Which Term Plan?

[teckgamer]

Hi all, I am trying to figure out which term plan period (1million for death, tpd, ti and 300k for CI) I should get.
A term plan until I am 65 years old or a term plan until I am 99 years old.
I am currently, 27 male, single non smoker. Waiting for BTO.

What I like about a 38 year term plan:
- Very Affordable (Therefore I have more cash available for other investments and opportunities- looking at USD/JPY which has been generating an excellent return since late last year, but I do realise this is just a one time opportunity, sigh.)


What I like less about a 38year term plan:
- Only cover until I am 65 year old


What I like about a 72 year term plan:
- Coverage until I am 99


What I like less about a 72 year term plan:
- Less Affordable

Can anyone give me their views on which option should you go? And why you choose so?
Option A: a 38 year term plan
Option B: a 72 year term plan

 

[chopra]

reason for buying a term plan?
for me -- to insure loss of income before retirement age hits. so I buy till 65 only.

after 65 or approx there, I will rely on hospitalisation plan. my kids would have grown up and my house paid up.

 

[haze_1986]

^ same opinion as this. I am currently also looking for a term to 65 as well. May I know which you bought?

 

[DeCo44]

Hi all, I am trying to figure out which term plan period (1million for death, tpd, ti and 300k for CI) I should get.
A term plan until I am 65 years old or a term plan until I am 99 years old.
I am currently, 27 male, single non smoker. Waiting for BTO.

What I like about a 38 year term plan:
- Very Affordable (Therefore I have more cash available for other investments and opportunities- looking at USD/JPY which has been generating an excellent return since late last year, but I do realise this is just a one time opportunity, sigh.)


What I like less about a 38year term plan:
- Only cover until I am 65 year old


What I like about a 72 year term plan:
- Coverage until I am 99


What I like less about a 72 year term plan:
- Less Affordable

Can anyone give me their views on which option should you go? And why you choose so?
Option A: a 38 year term plan
Option B: a 72 year term plan

If the price different not much, go for the 72years, chances of claiming higher.

 

[teckgamer]

If the price different not much, go for the 72years, chances of claiming higher.

The total premium paid will be much higher for the 72 years.
Anyway, I have decided to get Aviva, 45 year term. 1 Million Coverage with a CI waiver. This will serve me as a form of mortgage protection.

 

[valuesniper]

The total premium paid will be much higher for the 72 years.
Anyway, I have decided to get Aviva, 45 year term. 1 Million Coverage with a CI waiver. This will serve me as a form of mortgage protection.

Mind sharing more details of this plan that you got? Think of getting a term plan too.

thanks.

 

[voodooesmeralda]

Mind sharing more details of this plan that you got? Think of getting a term plan too.

thanks.

Aviva's term policy for 1m and above coverage is currently having 25% discount, applicable to attached riders as well

 

[stiwipl]

I went through detailed T&C 1,5 year ago and settled myself on iTerm from NTUC. Some of the companies like Aviva had some strange T&C regarding which I wrote here. Perhaps something has changed since then. However iTerm had no exclusions whatsoever at this point + their price was quite competitive as well.

NTUC was also offering 20% additional discount on their plans if you met certain health conditions, but I am not sure if they still offer it.

 

[teckgamer]

I went through detailed T&C 1,5 year ago and settled myself on iTerm from NTUC. Some of the companies like Aviva had some strange T&C regarding which I wrote here. Perhaps something has changed since then. However iTerm had no exclusions whatsoever at this point + their price was quite competitive as well.

NTUC was also offering 20% additional discount on their plans if you met certain health conditions, but I am not sure if they still offer it.

The terms and condition for Aviva stays pretty much the same. I am not planning to go anywhere near Middle East countries anyway.

NTUC does not offer 20% off anymore. Was it 20% throughout the term policy? Aviva is 25% throughout the policy.

Mind sharing more details of this plan that you got? Think of getting a term plan too.

thanks.

The plan that I got was:
Term Plan : 45 years, 1 million coverage
CI Waiver

Why I choose CI Waiver instead of CI rider?
1. My shield plan would be sufficient to treat CI illness. Planning to get a plan that is 100% cover both co-insurance and deductables.
2. I would already have a steady stream of income in case of CI happens.
3. CI rider is not cheap haha.

 

[matchy]

hate those cheapo companies which sell u cheap and in future change T&C to favour them

not saying that companies that sell expensive plan do not, but so far no such history

 

[voodooesmeralda]

The terms and condition for Aviva stays pretty much the same. I am not planning to go anywhere near Middle East countries anyway.

NTUC does not offer 20% off anymore. Was it 20% throughout the term policy? Aviva is 25% throughout the policy.



The plan that I got was:
Term Plan : 45 years, 1 million coverage
CI Waiver

Why I choose CI Waiver instead of CI rider?
1. My shield plan would be sufficient to treat CI illness. Planning to get a plan that is 100% cover both co-insurance and deductables.
2. I would already have a steady stream of income in case of CI happens.
3. CI rider is not cheap haha.

Just to add on, the exclusions only apply to people of those nationalities, so not applicable to Singaporeans and most other nationalities =)

 

[stiwipl]

The terms and condition for Aviva stays pretty much the same. I am not planning to go anywhere near Middle East countries anyway.

NTUC does not offer 20% off anymore. Was it 20% throughout the term policy? Aviva is 25% throughout the policy.
[...]

Yes, it was 20% through whole term. I don't like any exclusions to be honest. For me if I buy term insurance for my life, it has to pay out for every nature of death. Maybe you don't travel now but think long term, such trips might be even work related.

Just to add on, the exclusions only apply to people of those nationalities, so not applicable to Singaporeans and most other nationalities =)

If it was a response to what I wrote regarding Aviva exclusions, then it seems to be applicable to all nationalities.

 

[Vincent_G]

The total premium paid will be much higher for the 72 years.
Anyway, I have decided to get Aviva, 45 year term. 1 Million Coverage with a CI waiver. This will serve me as a form of mortgage protection.

May I know how much premium do you pay?

 

[teckgamer]

May I know how much premium do you pay?

For a 40 year term plan with CI waiver, 1 million coverage. $1041.68/year
For a 45 year term plan with CI waiver, 1 million coverage. $1258.88/year

Both quotation are inclusive of 25% discount.

Note: I got the 40 year term plan one instead of 45 year term plan. Hopefully it pays off

 

[stiwipl]

Btw, NTUC i-Term offers 15% discount for coverages above $1mln although stricter underwriting is required (one need to undergo medical tests).

 

[vincent007]

For a 40 year term plan with CI waiver, 1 million coverage. $1041.68/year
For a 45 year term plan with CI waiver, 1 million coverage. $1258.88/year

Both quotation are inclusive of 25% discount.

Note: I got the 40 year term plan one instead of 45 year term plan. Hopefully it pays off

Wow that's cheap. Mine is from HSBC for sum insured of $250K, premium is $53.76

Btw, what's the difference between CI waiver and rider?

 

[teckgamer]

Wow that's cheap. Mine is from HSBC for sum insured of $250K, premium is $53.76

Btw, what's the difference between CI waiver and rider?

CI Waiver is the rider.

 

[matchy]

Wow that's cheap. Mine is from HSBC for sum insured of $250K, premium is $53.76

Btw, what's the difference between CI waiver and rider?

CI waiver = no need pay the plan premium if kena CI (still need to wait till death for payout)
CI rider = pay out the lump sum insured amount if kena CI

 

[vincent007]

so how do we determine from which company I should get my term plan?
Should I just find one with lowest premium and highest coverage? Or any other factors to think of?

 

[voodooesmeralda]

Yes, it was 20% through whole term. I don't like any exclusions to be honest. For me if I buy term insurance for my life, it has to pay out for every nature of death. Maybe you don't travel now but think long term, such trips might be even work related.



If it was a response to what I wrote regarding Aviva exclusions, then it seems to be applicable to all nationalities.

The above exclusions shall only apply to:
(i) nationals of the Gulf Cooperation Council ("GCC"), Jordon, Kenya, Lebanon, Pakistan, Sri Lanka, Syria and Tanzania;
and/or
(ii) residents of the GCC, Jordon, Kenya, Lebanon, Pakistan, Sri Lanka, Syria and Tanzania,
whereby the GCC comprises of Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates ("
the UAE comprises of Abu Dhabi, Ajman, Dubai, Fujairah, Ras al-Khaimah, Sharjah, Umm al-Quwain.

This is directly under the exclusions stated for death benefit =)