Insurance

[GloveK8]

Hi guys, Im currently looking for a few insurance for a few people.. The premium is quite low though haha..

1) 28 year old guy
Just started working, his budget for life insurance around $200++, was sweet talk by a prudential agent into buying ILPs. Now he's going to cancel his ILP after talking to a few people..

Based on what I know, Im advicing him to get a term plan plus whole life plan for protection.. He had already upgraded his medishield

2) My gf and I

Both of us are still uni undergrads, 1 more year to graduation.. But we are looking to upgrade to private medishield.. The problem is my gf have high blood cholesterol. While I have degenerative disc disease, runner's knee and allergic rhinitis..

We heard of the Aviva shield plan that have moratorium underwriting.. We are looking at this shield plan since we are still young..


3) My younger sister
Just started working after poly.. Looking to upgrade her medishield and also get some term plan for protection.. very low budget since she's earning less than 2k.. maybe under $100 per month...


Im hoping for IFAs to contact me since I prefer a mixture of plans to get the best value... If any of you guys have good IFA to recommend please PM me.. hopefully someone that is experience in this field as I wish to have one agent managing for my family. Thanks in advance!

 

[chopra]

#1 and #3 Term - just get aviva or ntuc income term. Term is a simple product - you do not need a mixture of plans.

on #2 shield plan - speak to different agents on your medical condition and pass them ur medical reports.
Some less "stringent" companies will return, and do check what the company will covered / not covered.

 

[Darkzi0n]

think TS inbox sld be flooded with PMs now...

anyway, for #1 and #3... can get the Aviva SAF group term plan.. i believe it is the most cost effective insurance out there... u can also add riders such as CI or disability income to get a more comprehensive package.

As for number #1.. does he still need coverage when he is old?
u need to first consider the purpose of various protection.

death benefits - outstanding loan/child education/etc .. is there still such needs after the age of 65?
permanent disability - u r not working and is dependent on ur retirement fund anyway.. is it necessary to get another lump sum?
CI - how long can u last if u are old and get critical illness?

if ur friend still think he feel safer with some protection after 65... den i recommend a term with higher coverage + a life with a lower coverage.... afterall when u all liao, u will have retirement funds and lesser liability... there is no need for so much financial protection.

 

[GloveK8]

#1 and #3 Term - just get aviva or ntuc income term. Term is a simple product - you do not need a mixture of plans.

on #2 shield plan - speak to different agents on your medical condition and pass them ur medical reports.
Some less "stringent" companies will return, and do check what the company will covered / not covered.

For number 3 im looking at term too, but dunno how different is it between the insurers.. For #2, the ntuc agent sort of told my gf that there will be exclusions. so im wondering IFA may know which company has less stringent underwriting criterias..

think TS inbox sld be flooded with PMs now...

anyway, for #1 and #3... can get the Aviva SAF group term plan.. i believe it is the most cost effective insurance out there... u can also add riders such as CI or disability income to get a more comprehensive package.

As for number #1.. does he still need coverage when he is old?
u need to first consider the purpose of various protection.

death benefits - outstanding loan/child education/etc .. is there still such needs after the age of 65?
permanent disability - u r not working and is dependent on ur retirement fund anyway.. is it necessary to get another lump sum?
CI - how long can u last if u are old and get critical illness?

if ur friend still think he feel safer with some protection after 65... den i recommend a term with higher coverage + a life with a lower coverage.... afterall when u all liao, u will have retirement funds and lesser liability... there is no need for so much financial protection.

Lol no one pm me as of now yet lei..

For number 1, i think putting like 50/100k sum assured for whole life is important? then use the rest of the money to buy term.. Anyway he's not from saf so cannot buy aviva.. he's from home team, and I just check that home team ns have one plan with Income, but have to always be home team ns member

And the prob is he have totally no financial knowledge and is not interested in picking it up. One of the main reason that he pick ILP cause he can just "throw money in". Wat im suggesting to him now is to get term first if the whole life is too expensive.. den after a few years get whole life.. and maybe start a index ETF/blue chips regular saving plans instead.. He's not a saver type of guy, which he knows also, tat's why he hope to have a sum of money when he retires..