Getting started with insurance

[boredboiboi]

Sorry 1 more question. May i ask what are the main difference between DPI WL and WL other than the fact that DPI offers less flexibility in terms of premium payment period and coverage.

For direct purchase, number of ci conditions is lesser than normal purchase from agent.

 

[Rusty89]

Hi guys, a newbie question here.

I'm currently looking out for some whole life plans but cant seem to decide between the following 3 plans Manulife LifeReady Plus
Aviva MyWholeLifePlan III
NTUC Income Star Assure

now I know there is no such thing as the best WL plans but i just wanna ask around for opinion if anyone has done any comparison across these 3.

 

[xtwis7]

Hi guys, a newbie question here.

I'm currently looking out for some whole life plans but cant seem to decide between the following 3 plans Manulife LifeReady Plus
Aviva MyWholeLifePlan III
NTUC Income Star Assure

now I know there is no such thing as the best WL plans but i just wanna ask around for opinion if anyone has done any comparison across these 3.

Life policies are structured very differently across companies and as you said, there’s no best policy, just which is the most ideal fit.

What are your top concerns/considerations besides pricing?

 

[Rusty89]

Life policies are structured very differently across companies and as you said, there’s no best policy, just which is the most ideal fit.

What are your top concerns/considerations besides pricing?

besides premium, another concern is CI vs ECI as riders.

And whether WL + Multiplier vs WL + Term make more sense.

 

[boredboiboi]

besides premium, another concern is CI vs ECI as riders.

And whether WL + Multiplier vs WL + Term make more sense.

WL + multiplier is the same as WL+ term.
But WL+ multiplier overall will be cheaper because limited pay while the term is not.

 

[Value.Matrix]

WL + multiplier is the same as WL+ term.
But WL+ multiplier overall will be cheaper because limited pay while the term is not.

Honestly i hate the "cheaper" overall because of limited pay. I like to drag my payments and invest the rest. People should be educated about present value and future value.

It can tilt heavily towards term if your investment returns are high. But i set it at 4% since SA and RA are, and they are at least locked up 25 years or for lifetime. This is a reasonable basis.

 

[Gamma~]

I have standalone Death/TPD/CI Term + WL plans but i feel that my ECI and CI coverage is insufficient. Is there such a plan that covers only ECI/CI to 70-75 years old?

 

[boredboiboi]

I have standalone Death/TPD/CI Term + WL plans but i feel that my ECI and CI coverage is insufficient. Is there such a plan that covers only ECI/CI to 70-75 years old?

Yes there are. Term plans can customize to what you want ur coverage until. Till 70/75 almost available for most insurers but which has better deal only will know after quotation.

 

[xtwis7]

I have standalone Death/TPD/CI Term + WL plans but i feel that my ECI and CI coverage is insufficient. Is there such a plan that covers only ECI/CI to 70-75 years old?

What got you thinking that CI and ECI are insufficient? Besides that, if you don't have DI you need to be aware that having some CI is better than no DI so my recommendation is to look at something that you have not explored.

 

[Gamma~]

Yes there are. Term plans can customize to what you want ur coverage until. Till 70/75 almost available for most insurers but which has better deal only will know after quotation.

Do you mind to share which insurer insure only ECI/CI without Death/TPD? I've got 2 quotes here both cannot exclude Death/TPD.

 

[boredboiboi]

Do you mind to share which insurer insure only ECI/CI without Death/TPD? I've got 2 quotes here both cannot exclude Death/TPD.

Quite a few have. There are 2 types, 1 is normal single payout eci/ci and another type is multipay ci plan. For single payout, usually people will take as a rider under a term death/tpd term plan as its only paying slightly more or sometime even cheaper than single payout.

if u need a quote u can post ur details here or pm me.

details
1) gender
2) age next birthday
3) smoker status
4) coverage amount and also single pay or multipay
5) coverage till what age

 

[andyhtc]

Yes there are. Term plans can customize to what you want ur coverage until. Till 70/75 almost available for most insurers but which has better deal only will know after quotation.

Currently, I'm with Aviva Mindef Group Living Care (CI) and Group Living Care Plus (ECI) which can go up to 70 years old.

I'm curious whether CI and ECI are critical insurance plans after 70 years old, as most likely our:

• parents are no longer around
• children would have already been working for many years
• house is fully paid for
• CPF payout and some savings should be able to sustain our basic needs

I have searched around for similar ECI and early ECI insurance plans and they are much more expensive than the ones I have with Aviva Mindef. The key advantages are they can cover up to around 85 years old, which is more than the average lifespan here, their premiums are held constant regardless of age, and the ECI coverage is much better.

Any input will be greatly appreciated.

 

[boredboiboi]

Currently, I'm with Aviva Mindef Group Living Care (CI) and Group Living Care Plus (ECI) which can go up to 70 years old.

I'm curious whether CI and ECI are critical insurance plans after 70 years old, as most likely our:

• parents are no longer around
• children would have already been working for many years
• house is fully paid for
• CPF payout and some savings should be able to sustain our basic needs

I have searched around for similar ECI and early ECI insurance plans and they are much more expensive than the ones I have with Aviva Mindef. The key advantages are they can cover up to around 85 years old, which is more than the average lifespan here, their premiums are held constant regardless of age, and the ECI coverage is much better.

Any input will be greatly appreciated.

Usually recommend to cover to at most 75. Like what u mentioned, u dont really need the coverage till so late as insurance is meant for lost of income, after retirement age isnt any lost of income to covers and u need to maintain hospital plan.
The longer the coverage term, the higher the premium. Thus with same coverage till age 70/75 is cheaper than coverage till age 85. The longer the coverage term the higher the risk to insurer thus higher premium. Hope i answer ur question.

aviva group term ci and eci is cheaper because 1 of the reason is the number of conditions covered is much lesser than what the outside market offers.

 

[andyhtc]

Usually recommend to cover to at most 75. Like what u mentioned, u dont really need the coverage till so late as insurance is meant for lost of income, after retirement age isnt any lost of income to covers and u need to maintain hospital plan.
The longer the coverage term, the higher the premium. Thus with same coverage till age 70/75 is cheaper than coverage till age 85. The longer the coverage term the higher the risk to insurer thus higher premium. Hope i answer ur question.

aviva group term ci and eci is cheaper because 1 of the reason is the number of conditions covered is much lesser than what the outside market offers.

Okay, that sort of validates what I feel are the purposes of CI and ECI. Once I'm over 60 years old, my financial commitments will be a lot lesser, hence the payout from CI and ECI are not of big concern to me. Currently, I'm on an integrated shield plan that covers close to 100% at the restructured hospitals to mitigate treatment costs.

For the Aviva Mindef CI, the coverage seems to be close to what the market offers. However, the ECI is severely limited but it covers heart and cancer conditions, which are of greater concern to me due to my family and close relatives' health history. As long as these two are covered, I'm quite okay.

In that case, I won't go after new policies to cover CI and ECI until 85 years old

 

[andyhtc]

It took me about 4 years to organise my messy insurance plans accumulated over the years. The motivation was the realisation then that I was growing older and signs of aging were creeping in.

Fortunately, my health was still generally good and I could add/drop insurance policies without issues and my increasing income allowed me to add coverage a bit here and there. It just took a lot of time to compile, create online accounts to the existing policies and call up the insurance companies directly for information, and then read up and compare across. I had to create an Excel to tabulate the details.

The most significant change is after reading up about the highly affordable Aviva Mindef insurance plans in this forum, I dropped some of my expensive and/or duplicated insurance plans. I used the saving to increase some coverages and added a few missing ones that are available at the Aviva Mindef or Aviva itself (although now I realise the latter is a bit more expensive than the market average but the coverage is good).

I will take a break from this optimisation effort for a long while unless there are some major changes e.g. integrated shield plan reviews

 

[boredboiboi]

It took me about 4 years to organise my messy insurance plans accumulated over the years. The motivation was the realisation then that I was growing older and signs of aging were creeping in.

Fortunately, my health was still generally good and I could add/drop insurance policies without issues and my increasing income allowed me to add coverage a bit here and there. It just took a lot of time to compile, create online accounts to the existing policies and call up the insurance companies directly for information, and then read up and compare across. I had to create an Excel to tabulate the details.

The most significant change is after reading up about the highly affordable Aviva Mindef insurance plans in this forum, I dropped some of my expensive and/or duplicated insurance plans. I used the saving to increase some coverages and added a few missing ones that are available at the Aviva Mindef or Aviva itself (although now I realise the latter is a bit more expensive than the market average but the coverage is good).

I will take a break from this optimisation effort for a long while unless there are some major changes e.g. integrated shield plan reviews

Well done for own initiative. And if u r ok to not being payout if hit eci/ci out of the covered range then ya u r Fine

 

[Rusty89]

Hmm is this the right place to ask for quotes? Am looking at NTUC WL plan. Understand can generate own quotes online but it's the default 300%

Looking to get quotes for the following
male, non smoker, ANB = 32

1) SA 100k, CI 50k, ECI 25k, multiplier x5
2) SA 150k, CI 50k, ECI 25k, Multiplier x4 and x 5

 

[boredboiboi]

Hmm is this the right place to ask for quotes? Am looking at NTUC WL plan. Understand can generate own quotes online but it's the default 300%

Looking to get quotes for the following
male, non smoker, ANB = 32

1) SA 100k, CI 50k, ECI 25k, multiplier x5
2) SA 150k, CI 50k, ECI 25k, Multiplier x4 and x 5

yes can be done. Only ntuc? What about aviva and manulife as they might be cheaper than ntuc. And to quote, as WL is limited pay, how many years of payment are you looking at in order to quote?

 

[Rusty89]

yes can be done. Only ntuc? What about aviva and manulife as they might be cheaper than ntuc. And to quote, as WL is limited pay, how many years of payment are you looking at in order to quote?

Oh thanks. yes just ntuc. i have got the quotes for manulife for now. Oh yes, omitted the information. 20 yrs limited pay.

 

[boredboiboi]

Oh thanks. yes just ntuc. i have got the quotes for manulife for now. Oh yes, omitted the information. 20 yrs limited pay.

you are welcome

ntuc
1) SA 100k, CI 50k, ECI 25k, multiplier x5 - $4641.45/year
2) SA 150k, CI 50k, ECI 25k, Multiplier x4 - $5240.80/ye
3) SA 150k, CI 50k, ECI 25k, Multiplier x5 - $5922.15/year


Manulife
1) SA 100k, CI 50k, ECI 25k, multiplier x5 - $3988.96/year
2) SA 150k, CI 50k, ECI 25k, Multiplier x4 - $4843.63/year
3) SA 150k, CI 50k, ECI 25k, Multiplier x5 - $5270.75/year