Investment Insurance

[WoShiPro]

Been approached by 2 Agents 1 from AIA and the other Prudential awhile back..

AIA offered Family First Protect
Prudential offered PRUlink Supersaver

What are the pro and cons of the each of the plan?

 

[Aerial86]

Maybe you could ask yourself whether those plans could help you to achieve your objective? Do you really need them? Most insurance agent promotes ILP and Savings plan everywhere to anyone they approach so do they really go into detail and see if it suits you?

I would say spend more time in researching and gaining knowledge about the way those policy works before you make any commitment.

 

[WoShiPro]

Maybe you could ask yourself whether those plans could help you to achieve your objective? Do you really need them? Most insurance agent promotes ILP and Savings plan everywhere to anyone they approach so do they really go into detail and see if it suits you?

I would say spend more time in researching and gaining knowledge about the way those policy works before you make any commitment.

Yup.. That the problem that are bound to hide some hidden stuff.. They always ask me to ask questions.. but i dunno what to ask also... Since i never sign up for any insurance plan before..

So i asking here to see which plan is better. understand that for AIA plan there no commitment period but nid at least 15years to break even...

I already told the agent that i wont sign for a plan if i dun understand.. i told him/her will research 1st before signing anything..

 

[lzr1984]

no insurance at all??

no need talk so much about other insurance, go get H & S insurance first and if can go for private~~~

other insurance can wait~~

 

[SpinFire]

no insurance at all??

no need talk so much about other insurance, go get H & S insurance first and if can go for private~~~

other insurance can wait~~

Yeah, protect yourself with MediShield upgrade and term (not life!) insurance first. Then spend time to read up on ILP/Life insurance/Investment before committing yourself.

Remember: Don't rush into it!! Insurance agents will always try to convince and rush you into committing. They'll give reasons like insurance premiums going up the next birthday, etc.

 

[sgtsickox]

Been approached by 2 Agents 1 from AIA and the other Prudential awhile back..

AIA offered Family First Protect
Prudential offered PRUlink Supersaver

What are the pro and cons of the each of the plan?

What are your concerns? For example, are you more worried about the cash value? Or more concern over the coverage for Death TPD CI?

Have the agent did a fact find for you, showing you why do you need the coverage??

 

[Aerial86]

Completely agree with everyone.. H&S is one of the most important but often missed out by people as even thou there are big population of insurance agent out in the industry, not all will mention this due to the harsh fact that commissions is very low but still takes the same time for filling up application..

As for General Product Knowledge, you could easily google them up just by their product type to find explanations on what they are. I would not mind sharing and explaining to you how each product type works so that you can make better informed decisions

 

[WoShiPro]

Basically i trying to grow my savings... Shares are too risky.. Might need more time to read and understand..

Thought that investment insurance might be a good start? since i will not have to monitor as the interest depend on which fund that you have enroll.

I am still a student so just trying to kickstart my savings plan now..

 

[chopra]

Basically i trying to grow my savings... Shares are too risky.. Might need more time to read and understand..

Thought that investment insurance might be a good start? since i will not have to monitor as the interest depend on which fund that you have enroll.

I am still a student so just trying to kickstart my savings plan now..

Dear student, what's the hurry? Read more. Do not get trapped (like what u are being trapped now in your studies )


term plan, travel insurance, accidental insurance = insurance
life/endowment/savings plan/kids education = insurance plus fixed return investment in bonds etc
ilp = insurance plus variable investment in a mixed of bonds and stocks.

Only fools buy such plans. hefty commission.

ilp, life, endowment, kids education plan, savings plan are essentially the same thing, with different weightage in bonds and equity. Pretty marketing to come out with these terminologies, u get it?

agents will ask you to pm and discuss because they dont want you to know the truth. you should read more sticky threads here.

buy term invest the rest.

 

[kebinu]

Basically i trying to grow my savings... Shares are too risky.. Might need more time to read and understand..

Thought that investment insurance might be a good start? since i will not have to monitor as the interest depend on which fund that you have enroll.

I am still a student so just trying to kickstart my savings plan now..

Saving money is easy.

Money into the bank, no money out from it. You save.

You mentioned that you are young now, when do you need the money? Definitely at least in the next 10 years. Any saving plan will be too long.

 

[WoShiPro]

Saving money is easy.

Money into the bank, no money out from it. You save.

You mentioned that you are young now, when do you need the money? Definitely at least in the next 10 years. Any saving plan will be too long.

Bank interest Low.. Most of my $$ are on short term FD now..

For investment Insurance the Minimum years to earn some profit will take at least 20years for a monthly deposit of $100-$200..

I'm in my early twenty now.. so if according to the investment i may cash out the amount in my early forty. So if i really will to start better to do it early isn't it?

 

[kebinu]

Bank interest Low.. Most of my $$ are on short term FD now..

For investment Insurance the Minimum years to earn some profit will take at least 20years for a monthly deposit of $100-$200..

I'm in my early twenty now.. so if according to the investment i may cash out the amount in my early forty. So if i really will to start better to do it early isn't it?

Look at tokio marine saving plan then, tend to give the best payout in singapore.

 

[IFAadvisor]

Bank interest Low.. Most of my $$ are on short term FD now..

For investment Insurance the Minimum years to earn some profit will take at least 20years for a monthly deposit of $100-$200..

I'm in my early twenty now.. so if according to the investment i may cash out the amount in my early forty. So if i really will to start better to do it early isn't it?

If you are looking for investment products from an insurer company. They can only offer you Investment Linked Policies. Such policies has high charges and not beneficial to clients, performance for most funds are also not to benchmarks. Total waste of good money.

You need to share your goals/objective of saving and time frame to achieve it. If it is for retirement, it usually requires 20, 30, 40 years of planning, thats why endowment plans can span so long.

If it is for short term savings, you must prepare to squeeze your pockets for a decent maturity payout.

Insurance products are many. You must first plan your priority, protection or savings and share with the adviser. Hope this helps.

 

[bigmice]

do not buy any ILP .
if you want protection go for term or life plan
if you want invest, direct to do invest, do not link to any insurance policy, other wise sure lose money.

note: ILP can be good term plan under some condition

 

[chopra]

if cannot convince, confuse? ilp and life have hefty comm through and through.

remember, it's common sense. u need to pay more to agents and fund manager and brokerage for life and ilp. BITR - skip at least the payment to agent part.

 

[WoShiPro]

Some mentioned term plan? What is that?

Some sort of term insurance?

 

[chopra]

Term insurance is the MOST basic insurance, that one can benefit if die or kena total permanent disability.

This is the most original meaning and purpose of insurance. Just like travel insurance.

 

[matchy]

i will not offer family first protect