Getting started with insurance

[boredboiboi]

i understand it as only plans with cashback feature ("benefit") are affected. plans dat can touch money only after plan matures (or if terminate) are not affected by revise rates.
true?

The person meant bonus cut I believe, not the 3% and 4.25% revise

 

[Nancy Fancy]

Prudential's endowment return projection has be consistently revising down. Any one have similar case?

hi
few factors may result lower projection:
1) Upper illustration rate is capped at 4.25%, down from 4.75% from July 2021 onwards. This impacts all participation policies in SG.
2) interest earned from accumulating the benefits, instead of receiving the yearly payout.
3) some insurers may cut bonuses on par policies on certain years.

Only factor 3 is the one pertaining to specific insurer's decision...

 

[neanea]

i understand it as only plans with cashback feature ("benefit") are affected. plans dat can touch money only after plan matures (or if terminate) are not affected by revise rates.
true?

I accumulated all cash back but prudential still projected to give back much lower returns

 

[Mr. Wood]

I accumulated all cash back but prudential still projected to give back much lower returns

evyone holding the plan gets cut, regardless accumulate or withdraw cashback.
heard they revised alot until revised projected returns are so lousy cannot even beat inflation.

u shud hav known by now how much they revised down. hv u consider how u can maximise returns? eg withdraw cashback then put into short duration plans. but now i think no more such short term plans. so nid to get in touch with yr bank or adviser so they will let u know be4 it is opened to public.

 

[Mr. Wood]

Hi everyone, I'm currently in my mid 30s, no dependants, has family history of cancer. I'm wondering whether my insurance are sufficient or am I lacking anything? I'm paying close to $5K yearly for the insurance premiums.

no dependents? oso not planning for children?
seem to overpay for life. since no dependents, juz cover CI/ECI can alrdy. unless u using the life plan cash value to supplement yr retirement? but even then it is not a good idea as the cash value is low.
if pre existing is not related to CI or hav alrdy passed 10yrs, i will shop ard for another CI/ECI plan to see whether worthwhile to replace the lifeplan.

 

[twinklingstars]

no dependents? oso not planning for children?
seem to overpay for life. since no dependents, juz cover CI/ECI can alrdy. unless u using the life plan cash value to supplement yr retirement? but even then it is not a good idea as the cash value is low.
if pre existing is not related to CI or hav alrdy passed 10yrs, i will shop ard for another CI/ECI plan to see whether worthwhile to replace the lifeplan.

Hi, thank you for your advice.

Yes no dependants, I also don't plan to have kids.

I got the life plan many years back cos it was recommended by my insurance agent. I can't surrender it as this life plan does not have any exclusion, while my term insurance has exclusion as it was purchased after the diagnosis, its related to CI. I tried to appeal against the exclusion but it was rejected by Aviva..

 

[boredboiboi]

Hi everyone, I'm currently in my mid 30s, no dependants, has family history of cancer. I'm wondering whether my insurance are sufficient or am I lacking anything? I'm paying close to $5K yearly for the insurance premiums.

These are the insurance which I'm currently holding to right now.

1) Life insurance (bought in 2014): Tokio Marine Legacy Lifetime (Yearly premium: $1,707.60)
- TM Legacy Lifetime (basic benefit)
Sum assured: $50,000.00
Guaranteed benefit: 125,000.00
Coverage expiry date: Whole Life

- Total and Permanent Disability Rider
Sum assured: $50,000.00
Guaranteed benefit: $125,000.00
Coverage expiry date: 2057

- Dread Disease Accelerator Rider
Sum assured: $20,000.00
Guaranteed benefit: $50,000.00
Coverage: Whole Life

- EarlyCare Rider
Sum assured: $30,000.00
Guaranteed benefit: $75,000.00
Coverage: Whole Life

2) Hospitalisation plan (Yearly premium: approx $1000 for this year)

AIA HSG MAX A with rider (will likely downgrade to panel in the future due to increasing premiums)

3) Term insurance: : Aviva MyProtector - Term Plan II with exclusion due to pre-existing illness (Yearly premium: $988.65)​

Death Benefit: $1,000,000.00 28 509.60
Terminal Illness Benefit: $1,000,000.00
TPD Advance Cover Plus II: $1,000,000.00
CI Advance Cover Plus II: $300,000.00
Coverage til age 60

4) Disabled income insurance: Aviva Ideal income (Yearly premium: $961.75)

Monthly payout: $4K, coverage til age 60, will cancel this policy once I retire.

5) Personal Accident: Sompo PAStar (Yearly premium: $144.45)

Thank you!

Keep whatever u have since got existing condition.
dont wait till wan to have children den increase your coverage, because we never know when new condition will hit us. Have seen too many regret nv buy early.

 

[soneat]

Hi everyone, I'm currently in my mid 30s, no dependants, has family history of cancer. I'm wondering whether my insurance are sufficient or am I lacking anything? I'm paying close to $5K yearly for the insurance premiums.

These are the insurance which I'm currently holding to right now.

1) Life insurance (bought in 2014): Tokio Marine Legacy Lifetime (Yearly premium: $1,707.60)
- TM Legacy Lifetime (basic benefit)
Sum assured: $50,000.00
Guaranteed benefit: 125,000.00
Coverage expiry date: Whole Life

- Total and Permanent Disability Rider
Sum assured: $50,000.00
Guaranteed benefit: $125,000.00
Coverage expiry date: 2057

- Dread Disease Accelerator Rider
Sum assured: $20,000.00
Guaranteed benefit: $50,000.00
Coverage: Whole Life

- EarlyCare Rider
Sum assured: $30,000.00
Guaranteed benefit: $75,000.00
Coverage: Whole Life

2) Hospitalisation plan (Yearly premium: approx $1000 for this year)

AIA HSG MAX A with rider (will likely downgrade to panel in the future due to increasing premiums)

3) Term insurance: : Aviva MyProtector - Term Plan II with exclusion due to pre-existing illness (Yearly premium: $988.65)​

Death Benefit: $1,000,000.00 28 509.60
Terminal Illness Benefit: $1,000,000.00
TPD Advance Cover Plus II: $1,000,000.00
CI Advance Cover Plus II: $300,000.00
Coverage til age 60

4) Disabled income insurance: Aviva Ideal income (Yearly premium: $961.75)

Monthly payout: $4K, coverage til age 60, will cancel this policy once I retire.

5) Personal Accident: Sompo PAStar (Yearly premium: $144.45)

Thank you!

It's all about how you perceive your financial risks and how you think your insurance portfolio will help in mitigating those risks. Personally, in your context (family history of cancer, currently having a pre-existing condition), I think your coverage is very comprehensive.

1. Aviva My Protector. I feel that this is important because it provides you substantial coverage. In addition, since you already have some condition, insurability could be a bigger concern sometime down the road. You might be getting a property eventually and taking a loan - so this insurance is a good hedge against the potential mortgage loan liability.
2. TM Legacy Lifetime is a very unique offering in the sense it provides a lifetime MDB at a very reasonable and competitive pricing back then. Totally unbeatable value and I wished I had gotten this plan. Coupled with the fact your have gotten ECI and CI riders with it, this is in fact a very good plan. It continues to give you protection (without any exclusions) after your Aviva My Protector runs out. I will strongly advice you to think 100 times before surrendering it.
3. H&S essential. Pay for whatever it makes sense to you but generally, at a younger age, it is better to have the max coverage as the absolute premium payable is not that high.

As for the rest, I don't have much to say. Cheers =)

 

[flyingpiginthesky]

I saw tiq endowment plan going around. i have extra money i saved so can spare so thinking of putting inside. any thoughts?

 

[reddevil0728]

I saw tiq endowment plan going around. i have extra money i saved so can spare so thinking of putting inside. any thoughts?

Depends on your objective?

 

[Nancy Fancy]

I saw tiq endowment plan going around. i have extra money i saved so can spare so thinking of putting inside. any thoughts?

Are you looking for long term or short term endowment plan?
I notice they have some short term plans from their website.

 

[flyingpiginthesky]

i just want to park my money somewhere safe with interest rate higher than bank till the financial market recover.

ya so i guess in that case looking at short one. i got look at other options but they all seem so long like the lic one of the tiq easysave both 6 years, really heart pain.

 

[boredboiboi]

i just want to park my money somewhere safe with interest rate higher than bank till the financial market recover.

ya so i guess in that case looking at short one. i got look at other options but they all seem so long like the lic one of the tiq easysave both 6 years, really heart pain.

Short term one have to wait thise tranche, its adhoc, usually is a 3 years plan.

 

[BBCWatcher]

Why should TwinklingStars pay about $2,700 per year for life insurance when TS has no dependents, no plans to have dependents, and when one of these policies (the far bigger one) has significant exclusions? That's a waste of money, surely.

 

[flyingpiginthesky]

Short term one have to wait thise tranche, its adhoc, usually is a 3 years plan.

saw this one, they seems like still got tranche

https://www.policypal.com/ppfa/endowment-plans/flow/tiq/tiq-3-year-endowment"

 

[GGGGGG]

Chanced upon the TIQ EASYSAVE, 6 years, 2% p.a with guaranteed, looks not bad versus to endowment plans. Any comments

 

[reddevil0728]

Chanced upon the TIQ EASYSAVE, 6 years, 2% p.a with guaranteed, looks not bad versus to endowment plans. Any comments

6y sounds like a long time for just 2% vis-a-vis some other alternatives that can be considered. are you looking at an extreme conservative portfolio?

 

[Nancy Fancy]

Chanced upon the TIQ EASYSAVE, 6 years, 2% p.a with guaranteed, looks not bad versus to endowment plans. Any comments

hi I also know a 5-year plan. 2% p.a. interested?

 

[boredboiboi]

hi I also know a 5-year plan. 2% p.a. interested?

Mind sharing here what the plan? 2% guaranteed?

 

[haituni]

some would argue putting into those crypto excahnges that offers 6-8% P.a. Pegged to stablecoin. Gemini, Crypto.com are some examples.