Term Insurance

[Sinkie]

Hi peeps, have been taking up this Prulife limited Pay (15 years payable) for a year plus. Hope to gather some advice on whether is the premium too high for the current plan.

Paying $190/month
Sum assured is $100K, includes death , accelerated terminal illness, crisis waiver, accelerated disability.

Is it worth or am I currently paying too much ?

What's $100,000 in 15 years??

 

[djchris]

Hi peeps, have been taking up this Prulife limited Pay (15 years payable) for a year plus. Hope to gather some advice on whether is the premium too high for the current plan.

Paying $190/month
Sum assured is $100K, includes death , accelerated terminal illness, crisis waiver, accelerated disability.

Is it worth or am I currently paying too much ?

I think it's a matter of perspective. If you are young, say 20+, getting a life policy that you just have to pay for 15 years and the insurance covers you for the rest of your life, it will sound nice.

But another question that one should ponder is, how much should you be insured for.

1) Is 100k enough for your family/spouse if you die? What can 100k do for them?
2) Is 100k enough for you if you are diagnosed with terminal illness? Some people may want to split the money with their family while some may want to do something the money like see the world for their remaining days.
3) Is 100k enough if you become disabled? How long can 100k sustain you, considering you can't earn any money and may even need to hire a nurse or maid to help you.

Having gone through a self-evaluation exercise myself for my own insurance, mortgage and investment needs, I would find 100k too little. But then again, it differs for other people.

 

[Aerial86]

Hi peeps, have been taking up this Prulife limited Pay (15 years payable) for a year plus. Hope to gather some advice on whether is the premium too high for the current plan.

Paying $190/month
Sum assured is $100K, includes death , accelerated terminal illness, crisis waiver, accelerated disability.

Is it worth or am I currently paying too much ?

No Critical illness coverage? Note that Terminal is different from Critical... And is there any multiplier? If it's one yr plus old only, it should be with multiplier.

If both is not available, that's bad. Oh but wait, mind sharing your age at inception?

 

[victorlht88]

would be great to get a quote, 25m, non smoker, tpd/ci/death, 300k to 500k coverage.

thanks alot

 

[kongjj]

can anyone quote 28male, non smoker:
200k TPD, CI, death

Thanks

 

[Expert]

What are you guys' view on AXA Whole Life and also on AXA ILP?

I'm 26yo, male. Non-smoker. Looking for those with early and late CI (Stage 1-4?), TPD, death.

Or is term insurance, and save the rest of the money and invest them, a better choice?

Is AXA term insurance good? Or is Aviva the only one around? I had an Aviva term insurance for $12.80 perviously, i think is insured for 100k, but I cancelled it when I ORD as I thought I was young and I don't need it. (Well I guess I am getting old here )

 

[alpinenepal]

I think it's a matter of perspective. If you are young, say 20+, getting a life policy that you just have to pay for 15 years and the insurance covers you for the rest of your life, it will sound nice.

But another question that one should ponder is, how much should you be insured for.

1) Is 100k enough for your family/spouse if you die? What can 100k do for them?
2) Is 100k enough for you if you are diagnosed with terminal illness? Some people may want to split the money with their family while some may want to do something the money like see the world for their remaining days.
3) Is 100k enough if you become disabled? How long can 100k sustain you, considering you can't earn any money and may even need to hire a nurse or maid to help you.

Having gone through a self-evaluation exercise myself for my own insurance, mortgage and investment needs, I would find 100k too little. But then again, it differs for other people.

Thanks for the info. I too felt that it is pretty insufficient, not sure on whether should i raise the sum assured or few years down the road.

No Critical illness coverage? Note that Terminal is different from Critical... And is there any multiplier? If it's one yr plus old only, it should be with multiplier.

If both is not available, that's bad. Oh but wait, mind sharing your age at inception?

Thanks for the reply. I'm not sure on which multiplier you are referring to, but I have a critical illness plan on its own. I'm 26 this year anyway.

 

[Aerial86]

Thanks for the info. I too felt that it is pretty insufficient, not sure on whether should i raise the sum assured or few years down the road.



Thanks for the reply. I'm not sure on which multiplier you are referring to, but I have a critical illness plan on its own. I'm 26 this year anyway.

I'm referring to your Pru life plan. Recent Pru plan have a multiplier which I'm not sure if you have it. And because if there is no CI coverage in your pru plan, $190/mth seems crazy looking at your age.

 

[djchris]

Thanks for the info. I too felt that it is pretty insufficient, not sure on whether should i raise the sum assured or few years down the road.



Thanks for the reply. I'm not sure on which multiplier you are referring to, but I have a critical illness plan on its own. I'm 26 this year anyway.

Someone posted this before and I find the estimates reasonable so I used it as my basis for insurance coverage.

1) Death/TPD - 7.5 years of my annual income
2) Critical Illness (CI) - 5.5 years of my annual income
3) Early Critical Illness (CI) - 1 year of my annual income
4) Accidental Death - 14.5 years of my annual income (though I didn't get that much)

And get the best shield plan available when you are young.

 

[prashn80]

Hi,

Does anyone have any views to share on the new CI plan from Manulife called ManuCompleteCare? Would appreciate any comments. Thanks.

 

[Miko09]

What are you guys' view on AXA Whole Life and also on AXA ILP?

I'm 26yo, male. Non-smoker. Looking for those with early and late CI (Stage 1-4?), TPD, death.

Or is term insurance, and save the rest of the money and invest them, a better choice?

Is AXA term insurance good? Or is Aviva the only one around? I had an Aviva term insurance for $12.80 perviously, i think is insured for 100k, but I cancelled it when I ORD as I thought I was young and I don't need it. (Well I guess I am getting old here )

If you are confident with managing your own investments, buy term and invest the rest might work for you. All insurance companies does provide for term plan not limiting to AXA and Aviva. If you are looking at term plan, get one which has levelled premium at the point of entry.

 

[Miko09]

Thanks for the info. I too felt that it is pretty insufficient, not sure on whether should i raise the sum assured or few years down the road.



Thanks for the reply. I'm not sure on which multiplier you are referring to, but I have a critical illness plan on its own. I'm 26 this year anyway.

I believe your life plan is the traditional whole life policy which has limited payment term of 15 years. You may want to use the total premium outlay of the plan to do a comparison. For e.g., $190/month with a premium term of 15 years makes your total premium outlay to be $34'200 for a wholelife coverage of 100K. The multiplier plan which Aerial86 mentioned was a rather new plan which Prudential offers. It will provide a a multiplier benefit of 3 times of the sum assured in the event of mishap before the life assured reach 65 years old.

 

[alpinenepal]

I believe your life plan is the traditional whole life policy which has limited payment term of 15 years. You may want to use the total premium outlay of the plan to do a comparison. For e.g., $190/month with a premium term of 15 years makes your total premium outlay to be $34'200 for a wholelife coverage of 100K. The multiplier plan which Aerial86 mentioned was a rather new plan which Prudential offers. It will provide a a multiplier benefit of 3 times of the sum assured in the event of mishap before the life assured reach 65 years old.

Thanks. I will clarify on the multiplier when I meet my agent this week. But on paper there isnt multiplier included

 

[veer26]

hi, is anyone able to provide me with a quotation for prudential term insurance for the following:

1) death (750k - 1mil), tpd & ci (300-500K) till 70/75 yrs (age nbd is 28); and
2) same as above (age nbd is 24).

My insurance agent is recommending Zurich for term insurance, but I've heard that prudential's term insurance can be quite reasonably priced also. Please pm me. thanks.

 

[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.

Hi all, it has been 2 yrs since I started this tread and have generated many, many insights and views...learnt a lot from here...tks lots for all inputs..

I have actually taken 3 term plans, 1 for myself n 1 for my wife n the third is a joint decreasing with my wife all for 30 yrs...

Since then, wife has 2 colleagues who were unfortunately hit by cancer and am revisiting CI which I currently do not have.

Am thinking if I should take up a life or term CI. Life CI look quite but am quite wary of the hidden agendas. Term CI seems the best cost to protection but it stops at 65 or 99 but will be costly.

Any gd advice on Term CI for Male n Female 36 non smoker and 100k to 200k early CI to recommend?

Thanks lots...

 

[Middle-C]

Hi all, it has been 2 yrs since I started this tread and have generated many, many insights and views...learnt a lot from here...tks lots for all inputs..

I have actually taken 3 term plans, 1 for myself n 1 for my wife n the third is a joint decreasing with my wife all for 30 yrs...

Since then, wife has 2 colleagues who were unfortunately hit by cancer and am revisiting CI which I currently do not have.

Am thinking if I should take up a life or term CI. Life CI look quite but am quite wary of the hidden agendas. Term CI seems the best cost to protection but it stops at 65 or 99 but will be costly.

Any gd advice on Term CI for Male n Female 36 non smoker and 100k to 200k early CI to recommend?

Thanks lots...

Correct me if I'm wrong, but all CI only covers to age 85.

Basically for insurance you should not only look to cover your life (death)
also consider: Death, accident, critical illness, medical and disability income.

cheers
Pm-ed you

 

[Lewis.T]

Pru has lifetime early stage, if you get it as a rider with our multiplier life plan. Otherwise, our standalone early stage is up till 85.

 

[noobiinvestor77]

Hi all,

Was looking into increasing my insurance coverage. Currently have the SAF group term 100K. Intending to increase my coverage to 300K.

I'm also a public servant, which means i qualify for the POGIS (public officers group insurance scheme). I just made a comparison and found that the premium rates are quite comparable.

Wondering if anyone has any opinion on which is better?

Thinking of 2 options:
1) Increase my coverage for SAF group term to 300K
2) Increase coverage for SAF group term to 150K and buy a POGIS with 150K (does it make sense to say that i want to split the risk across the 2 policy?)

Any advice appreciated! Thanks!

 

[Lewis.T]

You POGIS has a higher risk of being lapsed, it doesn't follow you if you leave your job or are forced to leave. I'd go with SAF group term between the two.

 

[Zhuang]

Hi im interesting to find out the quote for a coverage of 500K till age 70, covering Death, disability and CI please?

male, next birthday 30, non-smoker.