What's wrong with SAF GTL?

[flee0308]

I am currently 22, going to ORD this september and will need to look for a Term insurance. Why is the SAF GTL looked down here? It might be slightly more expensive, but doesn't the annual rebate make up for it? What other insurance can I consider instead if not SAF?

 

[bibu00]

Many insurance agent and industry professionals hate the saf gtl. It's a lousy product which nobody should spend their money on.

It gives them no fees, it over protects us for the amount we pay and it covers most of the conditions that the product they sell cover. That's why it's highly inadvisable to get aviva gtl but instead, they prefer if you buy, in order of preference
1: investment link product
2: endowment plan
3: whole life

These are superior products that pays them healthy fees and are highly recommended.

 

[akwl88]

I am currently 22, going to ORD this september and will need to look for a Term insurance. Why is the SAF GTL looked down here? It might be slightly more expensive, but doesn't the annual rebate make up for it? What other insurance can I consider instead if not SAF?

axa term also cheap.

1k premium annually for 500k coverage

 

[Shion]

Many insurance agent and industry professionals hate the saf gtl. It's a lousy product which nobody should spend their money on.

It gives them no fees, it over protects us for the amount we pay and it covers most of the conditions that the product they sell cover. That's why it's highly inadvisable to get aviva gtl but instead, they prefer if you buy, in order of preference
1: investment link product
2: endowment plan
3: Bobian, buy their term plan, no fish prawn also good.

These are superior products that pays them healthy fees and are highly recommended.

Third choice should be whole life ?

 

[hogrider88]

to be fair, i think most agent r pushing limited pay nowadays than investment linked

 

[Shion]

to be fair, i think most agent r pushing limited pay nowadays than investment linked

I think is the other way round, and also endowments

 

[bibu00]

Third choice should be whole life ?

Oh yes. Let me edit my post

 

[SpinFire]

SAF GTL is an excellent term insurance for Singapore NSmen. I pay only $150 a year for $100k coverage. Insurance agents hate it because they can't earn any commissions from it, and of course they'll find whatever negative points to shoot it down.

 

[soneat]

I am currently 22, going to ORD this september and will need to look for a Term insurance. Why is the SAF GTL looked down here? It might be slightly more expensive, but doesn't the annual rebate make up for it? What other insurance can I consider instead if not SAF?

Nothing much wrong with it. Only thing is that it is a group insurance (as such, you cannot do nomination etc) and for larger sum assured, other term insurance such as from Aviva or AXA may be cheaper.

 

[Shion]

They have add-on components like CI and iirc are costlier I think...

 

[RetRace]

SAF GTL is an excellent term insurance for Singapore NSmen. I pay only $150 a year for $100k coverage. Insurance agents hate it because they can't earn any commissions from it, and of course they'll find whatever negative points to shoot it down.

Saf gtl is 307 for 200k term coverage and am paying 334 for GE's 200k term coverage... 27 bucks more.. oh well

Sent from Singapore using GAGT

 

[civicguy]

Remember u cannot nominate anyone u want. It automatically goes to your next of kin.

 

[w1rbelw1nd]

Saf gtl is 307 for 200k term coverage and am paying 334 for GE's 200k term coverage... 27 bucks more.. oh well

Sent from Singapore using GAGT

That's almost 10% more....

Sent from OnePlus A0001 using GAGT

 

[Mecisteus]

to be fair, i think most agent r pushing limited pay nowadays than investment linked

I have been criticising about this product many times. It is marketed that a policyholder will "save" premiums if they pay more upfront. A lot of people will succumb to this idea.

 

[Shion]

I have been criticising about this product many times. It is marketed that a policyholder will "save" premiums if they pay more upfront. A lot of people will succumb to this idea.

Yeah, its still a large sum

 

[hogrider88]

I have been criticising about this product many times. It is marketed that a policyholder will "save" premiums if they pay more upfront. A lot of people will succumb to this idea.

What abt it working as a post-65 coverage for BTITR strategy?

BTITR term up to 65 yr, we will be retiring on our investments therafter, but limited pay (since alrdy paid up) we can leave it all the way to death, for future generation?

Mayb we can even sell it if suay suay there is a recession during our retirement, as its not ideal to sell shares period?

Nth personal, juz bringing up points for discussion.

 

[SBC]

Anyone know when the bonus for this group term policy is paid ?