Sorrow 2nd Gear September 5, 2009 Share September 5, 2009 Hi all, would like to check with the bros/sis here on the comments on these two types of life insurance. Which would be a better form of protection??? Regards ↡ Advertisement Link to post Share on other sites More sharing options...
Nine_eleven 2nd Gear September 5, 2009 Share September 5, 2009 Hi all, would like to check with the bros/sis here on the comments on these two types of life insurance. Which would be a better form of protection??? Regards term would typically be the cheapest form of insurance. but it has its drawbacks. ILPs can offer a lower cost of insurance, which can be lower than term, but your annual outlay might be more. it also has its drawbacks. ultimately, it boils down to your personal needs, and financial goals. i am from AXA Life btw. cheers! Link to post Share on other sites More sharing options...
Sorrow 2nd Gear September 5, 2009 Author Share September 5, 2009 term would typically be the cheapest form of insurance. but it has its drawbacks. ILPs can offer a lower cost of insurance, which can be lower than term, but your annual outlay might be more. it also has its drawbacks. ultimately, it boils down to your personal needs, and financial goals. i am from AXA Life btw. cheers! well...just bought a plan, seems that the coverage is 25 years only which i will only be 54, need to renew at that point which i think will be super expensive..so i was thinking, better to terminate now since its only the first year. guess to trusting to a fren is aso one way to get urself killed Link to post Share on other sites More sharing options...
Kangadrool Supersonic September 5, 2009 Share September 5, 2009 (edited) Hi all, would like to check with the bros/sis here on the comments on these two types of life insurance. Which would be a better form of protection??? Regards PROTECTION = TERM Term = forget about getting any $$$ back at the end of term. If by 54, your kids are independent, then no need any more insurance. Why waste $$$ ? But, if you buy term, just ensure you are disciplined in your own regular savings and manage your investments prudently. Buy TERM and invest the balance. That's what a lot of insurance agents do themselves also. But, they will psycho you to buy expensive ILP and whole life by playing on your fear and presumed all consumers are poor disciplined savers and investors. IT IS A GREAT INSULT! Edited September 5, 2009 by Kangadrool Link to post Share on other sites More sharing options...
Sorrow 2nd Gear September 5, 2009 Author Share September 5, 2009 PROTECTION = TERM Term = forget about getting any $$$ back at the end of term. If by 54, your kids are independent, then no need any more insurance. Why waste $$$ ? But, if you buy term, just ensure you are disciplined in your own regular savings and manage your investments prudently. Buy TERM and invest the balance. That's what a lot of insurance agents do themselves also. But, they will psycho you to buy expensive ILP and whole life by playing on your fear and presumed all consumers are poor disciplined savers and investors. IT IS A GREAT INSULT! well, i suppose like i said in my previous post, trusting a fren too much gets urself killed ...just paid the whole year premium , so think have to wait till it expires then cancel it and start a new plan... Link to post Share on other sites More sharing options...
Kangadrool Supersonic September 5, 2009 Share September 5, 2009 well, i suppose like i said in my previous post, trusting a fren too much gets urself killed ...just paid the whole year premium , so think have to wait till it expires then cancel it and start a new plan... You have a free look period, meaning you can cancel and get a refund within a stipulated period of time. Since you said "just paid", presumed it's only few days ago only. Should be able to do some damage control. Link to post Share on other sites More sharing options...
Sorrow 2nd Gear September 5, 2009 Author Share September 5, 2009 You have a free look period, meaning you can cancel and get a refund within a stipulated period of time. Since you said "just paid", presumed it's only few days ago only. Should be able to do some damage control. well its a few months in fact, i guess ppl will start saying i nvr see properly or ask properly...that i admit its my mistake.... guess...onli can do damage control next year when the premium is up ...i'll get the exact stuff i wan Link to post Share on other sites More sharing options...
Nine_eleven 2nd Gear September 5, 2009 Share September 5, 2009 (edited) well...just bought a plan, seems that the coverage is 25 years only which i will only be 54, need to renew at that point which i think will be super expensive..so i was thinking, better to terminate now since its only the first year. guess to trusting to a fren is aso one way to get urself killed if u say u made a mistake with this term plan u just bought, what made u sign on the dot? what made you think at that point, "it's a good plan for me"? Edited September 5, 2009 by Nine_eleven Link to post Share on other sites More sharing options...
Alechi 2nd Gear September 5, 2009 Share September 5, 2009 YOU BETTER CHECK WITH THE AGENT HOW MUCH % OF COMMISSION HE/SHE WILL EARN FROM THAT POLICY. YOU WILL BE VERY SHOCKED !!! OOPS ...! Hi all, would like to check with the bros/sis here on the comments on these two types of life insurance. Which would be a better form of protection??? Regards Link to post Share on other sites More sharing options...
Guyver 1st Gear September 5, 2009 Share September 5, 2009 well...just bought a plan, seems that the coverage is 25 years only which i will only be 54, need to renew at that point which i think will be super expensive..so i was thinking, better to terminate now since its only the first year. guess to trusting to a fren is aso one way to get urself killed How much coverage are we talking about here? And how much is the premium? Link to post Share on other sites More sharing options...
Notsogoodman 4th Gear September 5, 2009 Share September 5, 2009 Buying ILP is similar to buying a term insurance and doing a RSP on a Unit Trust. The difference when buying an ILP, you are paying the insurance company a monthly fee to "manage" your unit trust investment. Link to post Share on other sites More sharing options...
Sgnick 1st Gear September 5, 2009 Share September 5, 2009 Ever heard of the saying "Buy Term Invest the Rest" ? Do a search in Google. If u have done NS, see if you are eligible for the Aviva SAF Group Term Insurance (with the supplementary illness rider if you want that too). The premium is really cheap, like $12.80/month/$100K for death/TPD, and $10/month /$100K for illness rider if u r <45y.o. Link to post Share on other sites More sharing options...
Yuan 6th Gear September 6, 2009 Share September 6, 2009 (edited) well its a few months in fact, i guess ppl will start saying i nvr see properly or ask properly...that i admit its my mistake.... guess...onli can do damage control next year when the premium is up ...i'll get the exact stuff i wan Bro, everyone makes mistakes. Just move on. In the meantime, have you gotten yourself insured with the medisave integrated approved plans? I am talking about AIA Health Shield, Aviva MyShield Plan or Prudential's Prushield....These plans are on top of your medisave and compensate the short comings of your existing medishield coverage (provided you do not have one of the above plans). Speaking from personal experience, it is advisable to get one of these plans. Premiums for these plans are paid through your medisave CPF account on an annual basis and are not expensive. No need to take monies from your existing banks or pocket. By the way, I am not an agent and my advice/opinion has no vested interest. Edited September 6, 2009 by Yuan Link to post Share on other sites More sharing options...
Sorrow 2nd Gear September 6, 2009 Author Share September 6, 2009 if u say u made a mistake with this term plan u just bought, what made u sign on the dot? what made you think at that point, "it's a good plan for me"? at that point, i overlooked the part where i would have to renew the contract at 54 provided i didn't do any claims at that time.... and looking back now, if i have to buy back at 54, the premium would be super high thereby wiping out whatever investments i have in the first place, is it correct for me to say? Link to post Share on other sites More sharing options...
Sorrow 2nd Gear September 6, 2009 Author Share September 6, 2009 How much coverage are we talking about here? And how much is the premium? coverage of around 300K from death till dismemberment etc.. paying around 5k yearly with yearly cashback of 2500 after 3rd year. but i went through my current insurance, i have an aviva term insurance (SAF) which pays nearly the same amount of coverage but without investment elements like what the bros here say, i doubt i'll need the cashback as I'm doing my own investments, and the insurance expires 25 years later....which isn't worthwhile if i renew at age 54... Link to post Share on other sites More sharing options...
Sorrow 2nd Gear September 6, 2009 Author Share September 6, 2009 How much coverage are we talking about here? And how much is the premium? yah...after looking back at it, i think i would rather do my own investment which i'm doing now.... Link to post Share on other sites More sharing options...
Sorrow 2nd Gear September 6, 2009 Author Share September 6, 2009 Ever heard of the saying "Buy Term Invest the Rest" ? Do a search in Google. If u have done NS, see if you are eligible for the Aviva SAF Group Term Insurance (with the supplementary illness rider if you want that too). The premium is really cheap, like $12.80/month/$100K for death/TPD, and $10/month /$100K for illness rider if u r <45y.o. i'm from SAF, so now maybe trying to increase my term insruance while partial cancelling my that Prudential insruance next year as some elements like multiple crisis cover and crisis cover III is quite good in my opiniion...the rest..i can use my SAF one which is super cheap Link to post Share on other sites More sharing options...
Sorrow 2nd Gear September 6, 2009 Author Share September 6, 2009 (edited) Bro, everyone makes mistakes. Just move on. In the meantime, have you gotten yourself insured with the medisave integrated approved plans? I am talking about AIA Health Shield, Aviva MyShield Plan or Prudential's Prushield....These plans are on top of your medisave and compensate the short comings of your existing medishield coverage (provided you do not have one of the above plans). Speaking from personal experience, it is advisable to get one of these plans. Premiums for these plans are paid through your medisave CPF account on an annual basis and are not expensive. No need to take monies from your existing banks or pocket. By the way, I am not an agent and my advice/opinion has no vested interest. i have that PruShield thing, now is can only wait till next year before i cancel the policy for some of the elements i don't need as i had paid a full year's premium. sadzzz Edited September 6, 2009 by Sorrow ↡ Advertisement Link to post Share on other sites More sharing options...
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