until I die?

 

[mSnooze]

for whole life insurance right, if I am I kenna something like cancer, and I make a claim once, does it mean the insurance will stop covering for the rest of my life if I kenna cancer again?

or it just cover everything until I die?

Old Early CI plans are made to payout only once, 100% and it ends there.

Currently in market there are a few new Early CI plans that cover you from Early to Severe stages, even including re-diagnose / major cancers.

You can consider Aviva's Multipay CI plan that I find it most comprehensive, and it can be added to Whole Life plan as Additional rider as well; meaning to say if you were to claim ECI/CI from this rider, your base plan sum assure will not be affected.

Difference between Accelerated / Additional CI rider.

 

[Apple_Ice]

Anyone has an experienced Aviva agent to recommend? Prefer those in this line for 5 years or more, especially moratarium writing.


I fractured my leg in 2012 but has recovered since then. To be safe, would like to opt for moratarium writing. Kind of afraid to miss out any small medical details later come out say void when got claims.

Am in good health, no smoke no drink. Just turned 30 years old.

 

[windwaver]

In Singapore at least, yes.


Personally, no. I don't need it, and I don't have any secondary issues (such as tax reasons) for buying it.

As background, life insurance helps financially protect the lifestyles of dependents in the event their financial supporter ("breadwinner") dies prematurely. (Or, in some policies, is equivalently dead as the policy defines it -- "total and permanent disability" as the policy defines it, for example.) That's all life insurance does.

If you have no dependents, you don't need life insurance. (Note, dependents can be spouses, partners, boyfriends, girlfriends, children, parents, nieces, nephews, friends...whoever you consider as and who is genuinely a dependent.)

If your dependents would be financially OK even if you were to die today, you don't need life insurance. For example, Bill Gates doesn't need life insurance, even if he has 37 dependents. His dependents will be perfectly fine (financially) after inheriting his large estate.

If someone (such as an employer) wants to give me tax free life insurance, with no offsetting consideration, I have no objection.

True; just buy a good medical (hospitalization) insurance and you're done.

 

[Bigoya]

Anyone has an experienced Aviva agent to recommend? Prefer those in this line for 5 years or more, especially moratarium writing.


I fractured my leg in 2012 but has recovered since then. To be safe, would like to opt for moratarium writing. Kind of afraid to miss out any small medical details later come out say void when got claims.

Am in good health, no smoke no drink. Just turned 30 years old.

Moratorium UW does not require you to declare any medical conditions at all.

 

[TheRock2302]

for whole life insurance right, if I am I kenna something like cancer, and I make a claim once, does it mean the insurance will stop covering for the rest of my life if I kenna cancer again?

or it just cover everything until I die?

it depends on what you buy, if you need info and accurate details, best to contact an agent directly

 

[galliano]

True; just buy a good medical (hospitalization) insurance and you're done.

Need advise/suggestions.
Currently a 43 yr old, smoker, regular jogger. History of hypertension, currently on medical for 10years already. Regular checks indicate that I'm fit for the last 4 years already. Posses only a life policy with a mere payout of $200k.

Via AVIVA, been offered to the MyShield Hospitalisation/Treatment Plan 1 for additional private insurance coverage by paying minimal sum of $42/yr cash. However, with conditional acceptance that coverage excludes any form of hypertension or disorder of cardiovascular systems.

I assume its a no-brainer to take it up. But now wondering if its worth paying additional $715/yr to upgrade to MyHealthPlus Plan 1 Option C whereby there will be absolutely no 10% "co-payment" for hospitalisation fees.

What should I do?

I do however one major liability which is the home loan till age 65 for a private property.
No Critical Illness plan (for obvious reasons that I currently do not have a hospitalisation plan).

 

[annachua85]

Need advise/suggestions.
Currently a 43 yr old, smoker, regular jogger. History of hypertension, currently on medical for 10years already. Regular checks indicate that I'm fit for the last 4 years already. Posses only a life policy with a mere payout of $200k.

Via AVIVA, been offered to the MyShield Hospitalisation/Treatment Plan 1 for additional private insurance coverage by paying minimal sum of $42/yr cash. However, with conditional acceptance that coverage excludes any form of hypertension or disorder of cardiovascular systems.

I assume its a no-brainer to take it up. But now wondering if its worth paying additional $715/yr to upgrade to MyHealthPlus Plan 1 Option C whereby there will be absolutely no 10% "co-payment" for hospitalisation fees.

What should I do?

I do however one major liability which is the home loan till age 65 for a private property.
No Critical Illness plan (for obvious reasons that I currently do not have a hospitalisation plan).

I will take up the counter offer no matter what, $700/year plus to cover the co payment is quite reasonable. It covers pre and post hospitalisation? 2 cents worth, if you can spend money on the payment and interest for your house interest, why not spend little more for your own medical plan?

 

[Bak_Chor_Mee]

Hi, pls pardon me if i post in the wrong thread. But i'm trying to convince my wife who is a Malaysian to get a hospitalisation plan in SG but she kept insisting she has bought insurance back in Malaysia already and it also covers SG (but not sure how many percent). But i told her the payout is in RM compared to if you buy in SG it will be S$.

So i just wanna find out if Malaysia insurance coverage also covers SG if lets say touchwood she is hospitalised in SG.

Thanks alot!

 

[LogicisReal]

The coverage should be in RM otherwise stated. Whether it’s covered in SG, have to see the plan itself or see if anyone else could advise on that.

Hi, pls pardon me if i post in the wrong thread. But i'm trying to convince my wife who is a Malaysian to get a hospitalisation plan in SG but she kept insisting she has bought insurance back in Malaysia already and it also covers SG (but not sure how many percent). But i told her the payout is in RM compared to if you buy in SG it will be S$.

So i just wanna find out if Malaysia insurance coverage also covers SG if lets say touchwood she is hospitalised in SG.

Thanks alot!