Insurance???

[aquarius_jan2004]

If I have a policy for 20 years, due to some reasons unable to pay for the premium.

(Eg stop paying after 10 years)

Would I be able to get back the money for the premium which I have paid???

 

[naro]

Should use automatic premium loan or convert to a paid-up so that u can retain ur coverage yet no need to pay premiums anymore, especially whole life policy

 

[lucified_lance]

why are tokio marine's life insurance so cheap?

 

[harky]

policy rule think all same
must break even.. if not will lost some $$ if u cancel half way.

i just cancel one which i pay for 10 year.. and it break even.. nv lost any $$

 

[zhirong80]

Hi. To get the best value out of your policy, you can ask your family members to take over your policy. You can take the amount received and buy a term insurance to give you more personal protection. Converting to paid up greatly diminish the value of the policy. Taking up policy loan will be not a good solution as the policy will eventually lapsed when the values goes to zero.

 

[archcherub]

why are tokio marine's life insurance so cheap?

the commissions and incentives to TM agents and the managers are not as high as commissions to the other 3 well known insurers.

i seen the managers' overriding alone in the 3 insurers. the amount is quite hefty.

I support IFA (independent financial advisors) who earn a lot much lessers, and usually the cheapest and better products come from NTUC Income or Tokio Marine...

 

[aquarius_jan2004]

Hi. To get the best value out of your policy, you can ask your family members to take over your policy. You can take the amount received and buy a term insurance to give you more personal protection. Converting to paid up greatly diminish the value of the policy. Taking up policy loan will be not a good solution as the policy will eventually lapsed when the values goes to zero.

Term insurance - Pay premium for a period (I.e 20 years)
Upon death, TPD, CI, family member get back the Sum assured???

What if terminate/ lapsed the policy half way??? (Can get back $)

 

[zhirong80]

Term insurance - Pay premium for a period (I.e 20 years)
Upon death, TPD, CI, family member get back the Sum assured???

What if terminate/ lapsed the policy half way??? (Can get back $)

A term insurance pays significantly more than a life insurance for the same monthly premium. So it will protect you and your family in case such negative events happen.

On the flip side, there is no cash value in term insurance. If you give up the policy halfway, you will not receive any cash.

If you are considering term insurance, AVIVA SAF insurance is the best value term you can get. Just get a quote from a few companies and you can verify that is the cheapest for the same protection.

 

[Aerial86]

A term insurance pays significantly more than a life insurance for the same monthly premium. So it will protect you and your family in case such negative events happen.

On the flip side, there is no cash value in term insurance. If you give up the policy halfway, you will not receive any cash.

If you are considering term insurance, AVIVA SAF insurance is the best value term you can get. Just get a quote from a few companies and you can verify that is the cheapest for the same protection.

Not really. If you are going to add on CI coverage, it is a different story. The premium for CI rider will be revised every year from age 46 onwards, which will get more and more expensive every year till age 65 max and the whole plan cease. And if I'm not wrong the max is 300k coverage for CI and the premium can go up to $342.50/mth at age 65.

Anything after age 65 will not be able to be covered by this if you take it as the only term plan in your portfolio. Other term plans are level premiums albeit not guaranteed but premiums will not be adjusted unless some catastrophic events happened.

So premiums can be kept at a lower rate if entered at a young age and you have the choice to go up till an older age where most things start to happen. Remember you pay for what you get.

 

[harky]

but than life insurance without term... pay until old le.. by the time when u old u still got $$ to pay meh?

 

[MakingCentsSG]

For most people, I would recommend that people start with a limited payment life insurance. You only need to pay during your most productive years and yet have lifetime coverage.

As your income or needs grow, you can pad it up with term insurance. From what I know, the longest term insurance is for about 20 years. I doubt you would want to buy another term when that expires as it's going to be really expensive.

Of course, there is a need then for careful planning to make sure that you cover most of your financial liabilities (e.g. home loans) before the term expires.

 

[archcherub]

So premiums can be kept at a lower rate if entered at a young age and you have the choice to go up till an older age where most things start to happen. Remember you pay for what you get.

with all due respect, you do not pay for what you get.
not in singapore, not in insurance world.

 

[archcherub]

but than life insurance without term... pay until old le.. by the time when u old u still got $$ to pay meh?

whole life insurance, which is theoretically payable till age 100... does not mean you must pay till age 100.

say a person bought his whole life insurance when he was age 25....
by the time he is age 62, retired, his children may have grown up, and hence he does not need any more death insurance (i am assuming he has health insurance to take care of medical needs) so he can stop the whole life policy and take out the money to retire.

Or if he has a healthy nest egg, choose to continue paying the whole life, so that he got something to pass to his kids when he died.
(or he can pass to his kids to continue paying for him)

or he can convert the plan so that he does not have to pay any more cash, and it still exists to give out money when he died.


whole life til 100 does not mean u must pay till 100.

but if u do ur research and is not lazy, stick to the basic..BUY TERM, INVEST the difference.
not difficult at all, not cheem, and save u tons of cashs in the long run

 

[Aerial86]

but than life insurance without term... pay until old le.. by the time when u old u still got $$ to pay meh?

That's the downside for term plan in exchange for the lower premiums. Both limited whole life and term has their pros and cons so it will be good to identify the priority to see which fits your objective the most.

 

[harky]

most insurance either term or life will cover death one mah...

i think is return value how much u get when u cant pay anymore for ur insurance for life one