Getting started with insurance

[reddevil0728]

some would argue putting into those crypto excahnges that offers 6-8% P.a. Pegged to stablecoin. Gemini, Crypto.com are some examples.

With reference to?

 

[grandorder302]

Hi guys, 27 yo just started working and need your input as this is my first time buying insurance, I was comparing prices between companies and found FWD term life + rider(disability and CI) the most affordable for what I'm able to pay.
I have no idea if my family has a history of medical issues or not, but this term + rider covers 35 CI and I'm not sure if it's sufficient or should I go for AIA beyond critical illness which covers more?

 

[boredboiboi]

Hi guys, 27 yo just started working and need your input as this is my first time buying insurance, I was comparing prices between companies and found FWD term life + rider(disability and CI) the most affordable for what I'm able to pay.
I have no idea if my family has a history of medical issues or not, but this term + rider covers 35 CI and I'm not sure if it's sufficient or should I go for AIA beyond critical illness which covers more?

Fwd is the cheapest? I can quote for u more to see the overall pricing. Aia Plan mentioned is multipay, there are many other options out there such as aviva my multipay ci plan. Afterall it depends on ur budget and what u really need.

for rule of thumb
Death/tpd - 10 times of annual income
Eci - 3 to 5 times of annual income
Ci - more than 5 times if annual income

 

[sugaredcereal]

Hi guys! Not too sure where to post this but I guess I'll post here. I have an insurance agent friend who heard that I wanted to invest in some way shape or form but didnt know how. My primary aim was to have funds that would be liquid when I needed them for my wedding / marriage / housing in about a year or so from today. He suggested that I should opt for this as I have approximately 6k SGD that I am able to put aside for investments and the sorts. I will be running a bit ragged over the next few months so I'm a bit worried that if I privately invested, I wouldn't be able to monitor over the investment and in worse cases, I might end up over obsessing over the numbers.

Spoiler: Investment plan description in words

#Lifeproof your investment goals with greater flexibility

Make smarter investment decisions towards your wealth goals with greater flexibility and the choice of diversification to suit your investment appetite.

GREAT Invest Advantage, an investment-linked plan with the option to invest with a one-time premium or recurring premiums by tapping on a wide range of professionally managed funds to customise a portfolio that best meets your investment objectives.

Throughout the investment period, flexibility remains yours. Review and rebalance your portfolio according to market dynamics. Top up your investment or make a partial1 or full surrender2 anytime3 without any surrender charges.

Adding more value while you are investing with us, get coverage against death and terminal illness without any medical assessment.

Key benefits​

Invest with cash or funds from your CPFIS or SRS the way you want​

Start with as little as S$100 a month for the recurring premium option or make a single premium contribution of at least S$5,000.

No lock-ins, cashflow is under your control​

Top up your investment amount to take advantage of positive market opportunities. Or, make partial1 or full surrender2 of the portfolio without any surrender charges.

Customise your investment portfolio anytime​

Grow your portfolio through our GreatLink Funds, a diverse range of professionally managed funds across different asset classes, industries and geographic regions.

1 For partial surrender, the minimum value of units to be cancelled and the value of remaining units in each Fund after the partial surrender should be at least S$500.

2 All partially or fully surrendered amounts will be returned to the source of the original premium payment. Cash payments will be made to you while funds from your CPF Investment Scheme (CPFIS) account or Supplementary Retirement Scheme (SRS) account will be returned to the respective accounts.

3 Provided the Account Value is positive.

His rationale was that no matter how it was, I would be able to minimally earn through this and by the time we require the funds, we can completely surrender the account for whatever funds that are inside.

I'm not too sure about this. background wise I have a bit of finance and accounting knowledge here and there but these knowledge are rarely put into practical use so would be hoping that anyone here can guide me along with some of yall thought process.

 

[boredboiboi]

Hi guys! Not too sure where to post this but I guess I'll post here. I have an insurance agent friend who heard that I wanted to invest in some way shape or form but didnt know how. My primary aim was to have funds that would be liquid when I needed them for my wedding / marriage / housing in about a year or so from today. He suggested that I should opt for this as I have approximately 6k SGD that I am able to put aside for investments and the sorts. I will be running a bit ragged over the next few months so I'm a bit worried that if I privately invested, I wouldn't be able to monitor over the investment and in worse cases, I might end up over obsessing over the numbers.

Spoiler: Investment plan description in words

#Lifeproof your investment goals with greater flexibility

Make smarter investment decisions towards your wealth goals with greater flexibility and the choice of diversification to suit your investment appetite.

GREAT Invest Advantage, an investment-linked plan with the option to invest with a one-time premium or recurring premiums by tapping on a wide range of professionally managed funds to customise a portfolio that best meets your investment objectives.

Throughout the investment period, flexibility remains yours. Review and rebalance your portfolio according to market dynamics. Top up your investment or make a partial1 or full surrender2 anytime3 without any surrender charges.

Adding more value while you are investing with us, get coverage against death and terminal illness without any medical assessment.

Key benefits​

Invest with cash or funds from your CPFIS or SRS the way you want​

Start with as little as S$100 a month for the recurring premium option or make a single premium contribution of at least S$5,000.

No lock-ins, cashflow is under your control​

Top up your investment amount to take advantage of positive market opportunities. Or, make partial1 or full surrender2 of the portfolio without any surrender charges.

Customise your investment portfolio anytime​

Grow your portfolio through our GreatLink Funds, a diverse range of professionally managed funds across different asset classes, industries and geographic regions.

1 For partial surrender, the minimum value of units to be cancelled and the value of remaining units in each Fund after the partial surrender should be at least S$500.

2 All partially or fully surrendered amounts will be returned to the source of the original premium payment. Cash payments will be made to you while funds from your CPF Investment Scheme (CPFIS) account or Supplementary Retirement Scheme (SRS) account will be returned to the respective accounts.

3 Provided the Account Value is positive.

His rationale was that no matter how it was, I would be able to minimally earn through this and by the time we require the funds, we can completely surrender the account for whatever funds that are inside.

I'm not too sure about this. background wise I have a bit of finance and accounting knowledge here and there but these knowledge are rarely put into practical use so would be hoping that anyone here can guide me along with some of yall thought process.

Dont waste your time on plan with sub funds. Most others are already main funds. Sub funds is a way to earn investors money by charging another fund management fee and what they do is simply buy into main fund.

 

[Jonlovefood]

ILP not worth. put in roboadvisor better

 

[KezzaT]

Hi everyone, I'm currently in my mid 30s, no dependants, has family history of cancer. I'm wondering whether my insurance are sufficient or am I lacking anything? I'm paying close to $5K yearly for the insurance premiums.

These are the insurance which I'm currently holding to right now.

1) Life insurance (bought in 2014): Tokio Marine Legacy Lifetime (Yearly premium: $1,707.60)
- TM Legacy Lifetime (basic benefit)
Sum assured: $50,000.00
Guaranteed benefit: 125,000.00
Coverage expiry date: Whole Life

- Total and Permanent Disability Rider
Sum assured: $50,000.00
Guaranteed benefit: $125,000.00
Coverage expiry date: 2057

- Dread Disease Accelerator Rider
Sum assured: $20,000.00
Guaranteed benefit: $50,000.00
Coverage: Whole Life

- EarlyCare Rider
Sum assured: $30,000.00
Guaranteed benefit: $75,000.00
Coverage: Whole Life

2) Hospitalisation plan (Yearly premium: approx $1000 for this year)

AIA HSG MAX A with rider (will likely downgrade to panel in the future due to increasing premiums)

3) Term insurance: : Aviva MyProtector - Term Plan II with exclusion due to pre-existing illness (Yearly premium: $988.65)​

Death Benefit: $1,000,000.00 28 509.60
Terminal Illness Benefit: $1,000,000.00
TPD Advance Cover Plus II: $1,000,000.00
CI Advance Cover Plus II: $300,000.00
Coverage til age 60

4) Disabled income insurance: Aviva Ideal income (Yearly premium: $961.75)

Monthly payout: $4K, coverage til age 60, will cancel this policy once I retire.

5) Personal Accident: Sompo PAStar (Yearly premium: $144.45)

Thank you!

Do you have a financial planner that you work with to help you do a summary?

 

[limpingsim98]

Mind sharing here what the plan? 2% guaranteed?

Must well use CPF.

 

[browncoww]

Wouldn't advice to enter if you need the funds in a years' time, the market is quite volatile. Don't want to be caught in the situation whereby the investment is making a lost but you bo Bian need to withdraw for usage. With investment it usually make sense to do it if you have the time to ride through the market.

 

[browncoww]

Really depends on your overall situation as cheap is not always equal the best. Will be happy to share more.

 

[Sung47]

Want to ask the experts here.
I bot AIA GPP (II) plan last year (2.8kpa for whole life 300K coverage) with ECI rider (1.6k pa for 300k coverage). Paying 4.4k pa for this combo plan. Thinking I made a mistake and wanting to surrender the whole life portion. What do you think?

 

[boredboiboi]

Want to ask the experts here.
I bot AIA GPP (II) plan last year (2.8kpa for whole life 300K coverage) with ECI rider (1.6k pa for 300k coverage). Paying 4.4k pa for this combo plan. Thinking I made a mistake and wanting to surrender the whole life portion. What do you think?

What ur age? How many years of payment u choose ? 12 or 20? Aia is famous for their higher premium. U can relook into other wholelife if u prefer Wholelife, which u will be paying way much lesser. Or look into term plan and save/invest the rest. Need to recalculate and plan accordingly.

 

[Sung47]

What ur age? How many years of payment u choose ? 12 or 20? Aia is famous for their higher premium. U can relook into other wholelife if u prefer Wholelife, which u will be paying way much lesser. Or look into term plan and save/invest the rest. Need to recalculate and plan accordingly.

37 yo
Pay till 65

 

[boredboiboi]

37 yo
Pay till 65

Means pay 28 years. Guess thats abit too much and does it have multiplier?

 

[Sung47]

Means pay 28 years. Guess thats abit too much and does it have multiplier?

Thats what I am thinking as well, the coverage is actually 100k with x3 multipler until 65

 

[boredboiboi]

Thats what I am thinking as well, the coverage is actually 100k with x3 multipler until 65

and ur premium is base on last year

i generated a same plan but multipler is until age 70 instead of 65 and pays only 25 years
Premium is
M - $4831.87/year ( total $120796.75)
A - $4803/year (total $120075)
Your total $123200, paying more with coverage that expires earlier(multiplier)

if is 60k with 5 times multiplier will save u even more money
M - $3996.41/year
A - $4078.80/year
All base on male age last birthday 37, next birthday 38 non smoker

 

[Sung47]

and ur premium is base on last year

i generated a same plan but multipler is until age 70 instead of 65 and pays only 25 years
Premium is
M - $4831.87/year ( total $120796.75)
A - $4803/year (total $120075)
Your total $123200, paying more with coverage that expires earlier(multiplier)

if is 60k with 5 times multiplier will save u even more money
M - $3996.41/year
A - $4078.80/year
All base on male age last birthday 37, next birthday 38 non smoker

Ok I got ripped off by my agent, thinking of surrendering now and lose 2yrs of prem and switching to term life. The cash yield of this GPP is just 1.2-1.5%. Dunno why I didnt think properly last year when signing up.

 

[boredboiboi]

Ok I got ripped off by my agent, thinking of surrendering now and lose 2yrs of prem and switching to term life. The cash yield of this GPP is just 1.2-1.5%. Dunno why I didnt think properly last year when signing up.

If the agent is good. Then still alright. =)
But still dont think worth it since multipler ends at age 65

 

[exterminazn]

Ok I got ripped off by my agent, thinking of surrendering now and lose 2yrs of prem and switching to term life. The cash yield of this GPP is just 1.2-1.5%. Dunno why I didnt think properly last year when signing up.

Anyway I generate based on anb 38yo and non smoker Under GE

100k death/TPD/eci with 200k multiplier till age 65, 20yrs payment:
premium $4900.70/year

Cheers

 

[Sung47]

Tbh I trust agent used the AIA algorithm or whatever engine they have. Just that now that I have time to look at my finances, whole life doesnt make any sense unless I am totally clueless about investing. Gonna cancel and buy a term with CI rider instead.