Getting started with insurance

[LogicisReal]

I suggest to go with the hospitalization plan as well. It’s not the illnesses that kills the people, it’s the bills. Inflation in medical cost is really scary.

I guess OA has been wiped out for private property too. Usually I would calculate and advise to park part of OA into investment before wiping out in OA if possible.

1) protect against rainy days
2) provided if current CPF contribution is able to sustain housing loan.
3) to yield more compounding interest than cpf.

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).

 

[lampano]

Any recommedation for critical illness term insurance?

looking at Aviva, FWD etc
AIA, GE, big names are so ex even for term.
FWD is new so i not really sure if safe to get them.

any advice?

 

[MrJTYM]

Any recommedation for critical illness term insurance?

looking at Aviva, FWD etc
AIA, GE, big names are so ex even for term.
FWD is new so i not really sure if safe to get them.

any advice?

I could help you. Can i email you to get more information from you?

 

[MrJTYM]

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?

Hi Sir,

GE Flexi Term does not cover Critical Illness.
Can i get your email so that i can share with you more?

 

[LogicisReal]

Looking for term plans only? Would be glad to help and advise if you want to know what’s good for you

Any recommedation for critical illness term insurance?

looking at Aviva, FWD etc
AIA, GE, big names are so ex even for term.
FWD is new so i not really sure if safe to get them.

any advice?

 

[K|muRa^84]

i'm currently paying $900/year for Term insurance ($500k + CI $100k)

am i overpaying?

 

[Kyzers0ze]

i'm currently paying $900/year for Term insurance ($500k + CI $100k)

am i overpaying?

Really depends on your income and whether or not you have dependents.

 

[LogicisReal]

Overpaying or not depends on your finance planning. Whether it’s the right plan is for you is any question too.. this term is till what age?

i'm currently paying $900/year for Term insurance ($500k + CI $100k)

am i overpaying?

 

[Vexed Spirit]

Hi. I'm female, non-smoker, born in 1995 (turning 23yo in 2018). I'd like to buy a whole life insurance with early CI with a sum assured of 100k (before multiplier effect) until 75yo or beyond 75yo, with 2x multiplier. I prefer the shortest premium payment term. Please email suitable plans to learninginvestment25@gmail.com.

Thank you for your time, I appreciate it.

 

[lynntan1993]

Hi Zack,

With regards to your question, it really depends on individual needs and lifestyle. Not all plans suit every individual. Example, ILP is usually brought after you have a basic whole life plan, why? ILP is cheap is cheap for high coverage with flexibility of returns. Usually brought when family have a new born. I do a lot of customisation base on individual lifestyle. If you need any advice feel free to contact me

Have a great week

 

[lynntan1993]

Hi,

Im a FA from Great Eastern. With regards to CPF-OA. In the past, there use to be endowment plan for CPFOA. for now usually people will approach for CPF-IS, as the returns might be higher depending on the market. In other to use CPF-IS, there is a certain requirement.

Moreover, choosing of funds depends on individual risk profile and suitability. I can deal up to 500+ Unit Trust. if you do need any advise feel free to contact me.

Cheers
Lynn

 

[daintylights]

Advice

Hi there, i'm in my mid twenty and am currently covered by SLA since 3 years ago due to ill advice by agent. Is currently considering my options - would appreciate some opinions on plan mix.

 

[LogicisReal]

Hi, maybe you can share with us what are the plans you are currently having? Are you married or have any up coming life events like marriage or getting a house etc.

Hi there, i'm in my mid twenty and am currently covered by SLA since 3 years ago due to ill advice by agent. Is currently considering my options - would appreciate some opinions on plan mix.

 

[molobok]

i'm currently paying $900/year for Term insurance ($500k + CI $100k)

am i overpaying?

If your term is until 70yo or above, its pretty good rate actually.

 

[molobok]

Any recommedation for critical illness term insurance?

looking at Aviva, FWD etc
AIA, GE, big names are so ex even for term.
FWD is new so i not really sure if safe to get them.

any advice?

Prudential just launched and re-priced their critical illness plan in June. Maybe you can consider?

Coverage starts from just $20/month and covers 3x critical illnesses claims!

 

[daintylights]

Hi, maybe you can share with us what are the plans you are currently having? Are you married or have any up coming life events like marriage or getting a house etc.

Hi there, currently holding smart life advantage from great eastern - 200k death, 150k CI.
I don't want to hold ILP anymore due to high cost of insurance in the future so i'm thinking of altering the plan mix to not lose the previous years that i paid for this plan by removing all add ons and only covering most basic in hope of letting the "investment" breakeven... Would then need more coverage via other plans..

No married yet. No plans for marriage/house in 1-2 years, maybe after.

 

[collision]

Hey if you’re interested, I can introduce my agent to you. He’s from PIAS and is able to give an overview of all the company’s product instead of just an independent company’s product. Not pushy plus no obligation to purchase. Very sincere agent just wanting to help. Hit me up with your email if you’re keen!

Hi there, currently holding smart life advantage from great eastern - 200k death, 150k CI.
I don't want to hold ILP anymore due to high cost of insurance in the future so i'm thinking of altering the plan mix to not lose the previous years that i paid for this plan by removing all add ons and only covering most basic in hope of letting the "investment" breakeven... Would then need more coverage via other plans..

No married yet. No plans for marriage/house in 1-2 years, maybe after.

 

[LogicisReal]

Hello,

For your SLA, I feel that it might not be that bad. Because u have gotten it at an early age. But then you have to monitor or have your agent to monitor the performance of the funds for your SLA. A good 8% avg I guess should break even perhaps 12-18 years. It offers you flexibility to partial withdraw as well. Not too sure if you have any premium waiver for that plan.

To value add onto what you have, I would suggest a comprehensive whole life plan. Do take note some companies do offer for early stage CI but early stage CI differs for different companies. Probably a whole life plan with 200k coverage.

And also I would recommend to do cpf investment as well since you are getting your house in 1-2 years. By this year Oct, the sales charge would be reduced and financial institutions might not be offering that service already. It can help you shorten your mortgage and accumulate wealth at the same time. Some calculations need to be done for you and see if your current situation is suitable.

If u are keen to find out more just drop a text

Hi there, currently holding smart life advantage from great eastern - 200k death, 150k CI.
I don't want to hold ILP anymore due to high cost of insurance in the future so i'm thinking of altering the plan mix to not lose the previous years that i paid for this plan by removing all add ons and only covering most basic in hope of letting the "investment" breakeven... Would then need more coverage via other plans..

No married yet. No plans for marriage/house in 1-2 years, maybe after.

 

[molobok]

Hi there, currently holding smart life advantage from great eastern - 200k death, 150k CI.
I don't want to hold ILP anymore due to high cost of insurance in the future so i'm thinking of altering the plan mix to not lose the previous years that i paid for this plan by removing all add ons and only covering most basic in hope of letting the "investment" breakeven... Would then need more coverage via other plans..

No married yet. No plans for marriage/house in 1-2 years, maybe after.

Actually how old are you? If you're not yet 40yo the insurance component isn't too expensive still.

Usually to transit from ilp to whole life or term coverage is a gradual process. Since you're not married you may like to get a whole life plan to cover final expenses plus a term for critical illnesses. If you're more kiasu and have higher budget, then you can get a whole life plan to cover both purposes.

Coverage from sla can be reduced gradually if you haven't reach 40. And you should review the holdings at least once a year to ensure the funds are growing well!

 

[boiboi123]

What are the income protection insurance plans out there? I'm looking to get one that can pay all/part of my income due to unforeseen circumstances (e.g. hospitalized / maybe even permanently ill)

Thanks!