Term Insurance

[peterblack]

Hi any gd agents here can quote joint level term insurance for 1million
married couple, both non smoker age nx birthday is 34. Duration of 30 yrs. Tks.

 

[o0KelviN0o]

u served NS?

check out Aviva's Term insurance for NSMen

 

[ebiburger]

GE offers a product called Prestige Protector GOLD

Covers Death/TPD/TI
30 years term
1m sum assured

Male , non-smoker, ANB 34 @ 159.65/mth or 1860/year
Female, non-smoker, ANB 34 @ 111.60/mth or 1300/year

 

[jacknarvy]

Term life Insurance is one of the cheapest ways to protect your family's income if the worst happens. So I would suggest you to choose a best policy according to your needs.

 

[peterblack]

u served NS?

check out Aviva's Term insurance for NSMen

Sadly, I hv completed all my training cycles. Dun think I qualify.

Also able to quote for me n wife 10 yrs and 20yrs level term of 1 million (Individual and Joint)
Both ANB 34 non-smoker. And what is the premium like at renewal.

And why is the premium btw male n female different?

Many tks for all the time and info.

 

[PruCorgi]

ORD also can still get it, so long as have done NS or worked/served in SAF/DSTA/Mindef before. Max is $600K, not $1m. I think premium is the same/level regardless of 10, 20 or 30. Best to consult with Aviva.

Most of these plans won't have joint version (unless you do a mortgage type insurance -- which are reducing term i.e. the sum assured gets less over time).

The people who design the insurance plans need to account for the following in the pricing:
Statistically, men die sooner compared to women, so their premiums for death cover cost more.
Statistically, women get more health problems compared to men, so their premiums for critical illness cover cost more. See, evidence that women are higher maintenance.

 

[matchy]

20 years term at 90/mth

 

[Saj.Mahal]

Hi Peter,

I am making a guess here, so correct me if wrong!

Based on age, duration and coverage you are looking for, is the purpose for the coverage:

1) Secure your housing loan (protect your wife / kids to come from debt)
2) Boost life coverage as you may be starting a family soon

If so, here is what I can suggest:

Take up a level term plan for the amount of coverage you need (in relation to your income). If you are earning 60k a year, you'll want to look at between 300-600k coverage. Duration till you intend to retire, plus a few more years. (just in case)

If your loan amount is greater than the above, take a reducing term mortgage for joint life for the difference.

Also, price differs btw men & women due to life expectancy.

 

[peterblack]

Hi Peter,

I am making a guess here, so correct me if wrong!

Based on age, duration and coverage you are looking for, is the purpose for the coverage:

1) Secure your housing loan (protect your wife / kids to come from debt)
2) Boost life coverage as you may be starting a family soon

If so, here is what I can suggest:

Take up a level term plan for the amount of coverage you need (in relation to your income). If you are earning 60k a year, you'll want to look at between 300-600k coverage. Duration till you intend to retire, plus a few more years. (just in case)

If your loan amount is greater than the above, take a reducing term mortgage for joint life for the difference.

Also, price differs btw men & women due to life expectancy.

Hi bro, tks for ur input.
Am actually looking to protect either myself or spouse and kids education fees against any unexpected outcomes.
Just a general protection. Hv 3 kids..so dun wanna either to worry over $$$ if the worst really happens. Cheers.

 

[Garett70]

Hi any gd agents here can quote joint level term insurance for 1million
married couple, both non smoker age nx birthday is 34. Duration of 30 yrs. Tks.

Hi TS...

Sorry for my kapo..This is my advice to you..
First you must. Have a family fund of 6mth to 1 yrs as your backup.. Best is to have 1yrs..
For housing loan if you loan from hdb there is an insurance for housing called HPS pls check it out yourself...If private property ask your bank do they provide you the same insurance as HOUSING HPS...

Health is wealth and Wealth is health do you have enough coverage when you are sick..Medical bill in Singapore is very expensive you have to really take good care for yourself first before you can takecare your family...

1mil in term life is a lot but I think you have over commitment in this term life...what happen if you are critical I'll..best is to have 500k each for you and your wife...the rest for the cash you can save it for your child education fund correct

I should stop now... your best bet is to find a adviser and tell him or her what is your current
standing and what you hope for your next milestone...ALL THE BEST



PS: thk you for your contribution to our Singapore birthrate

 

[peterblack]

Hi TS...

Sorry for my kapo..This is my advice to you..
First you must. Have a family fund of 6mth to 1 yrs as your backup.. Best is to have 1yrs..
For housing loan if you loan from hdb there is an insurance for housing called HPS pls check it out yourself...If private property ask your bank do they provide you the same insurance as HOUSING HPS...

Health is wealth and Wealth is health do you have enough coverage when you are sick..Medical bill in Singapore is very expensive you have to really take good care for yourself first before you can takecare your family...

1mil in term life is a lot but I think you have over commitment in this term life...what happen if you are critical I'll..best is to have 500k each for you and your wife...the rest for the cash you can save it for your child education fund correct

I should stop now... your best bet is to find a adviser and tell him or her what is your current
standing and what you hope for your next milestone...ALL THE BEST


PS: thk you for your contribution to our Singapore birthrate

Thank you for your suggestion bro.

 

[PruCorgi]

3 kids and wife and mortgage... if you do the math, don't see why $1million cover won't be needed. Just calculate how much it costs to raise one child nowadays.

Based on the rates quoted here, it doesn't seem to cost much more either.

 

[gerimegaly]

Hi Peter,

premium rates as requested, per start of thread.

AVIVA
Male: $1,820/-
Female: $ 1,230/-

Tokio Marine Life (Till Age 65, ie 31 years)
Male: $1,850/-
Female: $1,320/-

Manulife
Male: $1,800/-
Female: $1,391/-

NTUC Income
Male: Would be the same as quoted earlier by NTUC agent
Female: Would be the same as quoted earlier by NTUC agent

AXA Life
Male: $2,210/-
Female: $1,410/-

 

[Alanaw23]

Hi peter,

AIA secure term plus 10 years:
Male: $720 per year, $60 per month
Female: $500 per year, $50 per month

AIA secure term plus 20 years:
Male: $1170 per year, $100 per month
Female: $780 per year, $70 per month

Death Coverage to age 85
Total permanent disability coverage to age 70

 

[gerimegaly]

TM Life premium rates quoted below may change next week, as TM Life is doing away with the current plan, and introducing a new plan.

Just to recap that the rates quoted below are for $1M coverage, for Age 34 and for Term Period of 30 years.

Hi Peter,

premium rates as requested, per start of thread.

AVIVA
Male: $1,820/-
Female: $ 1,230/-

Tokio Marine Life (Till Age 65, ie 31 years)
Male: $1,850/-
Female: $1,320/-

Manulife
Male: $1,800/-
Female: $1,391/-

NTUC Income
Male: Would be the same as quoted earlier by NTUC agent
Female: Would be the same as quoted earlier by NTUC agent

AXA Life
Male: $2,210/-
Female: $1,410/-

 

[peterblack]

Hi all, really appreciate all the inputs. We have decided on the term plan.

And now i am lookin at CI. Is a term CI or a wholelife CI better? I am biased towards the WL CI cos at least i can get my money back after premium maturity and cash withdrawal and still be covered for CI.

looking at coverage of 200k CI early payout for male anb 34 and female anb 35. will appreciate all inputs again. Tks all.

 

[ebiburger]

Hi all, really appreciate all the inputs. We have decided on the term plan.

And now i am lookin at CI. Is a term CI or a wholelife CI better? I am biased towards the WL CI cos at least i can get my money back after premium maturity and cash withdrawal and still be covered for CI.

looking at coverage of 200k CI early payout for male anb 34 and female anb 35. will appreciate all inputs again. Tks all.

There is no CI with cash values being accumulated. Its either a standalone CI term plan or a CI rider being attached with a wholelife insurance plan. It is the wholelife plan that is accumulating cash value, not the CI part.

GE Earlypayout CI plan
200k male ANB 34, non-smoker (till age 65) : $2194/year
200k female ANB 35, non-smoker (till age 65) : $2238/year

 

[PruCorgi]

Did you go with a 10, 20 or 30-yr term BTW? Didn't receive any PM from you so figured you were still deciding.

For Pru, early stage CI is capped at $150K. You can always split your coverage between 2 insurers.

MNS ANB 34, $150K SA, till age 65: $1639.50/yr
FNS ANB 35, $150K SA, till age 65: $1,702.50/yr

 

[Saj.Mahal]

Hi all, really appreciate all the inputs. We have decided on the term plan.

And now i am lookin at CI. Is a term CI or a wholelife CI better? I am biased towards the WL CI cos at least i can get my money back after premium maturity and cash withdrawal and still be covered for CI.

looking at coverage of 200k CI early payout for male anb 34 and female anb 35. will appreciate all inputs again. Tks all.

Hi Peter,

Sorry I did not reply sooner, but am glad you have settled on something.

Regarding early stage CI, this product in particular varies significantly across insurers. In particular, not all companies cover as many early stage CI's as you would like them to.

Another point, for CI, you would want to be covered for as long a duration as possible. I personally feel that you would look back and regret if you end your CI coverage at 65 years. After all, this is the time where we are far more prone to falling ill. Further, the reason we get an early stage CI plan are these:
1) Income replacement
2) Payment for special / advanced treatments not covered by Shield plans

Yes, at 65 I may not require much income replacement, but you probably do want to get well as quickly and as best as you can -this will cost you $$. After all, you have just retired and damn right you should live to enjoy these golden years.

 

[Saj.Mahal]

Another point to note:

For some companies, attaching CI to a main plan (term or WL), will get you a discount, and it is sizeable. However, there are a few things to consider.

1) Term plans may artificially limit the maximum duration of coverage allowed for early stage CI

2) Some people use WL plans with cash value for retirement spending. Should you attach your early stage CI to such a plan, you will lose your early stage CI coverage when you surrender the WL plan to use the accumulated money.

For myself, I took up the plan as a standalone as I do not like being restricted.