Term Insurance

[Biogentic]

Hi, I have bought the TM legacy lifetime w/o actually researching but luckily never commit a high amount. I am 29 and is a smoker. Is S$160 premium for 25yrs seems reasonable for the below coverage

TM Legacy Lifetime basic s$112
dread disease control S$42

Coverage only S$110k upon death

have a make a great mistake to purchase this? As of now, I am looking more towards term insurance.. but what kind of term insurance should I get to increase my coverage till 65yrs old? buy saf group term for coverage of S$500k? then critical illness how? buy coverage for 300k?

 

[valerie1234]

Hi guys,

Am considering getting 2 term plan for myself and my husband.

Can anyone kind to share... what is the important "fine prints' that we should be looking out for?

Does all the term plans allow you to redeem partial amount or just some allows?
Example $1m Death, $1m TPD, $500k CI
If say I redeem $200k from CI, does that mean my coverage will be left with just
$800k Death, $800k TPD, $300k CI

Is this how all term plan works?

And for TPD, does all company have the same meaning on what is TPD to them?

Thanks!

 

[kenix14]

Hi guys,

Am considering getting 2 term plan for myself and my husband.

Can anyone kind to share... what is the important "fine prints' that we should be looking out for?

Does all the term plans allow you to redeem partial amount or just some allows?
Example $1m Death, $1m TPD, $500k CI
If say I redeem $200k from CI, does that mean my coverage will be left with just
$800k Death, $800k TPD, $300k CI

Is this how all term plan works?

And for TPD, does all company have the same meaning on what is TPD to them?

Thanks!

It will have to depend if the CI rider you attached, is it accelerated or not. Some CI riders are accelerated from the death benefit which are generally cheaper than those which are paying on top of the death benefit.
As for TPD, the definition is generally same with slight variations for different insurance companies.

 

[SpinFire]

Profile: 26 years old, male, non-smoker
Insurance: Term - $100k Death, TPD, CI
Period: Until age 65

Please provide quotes, thanks!

 

[lukaloo]

Hi guys,

Can anyone kind to share... what is the important "fine prints' that we should be looking out for?

Does all the term plans allow you to redeem partial amount or just some allows?

Is this how all term plan works?

And for TPD, does all company have the same meaning on what is TPD to them?

Thanks!

Hi Valarie,

most important fine print : 1. is premium guaranteed, or subj to change if health/age change? 2. Is it guaranteed renewal? or they may reject you id health/age change?

2. Term benefit payout in lump sum, say you have 500K CI, all 500K will be paid in lump sum. if its accelerated, your death will become 1mil - 500k = 500k
if you have illness waiver, future premium will be waived on illness.

3. TPD def is same for all Life Ins Assoc members.

Hope this help.
Cheers

 

[MrQuotes]

Please note on point 3.

For TPD, some companies offer "Enhanced" Disability definition. In other words, they pay out on definition of TPD OR the inability to perform 2 or 3 out of 6 daily activities.

This is definitely beneficial to the customers, as you might not be able to claim under the normal TPD definition but can claim for "Enhanced" TPD definition.

As far as i'm aware, there are 2 companies in the market that offer such coverage.

 

[ctty]

Profile: 27 years old, male, non-smoker
Insurance: Term - $400k Term, $1million TPD, $150k CI
Period: Until age 65

Please provide quotes, thanks!

 

[wooty100]

Hi guys,

Am considering getting 2 term plan for myself and my husband.

Can anyone kind to share... what is the important "fine prints' that we should be looking out for?

Does all the term plans allow you to redeem partial amount or just some allows?
Example $1m Death, $1m TPD, $500k CI
If say I redeem $200k from CI, does that mean my coverage will be left with just
$800k Death, $800k TPD, $300k CI

Is this how all term plan works?

And for TPD, does all company have the same meaning on what is TPD to them?

Thanks!

Quoted from Zurich Life. Please check Pm for details.

 

[wooty100]

Profile: 27 years old, male, non-smoker
Insurance: Term - $400k Term, $1million TPD, $150k CI
Period: Until age 65

Please provide quotes, thanks!

Quoted with Zurich Life. Please check PM for details

 

[wooty100]

Hi guys,

Am considering getting 2 term plan for myself and my husband.

Can anyone kind to share... what is the important "fine prints' that we should be looking out for?

Does all the term plans allow you to redeem partial amount or just some allows?
Example $1m Death, $1m TPD, $500k CI
If say I redeem $200k from CI, does that mean my coverage will be left with just
$800k Death, $800k TPD, $300k CI

Is this how all term plan works?

And for TPD, does all company have the same meaning on what is TPD to them?

Thanks!

Base Plan - Death coverage
Riders Variation - Acceleration/Additional

To Ans your queries, quote your scenario.
$1m Death, $1m Acc TPD, $500k Acc CI = Max $1mil Net aggregate Sum Assured (Sum of all add up)

$1m Death, $1m ACC TPD, $500k Add CI = Max $1.5mil Net aggregae Sum Assured ( Claim CI $500k, follow by a $1mil death or TPD)

Or

Just $1m if you TPD or Death occur first. Base plan would have claimed out, rendering rider invalid.

This is the technical explaination. Hope it helps

 

[bigmice]

Profile: 27 years old, male, non-smoker
Insurance: Term - $400k Term, $1million TPD, $150k CI
Period: Until age 65

Please provide quotes, thanks!

normally TPD cannot over the death benefit

PM you the quo based on
Term - $400k Term, $400k TPD, $150k CI
Period: Until age 65

 

[hahnhahnhahn]

I like the idea of Buy Term Invest the Rest (BTIR)... Although no cash value, Term Insurance is cheap, the interest or dividend collected from shares can be used to pay for the Term Insurance while you save up bulk of your cash for investment. For local Singaporean guys (NSMen), correct me if I'm wrong, I think Aviva SAF Group Insurance is the only one that provides coverage for Reservist activities, plus it also gives free coverage to spouse and children up to a certain amount. Beware, no insurance agent will ever recommend Aviva SAF GI to their clients because it brings them 0% commission... Worse still, I have a friend (a financial agent) who even ask his client who is local SG guys to cancel away this SAF GI (active NSMen somemore)...

 

[tigerliongoose]

Please note on point 3.

For TPD, some companies offer "Enhanced" Disability definition. In other words, they pay out on definition of TPD OR the inability to perform 2 or 3 out of 6 daily activities.

This is definitely beneficial to the customers, as you might not be able to claim under the normal TPD definition but can claim for "Enhanced" TPD definition.

As far as i'm aware, there are 2 companies in the market that offer such coverage.

TPD for most insurers are defined as the inability to be employed or run any business.

The 3 out of 6 ADLs (Activities of Daily Living) is usually used in Eldershield.

Some Eldershield upgrade plans offer 2 out of 6 ADL coverage.

Here is a comparison of the plans in the market:

The comparison between Medishield Life vs Private Integrated Shield Plan FAQ: What is Eldershield and should I upgrade or add a supplement to it?

 

[MrQuotes]

tigerliongoose,

Not true.. there are companies out there that offer "Enhanced/Comprehensive TPD" as rider to their protection plan. Not necessary just Eldershield.

Traditional TPD is hard to claim. You need to be disabled to the extent that you cannot perform any income earning job. If you lose a leg, you can't claim on TPD as you can still perform clerical job in a sitting position, or you need to lose another leg (both limbs, or a limb + sight on one eye) to be able to claim.

For "Enhanced" definition of TPD, they pay out on definition of TPD or the inability to perform 2 or 3 activities of daily living. This makes claiming easier. In the above scenario, you can claim as you can't walk, and you can't wash or use the toilet by yourself. (be in aided or unaided)

You don't wish to pay for years of premium and only to realise that you don't get paid during claims. Just because you don't fulfil the insurer's definition of TPD. Thus, it makes sense to be covered as comprehensive as possible. It is more affordable than a early stage critical illness rider.

 

[jervislim]

Pls kindly help PM quote me term premium for below profile. Thanks!

31M non smoker.
500k TPD, 500k death, 300k early CI
Coverage till 65 yrs old

 

[Queendom]

Am looking at term insurance of 500k.
Kindly quote for below profile.

Male aged 40, non smoker
Female aged 38, non smoker

Thanks.

 

[NiteX2]

Queendom: 500k term coverage is for death/tpd and CI?

Jervis: PM you already.

 

[KTVFanatic]

Pls kindly help PM quote me term premium for below profile. Thanks!

25ANB non smoker.
400k TPD, 400k death, 150k early CI
Coverage till 65 yrs old

Thanks.

 

[PruSuEn]

do note that SAF Aviva Group does not have Critical cover. Just checked this with a client recently who passed me his list of policies with IFA. Wonder if the agent made a mistake on that. I told him to double confirm with his agent. As if you can google it, under "Aviva SAF Group Term Life".

 

[steven168z]

do note that SAF Aviva Group does not have Critical cover. Just checked this with a client recently who passed me his list of policies with IFA. Wonder if the agent made a mistake on that. I told him to double confirm with his agent. As if you can google it, under "Aviva SAF Group Term Life".

Life & Health - SAF Insurance for Nsmen - Aviva Singapore

Supplementary Living Care Policy
With effect from 1 October 2011, SAF Major Illness Insurance has been renamed to SAF Living Care Policy.

In addition to the Group Term Life Insurance, when a major illness occurs, your living expenses and other costs can be quite substantial, and your other insurance may have limitations. Do not despair! With this Supplementary Living Care Policy for less than $1 daily, we will provide added financial protection of $300,000 (if you are aged 45 and below) to help you tide over the financial difficulties while you seek medical treatment on these common major illnesses namely: