Getting started with insurance

[boredboiboi]

Thanks so much boredboi will consider it

You are welcome. Hope it helps u decide =)

 

[Mr. Wood]

Yes, that's allowed, provided the other individuals are related to you. Here's the list of eligible relatives: your spouse, children, parents, siblings, and grandparents.

thanks BBCW
building the qn further, i m thinkg of careshield supplement for my parent. but they are on eldershield. is it a good idea to buy careshield supplement while still keep their eldershield? or are there better plans to "supplement" eldershield?

 

[Kimberlynghh]

I think I'm paying too much .. I've asked for the coverage to be lowered to 100 k. My agent told me the Prulife multipilier is not available anymore. So I may need to sign another policy and also, the previous 150k coverage will have no value. So it's like a partial surrender.

Depends on your liabilities, not too sure what you mean by paying too much. Yes you probably need to sign another policy if you want to match the coverage, so depends on what you are looking at. You can consider other insurers, if you really want a multiplier plan I guess?

 

[Kimberlynghh]

thanks BBCW
building the qn further, i m thinkg of careshield supplement for my parent. but they are on eldershield. is it a good idea to buy careshield supplement while still keep their eldershield? or are there better plans to "supplement" eldershield?

For Eldershield, are they on the comprehensive one or just the basic one? If its just the basic one, then it will be good to get a supplement to enhance it since the basic Eldershield, doesn't cover you for life. The amount you wish to supplement your Eldershield, is up to you, minimum is $300 up to $5,000. Comfortable amount I personally feel is like maybe 1k? but personal preference. As for better plans, I don't think there is one because it is probably the only long term disability instrument (different from Income Disability Insurance) unless you want to do an endowment/annuity to help you with paying the expenses in the event something happens to your parents (NOT IDEAL IMO).

 

[hardwarezoner2]

For Eldershield, are they on the comprehensive one or just the basic one? If its just the basic one, then it will be good to get a supplement to enhance it since the basic Eldershield, doesn't cover you for life. The amount you wish to supplement your Eldershield, is up to you, minimum is $300 up to $5,000. Comfortable amount I personally feel is like maybe 1k? but personal preference. As for better plans, I don't think there is one because it is probably the only long term disability instrument (different from Income Disability Insurance) unless you want to do an endowment/annuity to help you with paying the expenses in the event something happens to your parents (NOT IDEAL IMO).

Careshield Life will replace Eldershield by next year.
Careshield Life payouts is for life, compared to Eldershield which is only a few years.

But the premium for Careshield will increase with time, unlike Eldershield.

 

[hardwarezoner2]

Is there any good insurance agent / agency to consult ?

I feel every single one of them is money minded due to the nature of how they are paid.

How about this SONY life financial advisors ? https://www.sonylifefa.com/services/single-and-active/
They claim to be fixed salary based and not pushy in selling. Anyone has any experience with them ?

 

[boredboiboi]

Is there any good insurance agent / agency to consult ?

I feel every single one of them is money minded due to the nature of how they are paid.

How about this SONY life financial advisors ? https://www.sonylifefa.com/services/single-and-active/
They claim to be fixed salary based and not pushy in selling. Anyone has any experience with them ?

Many of us here are agents.
We cant push anything to you if you already have something in mind. And we are all openly discussing here for your reference.

 

[Mr. Wood]

Is there any good insurance agent / agency to consult ?

I feel every single one of them is money minded due to the nature of how they are paid.

How about this SONY life financial advisors ? https://www.sonylifefa.com/services/single-and-active/
They claim to be fixed salary based and not pushy in selling. Anyone has any experience with them ?

sony not pushy at all

 

[peacefulday]

Careshield Life will replace Eldershield by next year.
Careshield Life payouts is for life, compared to Eldershield which is only a few years.

But the premium for Careshield will increase with time, unlike Eldershield.

Bought NTUC Eldershield premium years ago, an enhanced upgrade of monthly payout and coverage for life. The premium is fixed till age 65.
Not sure still available.

 

[keithdrax]

Hi! Male ANB 31 and female ANB 30.

Can I have quotes for 300k death/tpd and 150k ECI until ages 65 and 70?

Thank you

 

[winthony]

Hi! Male ANB 31 and female ANB 30.

Can I have quotes for 300k death/tpd and 150k ECI until ages 65 and 70?

Thank you

Hello! Sure Assuming non-smoker and desk bound jobs!

ANB31 Male

Till 65:
Company A:$1487.40/annually (ECI non accelerated)
Company T:$1230/annually
Company C:$935.40/annually

Till 70:
Company A: $1729.35/annually (ECI non accelerated)
Company T: $1439.10/annually
Company C: $1122.40/annually

ANB30 Female

Till 65:
Company A: $1424.40/annually (ECI non accelerated)
Company T: $1248.90/annually
Company C:$1087.90/annually

Till 70:
Company A:$1568.25/annually (ECI non accelerated)
Company T: $1307.70/annually
Company C:$1181.90/annually

Company A is running a promo for 500k death/tpd of 20% perpetual discount so the premium would be much more competitive as compared to 300k

ANB31 Male
500k death/tpd + 150k ECI

Till 65: $1266.30/annually(ECI non accelerated)
Till 70: $1485.65/annually(ECI non accelerated)

ANB30 Female
500k death/tpd + 150k ECI

Till 65: $1203.15/annually (ECI non accelerated)
Till 70: $1334.25/annually(ECI non accelerated)

 

[boredboiboi]

Hi! Male ANB 31 and female ANB 30.

Can I have quotes for 300k death/tpd and 150k ECI until ages 65 and 70?

Thank you

Both non smoker?

 

[keithdrax]

Both non smoker?

Yes both non-smokers and office jobs, thanks!

 

[boredboiboi]

Yes both non-smokers and office jobs, thanks!

You are welcome.

Below is the quote
Company A is having 20% perpetual discount for base coverage above 500k and eci rider is not accelerated. Will quote for u accordingly.

For anb 31 male non smoker
Till age 65
Company A - $1487.40/year
Company T - $1230/year
Company C - $935.40/year
Company X - $1016.50:year
Company A(500k death/tpd, 150k eci) - $1266.30/year

Till age 70
Company A - $1729.35/year
Company T - $1439.10/year
Company C - $1122.40/year
Company X - $1195/year
Company A(500k death/tpd, 150k eci) - $1485.65/year

For anb 30 female non smoker
Till age 65
Company A - $1424.40/year
Company T - $1248.90/year
Company C - $1087.90/year
Company X - $966.50/year
Company A(500k death/tpd, 150k eci) - $1203.15/year

Till age 70
Company A - $1568.25/year
Company T - $1307.70/year
Company C - $1181.90/year
Company X - $1075.50/year
Company A(500k death/tpd, 150k eci) - $1334.25/year

 

[hardwarezoner2]

Looking at these values makes me think even more I am paying toooo much for my insurance !!

What does "accelerated' mean?

Why is there a "multiplier" ?

 

[boredboiboi]

Looking at these values makes me think even more I am paying toooo much for my insurance !!

What does "accelerated' mean?

Why is there a "multiplier" ?

The age already big difference. Multiplier is to boost ur coverage before age 70.
Accelerated means if claim the rider, the main plan will drop accordingly the amount claim.

 

[Kimberlynghh]

thanks BBCW
building the qn further, i m thinkg of careshield supplement for my parent. but they are on eldershield. is it a good idea to buy careshield supplement while still keep their eldershield? or are there better plans to "supplement" eldershield?

Bought NTUC Eldershield premium years ago, an enhanced upgrade of monthly payout and coverage for life. The premium is fixed till age 65.
Not sure still available.

No longer available. Downside of Eldershield is the ADL coverage for comprehensive. Only up to 2 ADL and Careshield pay out even for 1 ADL. So depends on how much you prioritise it.For Careshield, if you get the comprehensive/enhanced one, whichever age you get it at the price is fixed. So the older you get more pricey. But Eldershield is no longer available for purchase. Now all is Careshield.

 

[Okenba]

Wanted to ask a question about "insurability".

I understand that some people advocate whole life for kids to 'lock in their insurability'. What does that mean and is it significant?

So if the child develops something down the line, the insurance company is committed to continue to insure the child? Even if they want to increase their coverage?

Trying to understand how big a deal this is...

 

[soneat]

Wanted to ask a question about "insurability".

I understand that some people advocate whole life for kids to 'lock in their insurability'. What does that mean and is it significant?

So if the child develops something down the line, the insurance company is committed to continue to insure the child? Even if they want to increase their coverage?

Trying to understand how big a deal this is...

Underwriting is performed at point of application. Once incepted, the cover for the insured event (e.g. Death, tpd, CI, early CI) will be for life unless premium has lapsed, fraud etc.

Whether this is important or not is personal and depends on one's experience. For myself, I think I have seen many (probably too many) medical problems and hence I deem whole life insurance as a necessity, along with term and H&S.

Some policies (shield or whole life or term) have additional clauses or product features that allow the insured to increase coverage (up to a certain amt) without medical underwriting.

 

[boredboiboi]

Wanted to ask a question about "insurability".

I understand that some people advocate whole life for kids to 'lock in their insurability'. What does that mean and is it significant?

So if the child develops something down the line, the insurance company is committed to continue to insure the child? Even if they want to increase their coverage?

Trying to understand how big a deal this is...

Lock in as in to buy when they are healthy. It will continue to protect as long as the policy is in force. Most wholelife plan allows them to increase coverage at certain milestones such as marriage, getting a new home, graduate etc.