Term till 99

[Rilapuma]

I am considering to get a term plan that covers me till 99 for Death.

I do not have a whole life plan. Could anyone generate a quotation for 100k Death. I would like to see how it compares against a whole life plan.

Male, NS, 25yo

Kindly post here or PM me. Please state which company you are quoting from. Thank you

 

[Mecisteus]

do you know the meaning of a term? it means for a period only. it does not make financial sense to have a term coverage till 99. it is going to be very expensive! because the likelihood of a payout is almost 100%.

 

[Knight_Rider]

ILP covers till 99. But people KPKB because they dun know how to use it to their advantage as they always lose money.

 

[makav31i]

I got quoted from Pruvantage Term, $93.50 for 500k coverage...that is for death only...I don't think there are any out there that have a better price for coverage till 99...my Aviva till 65 for 500k is $20...if I take PruVantage Term for the same coverage till 65 is around $58..I'm still thinking if I should terminate my Aviva which cover till 65 and go for PruVantage term and pay $70 extra a month...any agents from other insurance company got a better rate for me for coverage of death till 99?

 

[kelvin_99]

I am considering to get a term plan that covers me till 99 for Death.

I do not have a whole life plan. Could anyone generate a quotation for 100k Death. I would like to see how it compares against a whole life plan.

Male, NS, 25yo

Kindly post here or PM me. Please state which company you are quoting from. Thank you

I bought my first and only whole life insurance policy >20 years ago. That time, I remember my agent told me that if I had bought a whole life policy the company would pay me the full sum if I live past 100 yrs, i.e. the maturity of a whole life plan by default is 100 years. If this still holds today, then technically, there should be not much difference between a 99 yr and a whole life plan, if all the other features in the policies are the same.

 

[Aerial86]

I bought my first and only whole life insurance policy >20 years ago. That time, I remember my agent told me that if I had bought a whole life policy the company would pay me the full sum if I live past 100 yrs, i.e. the maturity of a whole life plan by default is 100 years. If this still holds today, then technically, there should be not much difference between a 99 yr and a whole life plan, if all the other features in the policies are the same.

That is for insurance long time ago. Nowadays for limited premium whole life policy, you might have broke even at the end of the premium term or a few years after, and accumulates more as long as the plan is still in force.

Of cause, Term and Life both have their pros and cons and many factors have to be taken into consideration to decide which is better for any individual.

 

[Rilapuma]

I got quoted from Pruvantage Term, $93.50 for 500k coverage...that is for death only...I don't think there are any out there that have a better price for coverage till 99...my Aviva till 65 for 500k is $20...if I take PruVantage Term for the same coverage till 65 is around $58..I'm still thinking if I should terminate my Aviva which cover till 65 and go for PruVantage term and pay $70 extra a month...any agents from other insurance company got a better rate for me for coverage of death till 99?

I know pruvantage is affordable so I was hoping that other companies have similar deals but at lower coverage

 

[Lewis.T]

For your age, PruTerm Vantage 500k is $93.50 cover till 100. Unfortunately that's the minimum coverage for that plan.

Let me know if I can help

 

[Shiny Things]

Get some quotes for "term until 65" as well. I reckon you'll be astonished how much cheaper it is - you'll be able to save that $100k just by not overpaying for the premiums.

 

[limster]

Term to 99 the insurers will assume that you are 100% guaranteed to collect the payout since virtually everyone dies before 99 (if you are the 'lucky' few living beyond 99, then it is windfall profit for the insurers), so they will adjust the premium accordingly. The premiums you pay will likely exceed the payout by a fairly large amount. Insurance is still a for-profit business.


Imagine this, you have $500k term insurance till 99. One day short of your 100th birthday, you are still alive but in poor health. The premiums you paid on your term insurance already exceeded $500k. The moment you cross over to 100 years, your family loses out 500k. How would you feel?

 

[makav31i]

Term to 99 the insurers will assume that you are 100% guaranteed to collect the payout since virtually everyone dies before 99 (if you are the 'lucky' few living beyond 99, then it is windfall profit for the insurers), so they will adjust the premium accordingly. The premiums you pay will likely exceed the payout by a fairly large amount. Insurance is still a for-profit business.


Imagine this, you have $500k term insurance till 99. One day short of your 100th birthday, you are still alive but in poor health. The premiums you paid on your term insurance already exceeded $500k. The moment you cross over to 100 years, your family loses out 500k. How would you feel?

$100 × 12 months × the number of years till 99 years (99 - 25 = 75) is around $90,000...

Did I do my math wrongly?

 

[Rilapuma]

Get some quotes for "term until 65" as well. I reckon you'll be astonished how much cheaper it is - you'll be able to save that $100k just by not overpaying for the premiums.

The reason why i was thinking of coverage till 99 is becos i want to leave some cash behind for my future generation after i pass on. If i were to get a 65yr old term, it is to top up the short fall that i would assume is needed to keep the family gg if i die before 65.

 

[Lewis.T]

The reason why i was thinking of coverage till 99 is becos i want to leave some cash behind for my future generation after i pass on. If i were to get a 65yr old term, it is to top up the short fall that i would assume is needed to keep the family gg if i die before 65.

Term till 99/100 works as legacy planning, which is what you just stated. The 'returns' are not too shabby as well, for something that is guaranteed.

In the worst case scenario you live till 100 you've only put in 85k in premiums, and you're 'guaranteed' 500k payout to your next of kin or beneficiary.

For all the super calculative peeps out there, remember to factor in inflation for your premiums as well as the payout, as this isn't a lump sum premium plan.

 

[Aerial86]

$500 × 12 months x 25yrs is $150,000... 500k Death/TPD, 500k CI, 125k Early CI, Covers you till age 99, TPD till 70. Projected returns @ age 65 based on 3.25% is $126,000, 4.75% is $238,000. Further down, cash value jumps more.

Option to surrender if no more dependent and liabilities, to fund retirement life. Not that bad a choice afterall. No one way to plan a person's portfolio, everyone differs.

 

[limster]

$100 × 12 months × the number of years till 99 years (99 - 25 = 75) is around $90,000...

Did I do my math wrongly?

thanks for the clarification, if the premium remains constant at $100 per month, sounds like a good deal?

The term policies i've been quoted, the premiums increase as you get older.

 

[makav31i]

thanks for the clarification, if the premium remains constant at $100 per month, sounds like a good deal?

The term policies i've been quoted, the premiums increase as you get older.

The agent told me that it is constant throughout as you like sign an agreement with the insurance company...Those that increase premium is because the insurance company only agreed to cover you for say 5 years and renew it every 5 years...I am not really sure but i think for those that increase in premium and those that you pay constantly throughout at the end of the day you will contribute the same amount only difference is how it is split...

For example,
A person 25 years old bought term till 65.

Scenario 1) pay $100/month till 65 = $48,000

Scenario 2) pay $10/month for 5 years, pay $20 for the next 5 years and so on = $48,000

I am a noob in this, if any insurance agent can explain, it would really help...

 

[NiteX2]

I got quoted from Pruvantage Term, $93.50 for 500k coverage...that is for death only...I don't think there are any out there that have a better price for coverage till 99...my Aviva till 65 for 500k is $20...if I take PruVantage Term for the same coverage till 65 is around $58..I'm still thinking if I should terminate my Aviva which cover till 65 and go for PruVantage term and pay $70 extra a month...any agents from other insurance company got a better rate for me for coverage of death till 99?

I might be able to get you a competitive quote if you are able to provide me the details of the plan and also your details. If not, the first page of the benefit illustration that your agent provided you with will do as well

 

[NiteX2]

The agent told me that it is constant throughout as you like sign an agreement with the insurance company...Those that increase premium is because the insurance company only agreed to cover you for say 5 years and renew it every 5 years...I am not really sure but i think for those that increase in premium and those that you pay constantly throughout at the end of the day you will contribute the same amount only difference is how it is split...

For example,
A person 25 years old bought term till 65.

Scenario 1) pay $100/month till 65 = $48,000

Scenario 2) pay $10/month for 5 years, pay $20 for the next 5 years and so on = $48,000

I am a noob in this, if any insurance agent can explain, it would really help...

Yes, you are right on that, the reason why a person may pay thru the roof for the same cover when they are at a later stage in life is because they chose to take up 5/10 yrs renewable term plans, so premiums will jump every 5 or 10 yrs and it gets exponentially higher as one ages

 

[Shiny Things]

The reason why i was thinking of coverage till 99 is becos i want to leave some cash behind for my future generation after i pass on. If i were to get a 65yr old term, it is to top up the short fall that i would assume is needed to keep the family gg if i die before 65.

Well, hang on - you're going to leave cash behind in your will anyway. You don't need to pay a life insurance company to pass money onto your heirs. Term to 99 is an awfully expensive way to do that.

 

[MoonHehe]

I am considering to get a term plan that covers me till 99 for Death.

I do not have a whole life plan. Could anyone generate a quotation for 100k Death. I would like to see how it compares against a whole life plan.

Male, NS, 25yo

Kindly post here or PM me. Please state which company you are quoting from. Thank you

Hi,

For MALE, NON-SMOKER, 25 ANB, $100k Coverage over Death:
Covers up to 99 Years Old - $659/yearly
Covers up to 65 Years Old - $226/yearly

I'm quoting from AXA. Do let me know if need any more quotes.

Thanks.