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

[Chickengoodbye]

Guy, need help, i join prulink supersaver, but 1 or 2 months only, can cancel or not ah? I only join cos want support my friend ah. He also one kind, ask him got saving plan 2 years he say have. When meet, knn all 5 years one. Any advice?

 

[jazzertan]

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

Yours should be a life plan. However, 48K seems pretty low.. it wont make a difference even if you or your family manage to get it? better to save your 2K+ per annum to BTIR.

 

[eyching]

Guy, need help, i join prulink supersaver, but 1 or 2 months only, can cancel or not ah? I only join cos want support my friend ah. He also one kind, ask him got saving plan 2 years he say have. When meet, knn all 5 years one. Any advice?

U continue oay for 5 yearsa and let go liao?

 

[mryahooman]

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.

Hello,

I would beg to defer.
Yes term plan is cheap. but it only covers death, others will require riders and this will increase the premiums. Even though it sound cheap, you are actually throwing money (premiums) away every year if nothing happens to you as there is no cash value to the plan. And at the end of the term, you dont get anything back. Insurance company will be very happy and thank you for your contribution.

Hence it is more reasonable to get life plan instead as they generate cash value (up to 8% every year for my company) and you are covered for everything. Premiums you can set yourself according to your budget. can withdraw cash if needed. so the old saying of "buy insurance is waste money one" is dead.

 

[Mecisteus]

Hello,

I would beg to defer.
Yes term plan is cheap. but it only covers death, others will require riders and this will increase the premiums. Even though it sound cheap, you are actually throwing money (premiums) away every year if nothing happens to you as there is no cash value to the plan. And at the end of the term, you dont get anything back. Insurance company will be very happy and thank you for your contribution.

Hence it is more reasonable to get life plan instead as they generate cash value (up to 8% every year for my company) and you are covered for everything. Premiums you can set yourself according to your budget. can withdraw cash if needed. so the old saying of "buy insurance is waste money one" is dead.

This is how insurance agents will brainwash you.

When you sign up for mobile plans, do you take back the money?

No because mobile plans are like expenses.

So treat your insurance like an expense.

If you want to take back the money, insurance companies must charge you more premiums.

 

[Patrickstpanther]

I was sold a ILAS product (Zurich Vista) by AAM advisory. They sold it to me without telling me they were receiving a giant commission. I found them to be sneaky, unethical and dishonest.

 

[exterminazn]

Hello,

I would beg to defer.
Yes term plan is cheap. but it only covers death, others will require riders and this will increase the premiums. Even though it sound cheap, you are actually throwing money (premiums) away every year if nothing happens to you as there is no cash value to the plan. And at the end of the term, you dont get anything back. Insurance company will be very happy and thank you for your contribution.

Hence it is more reasonable to get life plan instead as they generate cash value (up to 8% every year for my company) and you are covered for everything. Premiums you can set yourself according to your budget. can withdraw cash if needed. so the old saying of "buy insurance is waste money one" is dead.

The life plan you got sounds like ILP?

 

[boredboiboi]

Hello,

I would beg to defer.
Yes term plan is cheap. but it only covers death, others will require riders and this will increase the premiums. Even though it sound cheap, you are actually throwing money (premiums) away every year if nothing happens to you as there is no cash value to the plan. And at the end of the term, you dont get anything back. Insurance company will be very happy and thank you for your contribution.

Hence it is more reasonable to get life plan instead as they generate cash value (up to 8% every year for my company) and you are covered for everything. Premiums you can set yourself according to your budget. can withdraw cash if needed. so the old saying of "buy insurance is waste money one" is dead.

Which company is your that generate up to 8% for a life plan?

 

[Sisterh00d]

Hi everyone. I do not really believe in endowment plans. Anyone can share with me a good reason to purchase one? Thank you!

 

[boredboiboi]

Hi everyone. I do not really believe in endowment plans. Anyone can share with me a good reason to purchase one? Thank you!

If you do not believe. I think no 1 can change your mind. Endowment plan can say its a plan to force u to save for an objective with some guaranteed returns.

 

[exterminazn]

Hi everyone. I do not really believe in endowment plans. Anyone can share with me a good reason to purchase one? Thank you!

Abit contradicting leh lol! So what you looking for?

 

[Sisterh00d]

If you do not believe. I think no 1 can change your mind. Endowment plan can say its a plan to force u to save for an objective with some guaranteed returns.

Thanks for sharing! I am trying to understand the benefits of an endowment. Please enlighten me!

 

[Sisterh00d]

Abit contradicting leh lol! So what you looking for?

Hmm I am not sure if I should get an endowment. Like stucked in between.. please share your thoughts on benefits and disadvantages of having an endowment

 

[boredboiboi]

Thanks for sharing! I am trying to understand the benefits of an endowment. Please enlighten me!

Endowment got alot of type. If you cant convinced yourself. It not gonna be.
Diff type have diff benefit to reach your goal

 

[moejoseph]

Hmm I am not sure if I should get an endowment. Like stucked in between.. please share your thoughts on benefits and disadvantages of having an endowment

Think of it as someone helping u to invest a sum of money, but with guaranteed returns and non-guaranteed bonus.

There are types with lumsum payout while some are annual payout (like CPF)

 

[TiedInsurer]

Hmm I am not sure if I should get an endowment. Like stucked in between.. please share your thoughts on benefits and disadvantages of having an endowment

Benefits:
1. Forces you to save, if you are the type with no discipline, who will spend all your money without someone to forcefully take iy away from you.
2. Nothing else.

Disadvantages:
1. Exposes you to more risks if you hit a rough patch in life. For example, if you got laid off, and can't afford to pay the premiums anymore, you will eat a loss from the insurance savings.
2. Long term returns are almost always lower than simply DCA into an index fund, because insurance savings charge much higher fees.
3. It's a rather illiquid investment. If a better investment oppurtunity comes along, you can't switch without taking heavy losses on your insurance savings plan.

 

[boredboiboi]

Benefits:
1. Forces you to save, if you are the type with no discipline, who will spend all your money without someone to forcefully take iy away from you.
2. Nothing else.

Disadvantages:
1. Exposes you to more risks if you hit a rough patch in life. For example, if you got laid off, and can't afford to pay the premiums anymore, you will eat a loss from the insurance savings.
2. Long term returns are almost always lower than simply DCA into an index fund, because insurance savings charge much higher fees.
3. It's a rather illiquid investment. If a better investment oppurtunity comes along, you can't switch without taking heavy losses on your insurance savings plan.

There are endowment plan that allows withdrawal of the cash value, and also interest free loan from your cash value too.

 

[mellowjello]

But withdrawal of cash value would means lower returns end of the day. Highly not recommended

 

[hellvolhardzelinsky]

I have met a fee based agent which recommends getting BOTH term and WL policies.

It was free for the first few sessions. The 2nd session was meeting the mentor and the agent, but the mentor did most of the talking on the 2nd session so I stopped meeting the agent.

The first few posts are edited on 2011, any updates on how to find a better fee-based advisor?

My current advisor recommends me BTIR but he recommended ILP which I didn't take up. Now his response with me is dam slow.

 

[boredboiboi]

I have met a fee based agent which recommends getting BOTH term and WL policies.

It was free for the first few sessions. The 2nd session was meeting the mentor and the agent, but the mentor did most of the talking on the 2nd session so I stopped meeting the agent.

The first few posts are edited on 2011, any updates on how to find a better fee-based advisor?

My current advisor recommends me BTIR but he recommended ILP which I didn't take up. Now his response with me is dam slow.

Buy term can be via various platform. ILP is because the new ILP are 100% invested and 101% protect you against death and terminal illness in the event the market go south while platform cant protect. That the difference mainly. You dont need a fee base agent to advise you. Anyone of us can advise you just as good.
Buying term and wholelife is depending on individual sometime. Some dont like the feeling of paying and every go down the drain if no claims. While wholelife got a breakeven point.