Term till 99

[makav31i]

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

26 Male non-smoker

Pruvantage Term 500k is $93.50 a month till 99..

Same plan $1 million is $187 a month till 99...

Above is just to cover death...

 

[Rilapuma]

I am currently considering the TM Term Assurance till 99. Affordable premiums for 100k

Also, I got a quotation from a friend working for manulife; Traditional Whole life plan ($52.73/mth) coverage of $64,500 for death with rider traditional CI (also 64,500) till 65; thereafter, coverage will be reduced to $26,500 death and CI till 99yrs old. Breakeven based on 3.25% is about 75yrs old

Does anyone have a similarly priced whole life plan with better coverage? The reason why I am getting this plan is to supplement protection on CI till 75-80yrs old but yet do not want to pay too much for it as currently, i just started working and also have to consider if i have the means to continue these premiums after i retire

 

[Aerial86]

I am currently considering the TM Term Assurance till 99. Affordable premiums for 100k

Also, I got a quotation from a friend working for manulife; Traditional Whole life plan ($52.73/mth) coverage of $64,500 for death with rider traditional CI (also 64,500) till 65; thereafter, coverage will be reduced to $26,500 death and CI till 99yrs old. Breakeven based on 3.25% is about 75yrs old

Does anyone have a similarly priced whole life plan with better coverage? The reason why I am getting this plan is to supplement protection on CI till 75-80yrs old but yet do not want to pay too much for it as currently, i just started working and also have to consider if i have the means to continue these premiums after i retire

If premiums after retirement is your concern, you should be looking at limited premium whole life plan instead.. I will generate a few sample quote from different companies for your reference.

Mind pming me your basic details? Age, smoke/non-smoker

 

[Rilapuma]

This is my current plan:

Budget is $150 or less per mth;

Coverage till 65: est. 400k death, 60k CI, 30k Early CI (est. $140/mth)
Coverage till 75: 150k death, 30k CI, 30k Early CI (est. $120/mth)
Coverage till 99: 100k death (est. $30/mth)

The above quotes are derived from combination of 4 products from various companies

1) SAF Aviva 200k TPD ($25.60/mth)

2) Manulife Whole Life $65,600 (till 65), CI $65,600 (till 65), thereafter covers only $26,500 death (till 99) and $26,500 CI (till 99). Premium is $52.73/mth. Breakeven point is at 75yrs old based on 3.25% where i plan to terminate

3) Manulife Early CI rider with CI waiver; $38/mth (till 75)

4) TM Legacy 100k till 99yr: $30/mth

Anyone can quote me something that suits my budget and is cheaper. This current combination has about 30k cashback (3.25%) at 75yrs old if i terminate the whole life.

 

[Rilapuma]

Just to check, does critical illness rider also payout upon death?

 

[Aerial86]

Just to check, does critical illness rider also payout upon death?

There are 2 types of CI rider. One is accelerating the payout from the main plan, another is a standalone CI rider.

For both instance, no payout upon death.

 

[NiteX2]

This is my current plan:

Budget is $150 or less per mth;

Coverage till 65: est. 400k death, 60k CI, 30k Early CI (est. $140/mth)
Coverage till 75: 150k death, 30k CI, 30k Early CI (est. $120/mth)
Coverage till 99: 100k death (est. $30/mth)

The above quotes are derived from combination of 4 products from various companies

1) SAF Aviva 200k TPD ($25.60/mth)

2) Manulife Whole Life $65,600 (till 65), CI $65,600 (till 65), thereafter covers only $26,500 death (till 99) and $26,500 CI (till 99). Premium is $52.73/mth. Breakeven point is at 75yrs old based on 3.25% where i plan to terminate

3) Manulife Early CI rider with CI waiver; $38/mth (till 75)

4) TM Legacy 100k till 99yr: $30/mth

Anyone can quote me something that suits my budget and is cheaper. This current combination has about 30k cashback (3.25%) at 75yrs old if i terminate the whole life.

You can PM me your details and I will work sth out for you based on the parameters you have set

 

[Lewis.T]

Hello from Prudential -

Term coverage till age 65
Death 500k
Total and Permanent Disability 500k
Critical Illness 250k
Waiver of premiums upon ESCI (partial waiver) or CI (full waiver)
Premiums of $112.60/mth

If you have not upgraded your medishield plan to one of the private insurers, please do so as well, that protection is important too.

ESCI in my opinion is not important if you have a shield plan in place. Good to have but unnecessary.

Edit: Ongoing promotion till the end of this month, giving you 30% off the quoted premiums. Quotation has not been calculated for the discount

 

[neolaw]

Hi,

Sorry for hi-jacking your post. I also need a simple term plan: Death, TPD and CI Rider (just 100k).

If the CI rider allows me to continue the policy after I cash out some CI pay-out, it would be better.

Age-next-birthday: 31
Male/non-smoker.
No medical condition as of now.

I want to renew it up to 80 years old.

Please advice.

To agents: ok to PM me your quotation. Strictly term-plan. I don't want a Prudential quotation though. Be sure to include the following in your PM:

(1) renewal until which age
(2) CI rider option
(3) Annual fees
(4) Premium fees is fixed or going to change (or won't change unless the same class change as in GE).

Thanks.

Apology again for hijacking your thread. Please pardon me.

 

[Lewis.T]

Hi,

Sorry for hi-jacking your post. I also need a simple term plan: Death, TPD and CI Rider (just 100k).

If the CI rider allows me to continue the policy after I cash out some CI pay-out, it would be better.

Age-next-birthday: 31
Male/non-smoker.
No medical condition as of now.

I want to renew it up to 80 years old.

Please advice.

To agents: ok to PM me your quotation. Strictly term-plan. I don't want a Prudential quotation though. Be sure to include the following in your PM:

(1) renewal until which age
(2) CI rider option
(3) Annual fees
(4) Premium fees is fixed or going to change (or won't change unless the same class change as in GE).

Thanks.

Apology again for hijacking your thread. Please pardon me.

Why no Pru quotes?

 

[focus1974]

So buy term good or not?
After the discussion, seems like it's a waste of money is it?

 

[limster]

One possible strategy is to buy 2 term policies (if it is allowed, pls correct me if cannot)

1 term policy to 65
1 term policy to 99

The reasoning being that between 30-65, you may be supporting dependents and housing loan, so the term coverage should be higher,

But after 65, you need a lesser amount because you already have a $1m dividend portfolio returning 5%, a fully paid up property, full hospitalisation insurance.

I understand that there are decreasing term policies that do this, but those are not offered to 99 yet...?

 

[Shiny Things]

So buy term good or not?
After the discussion, seems like it's a waste of money is it?

No, term insurance is a great idea until you retire. If you get hit by a bus, it's the absolute cheapest way to ensure that your family and kidlets have enough money to keep the lights on for the next few years.

After you retire, though, you should have a decent slug of cash under your belt, and no more dependents (well, hopefully, unless your lazy-ass kids haven't gotten their act together and moved out). And if you have no dependents, you don't need life insurance: you can pass money on to your heirs without paying an insurance agency to do it.

 

[Lewis.T]

No, term insurance is a great idea until you retire. If you get hit by a bus, it's the absolute cheapest way to ensure that your family and kidlets have enough money to keep the lights on for the next few years.

After you retire, though, you should have a decent slug of cash under your belt, and no more dependents (well, hopefully, unless your lazy-ass kids haven't gotten their act together and moved out). And if you have no dependents, you don't need life insurance: you can pass money on to your heirs without paying an insurance agency to do it.

You are correct, except it only works if you're a disciplined investor. If you have no heirs, it also means there's probably nobody to support you in your older age as well (talking about critical illness here). If you have heirs, some prefer paying out of their pocket while some prefer the insurance company to do it for them.

Some people choose to have the insurance company support them in times of need, others want to depend on their investments. Go with whichever strategy you like. When you're ill though, can you still make sound and rational investment choices? Will you be caught at a bad time like another 2008?

I'll give an example, since you seem to like your numbers.

ANB 30 Male Non-smoker
Coverage till 65
Death 500k
C.I 250k
Premiums $1,492.50/Yr

Same guy
Coverage till 100
Same coverage
Premiums $2,720.00/Yr

Difference in premiums = $1227.50/Yr
Assuming you are very disciplined and know what you're doing, over the next 35 years this becomes $136,786 at 6%, and you lose the 500k Death coverage and 250k C.I coverage.

In the next 20 years (age 85) you are now investing your $136,786 along with the $2,720/Yr.

You're now sitting on $538,748, but from 65-85 there is zero coverage.

Let us have this scenario now, you pass on at 75.
From 65-75 you will be investing $136,786 along with the $2,720/Yr for 10 years, which works out to be $280,815.

Your family just received $219k less compared to continuing the term plan when that scenario happens.

If you pass on at 85, congrats, you've left behind $38.7k more than what you would have getting a term. Any age past 85 would definitely favour the disciplined investor.

Also last thing to add, I hope 6% ROI is achievable for the masses, if not the calculations will be way off even if you get just 5%. Way off in the term insurance till 100's favour, and they have to have the discipline to invest every single dollar in difference.

One can argue that sitting on liquid cash is good because of the obvious liquidity reasons, but what would you need the liquidity for if you're well insured? Unless you plan to start your own company or give a lump sum to your heir.

Different people have different strategies. Not everyone is a disciplined investor. Not everyone can achieve 6% ROI. Not everybody will follow your strategy, or think yours is the best.

My few cents worth of thoughts.

 

[Shiny Things]

Those numbers look iffy.

I bunged those details (30yo male non-smoker) into a couple of online pricers, and in every case I tried, "level term to 65" came out about one-quarter the price of "level term to 99". That makes sense to me: your odds of dying before 65 are a tiny fraction of your odds of dying before 99.

Care to run those numbers again? Maybe take out the CI rider and see if you get numbers more in line with mine?

I mean, if your prices are right, then sure, level term to 99 looks a lot better. But I don't think your prices are right.

 

[Lewis.T]

Just ran the numbers again, I made a slight error, it's ANB 30 not age 30. But the figures remain the same. Just a 1 year difference. Let me update my previous post.

Edit: Yearly premium till 100 without C.I is $1,465.00
Yearly premium till 65 without C.I is $805.00

 

[chopra]

One possible strategy is to buy 2 term policies (if it is allowed, pls correct me if cannot)

1 term policy to 65
1 term policy to 99

The reasoning being that between 30-65, you may be supporting dependents and housing loan, so the term coverage should be higher,

But after 65, you need a lesser amount because you already have a $1m dividend portfolio returning 5%, a fully paid up property, full hospitalisation insurance.

I understand that there are decreasing term policies that do this, but those are not offered to 99 yet...?

Can nv understand ppl buying till 99.

1. Imo, term is to protect against loss of income, ie one shld use the retirement age instead
2. Ppl are overly optimistic that they can outlive by xx standard deviation abv spore current life expectancy of ard 84. No right or wrong to this, but I think it makes more economical sense to protect till at MOST the national average and not beyond.
3. Future value decrease. A 100k claim @ 65 has a different purchasing power from a 100k claim in 99. It's very difficult to project... even for the acturists calculating these premiums.

 

[makav31i]

Can nv understand ppl buying till 99.

1. Imo, term is to protect against loss of income, ie one shld use the retirement age instead
2. Ppl are overly optimistic that they can outlive by xx standard deviation abv spore current life expectancy of ard 84. No right or wrong to this, but I think it makes more economical sense to protect till at MOST the national average and not beyond.
3. Future value decrease. A 100k claim @ 65 has a different purchasing power from a 100k claim in 99. It's very difficult to project... even for the acturists calculating these premiums.

Because if I would not be able to live till 65, my family would get a lump sum...After I retire, will ask my children to pay for the insurance premiums since they will get the lump sum when I die...

 

[Lewis.T]

Like I said. Different strategy for different people. Some want to leave behind a lump sum for their family while still enjoying the protection for illness and disability the policy provides.

If anything were to happen it wouldn't be out of pocket. If you consider the avg Singapore inflation so far at age 65 get your children to take over. It's about 1k a year for 185k death cover. I think the price is acceptable. Your children will probably take over for you if they're smart. That's almost a 20% guaranteed ROI if you pass on at 85. I used 2.8% as inflation for my calculations for those wondering.

Now if you think about it, only an idiot would pass up on this opportunity. 20% guaranteed ROI over 20 years.

For those of you that can't see the value, I'll scale it up a bit. You're paying 100k over 20 years, after 20 years you'll get back 925k. Would you invest in something like this?

Edit: Just woke up, correct me if my calculations are off.

 

[knightdreamer]

hi guys,

i was thinking of increasing my saf group term 200K to 300K. its more better if i get another company for another 100K? to make up 300K?

btw can claim from both company?