Getting started with insurance

[hardwarezoner2]

I read for TPD, the sum assured should be about half a million cos take into account all the expenses and probability of living another 10 years.

https://blog.moneysmart.sg/life-insurance/much-insurance-coverage-singapore/

How about for CI ? From Great Eastern life CI calculator, depending on your income and the type of ward you want to stay in, the calculator seems to be able to come up with am amount.

 

[boredboiboi]

I read for TPD, the sum assured should be about half a million cos take into account all the expenses and probability of living another 10 years.

https://blog.moneysmart.sg/life-insurance/much-insurance-coverage-singapore/

How about for CI ? From Great Eastern life CI calculator, depending on your income and the type of ward you want to stay in, the calculator seems to be able to come up with am amount.

Expenses is up to individual. Some yearly expenses can be 50k. Come can can 100k. Come can be 200k. U still don’t understand what i am saying. The answer u found is general answer.

 

[hardwarezoner2]

So how much should the sum assured be if we were to get a policy ?

 

[boredboiboi]

So how much should the sum assured be if we were to get a policy ?

You already put it in your previous post. 10 years of expenses. Only u yourself know what is your expenses for 1 year.

Death/tpd is tag together most of the times. And we usually go by 10 times of annual income.

 

[BBCWatcher]

So how much should the sum assured be if we were to get a policy ?

Let’s consider simple term life insurance. This insurance pays money to your surviving dependent(s). When you die, you cannot work and earn an income, so the payout has to substitute for your missing future income from work in order to provide an “acceptable” (not overly lavish in the circumstances) standard of living. You’d estimate a desired sum assured based on the unmet gap between your survivors’ standard of living and net household wealth.

Rules of thumb like “10 years of income” really don’t make much sense here. Households vary a lot in terms of wealth, debts, dependents (and degrees of dependency), lifestyle expectations and requirements, existing coverage (such as the Home Protection Scheme), etc.

 

[Okenba]

I think it has been mentioned before. The question is, what are you getting he policy for?

If it is meant to be a windfall for your dependents if you die, then, however much you think the windfall should be.

If it is to fund your dependents (people who depend on you), then how long will it take before your dependents are independent and how much will they spend along the way.

This does actually mean that as children grow older, the need for life insurance is less. But I think most people don't think like that.

In addition, one may also want to consider what is in CPF, since that will also be released upon death and be passed on (presumably) to dependents.

 

[nothing.sg]

Hello,

I need some advise, may i know which insurance companies in SG has 25K base Whole Life with TPD and CI + ECI rider with multiplier.

For the companies mentioned:
1. What kind of multiplier do they offer for CI and ECI rider? (2x-5x?)
2. And what is the maximum age (till 70, 75, 80 etc) for the multiplier?

Thank you.

 

[boredboiboi]

Hello,

I need some advise, may i know which insurance companies in SG has 25K base Whole Life with TPD and CI + ECI rider with multiplier.

For the companies mentioned:
1. What kind of multiplier do they offer for CI and ECI rider? (2x-5x?)
2. And what is the maximum age (till 70, 75, 80 etc) for the multiplier?

Thank you.

Manulife.

1. Multiplier from 1 X to 5 X . Since its base 25k, u can only choose eci or ci as its the min unless base death/tpd is 50k, then eci and ci can be 25k each.
2. Multiplier only 1 option till age 70

If u need to get a quote. I am able to assist u accordingly.

 

[winthony]

Hello,

I need some advise, may i know which insurance companies in SG has 25K base Whole Life with TPD and CI + ECI rider with multiplier.

For the companies mentioned:
1. What kind of multiplier do they offer for CI and ECI rider? (2x-5x?)
2. And what is the maximum age (till 70, 75, 80 etc) for the multiplier?

Thank you.

Hello! Manulife do have it at 25k base

1. For multiplier, 2x-5x is available
2. Manulife has only 1 option which is till 70. Other companies might have the option to set it to 75~80 but the base sum is not 25k!

 

[GGGGGG]

Young parent and now planning for insurance for the Young one. I have gotten hospitalization plan for my baby and just wondering if we should consider buying a life plan for them or should we use the money to put into a say 15-20 years savings plan so that we have a sum by time child goes to university/poly?? Is life plan necessary? How about accident plan? I was just wondering as the child does not have any dependent, does it makes greater sense to maximize protection on parents instead or put them in savings plan? But again the return now looks quite low in percentage - more like a fixed amount is disappearing every month and you will a sum back in 15 years.

 

[boredboiboi]

Young parent and now planning for insurance for the Young one. I have gotten hospitalization plan for my baby and just wondering if we should consider buying a life plan for them or should we use the money to put into a say 15-20 years savings plan so that we have a sum by time child goes to university/poly?? Is life plan necessary? How about accident plan? I was just wondering as the child does not have any dependent, does it makes greater sense to maximize protection on parents instead or put them in savings plan? But again the return now looks quite low in percentage - more like a fixed amount is disappearing every month and you will a sum back in 15 years.

PA plan depends on individual, but they are prone to accident.

I would say to go for a wholelife plan for a kickstart, its not because they no dependents den they dont need. Ia to ensure they have something to insured so in future touch would they got “something” and unable to buy. Wholelife plan for a child can be as cheap as less than 1k for 25 years of payment.

For saving plan, if u can take a bit of risk, would rather go for investment as the time horizon is long.

 

[GGGGGG]

PA plan depends on individual, but they are prone to accident.

I would say to go for a wholelife plan for a kickstart, its not because they no dependents den they dont need. Ia to ensure they have something to insured so in future touch would they got “something” and unable to buy. Wholelife plan for a child can be as cheap as less than 1k for 25 years of payment.

For saving plan, if u can take a bit of risk, would rather go for investment as the time horizon is long.

Thank you for your reply - will look @ it on the WL plan. Do you think generally for a start 100k coverage is more than enough?

On the investment, do you mean those “safer” investments that you can find in apps like StashAway?

 

[boredboiboi]

Thank you for your reply - will look @ it on the WL plan. Do you think generally for a start 100k coverage is more than enough?

On the investment, do you mean those “safer” investments that you can find in apps like StashAway?

You are welcome.
Any amount of coverage as long as its within ur budget and u dont feel stress paying for it. Previous done a quote if about 130k+ death/tpd and eci, premium is less than 1k per year for 25 years.
Investment got many ways.
Some pple go for saving plans because they wan guranteed amount for the education in the future for their child.

 

[Okenba]

Young parent and now planning for insurance for the Young one. I have gotten hospitalization plan for my baby and just wondering if we should consider buying a life plan for them or should we use the money to put into a say 15-20 years savings plan so that we have a sum by time child goes to university/poly?? Is life plan necessary? How about accident plan? I was just wondering as the child does not have any dependent, does it makes greater sense to maximize protection on parents instead or put them in savings plan? But again the return now looks quite low in percentage - more like a fixed amount is disappearing every month and you will a sum back in 15 years.

If you take the premium you pay for WL and put it into your child's CPF Medisave Account which will earn 5% PA (4% for amt in excess of 60k), I suspect you will end up getting more out of it than the life insurance itself.

 

[nothing.sg]

Thank you @boredboiboi and @winthony.

Can help advise the following:

- Male, Non-Smoker, Next Birthday 32
- Female, Non-Smoker, Next Birthday 31

1. 50K Whole Life + TPD with 25K CI and 25K ECI both rider with x3 or x4 multiplier till age 70 - 80.

2. 500K Term till age 65 (level premium and sum assured)

3. 500K Term till age 99 / whole life (level premium and sum assured)

 

[boredboiboi]

Thank you @boredboiboi and @winthony.

Can help advise the following:

- Male, Non-Smoker, Next Birthday 32
- Female, Non-Smoker, Next Birthday 31

1. 50K Whole Life + TPD with 25K CI and 25K ECI both rider with x3 or x4 multiplier till age 70 - 80.

2. 500K Term till age 65 (level premium and sum assured)

3. 500K Term till age 99 / whole life (level premium and sum assured)

You are welcome.
For 1 till age 70-80 means till age 70,75,80? Or 70 and 80? With 25k each only 1 company and only till age 70. Till 75 and 80 dont have.

For 2 and 3 what is the sum assured? How much death/tpd, ci and eci?

 

[nothing.sg]

You are welcome.
For 1 till age 70-80 means till age 70,75,80? Or 70 and 80? With 25k each only 1 company and only till age 70. Till 75 and 80 dont have.

For 2 and 3 what is the sum assured? How much death/tpd, ci and eci?

Oh. I think i'm slightly confused.

Q1. Am i right to say that only Manulife has 25K CI or ECI base as rider?

Q2. Other companies the minimum is 50K for the CI or ECI rider to tag with a whole life policy?

Q3. Is there a policy whereby Whole life is sum assured is 50K and has TPD + CI already inbuilt. Then ECI rider 50K x 3 multiplier till age 70 or 80?

Q4. For 2: Pure Term Insurance with TPD till age 65, sum assured 500K

Q5. For 3: Pure Term Insurance Only (no TPD, riders etc) till age 99, sum assured 500K

 

[boredboiboi]

Oh. I think i'm slightly confused.

Q1. Am i right to say that only Manulife has 25K CI or ECI base as rider?

Q2. Other companies the minimum is 50K for the CI or ECI rider to tag with a whole life policy?

Q3. Is there a policy whereby Whole life is sum assured is 50K and has TPD + CI already inbuilt. Then ECI rider 50K x 3 multiplier till age 70 or 80?

Q4. For 2: Pure Term Insurance with TPD till age 65, sum assured 500K

Q5. For 3: Pure Term Insurance Only (no TPD, riders etc) till age 99, sum assured 500K

1) currently i know is 2 company but manulife being the cheapest
2) yes most company min is 50k as rider
3) manulife tpd is embedded. Tpd rider will not affect the eci or ci rider. Just that eci and ci add up cannot be more than death/tpd. Most company is till 70. Only 1 or 2 company is till 75 and 80 but why do u need that? Its for lost of income. Its unlikely u r working above age 70.
4) u mean death/tpd of 500k correct? I saw ur post on aviva group term. No need to compare as aviva group term is the cheapest.
5) will quote for u but only 1 or 2 company has it

4) 500k death/tpd till age 65
Male anb 32 non smoker
Company A - $459.55/year
Company T - $475/year
Company M - $579/year
Company C - $446/year
Company N - $553.85/year
Company X - $550/year

Female anb 31 non smoker
Company A - $354.80/year
Company T - $338/year
Company M - $402/year
Company C - $309/year
Company N - $374.95/year
Company X - $384/year

5) 500k death till 99
Male anb 32 non smoker
Company X - $1967.50/year
Company N - $1517.25/year

Female anb 31 non smoker
Company X - $1675/year
Company N - $1251.85/year


In case u not sure. Most company eci covers all stages of ci meaning late stages ci is part of eci rider. Hope this clarify

 

[winthony]

Oh. I think i'm slightly confused.

Q1. Am i right to say that only Manulife has 25K CI or ECI base as rider?

Q2. Other companies the minimum is 50K for the CI or ECI rider to tag with a whole life policy?

Q3. Is there a policy whereby Whole life is sum assured is 50K and has TPD + CI already inbuilt. Then ECI rider 50K x 3 multiplier till age 70 or 80?

Q4. For 2: Pure Term Insurance with TPD till age 65, sum assured 500K

Q5. For 3: Pure Term Insurance Only (no TPD, riders etc) till age 99, sum assured 500K

Q1: Yeap! Manulife fits the bill for 25k base for your riders as other providers will have it at a higher minimum amount

Q3: TPD and CIs are always added on as riders, just like your ECI rider

Q4. This is doable! I can quote for you below

Q5: Till 99 so far on my end is NTUC! Will quote below as well!



500k death/TPD till 65

ANB32 Male
Company A: $459.55/annually
Company T: $475/annually
Company M: $579/annually
Company C: $446/annually

ANB31 Female
Company A: $354.80/annually
Company T: $338/annually
Company M: $402/annually
Company C: $309/annually

500k death till 99

ANB32 Male
Company N: $1517.25/annually

ANB31 Female
Company N: $1251.85/annually

 

[nothing.sg]

Thanks guys for the clarifications and the quotes.

For both male and female.. Manulife 25K whole life + 25K ECI rider with 3, 4 and 5x multiplier to age 70.. what will the premiums be like?