Getting started with insurance

[boredboiboi]

Sure. Can send me quotation? 100k coverage. Multiplier til 70/75. Premium term 20yrs. For kid 2017 and kid 2019. Coverage for ECI/CI/TPD/death and also can let me know the base + interest range after multiplier ends?

100k is before or after multiplier?
Premium wise, M is cheaper compare against A. But multiplier if want to end at age 75, only A is able to do it. Most parent gets 50k x 5 (death/tpd/eci) due to the cap of eci payout of 250k

 

[winthony]

Sure. Can send me quotation? 100k coverage. Multiplier til 70/75. Premium term 20yrs. For kid 2017 and kid 2019. Coverage for ECI/CI/TPD/death and also can let me know the base + interest range after multiplier ends?

Sure! is your 100k pre or post multiplier?
And if it is 100k base, how many times multiplier?

 

[initialbeaute]

Sure! is your 100k pre or post multiplier?
And if it is 100k base, how many times multiplier?

Multiply till 100k coverage.
Either 25k base x4 or 50k base x2

 

[boredboiboi]

Multiply till 100k coverage.
Either 25k base x4 or 50k base x2

2 Kids is boy or girl? U might want to provide month for each as well for more accurate quote.
Boy and girl premium got different.
25k base only company M has it.

 

[Jaeooo]

Hihi, hoping to get some some advise!

Currently 28, 50k annual income, single & only child, both parents still working but doubt they have much savings for their retirement.

Currently have:

100k Death & CI whole life savings kinda policy i got when i turned 18 (1.6k/yr), according to the papers, the surrender value breaks even at year 20.

Mindef
GTL 500k, GPA 600k, GCI 200k & GECI 200k (Total $600/yr)

Recently an agent from A contacted me about the CI updates and suggested that I should take up a personal plan instead to replace the mindef CI/ECI. I'm not really concerned about the updates but I understand that the group CI/ECI premiums increase with age and thought that it might be a good enough reason to get a personal policy.

So what the agent recommended was their term policy for 1m death/tpd + CI/ECI rider to take advantage of the 20% discount and the possiblity of using it in the future to wavie the housing protection scheme thing. I cant rmbr the exact price quoted but it was in the 2k/yr range

My concern is if it would be logical to get such a high death/tpd coverage at the moment to make use of the discoutn if i also plan to keep the mindef GTL?
Should I just drop the mindef stuff completely?
Or will it be wiser to get a separate CI/ECI policy to suppliment my existing 100k wholelife policy and keeping the mindef GTL as the main death/tpd policy? and cancel the group CI/ECI?

Thanks in advance!!!!

 

[xtwis7]

For someone single currently and working, I assume you already have your ISP sorted out so next on the priority list would be to protect your ability to generate income.

Since you have several of the group policies from SAF, you may want to consider the scenario where you don’t get CI but still not well enough to work. That’s a really dangerous thought because you basically have nobody else to look after you and you do not want to burden your parents since you mentioned that they may not sufficient savings to retire.

If you’re keen to explore this other pillar of coverage for yourself, I can provide some quotes here for you. Or if you wish to find out more about income protection a.k.a disability income insurance, you can always ask here.

Hihi, hoping to get some some advise!

Thanks in advance!!!!

 

[initialbeaute]

2 Kids is boy or girl? U might want to provide month for each as well for more accurate quote.
Boy and girl premium got different.
25k base only company M has it.

Oh sorry. Male april2019, female may2017

 

[winthony]

Oh sorry. Male april2019, female may2017

Multiply till 100k coverage.
Either 25k base x4 or 50k base x2

Sure! For company A , min base is 50k and Company M min base is 25k. But Company M is on the new CI framework just for your info!

Male :
A:50k base for death/tpd + 25k base for ECI + 25k base for CI with 2x multiplier till age 70 -> $886/annually for 20 years
A:50k base for death/tpd + 25k base for ECI + 25k base for CI with 2x multiplier till age 75 -> $916.25/annually for 20 years
M:50k base for death/tpd + 25k base for ECI +25k base for CI with 2x multiplier till age 70 -> $960.38/annually for 20 years

Female:
A:50k base for death/tpd + 25k base for ECI + 25k base for CI with 2x multiplier till age 70 -> $907.25/annually for 20 years
A:50k base for death/tpd + 25k base for ECI + 25k base for CI with 2x multiplier till age 75 -> $939/annually for 20 years
M:50k base for death/tpd + 25k base for ECI +25k base for CI with 2x multiplier till age 70 -> $951.70/annually for 20 years

For Company M, min base for death/tpd is 25k but if you want to add eci and ci riders, the riders min SA is 25k as well

 

[Jaeooo]

For someone single currently and working, I assume you already have your ISP sorted out so next on the priority list would be to protect your ability to generate income.

If you’re keen to explore this other pillar of coverage for yourself, I can provide some quotes here for you. Or if you wish to find out more about income protection a.k.a disability income insurance, you can always ask here.

Hi thanks for your reply, and yes, can i trouble you with the quotes for DII? Thank you!!

 

[winthony]

Hihi, hoping to get some some advise!

Currently 28, 50k annual income, single & only child, both parents still working but doubt they have much savings for their retirement.

Currently have:

100k Death & CI whole life savings kinda policy i got when i turned 18 (1.6k/yr), according to the papers, the surrender value breaks even at year 20.

Mindef
GTL 500k, GPA 600k, GCI 200k & GECI 200k (Total $600/yr)

Recently an agent from A contacted me about the CI updates and suggested that I should take up a personal plan instead to replace the mindef CI/ECI. I'm not really concerned about the updates but I understand that the group CI/ECI premiums increase with age and thought that it might be a good enough reason to get a personal policy.

So what the agent recommended was their term policy for 1m death/tpd + CI/ECI rider to take advantage of the 20% discount and the possiblity of using it in the future to wavie the housing protection scheme thing. I cant rmbr the exact price quoted but it was in the 2k/yr range

My concern is if it would be logical to get such a high death/tpd coverage at the moment to make use of the discoutn if i also plan to keep the mindef GTL?
Should I just drop the mindef stuff completely?
Or will it be wiser to get a separate CI/ECI policy to suppliment my existing 100k wholelife policy and keeping the mindef GTL as the main death/tpd policy? and cancel the group CI/ECI?

Thanks in advance!!!!

Hello there!

For the GTL, premium is level till age 65 and afterwhich it skyrocket up

Firstly, ask yourself if you need that amount of coverage and if it fits your budget? The mindef GTL is relatively affordable till 65 years old and you can see how you want to supplement your coverage beyond that with your personal policy. There is certain limitation in the GTL payout so you have to understand if that would be good enough for you.

The mindef ECI has lesser coverage than products offered outside. Might be some thing you want to take note of. So what I usually see what my clients do i that, they will have personal policies and supplement it with the mindef GTL.

 

[boredboiboi]

Oh sorry. Male april2019, female may2017

Ok but winthony quoted you already. No point for me to report the numbers as its the same.

 

[xtwis7]

You mentioned you’re 28 so I’m basing it on your year of birth in 1992.

Annual premiums for a $3k/mth benefit till 65:

$420 (180 days) / $444 (90 days)

The number of days refer to the waiting period before the disability payout will be paid out monthly. I assumed you’re in a 100% deskbound occupation so let me know if this is otherwise.

Hi thanks for your reply, and yes, can i trouble you with the quotes for DII? Thank you!!

 

[initialbeaute]

Sure! For company A , min base is 50k and Company M min base is 25k. But Company M is on the new CI framework just for your info!

Male :
A:50k base for death/tpd + 25k base for ECI + 25k base for CI with 2x multiplier till age 70 -> $886/annually for 20 years
A:50k base for death/tpd + 25k base for ECI + 25k base for CI with 2x multiplier till age 75 -> $916.25/annually for 20 years
M:50k base for death/tpd + 25k base for ECI +25k base for CI with 2x multiplier till age 70 -> $960.38/annually for 20 years

Female:
A:50k base for death/tpd + 25k base for ECI + 25k base for CI with 2x multiplier till age 70 -> $907.25/annually for 20 years
A:50k base for death/tpd + 25k base for ECI + 25k base for CI with 2x multiplier till age 75 -> $939/annually for 20 years
M:50k base for death/tpd + 25k base for ECI +25k base for CI with 2x multiplier till age 70 -> $951.70/annually for 20 years

For Company M, min base for death/tpd is 25k but if you want to add eci and ci riders, the riders min SA is 25k as well

Means after multiplier 100k for death and TPD, 50K for CI and 50k for ECI? In total claimable amount is either or for100k correct? How long is waiting time to claim CI after ECI payout? Company A is Aviva? Lol

 

[boredboiboi]

Means after multiplier 100k for death and TPD, 50K for CI and 50k for ECI? In total claimable amount is either or for100k correct? How long is waiting time to claim CI after ECI payout? Company A is Aviva? Lol

Yes after multiplier is 100k 50k 50k. Total claim amount is 100k
100k is after multiplier. Yes A is aviva. No waiting period as its not multipay.

 

[Jaeooo]

Hello there!

For the GTL, premium is level till age 65 and afterwhich it skyrocket up

The mindef ECI has lesser coverage than products offered outside. Might be some thing you want to take note of. So what I usually see what my clients do i that, they will have personal policies and supplement it with the mindef GTL.

Thanks for the insights!!

You mentioned you’re 28 so I’m basing it on your year of birth in 1992.

Annual premiums for a $3k/mth benefit till 65:

$420 (180 days) / $444 (90 days)

Thank you!! May I know which coy are these numbers for? i understand that there are some slight differences between the DII offered by diff coys

 

[xtwis7]

These are for GE only since I can only represent them.

Unique to Aviva would be their escalation benefit. Usually Aviva and GE are pretty closely compared to each other.

AIA offers the highest death/rehab benefit as one of their secondary features. They only have a 60-day waiting period though so this means their pricing generally tends to be on the higher side.

GE stands out for their definition of working disability. As long as you’re unable to work in your own occupation due to any injury or illness (except HIV), you can claim for the benefit after the waiting period. AIA and Aviva will use these definition for the first 2 years, thereafter it changes to one that is stricter in nature because you must be unable to work in any occupation that is reasonably suited to your training, experience or education.

You may also refer to the Disability Income thread for more specific info.

Thank you!! May I know which coy are these numbers for? i understand that there are some slight differences between the DII offered by diff coys

 

[JohnLee82]

The recommended levels just serve as a benchmark, especially for Death which can be anywhere from 5-10 years and CI anywhere from 3-5 years.

DII has a different benchmark since it doesn’t payout a lump sum and the assumption is that you are still around, just unable to work due to a injury or illness. Based on $100k per year that’s about $6,250/mth if I’m using the maximum 75% cap of your salary. While you can calculate based on expense approach, don’t forget there will be additional expenses on top of your regular expenses that’s why if possible, I’ll recommend the maximum first.

If you’re TPD, then definitely DII will also kick in so with the regular stream of inflow, at the very least you won’t need to worry about having a shelter over your head or food on the table

Thank you. The recommendations seem to scale rather high at the upper end of salary brackets but will keep that in mind.

For the ISP, do you recommend getting the riders?

 

[xtwis7]

At the end of the day it’s entirely up to you to decide. If one’s expenses is really really low then 50% of income could be more ideal. Have you asked yourself how would your lifestyle be affected if you got a 25% paycut after 3 months? If life goes on then good for you since it means your expenses are still within your means.

For ISP, I’ll still recommend riders and the TotalCare Classic under GE offers a great value for the rider because the minimum that you need to pay is the deductible. Pretty manageable if you ask me for someone with a $100k salary, that amount can be forked out easily. GE doesn’t aim to provide the best in class coverage like 1 year pre/post hospitalisation or no waiting period for congenital illnesses, it has to be a reasonably competitive product which some would agree.

Thank you. The recommendations seem to scale rather high at the upper end of salary brackets but will keep that in mind.

For the ISP, do you recommend getting the riders?

 

[winthony]

Means after multiplier 100k for death and TPD, 50K for CI and 50k for ECI? In total claimable amount is either or for100k correct? How long is waiting time to claim CI after ECI payout? Company A is Aviva? Lol

Yes! After multiplier that would be the figures you are looking at and the total claimable amount is 100k

There is no waiting period for the claims as it is not a multipay rider Aviva correct

 

[initialbeaute]

Yes after multiplier is 100k 50k 50k. Total claim amount is 100k
100k is after multiplier. Yes A is aviva. No waiting period as its not multipay.

How is it compared to ntuc? Do U happen to be IFA? How is it compared to ntuc? Since both of them not yet revised until coming 25th?