PremierLife Generation III

[a4973]

hello, requesting for feedback on this product.
https://www.ocbc.com/personal-banking/insurance/premierlife-generation-3-insurance

a friend of mine whose Great205 is maturing soon has been recommended this product by his RM.

thanks

 

[xtwis7]

Does friend = you?

Anyway back to your question. This is a single premium endowment that pays out monthly benefit after the 5th year.

This is actually a product offered by Great Eastern which is called Prestige Life Rewards 3.

It depends on what is your friend’s profile and objectives.

hello, requesting for feedback on this product.
https://www.ocbc.com/personal-banking/insurance/premierlife-generation-3-insurance

a friend of mine whose Great205 is maturing soon has been recommended this product by his RM.

thanks

 

[a4973]

no, its not me but i wanted to get feedback from other sources to compare with his info when he eventually meets his RM.
so we can only get a better understanding of the plan good or bad when there is a Benefit Illustration drawn up yes?

 

[xtwis7]

If you need the BI for this I can help to generate but I need to know the premium and also your friend that I can send to.

no, its not me but i wanted to get feedback from other sources to compare with his info when he eventually meets his RM.
so we can only get a better understanding of the plan good or bad when there is a Benefit Illustration drawn up yes?

 

[Tiger9119]

Does friend = you?

Anyway back to your question. This is a single premium endowment that pays out monthly benefit after the 5th year.

This is actually a product offered by Great Eastern which is called Prestige Life Rewards 3.

It depends on what is your friend’s profile and objectives.

Payout starts from 5th year not after.

 

[Scherzinger]

I'm on premier life generation 2


Kinda regret taking this up rather invest on my own

 

[xtwis7]

Yes, my bad. After 4th year so in the 5th year.

Payout starts from 5th year not after.

 

[boredboiboi]

hello, requesting for feedback on this product.
https://www.ocbc.com/personal-banking/insurance/premierlife-generation-3-insurance

a friend of mine whose Great205 is maturing soon has been recommended this product by his RM.

thanks

This payout starts on the 49th month.
There is 1 new upgrade plan by company M that payout starts at 37th month.
Sharing for your decision making.

 

[Jay9999]

This payout starts on the 49th month.
There is 1 new upgrade plan by company M that payout starts at 37th month.
Sharing for your decision making.

Company M's similar product has lower guaranteed payout and lower over all payout.

They came out with version III to trump company M and company A.

 

[boredboiboi]

Company M's similar product has lower guaranteed payout and lower over all payout.

They came out with version III to trump company M and company A.

How are you gonna compare when 1 pays out at 37th month while the others on 49 months.
And 37th month vs 49 month, the payout is only very slightly lower. Have done abit of comparison on it. If you dont mind waiting 1 more year to get the very very slightly more, then yes by all means PLG 3 is the way to go.
Not gonna bring out company A because their payout is yearly and only at the 60th month.
If income start getting when is not an issue. U should consider going for A. Start collecting at year 10. Sure the highest you can find. The earlier u start the lesser it is. The later u start the higher it is.

 

[a4973]

How does any of the above 3 company's products compare against CPF for a person that is 56, has more than FRS in RA and healthy balance in SA (did SA shield) and OA. Has room to VC and refund OA for property with cash. Say have 200k cash, can either pump into PLG3 or VC + property refund to CPF. Which has higher guaranteed return ? Thanks for your advice.

 

[Value.Matrix]

How does any of the above 3 company's products compare against CPF for a person that is 56, has more than FRS in RA and healthy balance in SA (did SA shield) and OA. Has room to VC and refund OA for property with cash. Say have 200k cash, can either pump into PLG3 or VC + property refund to CPF. Which has higher guaranteed return ? Thanks for your advice.

Consider Traded Annuities (2nd hand annuity)

 

[boredboiboi]

How does any of the above 3 company's products compare against CPF for a person that is 56, has more than FRS in RA and healthy balance in SA (did SA shield) and OA. Has room to VC and refund OA for property with cash. Say have 200k cash, can either pump into PLG3 or VC + property refund to CPF. Which has higher guaranteed return ? Thanks for your advice.

If you are looking to leave the money to collect monthly income. Is more of when u want to start collecting. Company M is 37th month, Ge is 49th month. Aviva is yearly and end of 5th year start. All these plans will not deplete the capital but instead appreciate over time. Will cpf life will deplete over the time.

 

[a4973]

If you are looking to leave the money to collect monthly income. Is more of when u want to start collecting. Company M is 37th month, Ge is 49th month. Aviva is yearly and end of 5th year start. All these plans will not deplete the capital but instead appreciate over time. Will cpf life will deplete over the time.

Actually I was speaking to VC to 3 ACs to CPF and refund property to OA. So the interest for SA and OA can be withdrawn via Paynow almost real time. As long as only withdraw interest, the OA and SA principal is still maintained. To me this is a simple annuity that still guarantee the principal. Don't have to be subjected to the company's profitability, declaration of bonus etc.

 

[a4973]

Consider Traded Annuities (2nd hand annuity)

Do you mean that situation where buy in other people's endowments at slightly higher than surrender value?

 

[a4973]

I remember reading in other insurance threads, people always say look at the guaranteed portion to make comparison which is logical. In this case do any of the above 3 company's products have guaranteed return of 3.x% (which is a rough blended rate of OA and SA) ?

 

[boredboiboi]

I remember reading in other insurance threads, people always say look at the guaranteed portion to make comparison which is logical. In this case do any of the above 3 company's products have guaranteed return of 3.x% (which is a rough blended rate of OA and SA) ?

None of the guaranteed is above 3%.

 

[ashcrow]

recently i have been introduced to this plan. something wasn’t discussed in this thread is the leverage part. e.g. 200k cash & 500k loan from bank. so on 49th month, the interest is pegged to 700k. there are financing cost etc. but all in, it works out to be quite feasible, esp looking at the low interest rate sign up now. i was told by rm, 49th month onwards, i should be getting around 6-8% per year. which is quite attractive.

the downside is, i need to lock in my sum for 10-12 years minimum. the upside is..minimum risk (?), lifetime monthly payout & some insurance coverage.

any bros familiar w this plan? any risk? any other downside? thanks.

 

[Jay9999]

recently i have been introduced to this plan. something wasn’t discussed in this thread is the leverage part. e.g. 200k cash & 500k loan from bank. so on 49th month, the interest is pegged to 700k. there are financing cost etc. but all in, it works out to be quite feasible, esp looking at the low interest rate sign up now. i was told by rm, 49th month onwards, i should be getting around 6-8% per year. which is quite attractive.

the downside is, i need to lock in my sum for 10-12 years minimum. the upside is..minimum risk (?), lifetime monthly payout & some insurance coverage.

any bros familiar w this plan? any risk? any other downside? thanks.

Rate of return will depend on the interest spread that you're charged.

Hopefully rates will continue to remain low for the coming years till you reach the payout.

From what I know, buying from the bank will have a significantly lower spread then buying from an agent. Heard of complaints from people who found out after purchasing from agent. DYODD.

 

[boredboiboi]

recently i have been introduced to this plan. something wasn’t discussed in this thread is the leverage part. e.g. 200k cash & 500k loan from bank. so on 49th month, the interest is pegged to 700k. there are financing cost etc. but all in, it works out to be quite feasible, esp looking at the low interest rate sign up now. i was told by rm, 49th month onwards, i should be getting around 6-8% per year. which is quite attractive.

the downside is, i need to lock in my sum for 10-12 years minimum. the upside is..minimum risk (?), lifetime monthly payout & some insurance coverage.

any bros familiar w this plan? any risk? any other downside? thanks.

Downside is if the interest rate go higher than return. If u not gonna touch the capital, then leave it and collect as long as u live.
Look at it as a form of passive income for life.
There are another plan in the market that starts paying at 37th month and income is about the same. U can look at manulife signature income 2.