need advise on WL plan

[Magickiller9]

Actually SAF just announce free insurance for NSF and nsmen

SINGAPORE – Free life and personal accident insurance coverage will be provided for all full-time national servicemen (NSFs) and operationally-ready national servicemen (NSmen) serving in the Singapore Armed Forces (SAF), Singapore Police Force and the Singapore Civil Defence Force from next month, as part of efforts to better recognise the contributions of national servicemen.

They will receive group term life coverage of S$150,000 and group personal accident insurance coverage of the same amount during full-time National Service (NS) and operationally-ready NS activities.

These will be provided by the Ministry of Defence (Mindef) and the Ministry of Home Affairs (MHA), which will foot the premiums for the coverage, the ministries said in a joint press release on Tuesday (June 21). Aviva has been appointed as the insurance company under this initiative.

National servicemen wishing to insure themselves outside the stipulated coverage period or insure their dependants can also choose to buy additional coverage at “competitive premiums”, the ministries said.

Besides national servicemen, Mindef and SAF regulars and Home Team uniformed officers will also receive group term life and group personal accident insurance coverage during their period of service.

Volunteers also stand to benefit. NS volunteers, as well as volunteers from the SAF Volunteer Corps, SPF Voluntary Special Constabulary, and Civil Defence Auxiliary Unit, will enjoy similar insurance coverage in the course of their official duties.

The scheme will cover pre-existing medical conditions.

In addition, a Voluntary Scheme is available to all individuals covered under the Core Scheme, Mindef and SAF public officers, MHA civilian employees, as well as Defence Science and Technology Agency staff and their dependants. This scheme provides coverage of up to S$1 million for group term life insurance and up to S$600,000 for group personal accident insurance.

MHA personnel may sign up for the Voluntary Scheme from July 1, while those at Mindef can do so from Oct 1.

The provision of life and personal accident insurance coverage for national servicemen was one of 30 recommendations put forward by the Committee to Strengthen National Service, which has the task of looking into ways to improve the NS system and raise public support for it.

Servicemen who are current policy-holders under each ministry’s existing insurance scheme will have their existing coverage ported over to the Voluntary Scheme.

The ministries said they would work with Aviva to ensure a smooth transition and hold briefings and roadshows for national servicemen, regulars and volunteers.

Colonel (NS) Simon Lim, Mindef's director of National Service Affairs, said the coverage was “our way to thank them for their contributions to national defence”.

“Our national servicemen form the backbone of the Singapore Armed Forces and perform valuable service to our nation,” he said.

Added Colonel (Retired) Rupert Gwee, director of MHA’s NS Affairs directorate: “This group insurance is one of the many ways in which we look after the well-being of our officers, whether they are regulars, national servicemen or volunteers, as they go about their duties to keep Singapore safe and secure.”

 

[greenarrow_23]

Actually SAF just announce free insurance for NSF and nsmen

SINGAPORE – Free life and personal accident insurance coverage will be provided for all full-time national servicemen (NSFs) and operationally-ready national servicemen (NSmen) serving in the Singapore Armed Forces (SAF), Singapore Police Force and the Singapore Civil Defence Force from next month, as part of efforts to better recognise the contributions of national servicemen.

They will receive group term life coverage of S$150,000 and group personal accident insurance coverage of the same amount during full-time National Service (NS) and operationally-ready NS activities.

These will be provided by the Ministry of Defence (Mindef) and the Ministry of Home Affairs (MHA), which will foot the premiums for the coverage, the ministries said in a joint press release on Tuesday (June 21). Aviva has been appointed as the insurance company under this initiative.

National servicemen wishing to insure themselves outside the stipulated coverage period or insure their dependants can also choose to buy additional coverage at “competitive premiums”, the ministries said.

Besides national servicemen, Mindef and SAF regulars and Home Team uniformed officers will also receive group term life and group personal accident insurance coverage during their period of service.

Volunteers also stand to benefit. NS volunteers, as well as volunteers from the SAF Volunteer Corps, SPF Voluntary Special Constabulary, and Civil Defence Auxiliary Unit, will enjoy similar insurance coverage in the course of their official duties.

The scheme will cover pre-existing medical conditions.

In addition, a Voluntary Scheme is available to all individuals covered under the Core Scheme, Mindef and SAF public officers, MHA civilian employees, as well as Defence Science and Technology Agency staff and their dependants. This scheme provides coverage of up to S$1 million for group term life insurance and up to S$600,000 for group personal accident insurance.

MHA personnel may sign up for the Voluntary Scheme from July 1, while those at Mindef can do so from Oct 1.

The provision of life and personal accident insurance coverage for national servicemen was one of 30 recommendations put forward by the Committee to Strengthen National Service, which has the task of looking into ways to improve the NS system and raise public support for it.

Servicemen who are current policy-holders under each ministry’s existing insurance scheme will have their existing coverage ported over to the Voluntary Scheme.

The ministries said they would work with Aviva to ensure a smooth transition and hold briefings and roadshows for national servicemen, regulars and volunteers.

Colonel (NS) Simon Lim, Mindef's director of National Service Affairs, said the coverage was “our way to thank them for their contributions to national defence”.

“Our national servicemen form the backbone of the Singapore Armed Forces and perform valuable service to our nation,” he said.

Added Colonel (Retired) Rupert Gwee, director of MHA’s NS Affairs directorate: “This group insurance is one of the many ways in which we look after the well-being of our officers, whether they are regulars, national servicemen or volunteers, as they go about their duties to keep Singapore safe and secure.”

If I did not understand it wrongly, NSmen are only covered for free during the time period when they are participating in activities. Of course, you can enrol into the voluntary scheme which I think should be similar to what we currently have now.

 

[Layers]

After 75 only ma.

The rider i meant. For CI

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[Layers]

Actually SAF just announce free insurance for NSF and nsmen

SINGAPORE – Free life and personal accident insurance coverage will be provided for all full-time national servicemen (NSFs) and operationally-ready national servicemen (NSmen) serving in the Singapore Armed Forces (SAF), Singapore Police Force and the Singapore Civil Defence Force from next month, as part of efforts to better recognise the contributions of national servicemen.

They will receive group term life coverage of S$150,000 and group personal accident insurance coverage of the same amount during full-time National Service (NS) and operationally-ready NS activities.

These will be provided by the Ministry of Defence (Mindef) and the Ministry of Home Affairs (MHA), which will foot the premiums for the coverage, the ministries said in a joint press release on Tuesday (June 21). Aviva has been appointed as the insurance company under this initiative.

National servicemen wishing to insure themselves outside the stipulated coverage period or insure their dependants can also choose to buy additional coverage at “competitive premiums”, the ministries said.

Besides national servicemen, Mindef and SAF regulars and Home Team uniformed officers will also receive group term life and group personal accident insurance coverage during their period of service.

Volunteers also stand to benefit. NS volunteers, as well as volunteers from the SAF Volunteer Corps, SPF Voluntary Special Constabulary, and Civil Defence Auxiliary Unit, will enjoy similar insurance coverage in the course of their official duties.

The scheme will cover pre-existing medical conditions.

In addition, a Voluntary Scheme is available to all individuals covered under the Core Scheme, Mindef and SAF public officers, MHA civilian employees, as well as Defence Science and Technology Agency staff and their dependants. This scheme provides coverage of up to S$1 million for group term life insurance and up to S$600,000 for group personal accident insurance.

MHA personnel may sign up for the Voluntary Scheme from July 1, while those at Mindef can do so from Oct 1.

The provision of life and personal accident insurance coverage for national servicemen was one of 30 recommendations put forward by the Committee to Strengthen National Service, which has the task of looking into ways to improve the NS system and raise public support for it.

Servicemen who are current policy-holders under each ministry’s existing insurance scheme will have their existing coverage ported over to the Voluntary Scheme.

The ministries said they would work with Aviva to ensure a smooth transition and hold briefings and roadshows for national servicemen, regulars and volunteers.

Colonel (NS) Simon Lim, Mindef's director of National Service Affairs, said the coverage was “our way to thank them for their contributions to national defence”.

“Our national servicemen form the backbone of the Singapore Armed Forces and perform valuable service to our nation,” he said.

Added Colonel (Retired) Rupert Gwee, director of MHA’s NS Affairs directorate: “This group insurance is one of the many ways in which we look after the well-being of our officers, whether they are regulars, national servicemen or volunteers, as they go about their duties to keep Singapore safe and secure.”

Only during nsf or reservist. Coverage for 2 wks every yr. Thx. Better than nothing

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[13luetooth]

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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I'm 25yo this year and I checked TM WL plan for 100k coverage without CI limited payment of 15 years, already cost like 2k+ per year already.

At the end of 30 years, the guaranteed sum is barely above the total premium paid only.

So why does people still buy WL ?

 

[OngHuatHuat]

I'm 25yo this year and I checked TM WL plan for 100k coverage without CI limited payment of 15 years, already cost like 2k+ per year already.

At the end of 30 years, the guaranteed sum is barely above the total premium paid only.

So why does people still buy WL ?

My prulife limited pay series seems to be quite consistent in both guaranteed and non guaranteed component, now I am in the 6th year, the figure kind of tally.

I think if you hold for longer tenure, they will declare more bonus during good years and will add on more value to your policy. That's why whole life must buy when you are very young, coz you have a higher chance to get holding bonus and performance bonus.

If you buy it at 40 years old, i think it is hard to even break even.

 

[Layers]

I'm 25yo this year and I checked TM WL plan for 100k coverage without CI limited payment of 15 years, already cost like 2k+ per year already.

At the end of 30 years, the guaranteed sum is barely above the total premium paid only.

So why does people still buy WL ?

Why would u wana buy a WL with no CI?

I buy WL ultimately for protection from CI. Remeber WL is not a investment although it has surrender value.


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[13luetooth]

Why would u wana buy a WL with no CI?

I buy WL ultimately for protection from CI. Remeber WL is not a investment although it has surrender value.


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if thats the case why not just buy term protection with CI ? isnt that even better?

 

[akwl88]

if thats the case why not just buy term protection with CI ? isnt that even better?

Pple gian can get their cash back ma. But agents seldom tell you the high premiums you paid for a low coverage. And insist term is get nothing back. Money down the drain, they said.

Term - low premiums, high coverage, no getting back your premiums

 

[soneat]

Every one is unique. Term is like HDB-Essential and value for money. WL is like Condo-Not really a necessity but is a good to have.

Some people have only term. Some have only WL. Some have both. As long as the policyholder is aware of what he or she is buying, it's OK. No need to assume people who have WL are not financially savvy.

 

[T H I N K]

There are people who shun WL or dun buy WL, but buy Endowment and got burnt by Endowment, are they not financially savvy?

 

[akwl88]

As long as you got cash to burn, you can hoot every policies

 

[soneat]

In the WL and Endowment universe, there are still some good policies, although not a lot. Similarly, there are bad term policies as well.

Just because anticipated endowment is bad doesn't mean all endowment is bad.

 

[T H I N K]

I'm 25yo this year and I checked TM WL plan for 100k coverage without CI limited payment of 15 years, already cost like 2k+ per year already.

At the end of 30 years, the guaranteed sum is barely above the total premium paid only.

So why does people still buy WL ?

Suggest u go read thru the thread on Wholelife vs BTIR.

Traditional WL might be better, go do a comparison first. Dun just look at one insurer.

People say WL is expensive, expensive relative to what? Your WL premium is a savings over the long term, an asset not an expense (expensive?). Of course u get a lower coverage with the same premium as compared with Term as your term premium is an expense (so expensive?)

WL is an asset, u have to evaluate to find one which will give u a surrender value higher than premiums paid at maturity. My WL CI now gives me a return of 4% compounded over 20 years (guaranteed), just sharing for your info only.

We have DPS paid using CPF, that is an expense, a Term insurance u have to consider, unless u opt out.

 

[T H I N K]

In the WL and Endowment universe, there are still some good policies, although not a lot. Similarly, there are bad term policies as well.

Just because anticipated endowment is bad doesn't mean all endowment is bad.

Precisely! People must understand, manage their expectations, do their research!

 

[akwl88]

Suggest u go read thru the thread on Wholelife vs BTIR.

Traditional WL might be better, go do a comparison first. Dun just look at one insurer.

People say WL is expensive, expensive relative to what? Your WL premium is a savings over the long term, an asset not an expense (expensive?). Of course u get a lower coverage with the same premium as compared with Term as your term premium is an expense (so expensive?)

WL is an asset, u have to evaluate to find one which will give u a surrender value higher than premiums paid at maturity. My WL CI now gives me a return of 4% compounded over 20 years (guaranteed), just sharing for your info only.

We have DPS paid using CPF, that is an expense, a Term insurance u have to consider, unless u opt out.

Lol so you are the joker wts2013 still gg on about your ntuc living policy brought in 1996.

Facepalm.

 

[Lewis.T]

My prulife limited pay series seems to be quite consistent in both guaranteed and non guaranteed component, now I am in the 6th year, the figure kind of tally.

I think if you hold for longer tenure, they will declare more bonus during good years and will add on more value to your policy. That's why whole life must buy when you are very young, coz you have a higher chance to get holding bonus and performance bonus.

If you buy it at 40 years old, i think it is hard to even break even.

No lah, insurance cost is lower when you're younger so the policy gets to grow quicker if you bought early vs when you bought late.

 

[OngHuatHuat]

I see my insurance policy there is some holding bonus or dunno whatever bonus they call it.

No lah, insurance cost is lower when you're younger so the policy gets to grow quicker if you bought early vs when you bought late.

 

[Lewis.T]

I see my insurance policy there is some holding bonus or dunno whatever bonus they call it.

Every year that bonus declaration is your non-guaranteed. Once declared it's yours liao we cannot take back.

Edit:

Bonuses are declared annually and are largely dependent on the investment return on the Life Fund.

Investment performance is the key contributor to the surpluses/profits of the Life Fund and it enables Prudential to consistently declare bonuses, which add to the guaranteed benefits over the life of the policy.

Reversionary bonus is an annual bonus that increases the guaranteed benefits of the policy. Once added, a reversionary bonus cannot be reduced or removed unless you surrender the policy before it matures.

Once bonuses are declared, they are guaranteed.

and most importantly, because many people think insurance companies eat all the excess money..

Prudential's 'with-profits' policyowners currently receive 90 per cent of the profits from the Life Fund as bonus additions to their policies. Shareholders of Prudential receive the remaining 10 per cent as dividend payments.

 

[OngHuatHuat]

Thanks. I am enlightened.

Every year that bonus declaration is your non-guaranteed. Once declared it's yours liao we cannot take back.