Life or term insurance?

[nez]

for a late 30s guy, which is more appropriate?

Life or term insurance?

 

[nez]

it really depends whether are you married or not, what are you looking for, etc.

In case anything happen to me like accident or illness, i will have the necessary $ to cover it.

 

[Konnichiwa]

Most recommendation is to separate insurance and investment.

Therefore, term would be a preferred choice. You need these coverage as some events in life could wipe out the whole investment.

Most companies also buy some form of insurance as part of their risk management process.

Risk Management can be mainly:
1. Transfer
2. Avoid
3. XXX
and 4. XXX forgot 3. and 4. already.. hehehe

Anyway, by buying insurance you are transfer some risk you may face to the insurance company.

Read Sunday Times more often... lots on investment, insurance, money management tips.

 

[nez]

Each type of policy has its pros and cons.

Why choose either one? Why not have the best of both worlds?

Meaning?......

 

[Cashcow]

I should buy a term plan, costing maybe $30 to $40 for a coverage of $300,000.

If you buy a life plan, the coverage will be A LOT lower and the premium you are paying is very expensive.

Best is still buy a term plan and do your savings/investment separately.

 

[Konnichiwa]

I got very bad experience with NTUC agent.

Once I went to the Bras Brasah Centre and told the counter staff, I want to buy term insurance. Then she refered me to the NTUC service agent.

I told the agent specifically I want term policy, he keeps trying to upsell life plan non-stop. And when I try to ask more about the terms and condition of the Critical illness plan, he gave nothing more than the list of 30 illness...thats all. Then try to upsell saving plans again...

This is not the first time I got this treatment when I approach NTUC agent. There is also once during Roadshow when I wanted a affordable term insurance. After they found out the yearly premium I asked for... they just simply ignored me.

This is piece of ****. When i approached Great Eastern and Prudential agent, they gave me a detailed terms and condition. Nothing more when I insisted to get term insurance only.

If you want affordable and better service.. u either buy a savings plan... or.. choose other company..

NTUC is cheap but... not without a reason.. for being cheap...

 

[audiovideo]

do you mean GE and Prudential agents are just as bad?

 

[Konnichiwa]

do you mean GE and Prudential agents are just as bad?

Sorry, I may have worded it wrongly. GE and Prudential's agents service are better.

 

[chopra]

In case anything happen to me like accident or illness, i will have the necessary $ to cover it.

If this is your primary objective, then term.

Next question would be, how long do you wish to be cover? Till 65? 70? or further? Correct me if I'm wrong (any HWZ insurance agents), not all insurance companies offer term insurance above a certain age limit.


Other considerations would be:
- Are you financially savvy?
- Do you save up on your own?
- Do you have any other forms of investments currently, either invested personally or through a third party? Investments would include things like property, stocks, unit trusts, etc, bonds etc.

 

[audiovideo]

i would say is regrettable to know some ntuc agents behave or perhaps told to behave in such a manner.

if not interested or not relevant can kindly refer to the right agent ma..
they forgot who is the real big boss? .. the customer
if this is the way ntuc work .. then good luck

 

[OddEye]

do you mean GE and Prudential agents are just as bad?

GE not that great either la... I have bad experience with them too... All companies in this industry sure got bad eggs one

 

[jack81]

for a late 30s guy, which is more appropriate?

Life or term insurance?

Scenario: your age next birthday is 35.

Monthly premium is $218.45. Coverage is $100K from 35 till age 55.

Total premium paid at age 55 = $52,428

At age 55, you can get half your sum assured back (guaranteed) = $50,000 ( exclude non-guaranteed bonus )

Premium stop at age 55.

From 55 till 99, coverage is $50,000 for death, disability waiver is from 35 till 55. You can choose to add in other riders you wish.

There is another option for the age instead of 55, 62 can be chosen instead. Just replace all the age 55 with age 62, premiums will be also be lowered with age 62 chosen.

 

[audiovideo]

Scenario: your age next birthday is 35.

Monthly premium is $218.45. Coverage is $100K from 35 till age 55.

Total premium paid at age 55 = $52,428

At age 55, you can get half your sum assured back (guaranteed) = $50,000 ( exclude non-guaranteed bonus )

Premium stop at age 55.

From 55 till 99, coverage is $50,000 for death, disability waiver is from 35 till 55. You can choose to add in other riders you wish.

There is another option for the age instead of 55, 62 can be chosen instead. Just replace all the age 55 with age 62, premiums will be also be lowered with age 62 chosen.

what plan from which company?
can get back $$... is it life?

 

[jack81]

what plan from which company?
can get back $$... is it life?

yesh its a life plan.

 

[henrylbh]

Each type of policy has its pros and cons.

Why choose either one? Why not have the best of both worlds?

As though a person can afford whatever best. Like that got to buy many types of insurance and in doing so, there will be overlapping coverage and premiums paid paid for nothing.

 

[Panerex]

Scenario: your age next birthday is 35.

Monthly premium is $218.45. Coverage is $100K from 35 till age 55.

Total premium paid at age 55 = $52,428

At age 55, you can get half your sum assured back (guaranteed) = $50,000 ( exclude non-guaranteed bonus )

Premium stop at age 55.

From 55 till 99, coverage is $50,000 for death, disability waiver is from 35 till 55. You can choose to add in other riders you wish.

There is another option for the age instead of 55, 62 can be chosen instead. Just replace all the age 55 with age 62, premiums will be also be lowered with age 62 chosen.

does this plan include CI coverage?

 

[audiovideo]

wah happily claim $3m ...
amitabha

 

[jack81]

does this plan include CI coverage?

No, you can choose to add CI riders if you want.

CI is till 99 for this plan. One will still have CI coverage after 55 or 62.

 

[Panerex]

No, you can choose to add CI riders if you want.

CI is till 99 for this plan. One will still have CI coverage after 55 or 62.

Thanks.

So using the example you quoted above, can you advise how much the ci rider will be, and will be payable until what age?

 

[jack81]

Thanks.

So using the example you quoted above, can you advise how much the ci rider will be, and will be payable until what age?

Scenario: your age next birthday is 35.

Coverage is $100K from 35 till age 55.

With CI added, the new monthly premium is $265.20.

Total premium paid at age 55 = $63, 648

At age 55, you can get half your sum assured back (guaranteed) = $50,000 ( exclude non-guaranteed bonus )

Premium contribution will stop at age 55.

From 55 till 99, coverage is $50,000 for death and CI, disability waiver is from 35 till 55. You can choose to add in other riders you wish.

There is another option for the age instead of 55, 62 can be chosen instead. Just replace all the age 55 with age 62, premiums will be also be lowered with age 62 chosen. All premium contribution will end at either 55 or 62 of your choice.