Getting started with insurance

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akwl88

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Bigoya

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zacky1223 said:
Hello gurus, I come across this Great Easter Flexi Goal plan https://www.greateasternlife.com/sg...my-wealth/wealth-accumulation/flexi-goal.html . Need your advise to see if I should purchase it.

I currently have one plan with Great Easter with monthly payment of $200 for Investment Link https://www.greateasternlife.com/sg...ily/life-protection/smart-life-advantage.html.
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Why does it seems like everyone prefers to check out random plans (regardless good or not) instead of getting ur finances properly planned out using the right product? :s11:
 
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JuniorLion

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Bigoya said:
Why does it seems like everyone prefers to check out random plans (regardless good or not) instead of getting ur finances properly planned out using the right product? :s11:
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Bigoya,

Which type of endowment plans allow one to pay using CPF-OA?
 
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Bigoya

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JuniorLion said:
Trying to find out what endowment plans is available for purchase with CPFIS-OA.
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Have u heard about such plans?
I've not come acoss any.

As much as I'm updated about plans in the industry and how CPF works:
OA only have access to ILPs, via CPFIS-OA (CPF Investment Scheme)
Endowments (speciflcally annuities) could utilise SRS on the other hand.
 
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JuniorLion

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Bigoya said:
So it seems MAS allows endowments to be taken on CPFIS OA...
However there isn't any pdts on the market (at least not that I know of) that allows purchase to be made with OA yet.

Also, I doubt anyone would take out money from their OA and place it into an FD.
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I'm referring to using OA for Endowments rather than FD.
 
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Bigoya

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JuniorLion said:
I'm referring to using OA for Endowments rather than FD.
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"So it seems MAS allows endowments to be taken on CPFIS OA...
However there isn't any pdts on the market (at least not that I know of) that allows purchase to be made with OA yet." - Endowments

"Also, I doubt anyone would take out money from their OA and place it into an FD." - FD
 
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Purplestars

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Hypothetically, does it make sense for a 30 year old making $20k a month with a net worth of $1million to buy insurance?

I can't possibly fathom what benefit he will get from buying any form of health insurance. He'll probably be losing money in the long run.
 
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JuniorLion

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Purplestars said:
Hypothetically, does it make sense for a 30 year old making $20k a month with a net worth of $1million to buy insurance?

I can't possibly fathom what benefit he will get from buying any form of health insurance. He'll probably be losing money in the long run.
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Why would he lose money?
 
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Purplestars

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JuniorLion said:
How will the conclusion change if the person has 100k networth and making 2k a month?
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The conclusion will change because he cannot to take the risk of any major medical emergency. If he ends up in the hospital without insurance, he is broke.

Whereas the 20k a month 2 million guy can easily weather any financial storm from a medical emergency. Even if he suffers permanent disability, he can just retire and need not depend on a 400k payout from insurance.
 
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JYJZERO

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JuniorLion said:
Is it enough coverage? Yes. It is above average. $1mil is a lot of money. The most important is CI, and you're already getting Aviva Living Care, which is one of the best one around. Otherwise, you can top it up with DPI Term CI, but the cost will really start to sink in when you're getting older (e.g. the premiums get more as you get older).

I highly recommend the CPF Top-up. Cheers.
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Realised I wanted to ask this but forgot, but how do you go about doing a claim for CI if needed (with Aviva Living Care) if the insurance was not purchased through an agent? I applied for this when the letter to upgrade came from Aviva directly.
 
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Bigoya

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JYJZERO said:
Realised I wanted to ask this but forgot, but how do you go about doing a claim for CI if needed (with Aviva Living Care) if the insurance was not purchased through an agent? I applied for this when the letter to upgrade came from Aviva directly.
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Just go down to Aviva office and bring your medical report along. Ask them if they need anything else and do what you're told.
 
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