Whole Life Plan

[boredboiboi]

My GE Surpreme LA gonna end end of the year. Anyway to maximize the gains?

Sent from Xiaomi MI MAX 3 using GAGT

What is the plan about? If its a wholelife plan, it will not end.

 

[winthony]

My GE Surpreme LA gonna end end of the year. Anyway to maximize the gains?

Sent from Xiaomi MI MAX 3 using GAGT

What do you mean it is going to end?

If the plan is a whole life: are you surrendering?

Maximizing gains i assume you mean taking back more than what it has been reported to you in the yearly statement?

 

[luei74]

Nolah...20 years limited pay going to end this year...was thinking to terminate and go into term plan + self invest

Sent from Xiaomi MI MAX 3 using GAGT

 

[boredboiboi]

Nolah...20 years limited pay going to end this year...was thinking to terminate and go into term plan + self invest

Sent from Xiaomi MI MAX 3 using GAGT

Pay finish then just leave. It gonna cover for life. U pay 20 years means ur age getting term now might not be cheap also.

 

[winthony]

Nolah...20 years limited pay going to end this year...was thinking to terminate and go into term plan + self invest

Sent from Xiaomi MI MAX 3 using GAGT

ahh, i believe in your initial policy illustration, there should be a figure there of the total premium paid till date and the surrender value( both guaranteed + not guaranteed)


If you still have the yearly statement, you can check what is the total bonus declared to you to see the amount you are getting back if you are surrendering.

Any particular reason why you wish to switch to term as now, you will have to pay all the way rather than your current policy which will cover you till 99 without having to pay a single sum anymore? If your reason is investing, i think you are better off holding on to the whole life plan and just do investing. No point getting a term now since you already paid up your whole life policy

 

[Value.Matrix]

ahh, i believe in your initial policy illustration, there should be a figure there of the total premium paid till date and the surrender value( both guaranteed + not guaranteed)


If you still have the yearly statement, you can check what is the total bonus declared to you to see the amount you are getting back if you are surrendering.

Any particular reason why you wish to switch to term as now, you will have to pay all the way rather than your current policy which will cover you till 99 without having to pay a single sum anymore? If your reason is investing, i think you are better off holding on to the whole life plan and just do investing. No point getting a term now since you already paid up your whole life policy

Exactly. Did you do a one for one comparison side by side (surrender and see the amount you get back + BTIR, vs holding till age 65.

My take is if you want surrender, i confirm buy from you. I want that policy you deem useless.

 

[moejoseph]

Nolah...20 years limited pay going to end this year...was thinking to terminate and go into term plan + self invest

Sent from Xiaomi MI MAX 3 using GAGT

It is ending this year, why not wait for it to end, surrender the policy then u can continue doing what you want?

I believe the returns should be not bad

 

[boredboiboi]

I will say dont surrender. After you pay finish. Isnt it you have the full amount to invest? Buy term invest the rest is if you wan to start and have nothing. Not surrender a fully paid wholelife or going to fully paid then buy term and invest the rest.

 

[AphoticFX]

I am looking to buy whole life plan. I am currently looking at China Tai Ping with the following:

ANB 30 Male Non Smoker
Sum Assured: 50k
Guranteed Benefit / Multipler: 4x up till 86
eCI/CI Rider: 4x up till 86


Premium is about $2.4k

Are there any recommended alternatives? I was told to look at Aviva instead.

 

[boredboiboi]

I am looking to buy whole life plan. I am currently looking at China Tai Ping with the following:

ANB 30 Male Non Smoker
Sum Assured: 50k
Guranteed Benefit / Multipler: 4x up till 86
eCI/CI Rider: 4x up till 86


Premium is about $2.4k

Are there any recommended alternatives? I was told to look at Aviva instead.

Multiplier till age 86 currently china taiping is the highest. But usually people get multiplier until age 70 only.

Arent you looking at term just now? China taiping is 1 of the company i can quote too.
But for wholelife plan usually ask client to get 5 times multiplier until age 70 only.

Because 70-85 u are not really required to cover lost of income because u got no income to lost. And the premium is lower, you can use the difference to invest and grow your wealth.

Wholelife plan currently the most competitive in the market is company A, M and the 1 you just mentioned.

 

[winthony]

I am looking to buy whole life plan. I am currently looking at China Tai Ping with the following:

ANB 30 Male Non Smoker
Sum Assured: 50k
Guranteed Benefit / Multipler: 4x up till 86
eCI/CI Rider: 4x up till 86


Premium is about $2.4k

Are there any recommended alternatives? I was told to look at Aviva instead.

For Aviva, if you are looking at the multiplier, total sum assured 200k but the latest age is only 80. The popular multiplier expiry age is often around 70~75 because of the premium.

PPT 25 years (multiplier expires at 80)
Aviva : $2938.50 (ECI non accelerated)


PPT 25 years (multiplier expires at 70)
Aviva : $2251(ECI non accelerated)
Manulife : $2024.39 (ECI accelerated)

If there is other company you fancy, perhaps Manulife as well. Popular companies are currently Aviva and Manulife due to the competitiveness of premium. But if you are looking at China Taiping, I can work on the paperwork for you as well

 

[Aaron_soh80]

Direct Purchase Insurance for Whole Life and Term is the most competitive out there.

For term I recommend AIVA MINDEF/MHA grp term plan..1 million pay out ..

 

[ToonBlue]

Rest assured I'm not here to do any hard selling etc, in fact, I would be more than happy to be here to just answering questions on coverage or look through what is your existing coverage!

If you are thinking I'm here to earn, i can't do anything to change that but hopefully I would be of use for you guys

For whole life plan, age 29 male non smoker, which coverage is good ?

 

[boredboiboi]

For whole life plan, age 29 male non smoker, which coverage is good ?

You might want to maybe put out the coverage you want then we quote and will know which is cheaper.

Rule of thumb.
Death/tpd - 10 times of annual income
Eci/ci - 3 to 5 times of annual income

 

[mummynew]

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.

 

[reddevil0728]

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.

how old are your kids?

 

[mummynew]

how old are your kids?

Late 20s. Policies about to 'breakeven'.

 

[reddevil0728]

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.

I wouldn't use the word "honour" as it is not an honour, it just so happen that their investment returns is sufficient to hit the 4.75% figures. Past performance is not an indication of future outcomes

 

[sunbox]

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

 

[boredboiboi]

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

Yes. A wholelife plan for a child is not as expensive as u think. It can be done at around 1k/year. And wholelife allows child to increase coverage for death without underwriting in future up to the amount of the base coverage during life stages event.