[Serious] Insurance questions

[charleslee1989]

Hi everybody, I have just gotten into the workforce and I got friends who are insurance agents looking to be my Financial advisor.

I got several questions in mind.

1. If I got DPS from CPF, do I still need a Life Insurance Plan from any insurance company?
2. Is it necessary to get a early crisis cover/ Early critical illnesses cover?
3. Is ILP an investment returns powered Life insurance?
4. How do I find out my coverage of DPS?From the insurance company?

 

[Darkzi0n]

1. DPS's sum assured is only 46k. you need to consider if it is sufficient to your family's financial need if you die prematurely (think of your kids education, parents retirement, outstanding loans etc).
2. good to have if can afford it.
3. forget ILP. it's just a product designed to make money out of lazy ppl.

must have:
hospitalization and surgical insurance.
term life or whole life covering death and tpd. (i have strong preference for term).

good to have:
critical illness
early critical illness

must NOT have:
endowment
ILP

 

[charleslee1989]

1. DPS's sum assured is only 46k. you need to consider if it is sufficient to your family's financial need if you die prematurely (think of your kids education, parents retirement, outstanding loans etc).
2. good to have if can afford it.
3. forget ILP. it's just a product designed to make money out of lazy ppl.

must have:
hospitalization and surgical insurance.
term life or whole life covering death and tpd. (i have strong preference for term).

good to have:
critical illness
early critical illness

must NOT have:
endowment
ILP

thanks for the info...DPS also got cover death right?

 

[blu_black]

1. DPS's sum assured is only 46k. you need to consider if it is sufficient to your family's financial need if you die prematurely (think of your kids education, parents retirement, outstanding loans etc).
2. good to have if can afford it.
3. forget ILP. it's just a product designed to make money out of lazy ppl.

must have:
hospitalization and surgical insurance.
term life or whole life covering death and tpd. (i have strong preference for term).

good to have:
critical illness
early critical illness

must NOT have:
endowment
ILP

just being curious, what is the rationale behind this? i have quite a few friends who wouldn't advise taking up endowment or ILP? online there are people advising against this as well.

 

[charleslee1989]

just being curious, what is the rationale behind this? i have quite a few friends who wouldn't advise taking up endowment or ILP? online there are people advising against this as well.

I hear that ILP eats into your returns after a certain age...

 

[popime]

Ilp and endowment are for ppl that are not financial literate.

A chunk of your investment returns gies to agent commission. You get back puny returns. So you would be better off managing your own investments instead.
Sent from my <3 using GAGT

 

[Singlet]

You must ask yourself the purpose for having each policy..
For relief from retirement load,
For your dependents/beneficiaries' purpose,
For Medical support,
For Investment, or etcetc

My opinion is don't bother to have a policy that covers everything, every policy are well calculated to the insurance company's advantage. The more you want from the same amount of premium, the more u lose...
ILP & Endowments are not the primary concerns for most of us but they do have their purpose.
Get separate independent policies and buy within your d*** limits.
if you ever get into financial troubles, at least u can choose which u wanna cancel.

 

[Shalomp]

As a rule of thumb investments and insurance should be kept separate

That's why stay away from ilp

 

[drkcynic]

Financial advisors? Most I met are just as confused about their product as themselves.

Investment linked insurance? Insurance and investments do not go together. So which is it? They need to make up their minds before they try to offer people solutions.

 

[Takagi]

Health plan and CI plan may be beneficial

Term vs life that is what u might want to found out more.
Both offers protection but the pro n con, u need someone who will provide helpful advise to u

 

[Ange1cry]

Prepare to get many pm.

Sent from a chao peasant, a small fry using GAGT

 

[LeroyTanz]

Hi everybody, I have just gotten into the workforce and I got friends who are insurance agents looking to be my Financial advisor.

I got several questions in mind.

1. If I got DPS from CPF, do I still need a Life Insurance Plan from any insurance company?
2. Is it necessary to get a early crisis cover/ Early critical illnesses cover?
3. Is ILP an investment returns powered Life insurance?
4. How do I find out my coverage of DPS?From the insurance company?

1. Yes you do, esp if you're the bread winner. Around 1/2 a million for death, CI, TI, paralysis coverage is a good amount for me, can last my parents like 10 years plus (calculate your pay and multiple). Afford what you can, you get the idea, 46k won't cut it.

2. I personally will get, as that is the time and age I would need the most protection.

3. If possible, go and find "other" forms of investments. If I'm not wrong, it gives you like max, 4% per annual, that is pretty sheet. Eat into your protection coverage give you sheety returns.

4. I have no idea. Maybe call CPF? :x

 

[charleslee1989]

1. Yes you do, esp if you're the bread winner. Around 1/2 a million for death, CI, TI, paralysis coverage is a good amount for me, can last my parents like 10 years plus (calculate your pay and multiple). Afford what you can, you get the idea, 46k won't cut it.

2. I personally will get, as that is the time and age I would need the most protection.

3. If possible, go and find "other" forms of investments. If I'm not wrong, it gives you like max, 4% per annual, that is pretty sheet. Eat into your protection coverage give you sheety returns.

4. I have no idea. Maybe call CPF? :x

if I am currently Single and no commitments for the foreseeable 5-10 years, the sum assured no need so high right?

 

[LeroyTanz]

if I am currently Single and no commitments for the foreseeable 5-10 years, the sum assured no need so high right?

Hmmmm, it is your call. I'm a bit kiasu. :x Balance your earnings between protection and savings.

 

[MrSinkie95]

in before salesman

 

[mata_hippo]

is term life = term? or it's another category? term vs term life vs life?

 

[Takagi]

is term life = term? or it's another category? term vs term life vs life?

term life = term

 

[reinphd]

Do not mix insurance with investment. BTIR

Sent from Samsung SM-G900F using GAGT

 

[Darkzi0n]

is term life = term? or it's another category? term vs term life vs life?

term life = term

most ppl use term for term life, and life for whole life which is kind of confusing as both of them are life insurance.

 

[MVCPattern]

1) SAF AVIVA term+CI @ $200K
2) SAF AVIVA Personal Accident Insurance
3) Hospitalization Insurance (pay using CPF)
4) The rest of the money pump into SG Bonds if you dunno how to invest.

Focus on improving your job and skill set, this will enable to get into good companies which provide good insurance.