Getting started with insurance

[boredboiboi]

Hi all,

May I know limited payment whole life coverage is till what age? Is it till 99 years old which I sort of have an impression that IFA mentioned that like 15 years ago?

Have limited whole life for ntuc vivolife and tokio marine lifesecure (spouse) but totally forgotten about when the coverage end.
Based on benefit illustration, it only showed up to 69 years old and 65 years old respectively.

Thank you.

Till 99. I believe the 65 and 69 is the multiplier ends age. Not the wholelife plan ends age

 

[reddevil0728]

Till 99. I believe the 65 and 69 is the multiplier ends age. Not the wholelife plan ends age

are all wholelife plan up to a certain age limit? or there are some where it really last as long as you are alive? even as unrealistic as 200yo?

 

[boredboiboi]

are all wholelife plan up to a certain age limit? or there are some where it really last as long as you are alive? even as unrealistic as 200yo?

Some will put wholelife without age restriction. But for those that is till age 99, If they stay alive pass the age, the death benefit will actually payout. So dont need to actually last till age 200 like you mentioned

 

[jtec14]

Till 99. I believe the 65 and 69 is the multiplier ends age. Not the wholelife plan ends age

thank you, I sort of remembered something like that.

Can I seek your opinion or anyone else here? After finished paying up those limited payment policies, where do you channel the monthly premiums to? Invest or get another policy(now older probably more expensive)?
Thanks in advance.

 

[boredboiboi]

thank you, I sort of remembered something like that.

Can I seek your opinion or anyone else here? After finished paying up those limited payment policies, where do you channel the monthly premiums to? Invest or get another policy(now older probably more expensive)?
Thanks in advance.

You are welcome. Depends if you required more coverage. Probably invest or something else for retirement if no need to enhanced coverage

 

[Aaron_soh80]

Published November 22, 2004 BT

Getting started with insurance

By NANDE KHIN



BUYING life insurance is an important part of financial planning, and just because you are young doesn't mean you should dismiss the idea of taking out insurance.





Specifically, life insurance can help with not only risk management, but also retirement planning and investment planning.


Risk management is about how you can still have income when events (such as premature death, disability or illnesses) strike.


Retirement planning is about how to build up wealth during working years to have financial dependence during retirement years.


Investment planning is about buying into different financial instruments to meet investment goals and grow you wealth.

And there are several types of life insurance to meet the different needs of the policy holder.

For risk management



Whole life insurance:

With whole life insurance, you get life-long protection. You pay premiums throughout your life, but these can be changed to a limited period. The policy will pay out the sum insured and any bonuses you have built up (if any) when you die or become totally and permanently disabled (if this benefit is provided).

This plan is suitable for long-term savings if you would like the insurance company to invest on your behalf.


Term insurance:

With term insurance, you get protection for a set period. It pays the sum insured only if you die or become totally and permanently disabled (if this benefit is provided) during this period.


Endowment insurance:

With endowment insurance, you get both protection and savings. The policy pays the sum insured and any bonuses you have built up at the end of the set period of time (maturity date), when you die or become totally and permanently disabled if it happens during this period.

For retirement planning



Life annuity:

A life annuity provides a regular income to you. Usually you pay a lump sum which is invested by the insurance company in return for monthly payouts.

There are also annuities that are designed specially for members of the Central Provident Fund (CPF), under the CPF Minimum Sum Scheme or Minimum Sum Plus Scheme. For this annuity, you can invest the minimum sum with an approved life-insurance company to provide a monthly income for the rest of your life.

For investment planning



Investment-linked insurance:

Your premiums buy life-insurance protection and investment units in a managed fund. Like a unit trust, your money is pooled with that of other investors and invested in short- and long-term investments.

The price of your units depends on how the investments in the fund perform. What it pays depends on the price of the units at the time you cash it in or die. You may also get a death benefit.

As a prospective buyer, you should first understand the type of policy that best suits your needs. Some products offer only protection and do not provide a savings element (in other words, it does not provide a cash value if you cash it in).

Other products offer a cash value if you cash them in after a certain number of years. However, if you cash in your policy early, the value you receive may be less than the total premiums you have already paid.

It is best to talk to get professional advice from representatives of licensed or exempt financial advisers who are qualified to advise on and distribute life-insurance products.

Note that a life-insurance contract is based on good faith. You must truthfully reveal all the information asked for in the proposal form and provide any other details they ask for.

If you do not provide important information on your proposal form, any policy issued may not be valid. If you are not sure whether a fact is important, you should reveal it anyway.

Sources: Life Insurance Association, Moneysense Guide to Planning for Your Family's Financial Future, and Your Guide to Life Insurance

v hard to cliam when gt issue

 

[reddevil0728]

v hard to cliam when gt issue

What sort?

 

[exterminazn]

v hard to cliam when gt issue

What do you mean?
U can don’t buy if that’s the case

anyway declare truthfully then sure payout

 

[exterminazn]

thank you, I sort of remembered something like that.

Can I seek your opinion or anyone else here? After finished paying up those limited payment policies, where do you channel the monthly premiums to? Invest or get another policy(now older probably more expensive)?
Thanks in advance.

By then decide what’s your priority next bah….. most likely can be planning for retirement

if still healthy, can consider top up more coverage

 

[chloekloee]

Hi, can someone quote me whole life multiplier plan with regards to the following conditions?

Female, anb 30, non smoker.
Death/TPD - 100k (base)
ECI - 100k (base)
CI - 100k (base)
Multiplier effect - 2X and 3X
Multiplier effect ends - 65 yrs old and 70 yrs old
Payment term - 25 yrs

Hi,

from Pru quote with 25 years payment term.

FYI concurring that ECI covers early and intermediate; CI covers late stage.

x2, til 65: $3,602.00/year
x2, til 70: $3,673.00/year

x3, til 65: $4,254.00/year
x3, til 70: $4,397.00/year

 

[bonjour123]

Hi. Any Income advisor here can advise on premiums for star secure pro?

 

[boredboiboi]

Hi. Any Income advisor here can advise on premiums for star secure pro?

Hi i can I assist with you. Probably more info to advise on the premium

 

[Lightbreak]

Hi everyone would like to find out the rates for term life (100k) + ECI (100k) till age 65.
No preference towards any company.
Not so keen on multipay as I assume it’s a big increase in premium (unless I’m wrong).

I assume that ECI covers CI as it’s more comprehensive?

ANB 28, male, non smoker, started working recently.

Currently I have
- Enhanced IncomeShield Basic + Deluxe Care rider

- MINDEF Group Insurance
Group Term Life 250k
Group Personal Accident 250k
Living Care 100k
Living Care Plus 100k

Thank you everyone!

 

[boredboiboi]

Hi everyone would like to find out the rates for term life (100k) + ECI (100k) till age 65.
No preference towards any company.
Not so keen on multipay as I assume it’s a big increase in premium (unless I’m wrong).

I assume that ECI covers CI as it’s more comprehensive?

ANB 28, male, non smoker, started working recently.

Currently I have
- Enhanced IncomeShield Basic + Deluxe Care rider

- MINDEF Group Insurance
Group Term Life 250k
Group Personal Accident 250k
Living Care 100k
Living Care Plus 100k

Thank you everyone!

Quoted the cheapest from axa.
$610/year

 

[exterminazn]

Hi everyone would like to find out the rates for term life (100k) + ECI (100k) till age 65.
No preference towards any company.
Not so keen on multipay as I assume it’s a big increase in premium (unless I’m wrong).

I assume that ECI covers CI as it’s more comprehensive?

ANB 28, male, non smoker, started working recently.

Currently I have
- Enhanced IncomeShield Basic + Deluxe Care rider

- MINDEF Group Insurance
Group Term Life 250k
Group Personal Accident 250k
Living Care 100k
Living Care Plus 100k

Thank you everyone!

Hi,

below Ge quote

term life (100k) + ECI (100k) till age 65: $463.90/year

cheers

 

[Newbielearning]

Hi all where can I find or meet insurance agents? Thanks

 

[boredboiboi]

Hi all where can I find or meet insurance agents? Thanks

There are a few here. I am an insurance agent myself. What help do you need? You can pm me if its not convenient to share here

 

[exterminazn]

Hi all where can I find or meet insurance agents? Thanks

I am one here, or u can post your query here or pm me

 

[chloekloee]

I assume that ECI covers CI as it’s more comprehensive?

ECI is defined as early stage critical illness, which is under a different definition of critical illness. Depending on certain policies, you can cover the same illness i.e. different stages of stroke or liver failure

term life (100k) + ECI (100k) till age 65.

For Pru, its $842.12/year.

 

[chloekloee]

Hi all where can I find or meet insurance agents? Thanks

My boss is from Pru

If not, there's tons of road shows at malls nowadays, take your pick.