Term Insurance

[Shouyi]

Hi,

 

anyone knows what is the difference between Group Term Insurance and Personal Term Insurance? And what is the pros and cons of both? Thanks!

[Cheerios]

please ask from the experts here.. there are lots of information provided in that forum too...

 

http://forums.sgfunds.com/viewforum.php?f=19

 

dun need to thank me

[Sci10213]

My opinion (in layman terms):

 

Group => policy belongs to your company

 

Pros:

- cheap

- may have some special benefits

- underwriting less stringent

 

Cons:

- expire when you leave company (up to max age 65)

 

 

Personal => policy belongs to you solely

 

Pros:

- you have control over sum assured

- expire at age 65 regardless when you leave company

 

Cons:

- underwriting slightly stricter

[Blackyv]

i plan to buy a term insurance and did a search for it then found out that only recently, there is some new DPI from most insurers which i could purchase directly. i use the comparefirst get a feel of the cost..

 

are those direct term plan with CI good when come to coverage compares to those sell buy agent? or should i just stick to buying from an agent to have "better' deal?.. ... i like those no frill type, buy what i need and do'nt really need an agent actually since most agent will only tell me i need few millions for retirement and my 2 kids study...

 

 

http://www.moneysense.gov.sg/understanding-financial-products/insurance/types-of-insurance/life-insurance/types-of-life-insurance/direct-purchase-insurance.aspx

 

comparefirst is a site to get some cost comparision..

http://www.comparefirst.sg/wap/homeEvent.action

 

when compare their plans, seems all insurer technically selling the same stuff, only different in premium... any catch?..

[Blackyv]

With the ge fever over, I think I better buy more insurance quickly.. Hehe.... No one have comment or opinion on these direct term insurance?

[Nzy]

With the ge fever over, I think I better buy more insurance quickly.. Hehe.... No one have comment or opinion on these direct term insurance?

 

For me I still prefer to go through an agent. The term plans offered here are different from what is offered through the agents. Those have higher premiums cuz got to pay agent commissions but some of those plans also have additional features as compared to the direct term plans. These direct term plans were designed specifically for this and most are just simple and basic plans.

Edited September 12, 2015 by Nzy

[Sci10213]

i plan to buy a term insurance and did a search for it then found out that only recently, there is some new DPI from most insurers which i could purchase directly. i use the comparefirst get a feel of the cost..

 

are those direct term plan with CI good when come to coverage compares to those sell buy agent? or should i just stick to buying from an agent to have "better' deal?.. ... i like those no frill type, buy what i need and do'nt really need an agent actually since most agent will only tell me i need few millions for retirement and my 2 kids study...

 

 

http://www.moneysense.gov.sg/understanding-financial-products/insurance/types-of-insurance/life-insurance/types-of-life-insurance/direct-purchase-insurance.aspx

 

comparefirst is a site to get some cost comparision..

http://www.comparefirst.sg/wap/homeEvent.action

 

when compare their plans, seems all insurer technically selling the same stuff, only different in premium... any catch?..

 

To me, there are 2 main differences:

 

1) The biggest "catch" is number of CI being covered... buy via agent u get 37 CI covered... buy via DPI u only get 30 CI covered...

 

same definition but not same number of illness covered.

 

Of course the explanation is that the Top XXX illness in Singapore is covered by DPI channel BUT to me, how u know u wont suay-suay kena the uncommon illness which is probable/possible to have AND expensive to treat?

 

2) I'm not an agent but I believe for Life/Medical policies, it is better to go through agent (must be reliable and good service). If u buy via DPI, if u need make a claim, you need to deal DIRECT with insurer. Imagine u are in hospital quite sick, and u still have to call your insurer to make a claim. Somemore must obtain this report, that report, receipt, document, etc.... in order to submit a claim.

 

Seriously ... do you think when you are very sick, you still wanna go through all these hassle? All just to save how much premium by buying via DPI?