Newbie Guide: How to Find a Good Agent for Investment & Insurance?

[Samaritan101]

I think the best approach is to ask around people you know and ask them to recommend advisors they have been working with for a very long time.

Another way is to browse through advisors' LinkedIn profiles and see how many of their clients openly recommend them.

In my case, I have 20+ recommendations from my clients on Linkedin

Word of mouth is the most reliable source so far. LinkedIn surely yes but a family’s and friend’s opinion are usually more trustworthy than strangers don't you agree?

 

[erickz]

i am single and looking to review my life insurance coverage, mainly TPD, CI and medical insurance. is there any difference if I go to a IFA or if I go direct to the insurance company? any difference in premium paid and the policy package as well? appreciate all the advise.. thanks..

 

[JuniorLion]

i am single and looking to review my life insurance coverage, mainly TPD, CI and medical insurance. is there any difference if I go to a IFA or if I go direct to the insurance company? any difference in premium paid and the policy package as well? appreciate all the advise.. thanks..

Let us know how many PMs you got.

 

[Bigoya]

i am single and looking to review my life insurance coverage, mainly TPD, CI and medical insurance. is there any difference if I go to a IFA or if I go direct to the insurance company? any difference in premium paid and the policy package as well? appreciate all the advise.. thanks..

Take note there is a dofference between an FA, IFA, and a Tied FA. Don't go to the wrong one (if you go MFA, most prob a large portion of your portfolio would end up insured by Manulife, for example, except Medical Insurance as they don't have any in-house plan.

Premiums wise stays the same. Package wise, skip that up-selling BS, nothing comes free.

If you want a thorough and complete review, find an experienced and ethical IFA, I for Independant.

 

[junifiedd]

Hey guys. I'm trying to do a benchmark here. For those who are following BTIR strategy, may I know how much annual premiums are you paying for your term plans?

 

[Bigoya]

Hey guys. I'm trying to do a benchmark here. For those who are following BTIR strategy, may I know how much annual premiums are you paying for your term plans?

Benchmarking doesn't work like that.

 

[boredboiboi]

Benchmarking doesn't work like that.

Totally agree

 

[Samaritan101]

Hey guys. I'm trying to do a benchmark here. For those who are following BTIR strategy, may I know how much annual premiums are you paying for your term plans?

I wonder how you can do benchmark. I mean each and everyone of us has different financial and protection goals

 

[junifiedd]

I'm aware of the different protection and coverage which will contribute to the amount of premiums. I'm just curious how much people are paying for their premiums when they adopt the BTIR strategy.

 

[Bigoya]

I'm aware of the different protection and coverage which will contribute to the amount of premiums. I'm just curious how much people are paying for their premiums when they adopt the BTIR strategy.

You probably forgot about age and smoking status which would affect premiums payable.
What else did we miss out?

 

[junifiedd]

You probably forgot about age and smoking status which would affect premiums payable.
What else did we miss out?

Don't need to be so hard up bro... I know there are lots of factors that contribute to the premiums. I'm just curious how much people are paying when they adopt BTIR strategy in general.

 

[Samaritan101]

I dk if mine is considered BTIR since I bought Investment-linked plan.

Single, non-smoker

Death: 48k
TPD: 48K
CI: 150k
Premium: $180/mth

Death benefit is 48k + surrender value

 

[BlackdemonChaos]

It’s possible bro. But of course, as humans, we always tend to talk negatively about other people. There are good agents just that people never talk about him/her

 

[Bigoya]

Don't need to be so hard up bro... I know there are lots of factors that contribute to the premiums. I'm just curious how much people are paying when they adopt BTIR strategy in general.

10% of their income in general. No worries, as long as you got your blindspots uncovered.

 

[Mecisteus]

I'm aware of the different protection and coverage which will contribute to the amount of premiums. I'm just curious how much people are paying for their premiums when they adopt the BTIR strategy.

Just buy cheap term insurances if you have dependents.

The coverage should be the amount of money that your children would need assuming you are gone. If budget is tight, 300 to 500k is good enough.

CI coverage is actually borderline necessary. If you have a good hospitalization plan, you can skip the CI coverage.

You set the coverage, that will be your premiums.

Then put the remaining money in STI, IWDA, SSB, CPF, etc.

 

[moejoseph]

Just buy cheap term insurances if you have dependents.

The coverage should be the amount of money that your children would need assuming you are gone. If budget is tight, 300 to 500k is good enough.

CI coverage is actually borderline necessary. If you have a good hospitalization plan, you can skip the CI coverage.

You set the coverage, that will be your premiums.

Then put the remaining money in STI, IWDA, SSB, CPF, etc.

Beg to differ for CI and even ECI coverage. If i am to get these, i don't think i would want to still work during treatment period. Having a payout will be good to cover my daily expenses and other bills

 

[Mecisteus]

Beg to differ for CI and even ECI coverage. If i am to get these, i don't think i would want to still work during treatment period. Having a payout will be good to cover my daily expenses and other bills

No free lunch.

You got to pay for it. ECI is even more expensive because of higher probability of payout.

If you don't buy, you save some money if you don't strike with CI.

 

[Bigoya]

If you don't buy, you save some money if you don't strike with CI.

I guess no one in the right mind should "bet" on that.

 

[Mecisteus]

I guess no one in the right mind should "bet" on that.

I have mentioned medical costs already covered by a good hospital plan.

If you detect CI early and if you do treatment, you still can work. So there is no loss of income.

I am a neutral person here. Insurance agents in this thread will definitely tell you everything is good.

 

[winthony]

bumping a very old thread but I'm free to answer or provide quotations if needed!

edit: Coming from a FA world