Need advice on WL

[GoneLink]

Hi All,

I've been quoted by a IFA company with
AXA Life Exentials Prime(Death,TPD,ECI) *Whole Life?*
Aviva Myfamily Cover (Death,TPD,CI) *Term*

Is these package good for enough or just good for their commission?

 

[makav31i]

Hi All,

I've been quoted by a IFA company with
AXA Life Exentials Prime(Death,TPD,ECI) *Whole Life?*
Aviva Myfamily Cover (Death,TPD,CI) *Term*

Is these package good for enough or just good for their commission?

Go to http://www.comparefirst.sg/ and compare the premium first...

 

[GoneLink]

thanks,

but the premium is the highest in comparefirst...

And also, will an IFA have more issue claiming for me?

 

[makav31i]

thanks,

but the premium is the highest in comparefirst...

And also, will an IFA have more issue claiming for me?

Can share a bit more about the insurance premium, term and coverage?

 

[soneat]

Hi All,

I've been quoted by a IFA company with
AXA Life Exentials Prime(Death,TPD,ECI) *Whole Life?*
Aviva Myfamily Cover (Death,TPD,CI) *Term*

Is these package good for enough or just good for their commission?

I think it is more important for you to understand your intent for the insurance cover, and worry about the commission/fees later.

AXA plan is a whole life policy (can be limited premium payment).
MyFamily Cover (Aviva) is a pseudo-Decreasing (because its coverage will reduce in the last 10 years of the term) Term Policy.

If your intention is WHOLE LIFE (that means for as long as you live) coverage, then look at whole life policies (or those term to 100years old policies).

If your intention is to cover yourself for a certain period (e.g. 25yo to 60yo), then look at term policies. Aviva's My Family Cover policy has 20% perpetual discount currently and its one of the more value for money term policy now.

 

[kzonexx]

does IFA assist u with claims? For my agent, he will help me with claims. I submit to him, he vet through & do the final submission for me to GE. I am thinking of getting some non GE products thru IFA but my GE agent service is top notch. Undecided to choose based on the good service of my agent or based on the product itself.

 

[knightdreamer]

does IFA assist u with claims? For my agent, he will help me with claims. I submit to him, he vet through & do the final submission for me to GE. I am thinking of getting some non GE products thru IFA but my GE agent service is top notch. Undecided to choose based on the good service of my agent or based on the product itself.

What did your agent do? That command good service?

 

[GoneLink]

I think it is more important for you to understand your intent for the insurance cover, and worry about the commission/fees later.

AXA plan is a whole life policy (can be limited premium payment).
MyFamily Cover (Aviva) is a pseudo-Decreasing (because its coverage will reduce in the last 10 years of the term) Term Policy.

If your intention is WHOLE LIFE (that means for as long as you live) coverage, then look at whole life policies (or those term to 100years old policies).

If your intention is to cover yourself for a certain period (e.g. 25yo to 60yo), then look at term policies. Aviva's My Family Cover policy has 20% perpetual discount currently and its one of the more value for money term policy now.

Thanks, but i'm getting both to cover the early CI(AXA) and CI(Aviva).
Since Aviva is currently having discount, should i get plans from Aviva better?

does IFA assist u with claims? For my agent, he will help me with claims. I submit to him, he vet through & do the final submission for me to GE. I am thinking of getting some non GE products thru IFA but my GE agent service is top notch. Undecided to choose based on the good service of my agent or based on the product itself.

Yes, the agent says that he will assist in claiming, i think it's more like his company has a department for that.

 

[soneat]

Thanks, but i'm getting both to cover the early CI(AXA) and CI(Aviva).
Since Aviva is currently having discount, should i get plans from Aviva better?



Yes, the agent says that he will assist in claiming, i think it's more like his company has a department for that.

1. Aviva's discount is for some of their Term plans (20% perpetual). AXA is having discount for some of their Term plans too (15% perpetual).

2. You want both CI and ECI cover for a fixed term (till a certain age) or whole life?

3.No need to restrict yourself to these 2 insurers, just scout around for the best deals.

4. Make sure you are comfortable with their policy wording.

5. For claims, well....it's essentially forms filling. Your agent wouldn't be around forever and sometimes its better to just go to the company directly to file a claim. So IMHO, helping to claim is not an important factor. The premium, product feature, policy wordings are the key when deciding on the purchase.

 

[kzonexx]

What did your agent do? That command good service?

simple things, like send me the claim form for me to fill up and send the docs back to him. He will check & submit to GE. Also during the regular 6 monthly follow up, sound advise on the investments and wat type of coverage recommended.

Does an IFA do these as well?

 

[GoneLink]

1. Aviva's discount is for some of their Term plans (20% perpetual). AXA is having discount for some of their Term plans too (15% perpetual).

2. You want both CI and ECI cover for a fixed term (till a certain age) or whole life?

3.No need to restrict yourself to these 2 insurers, just scout around for the best deals.

4. Make sure you are comfortable with their policy wording.

5. For claims, well....it's essentially forms filling. Your agent wouldn't be around forever and sometimes its better to just go to the company directly to file a claim. So IMHO, helping to claim is not an important factor. The premium, product feature, policy wordings are the key when deciding on the purchase.

Yup, i wan both CI and ECI to cover for life..dun wanna be a burden when i am old...i've been scouting around, like tied agent vs IFA, whole vs term

thanks for all the info!

 

[wts2013]

Some discussions that happened today in the other threads, read before u jump into it. I have whole life policies for death/tpd and ci ( separate policies), there are benefits of having them separate.

Suggest u explore/compare with NTUC before u conclude.

It will be good if u could read all the debate in the other threads (whole life vs btir) besides these few posts, goodluck!

http://forums.hardwarezone.com.sg/100874807-post125.html

http://forums.hardwarezone.com.sg/100878040-post135.html

http://forums.hardwarezone.com.sg/100881897-post153.html

 

[soneat]

Yup, i wan both CI and ECI to cover for life..dun wanna be a burden when i am old...i've been scouting around, like tied agent vs IFA, whole vs term

thanks for all the info!

IMHO....

1. Since you have said that you want it to cover for life, then you would be looking at whole life policies, unless you want to look at term policies to cover up to 100 years old.

2. You might want to contact DIY Insurance and give them your requirement (e.g. whole life insurance, cover 100k CI, cover 50k ECI) and information (e.g. Date of birth, gender, smoke/non-smoker, premium payment term if you opt for limited premium payment option).

3. With info from (2), contact a few tied agents (e.g. prudential, aia, GE) and do some sanity check to check out the pricing and compare against any special product features. if any.

From your requirement and my previous research, you should be looking at policies from AXA, TM, Income. As usual, be aware that participating whole life policies have a non-guaranteed portion (for both protection and surrender value), so it is important to buy from a company that you can trust.

 

[Shion]

What about decreasing term

 

[Darkzi0n]

Yup, i wan both CI and ECI to cover for life..dun wanna be a burden when i am old...i've been scouting around, like tied agent vs IFA, whole vs term

thanks for all the info!

When u r old, u probably won't last very long if u r diagnosed with ci. And u may not be willing to go through the pain of treatment at that age.

And ci is going to cost u a bomb and ur coverage will be worth very little 40 or 50 years later due to inflation.

 

[knightdreamer]

simple things, like send me the claim form for me to fill up and send the docs back to him. He will check & submit to GE. Also during the regular 6 monthly follow up, sound advise on the investments and wat type of coverage recommended.

Does an IFA do these as well?

6 months that's quite short a duration, you must be high value customer. mine is once a year, So far no claim yet( thanks). Btw what investment? ILP?

 

[kzonexx]

6 months that's quite short a duration, you must be high value customer. mine is once a year, So far no claim yet( thanks). Btw what investment? ILP?

not high value lar, maybe more diversed that's y need more follow up? Not sure if he meets up with all his customers at the same intervals.

I have whole life, term, hospitalisation, ILP, independent funds, bonds and I also plan other finance related matters like housing & with him.

 

[GoneLink]

thanks for all the info..
i've decided to go with whole life plan, since i'm not into the BTIR...
any idea which company should i be looking at if i wan to cover ECI?

 

[R2R_AIA]

thanks for all the info..
i've decided to go with whole life plan, since i'm not into the BTIR...
any idea which company should i be looking at if i wan to cover ECI?

Maybe you can provide us with more details on your age, gender and non-smoker/smoker and the coverage amount you are looking at so that we can provide you a quote

 

[Shion]

AIA is expensive, same level as Pru and GE.