Whole Life Plan

[winthony]

Looking thru a older TM $200K WL policy of my kid.

The 'returns' look reasonable and am wondering those new policies having similar or better/worst returns? (TM has been honouring the 4.75% figures so far and going fwd still need to see how they will turn out to be).


https://imgur.com/a/ZBSQfxw

*my kids not so much into investments and so these WL policies were bought with partial intention to supplement their retirement incomes on top of protection.

TM has very good returns in the past and their guaranteed portion were very decent on the legacy products!

My daughter is 8 years old and would it be advisable to buy for her a whole life plan now?

For a child, it is advisable to get wholelife as the premium is relatively affordable. It could potentially be part of her portfolio in the future and can supplement the coverage with future products on her own. Some people might say that she doesnt have dependent and should just opt for term in the future but based on premiums, it might make sense to get her some form of insurance! Think this is a very asian/singaporean thing I believe all our parents bought for us some form or another insurance

 

[mummynew]

TM has very good returns in the past and their guaranteed portion were very decent on the legacy products!

I actually went to check my kids' old WL policies when I read luei74 was thinking about surrendering his policy once fully paid.

Then I went thru the numbers and concluded that the guaranteed returns are reasonably good (at least comparable to if not better than SSB), and so there is no good reasons to surrender for anyone unless really need the cash for emergency or really can self-invest better (I really ever knew of people, incl my sister, who surrendered policies and put the amounts into FDs / spent away which dont make any sense to me).

luei74 please study the XIRR of your policies on the Whole Life basic part. You maybe pleasantly surprised and glad to have such policy.

 

[boredboiboi]

I actually went to check my kids' old WL policies when I read luei74 was thinking about surrendering his policy once fully paid.

Then I went thru the numbers and concluded that the guaranteed returns are reasonably good (at least comparable to if not better than SSB), and so there is no good reasons to surrender for anyone unless really need the cash for emergency or really can self-invest better (I really ever knew of people, incl my sister, who surrendered policies and put the amounts into FDs / spent away which dont make any sense to me).

luei74 please study the XIRR of your policies on the Whole Life basic part. You maybe pleasantly surprised and glad to have such policy.

Tm legacy wholelife is a extremely good plan. It was taken off the shelf when it launches for a few months.

 

[mummynew]

My daughter is 8 years old and would it be advisable to buy for her a whole life plan now?

Sharing my personal experiences with buying WL policies for young children.

I have similar policies for my two kids when they were in preschools and below is the updated BI (originally from Keppel Life then changed to the hands of HSBC Life).

https://imgur.com/a/xRXRFrN

It is a 'start up' policy with cover of $50,000 with annual premium of $393. Now that my kids are both grown up with other 'more sophisticated' covers and so there was once I ever considering surrendering them. But after working out that a few years later (at policy 30th year), the XIRR can potentially be 3+% (hope I computed correctly), I decided to keep it (whether for my own retirement income if I ever need it or gift to my kids when the time is right).

Always good to start when young I would say if one can afford the overall family budget (and if like me, have no time to study and do investment during the prime working years of our lives). Choose a more 'reliable' insurer who would likely to honour their benefit illustrations.

*while when young many of my friends were busy buying their Channel and Hermes, SKII and La Mer, drinking only Starbucks coffee, etc, I was more into 'accumulating' policies bit by bit (since I didn't know how to invest when young).

 

[softwareengineer]

Any recommendation for Whole Life + CI for infant? Thanks

 

[Tonykdh]

Any recommendation for Whole Life + CI for infant? Thanks

PM if you need help on this

 

[luei74]

PM if you need help on this

Agent lai liao

 

[HelIoo]

Does aviva limited mywholelifeplan pays out 2 times? As in if get critical illness, pay out then when die, pay out again?

 

[Tonykdh]

Does aviva limited mywholelifeplan pays out 2 times? As in if get critical illness, pay out then when die, pay out again?

Depends on your sum assured if after CI payout and there are still remaining. This remaining will pay out after your death

 

[boredboiboi]

Does aviva limited mywholelifeplan pays out 2 times? As in if get critical illness, pay out then when die, pay out again?

Depends on what u bought.
If death/tpd = CI, then once ci payout, plans ends
If death/tpd > CI, then once ci payout, balance will be death/tpd coverage. Example 500k death/tpd , 300k ci, after ci claims, death/tpd left 200k.
And you ask before in getting started with insurance thread.

 

[hirokassy]

I bought a WL few years back when i was 25yo, I realized I do not have ECI added in the WL.

Can that be added (or upgraded) to my WL with the 25yo rate?

 

[boredboiboi]

I bought a WL few years back when i was 25yo, I realized I do not have ECI added in the WL.

Can that be added (or upgraded) to my WL with the 25yo rate?

Nope. Eci can only be added on new plan. If can, everyone wait until last year of payment then add already.

 

[SBC]

Tm legacy wholelife is a extremely good plan. It was taken off the shelf when it launches for a few months.

I do have TM Legacy plan. Was it replaced by Legacy Plus then?

 

[boredboiboi]

I do have TM Legacy plan. Was it replaced by Legacy Plus then?

Honestly it was before my era. Not very sure. I would not use the word replace. But more of new plan, and old plan being remove

 

[soneat]

I do have TM Legacy plan. Was it replaced by Legacy Plus then?

TM Legacy was actually available for a long time after Asia Life was acquired by Tokio Marine.

After several years, they relaunch two variants:
Legacy Plus - MDB up to 70yo.
Legacy Lifetime - Lifetime MDB. <-- Unbeatable!

I recall the Legacy Lifetime was around for a short while.

 

[SBC]

I am having 1 TM policy. Among my family, we are having 5 TM policies.

Am v happy with their actual cash value. Well done TM.