Term Insurance

[googol]

My friend is looking for a good term insurance plan. Any suggestions on which is cheapest and best plan?

33 YO Female, Single, Non Smoker. looking at 0.8-1m cover.

Any comment abt LUV life NTUC term insurance?

 

[bigmice]

My friend is looking for a good term insurance plan. Any suggestions on which is cheapest and best plan?

33 YO Female, Single, Non Smoker. looking at 0.8-1m cover.

Any comment abt LUV life NTUC term insurance?

if I'm not wrong
LUV premium will increase as age grow.
LUV Maximum Can buy 200k sum assure
And you must be NTUC member

 

[googol]

if I'm not wrong
LUV premium will increase as age grow.
LUV Maximum Can buy 200k sum assure
And you must be NTUC member

oh ok any comments about the iterm plan? how does it compare with prudential?
prudential quoted her ~4.1k per year for 1m 100 year coverage.

 

[infusionist]

i'm an AIA rep but i'll give you a unbiased answer to address your situation.

No such thing in insurance as cheap and good. If its cheap, its not good. If its good its not cheap. (works everywhere in life)

Every insurer have their term plans, but they all are different in their own ways. Pricing is also very similiar, but you probably want to consider what is your objective before you look at it and let not the price dictate your decision completely.

Does your term plan include CI? or isit just a pure Death, TPD coverage?

Term plans from Prudential etc, their PruTerm Vantage is one of the better plans in the market worth considering.

AIA term plans have fixed year options, etc. 20 years coverage are competitive for shorter term and are renewable with no underwriting thereafter.

Really got no such thing as best plan. cos insurance companies always revise their plans all the time to be more competitive in the market. Just understand your objectives, and there will be only a best solution for you.

 

[bigmice]

all the insurance policy was under MAS control, so premium higher will have more bebefits, cheap wil less, main feature is same.
so just should think which plan suit for you, not only think about premium.

 

[lukaloo]

oh ok any comments about the iterm plan? how does it compare with prudential?
prudential quoted her ~4.1k per year for 1m 100 year coverage.

The best plan will depends on her intention for cover. For lady, single, i will emphasize more on illness than death. Simply because, statistically speaking , ladies had higher chances of getting CI.Unless she had mortgage/debt, or dependent to support.

And also, what's her affordable budget.

I am from pru, similar budget i will reshuffle and plan for $ 800K Death/TPD.
250K CI, and 100K early stage.

If she want to reduce the premium,reduce the term, not every thing need to cover tilll 100yo.

Will PM you my contact, if you need more info.

 

[NiteX2]

I have found the cheapest term for your friend.

$1 million death and tpd covering until age 100 and 70 respectively cost about $3.4K/year.

I don't think any other insurers can match that.

PM me for more info.

If you are talking about Aviva, then it will not be the cheapest on the market for the above quoted duration

 

[MrQuotes]

It is not Aviva

Please let us know your cheapest quote.

 

[NiteX2]

It is not Aviva

Please let us know your cheapest quote.

$3057/year for 1m death and tpd.

Pru might be cheaper than this for term till 99.

 

[MrQuotes]

How do you get $3057 when another agent from Pru quoted her $4.1K?

 

[NiteX2]

How do you get $3057 when another agent from Pru quoted her $4.1K?

I am not from pru, so that is not a pru quote. I believe the 4.1k quote includes some CI cover

 

[MrQuotes]

$3057 for $1M death till 100? and $1M tpd till 70?

 

[NiteX2]

$3057 for $1M death till 100? and $1M tpd till 70?

yes indeed

 

[bigmice]

term plan really need cover to 100 years old?
I think 85 enough. and premium more cheap.

 

[Jchuaym]

Pay premium all the way to age 100?

$3057/year for 1m death and tpd.

Pru might be cheaper than this for term till 99.

 

[MrQuotes]

yes indeed

Okay, thats great. The difference could be because the quote i provided is based on a more comprehensive definition of TPD. Traditional TPD only pays out on 1) unable to perform any work or 2) losing both limbs, or both sights, or sight in one eye and any one limbs.

Whereas, a comprehensive disability pays out on definition of TPD or the inability to perform 2 or 3 out of 6 daily activities.

When you lose a limb, you can still perform clerical jobs and does not fulfil definition of TPD, so you won't get paid. However, you can claim if you are covered under a comprehensive disability definition.

It seems affordable to be paying an extra dollar more a day for a better coverage. You don't wish to be disappointed during claims after paying years of premiums. Depends on each individual needs.