Getting started with insurance

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space.egg

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My wife will be relocating to India for 2-3 years, and I will tag along as a dependent.

Her company insurance will provide ok-ish coverage for India, but for me because I am a dependent and will be working remotely for my company; my company insurance will only cover Singapore.

I am looking to purchase short-term expat insurance for a 2--3-year period. Before this, I used to use Cigna Global while working in the Middle East, but the premium was quite hefty. Wondering if anyone has some advice on what are the alternative providers or if I should be looking for a local Indian insurance company.
 
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Ensure4613

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Hi everyone,

I've started working recently and I’m planning my insurance strategy and could use some guidance. My goal is to secure several life insurance policies that will "time out" at different ages. For example, one policy will last until I’m 60, another until I’m 50, and so on. This staggered approach is intended to provide financial protection for my parents in case anything were to happen to me, especially since they probably won't be around anymore when I’m older. I’m also not a big fan of other insurance options apart from integrated shield plans and term life insurance.

I’m particularly interested in using trust nominations for these policies. From what I understand, trust nominations can help ensure that the sum assured goes directly to my parents without the risk of it being claimed by creditors or being part of my estate, as long as I haven’t committed anything illegal.
However, I recently learned that insurers only allows trust nominations for spouses and children, which doesn’t help me since I want to nominate my parents.

Are there alternative ways to achieve a similar results with my life insurance to ensure my parents receive the proceeds without risk?

I appreciate any insights or experiences you can share! Thank you!

tldr: How can I ensure life policies proceeds go directly to my parents as currently, trust nomination is only available for spouse and children
 
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JuniorLion

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Ensure4613 said:
Hi everyone,

I've started working recently and I’m planning my insurance strategy and could use some guidance. My goal is to secure several life insurance policies that will "time out" at different ages. For example, one policy will last until I’m 60, another until I’m 50, and so on. This staggered approach is intended to provide financial protection for my parents in case anything were to happen to me, especially since they probably won't be around anymore when I’m older. I’m also not a big fan of other insurance options apart from integrated shield plans and term life insurance.

I’m particularly interested in using trust nominations for these policies. From what I understand, trust nominations can help ensure that the sum assured goes directly to my parents without the risk of it being claimed by creditors or being part of my estate, as long as I haven’t committed anything illegal.
However, I recently learned that insurers only allows trust nominations for spouses and children, which doesn’t help me since I want to nominate my parents.

Are there alternative ways to achieve a similar results with my life insurance to ensure my parents receive the proceeds without risk?

I appreciate any insights or experiences you can share! Thank you!

tldr: How can I ensure life policies proceeds go directly to my parents as currently, trust nomination is only available for spouse and children
Click to expand...

Revocable nomination is your answer.
 
R

RoLanTo

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Hi.. for insurance for mortgage like 2+ mil... is it better to buy multiple DPI? or buy a single decreasing term insurance?

which one will be more value for money?
 
reddevil0728

reddevil0728

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RoLanTo said:
Hi.. for insurance for mortgage like 2+ mil... is it better to buy multiple DPI? or buy a single decreasing term insurance?

which one will be more value for money?
Click to expand...
I think straight term life might be better. cause more flexibility
 
exterminazn

exterminazn

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RoLanTo said:
Hi.. for insurance for mortgage like 2+ mil... is it better to buy multiple DPI? or buy a single decreasing term insurance?

which one will be more value for money?
Click to expand...
Can consider to get normal term quote in this forum with your details
 
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