Getting started with insurance

[exterminazn]

Quote please.

46 ANB, M, NS, SINGLIFE ELITE TERM II

GE need quote?

 

[JuniorLion]

GE need quote?

Looking for something that will return the premiums paid if no claim.

 

[boredboiboi]

500k
Limited pay
To 99

Limited pay of how many years?
500k of what coverage?
hope u can be specify in order to quote accurately

 

[JuniorLion]

Limited pay of how many years?
500k of what coverage?
hope u can be specify in order to quote accurately

20Y
Death

 

[boredboiboi]

20Y
Death

Sorry for the late reply. Limited pay only pay 5, 10, up to 65 yo and up to 75 yo
I quote the nearest up to 65 yo for u.
The premium is $8443.50 per year.

 

[petromax]

Hi guys, I notice most DPI insurance has max sum insured as 400K, but I saw FWD can cover up to 1.5M. Is there any catch here? Looks like it's an outlier.

 

[reddevil0728]

Hi guys, I notice most DPI insurance has max sum insured as 400K, but I saw FWD can cover up to 1.5M. Is there any catch here? Looks like it's an outlier.

https://www.moneysense.gov.sg/buyin...ction of up to $400,000, based on your needs:

there's a cap on how much you can buy via DPI

 

[petromax]

https://www.moneysense.gov.sg/buying-direct-purchase-insurance/#:~:text=You can buy protection of up to $400,000, based on your needs:

there's a cap on how much you can buy via DPI

but the FWD one I try also on their website, they ask to fill in a lot of things until retrieving of profile via Singpass. does not sound any agent contacting me either

400K seems a bit low nowadays, isn't it?

 

[reddevil0728]

but the FWD one I try also on their website, they ask to fill in a lot of things until retrieving of profile via Singpass. does not sound any agent contacting me either

FWD quite a new kid, so they may want to differentiate themselves within what's allowed. not exactly sure what their consideration is, but shouldn't be a problem if they can just offer like that.

400K seems a bit low nowadays, isn't it?

arguably. but unless policmakers feel the same, if not it wouldn't change.

 

[ctan84]

Just want to check, when applying for new insurance policies now, are the agents supposed to take pics of your IC (front / back) or under PDPA they not supposed to do that anymore?

 

[LexusIS]

Hi all,
I am looking at insurance (either term or whole life) for my new born boy. Realised the environment change vs 4 years ago when i bought for my girl.
Can help to quote?

1) Insurance: Term or Whole Life
Coverage: 750k
Age: up to 80 yo
Others: CI Rider optional depending on cost
Can be limited pay 5 or 10 or annual. I am open.

2) Hospital - Medishield Private
- Potentially looking at GE as shared by BBCWatcher to be one of the better one.

 

[exterminazn]

Hi all,
I am looking at insurance (either term or whole life) for my new born boy. Realised the environment change vs 4 years ago when i bought for my girl.
Can help to quote?

1) Insurance: Term or Whole Life
Coverage: 750k
Age: up to 80 yo
Others: CI Rider optional depending on cost
Can be limited pay 5 or 10 or annual. I am open.

2) Hospital - Medishield Private
- Potentially looking at GE as shared by BBCWatcher to be one of the better one.

Hi,

Did your eldest get a term or whole life? What is the configuration?

Cheers

 

[reddevil0728]

Hi all,
I am looking at insurance (either term or whole life) for my new born boy. Realised the environment change vs 4 years ago when i bought for my girl.
Can help to quote?

1) Insurance: Term or Whole Life
Coverage: 750k
Age: up to 80 yo
Others: CI Rider optional depending on cost
Can be limited pay 5 or 10 or annual. I am open.

2) Hospital - Medishield Private
- Potentially looking at GE as shared by BBCWatcher to be one of the better one.

Hmm.

if you are following @BBCWatcher guidance.

#1 requirement seems quite questionable?

 

[LexusIS]

Hi,

Did your eldest get a term or whole life? What is the configuration?

Cheers

Bought 2x whole life for my eldest
1) 250k with 50k Advance CI and 25k Early CI (2x Multiplier) - 2020
2) 125k with 75k Advance CI and 50k Early CI (2x Multiplier) - 2021

 

[exterminazn]

Bought 2x whole life for my eldest
1) 250k with 50k Advance CI and 25k Early CI (2x Multiplier) - 2020
2) 125k with 75k Advance CI and 50k Early CI (2x Multiplier) - 2021

The multiplier stop at which age?

Did u get both Wholelife when your eldest was a few months old?

 

[LexusIS]

Hmm.

if you are following @BBCWatcher guidance.

#1 requirement seems quite questionable?

Oh was asking in the medishield track about value for money private medishield coverage, where BBCWatcher gave some advice

After that i did my own little read up on MOH website, so i am leaning towards GE & Raffles Health for medishield.
https://www.moh.gov.sg/managing-exp...-plans/comparision-of-integrated-shield-plans

Yeah i understand from some of previous BBCWatcher sharing that he doesn't recommend Whole life vs term and investing the rest. But i have different thoughts on it as Whole life is a good option for those just starting out in their investing journey - (1) Life Coverage plus (2) potential returns.

However, the value for whole life seems to have dropped quite a bit from my time (20-30 years back) to my daughter's time 4 year ago and even now it seems to have further deteriorated. Just as an estimate it seems to cost almost double for the same coverage for a whole life. So now i am thinking if Term Life is a better value.

Also it seems Tokio Marine doesn't offer anymore participating whole life.

 

[LexusIS]

The multiplier stop at which age?

Did u get both Wholelife when your eldest was a few months old?

Oh yes, i bought (1) at 1 month and (2) 1 year 1 month old.

Edit + Multiplier stop at age 71.

 

[BBCWatcher]

Yeah i understand from some of previous BBCWatcher sharing that he doesn't recommend Whole life vs term and investing the rest.

I wouldn't and don't buy life insurance (insurance that pays a death benefit) with kids as policyholders, not in this era. That made a little sense in the past when children were "pension programs" for parents and grandparents, so the death of a child or grandchild effectively meant a loss of elder support. Life insurance on a kid was often insurance against losing a farm worker on the family farm. Not in modern Singapore or in other developed countries, at least.

Insurance salespeople argue that you should buy life insurance for a child because the child might be uninsurable in the future. I think that's an extremely weak argument for reasons I've described in fair detail elsewhere.

CI, ECI, PA, and TPD insurance coverage is a little more arguable I suppose (and sometimes it's cheaper bundled with the minimum available death benefit your child's survivors don't need), but I'm still not a fan. I think the primary goal is to defend against possible big medical bills your child might incur, and generally a public hospital Integrated Shield plan does that rather well — with an emphasis lately on the ones with better cancer coverage than others. Long-term or permanent disability is obviously a concern, but the CI/ECI/PA/TPD "cocktail" doesn't do such a good job addressing that class of risks. DII is obviously better targeted, but it's only available when your child starts working. CareShield Life kicks in from age 30 (if your child is a Singaporean citizen or SPR, seriously disabled, and retains their status through their 30th birthday and beyond). So I have very mixed feelings about the CI/ECI/PA/TPD cocktail. If you're going to go this route I'd pick a reasonable term (to age 65, or to age 70 if it's the group program since that's how that works) and the minimum possible death benefit if you have to "bundle" the "cocktail" with a death benefit to get a lower price on the cocktail. I believe a child of a parent who's eligible for a Singlife group plan (MINDEF/MHA or POGIS) can get a "cocktail" policy for a child that way, so take a look at that option if it's available and if you insist on such coverage.

Either way, please diligently save and prudently invest for yourself and for your child and his/her future needs. For example, you can do what I did (am doing) for all nieces, nephews, and children: start a higher education fund as each is born. Put $X into the fund each month (or quarter), and invest it in low cost and prudent fashion. It doesn't necessarily need to be in separate accounts, although in my situation for some peculiar reasons that made sense. This is working really well; parents and kids are delighted.

 

[LexusIS]

I wouldn't and don't buy life insurance (insurance that pays a death benefit) with kids as policyholders, not in this era. That made a little sense in the past when children were "pension programs" for parents and grandparents, so the death of a child or grandchild effectively meant a loss of elder support. Not in modern Singapore or in other developed countries, at least.

Previous participating life insurance was really good, especially from Tokio Marine and NTUC Income.

Donkey years ago, my colleague bought, from NTUC Income, whole life and endowment which gives really good return of ~4.75% and using it to fund the children's education.

My family bought for me a participating whole life from GE 30 years ago and it has grew consistently at 4.8% until 1.5 years back when they done a massive cut. Right now the IRR still stands at 4.3%.

If bought early and with the right insurer, it can be an asset and part of your overall asset portfolio,

 

[reddevil0728]

Oh was asking in the medishield track about value for money private medishield coverage, where BBCWatcher gave some advice

After that i did my own little read up on MOH website, so i am leaning towards GE & Raffles Health for medishield.
https://www.moh.gov.sg/managing-exp...-plans/comparision-of-integrated-shield-plans

Yeah i understand from some of previous BBCWatcher sharing that he doesn't recommend Whole life vs term and investing the rest. But i have different thoughts on it as Whole life is a good option for those just starting out in their investing journey - (1) Life Coverage plus (2) potential returns.

However, the value for whole life seems to have dropped quite a bit from my time (20-30 years back) to my daughter's time 4 year ago and even now it seems to have further deteriorated. Just as an estimate it seems to cost almost double for the same coverage for a whole life. So now i am thinking if Term Life is a better value.

Also it seems Tokio Marine doesn't offer anymore participating whole life.

Was talking about whether a kid without financial dependency need life insurance coverage…