need advise on WL plan

[13luetooth]

Well sometimes things become too unpredictable and this is where im thinking of adding in a buffet assurance. U wont know when ur family members needs a huge financial help from you and that might cause u to deviate away from ur financial plan. Im just stating some examples where a pure term plan might not be just sufficient at a not so predictable situation

the driver behind getting your WL is ermm.. weird..

how abt you save more now so you will not have the problem of "inability to fund future premiums"?(assuming the premiums are for term, which is kinda fixed isnt it?)

LOL

 

[Mecisteus]

Well sometimes things become too unpredictable and this is where im thinking of adding in a buffet assurance. U wont know when ur family members needs a huge financial help from you and that might cause u to deviate away from ur financial plan. Im just stating some examples where a pure term plan might not be just sufficient at a not so predictable situation

What you need is not a WL plan. You need to boost your emergency funds or savings.

 

[akwl88]

Well sometimes things become too unpredictable and this is where im thinking of adding in a buffet assurance. U wont know when ur family members needs a huge financial help from you and that might cause u to deviate away from ur financial plan. Im just stating some examples where a pure term plan might not be just sufficient at a not so predictable situation

Term plan coverage amount not sufficient??

 

[lzydata]

Well sometimes things become too unpredictable and this is where im thinking of adding in a buffet assurance. U wont know when ur family members needs a huge financial help from you and that might cause u to deviate away from ur financial plan. Im just stating some examples where a pure term plan might not be just sufficient at a not so predictable situation

Not sure how this makes sense on its own terms. If one commits to a whole life plan with high premiums and you or someone near you suddenly needs financial help, it would not be wise for you to cash out the policy to help them because then you lose the insurance coverage and you may not be able to restore it later. In contrast if you retain that disposable income for savings and your own investments you can liquidate them anytime.

 

[Layers]

i'm really confused by all these type sia. So it's a good idea to start buying young?

I recently look at the prices. Premium diff alot after u hit certain age.

Look at the ISP premium for example.

For example I also check term plan from TM. A Friend bought at age of 20+ paid 100+ for 500k till 99yrs old.

At age 30+ need ro pay 300+ for less than 500k (300k iirc) 99yrs old.

The difference is great

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[Layers]

the driver behind getting your WL is ermm.. weird..

how abt you save more now so you will not have the problem of "inability to fund future premiums"?(assuming the premiums are for term, which is kinda fixed isnt it?)

LOL

When something happen amd you can't work. U need to use your savings for both premium and daily expenses. Or dig into your investment portfolio

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[Layers]

Not sure how this makes sense on its own terms. If one commits to a whole life plan with high premiums and you or someone near you suddenly needs financial help, it would not be wise for you to cash out the policy to help them because then you lose the insurance coverage and you may not be able to restore it later. In contrast if you retain that disposable income for savings and your own investments you can liquidate them anytime.

Why would u cash out when obviously is for your own risk protection?

Just dig.into your warchest or investment

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[Magickiller9]

I recently look at the prices. Premium diff alot after u hit certain age.

Look at the ISP premium for example.

For example I also check term plan from TM. A Friend bought at age of 20+ paid 100+ for 500k till 99yrs old.

At age 30+ need ro pay 300+ for less than 500k (300k iirc) 99yrs old.

The difference is great

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I got the aviva SAF term plan till 75 i guess that's good enough right? don't need the other few.

 

[xiahJUNSU_]

I got the aviva SAF term plan till 75 i guess that's good enough right? don't need the other few.

if you think coverage enough then ok lo. for me minimum, i get term, private shield, pa.

 

[Layers]

I got the aviva SAF term plan till 75 i guess that's good enough right? don't need the other few.

The basic one dun cover CI. Only TPD and death.

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[Layers]

And see if enough. Mine wasn't. And i feel CI is more impt.

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[xiahJUNSU_]

if you think coverage enough then ok lo. for me minimum, i get term, private shield, pa.

oh and CI. always get term+ci rider bois

 

[Magickiller9]

if you think coverage enough then ok lo. for me minimum, i get term, private shield, pa.

The basic one dun cover CI. Only TPD and death.

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https://www.aviva.com.sg/life-and-health/for-individuals/SAF/saf-living-care.html

Add this 1 right?

 

[Mecisteus]

I recently look at the prices. Premium diff alot after u hit certain age.

Look at the ISP premium for example.

For example I also check term plan from TM. A Friend bought at age of 20+ paid 100+ for 500k till 99yrs old.

At age 30+ need ro pay 300+ for less than 500k (300k iirc) 99yrs old.

The difference is great

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Your friend is mad. Why buy term till 99? So that he has a 99.99% chance of claiming?

What you really need is a term insurance which is at the maximum coverage when you are at your prime age and you have young dependents. Your coverage should reduce when you are moving towards retirement and your children are grown up.

 

[13luetooth]

How is SAF aviva term vs myprotector plus?

 

[T H I N K]

Not sure how this makes sense on its own terms. If one commits to a whole life plan with high premiums and you or someone near you suddenly needs financial help, it would not be wise for you to cash out the policy to help them because then you lose the insurance coverage and you may not be able to restore it later. In contrast if you retain that disposable income for savings and your own investments you can liquidate them anytime.

1.Do you own a whole life policy? If u do, suggest u better do your research or call your agent to find out how your WL policy can serve u if u cannot pay your premiums!

2.Term policy – this u should know what happens if u cannot pay your premiums.

3.Your investment portfolio status -If u an expert or lucky investor, maybe u can cashout. If u DCA into STI ETF, u better do your research/backtesting to find out more. Read this extracts posted by another forumer yesterday:

2. Buy ETF. Yes and no. Investing in index involves risks, and IMO, no better or worse than the risks involved in annuities and endowments. The only difference is that fees are reduced (still present in ETF).

Before anyone claims otherwise,
a) Past performance is not indicative of future performance.
b) You CANNOT ASSUME that the ETF will give you a positive gain (or even maintain value of the fund) for a given time period.

ETFs are not fool proof, and it requires people to have a basic working knowledge of the stock market. That's a tall order for people who can't even force themselves to save some money per month for retirement.

Come on, you SSI people should know that.

U might be lucky if u can cashout positive when u need it, otherwise u might be “cutting losses”!

 

[Layers]

Your friend is mad. Why buy term till 99? So that he has a 99.99% chance of claiming?

What you really need is a term insurance which is at the maximum coverage when you are at your prime age and you have young dependents. Your coverage should reduce when you are moving towards retirement and your children are grown up.

At 100+ a mnth. It's affordable. Even after 65. I think your children will be glad to take over for 500k protection that cost only 100+. If anything happens. No worries.

I am just saying to buy WL or term early when you are young. Compare to a 30s. The diff in premium is big.

Why did ppl keep saying term is cheaper. Cos most buy only yrs after they start working

The older u buy. The lesser u get out from WL.

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[Layers]

https://www.aviva.com.sg/life-and-health/for-individuals/SAF/saf-living-care.html

Add this 1 right?

Ya i think is this one. Note that aviva plan. The premiums get exponentially higher as u get older.

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[Layers]

1.Do you own a whole life policy? If u do, suggest u better do your research or call your agent to find out how your WL policy can serve u if u cannot pay your premiums!

2.Term policy – this u should know what happens if u cannot pay your premiums.

3.Your investment portfolio status -If u an expert or lucky investor, maybe u can cashout. If u DCA into STI ETF, u better do your research/backtesting to find out more. Read this extracts posted by another forumer yesterday:




U might be lucky if u can cashout positive when u need it, otherwise u might be “cutting losses”!

When u tot u can buy term and invest the rest. But who can get 5% return every yr. And who can stay 100% invested?

Will u keep 50% warchest. 40?20? Each of us is diff

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[Magickiller9]

Ya i think is this one. Note that aviva plan. The premiums get exponentially higher as u get older.

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After 75 only ma.