VivoLife 350 Advice

[jeffthepotato]

Hi there, just to query, does anyone know much about VivoLife? Is it the best whole life plan in the market right now or is there a better one our there? Any cons and hidden terms to take note of? Between quite an important question: is it better to take up a term insurance instead? Any good term insurance to recommend? Thank you.

 

[Shion]

Term insurance will be cheaper but mainly until age 65, no cash value upon maturity as well

 

[dendii]

There isn't 1 BEST whole life plan in the market.

In my opinion, consider getting a term with CI protection to enhance your coverage.

To increase your life coverage during the years where your liabilities are potentially the highest, you can add on an Aviva term protection if you have served NS.

WL + Term with ECI + CI (Depends on your opinion regarding ECI and CI), along with Aviva term will be a good mix.

 

[jeffthepotato]

Thanks for the reply. Any similar term scheme similar to SAF Aviva Group Term Life but for female with similar coverage and cost? Thank you.

 

[jeffthepotato]

Thanks for the reply. Quite new to this. Perhaps I can seek your personal opinion. What would you pick to insure yourself? Term or whole life and why? Just want to get a feel of how each compare to one another. Thank you.

 

[akwl88]

how chiu want to define best?

1) most value for money?

2) most coverage?

3) high returns and liquidity?

 

[kannis_ng]

U only need insurance when u die

Other times is waste of money

 

[dendii]

Thanks for the reply. Quite new to this. Perhaps I can seek your personal opinion. What would you pick to insure yourself? Term or whole life and why? Just want to get a feel of how each compare to one another. Thank you.

Term: High protection. Low premium.
Whole Life: Low protection but for whole life. Higher premium but pay only XX number of years.
ILP: Low protection. High premium.
Endowment: Low protection. High premium. (Banks nowadays can easily get 1.7% above)

I will pick a mix of Whole Life + Term.

Whole Life to have some coverage even after my term fulfills the purpose.

Term to enhance my coverage till my liabilities have ended.

In the meantime, start doing some investing on your own as well.

 

[Darkzi0n]

U only need insurance when u die

Other times is waste of money

not true, u need insurance when u have commitment.

if im free from debt with no dependents, i can die without creating any financial burden for my family. In this case, i dun need insurance when i die.

 

[jeffthepotato]

Thanks. Maybe I can list some attributes to make this a bit clearer. So around the age of 25, the premium is around $2500 yearly, so around $200+ each month.

Assume other debt liabilities such as a flat loan and average salary of $3000. $200 seems quite high in comparison to the salary isn't it? I feel could be better put to use to paying off the loans and I think you do get the same coverage as term but you only pay around $30 for month?


So the value I get can go towards paying off the loan earlier save me about 2.6% interest a year? The needs are more along the line of protection without too much burden, of course adequate coverage around the medium of say a quarter of a million? If I'm wrong on any points do let me know. Really need some help on this. Thank you.

 

[FP_IFA]

Hi there, just to query, does anyone know much about VivoLife? Is it the best whole life plan in the market right now or is there a better one our there? Any cons and hidden terms to take note of? Between quite an important question: is it better to take up a term insurance instead? Any good term insurance to recommend? Thank you.

You can get a term instead from AXA or Aviva, depending on sum assured. These 2 companies are running promo on term. Aviva is running a 25% discount perpetual for term over a mil (30% if 2mil cover and above). AXA has a 15% discount as well.

Go check with your agent on this and ask him/her for a term quote. I think even NTUC term also ok (if you are a ntuc die hard) as long as its not that living rider plan.

 

[Shion]

comparefirst.sg

 

[lewissac]

U only need insurance when u die

Other times is waste of money

You only need insurance when you die?

When you alive, you don't need insurance you mean? Then you don't buy insurance when you alive you mean? If you buy insurance when you alive, it will be waste of money u mean? So when u die where is the insurance come from? Or your coffin generate income when u die?

 

[dendii]

How much is your expenses on average every month? Or rather, how much spare cash do you have every month on average?

For a start, with $3000 salary, change you current saving account to OCBC, UOB etc which gives you easily 1.7% interest per annum.

If your financials are tight, get a term with ci protection. (You may want to consider eci but different people have different opinion on this)

I would say term cost half as much of the premium of a whole life with the same coverage. (Estimated) Aviva life is way cheaper though.

With the above settled, work out another portion of your remaining spare cash that you can afford, put into an etf investment plan since it does not require you much research on investment.

While you are right to say you can put in more value into paying off your loan at 2.6% interest, the key is to find the balance because the amount of cash you put into paying off your loan will be completely wiped out without proper insurance coverage to begin with.

Thanks. Maybe I can list some attributes to make this a bit clearer. So around the age of 25, the premium is around $2500 yearly, so around $200+ each month.

Assume other debt liabilities such as a flat loan and average salary of $3000. $200 seems quite high in comparison to the salary isn't it? I feel could be better put to use to paying off the loans and I think you do get the same coverage as term but you only pay around $30 for month?


So the value I get can go towards paying off the loan earlier save me about 2.6% interest a year? The needs are more along the line of protection without too much burden, of course adequate coverage around the medium of say a quarter of a million? If I'm wrong on any points do let me know. Really need some help on this. Thank you.

 

[dendii]

And commitment can mean anything from your parents, siblings, wife, kids, relatives even.

If you die or you are down with some form of serious illness, insurance is what will help you to lighten the burden financially.

not true, u need insurance when u have commitment.

if im free from debt with no dependents, i can die without creating any financial burden for my family. In this case, i dun need insurance when i die.