Thargor 1st Gear September 1, 2011 Author Share September 1, 2011 Its compulsory on HDB. Which is a really good thing. But anybody that don't want is an idiot (sorry to be blunt). It costs only like $30 a year or something other trivial amount - and the protection it offers is huge. Oh it's compulsory for HDB?? I didnt know that.... $30 a yr? hmm I am paying much much more than that per month.... ↡ Advertisement Link to post Share on other sites More sharing options...
Pokyman 1st Gear September 1, 2011 Share September 1, 2011 its a must to buy....nowadays we never know lor...at least...family has one less thing to worry... that is so true .... housing loan is a damn huge strain on the finances, esp if one were to go Link to post Share on other sites More sharing options...
Sabbie Clutched September 1, 2011 Share September 1, 2011 Young punk... You how old first?! Link to post Share on other sites More sharing options...
Csnewbie 1st Gear September 1, 2011 Share September 1, 2011 (edited) ... Edited September 1, 2011 by Csnewbie Link to post Share on other sites More sharing options...
Whathefish 5th Gear September 1, 2011 Share September 1, 2011 Its compulsory on HDB. Which is a really good thing. But anybody that don't want is an idiot (sorry to be blunt). It costs only like $30 a year or something other trivial amount - and the protection it offers is huge. I think so too...i know of someone who never buy....say insurance cheat people one... knn he never buy lor n knowing his is sick.....now died liao ...family still have to pay mortage... farking man Link to post Share on other sites More sharing options...
Thargor 1st Gear September 1, 2011 Author Share September 1, 2011 You how old first?! Old enough to dismiss you as a young punk Link to post Share on other sites More sharing options...
Lex Neutral Newbie September 1, 2011 Share September 1, 2011 All insurance agent wanted me to sign up those with saving plan. untill i managed to get my friend to do one for me without any saving just medication and death payout onli. Link to post Share on other sites More sharing options...
Darryn Turbocharged September 1, 2011 Share September 1, 2011 Oh it's compulsory for HDB?? I didnt know that.... $30 a yr? hmm I am paying much much more than that per month.... Hee...don't quote me on the amount ok - because I can't remember. All I remember is that it is a trivial amount for the protection it offers...(also our mortgage is very small) Link to post Share on other sites More sharing options...
Whathefish 5th Gear September 1, 2011 Share September 1, 2011 that is so true .... housing loan is a damn huge strain on the finances, esp if one were to go imagine they have to coup with the loss of u , money n housing.... just too much.....but personally i think life insurance also dun need buy too much... Link to post Share on other sites More sharing options...
Darryn Turbocharged September 1, 2011 Share September 1, 2011 I think so too...i know of someone who never buy....say insurance cheat people one... knn he never buy lor n knowing his is sick.....now died liao ...family still have to pay mortage... farking man He's an idiot. If don't want any form of life insurance, I don't have anything to say (much) that is your choice and your decision. But to not buy mortgage insurance is one of the stupidest things you can (again sorry to be blunt). If something happen, the last thing you need is for someone to have to bear the burden of a mortgage. As a side note - if you are young and single, and with a high mortgage this can actually kinda"replace" life insurance - cause although its not cash the payout can also be very high, and your partner, without a mortgage to worry about is almost as good as having a regular income. Link to post Share on other sites More sharing options...
Mustank Hypersonic September 1, 2011 Share September 1, 2011 if i am not wrong, term insurance (SAF or the govt one) is cheaper than mortgage insurance Link to post Share on other sites More sharing options...
Whathefish 5th Gear September 1, 2011 Share September 1, 2011 He's an idiot. If don't want any form of life insurance, I don't have anything to say (much) that is your choice and your decision. But to not buy mortgage insurance is one of the stupidest things you can (again sorry to be blunt). If something happen, the last thing you need is for someone to have to bear the burden of a mortgage. As a side note - if you are young and single, and with a high mortgage this can actually kinda"replace" life insurance - cause although its not cash the payout can also be very high, and your partner, without a mortgage to worry about is almost as good as having a regular income. gambler lah......acutally is my aunt's hubby........dun even ask abt her son...like father like son...sigh...just pity my old aunt Link to post Share on other sites More sharing options...
Gearoil 1st Gear September 1, 2011 Share September 1, 2011 Just curious what do you folks do to ensure and secure your family's future in the event of your untimely demise? How much is enough? I will be leaving behind (touch wood I will live to 85 yrs old)... 1. A fully paid condo 2. 600k Cash...( leaves something that can generate cash better lah) 3. 250K education fund when my daughter turns 18...( after she turn 18 what more than she want to be further educated except to finish U?) I am thinking to increase it further when I can afford it...am I too kiasu? You should not leave behind too much wealth (just enough if kiddos are still young and wifey to reach comfortable life...) The rest give to the worthwhile charities and .. HELP to make the World a better place....there are many selfless ppl out there really helping to make the world is much better ..in many ways Remember...you can really help ...ALL OUT...( giving away ALL your money) when you already know that you cannot be here in this world anymore.. And leaving lots of money behind for your kins.....usually make good ppl go BAD... Link to post Share on other sites More sharing options...
Joseph22 Turbocharged September 1, 2011 Share September 1, 2011 The endowment i got is good...i only pay premium for 12 years...and if anything happens to me (touchwood) during the 12 yrs, the premium is waived off (I got payor rider protection). I think I should still be employ-able for the next 12 yrs at least :P dont worry.. i believe you can lah.. you not very old mah.. think you mention only 5 years older than me nia?? another 12 years still not 50 yet. Link to post Share on other sites More sharing options...
Joseph22 Turbocharged September 1, 2011 Share September 1, 2011 All insurance agent wanted me to sign up those with saving plan. untill i managed to get my friend to do one for me without any saving just medication and death payout onli. well. they are planning for your retirement too with saving plan. cause end of the they you are suppose to get back more than you give on the long run mah.. Link to post Share on other sites More sharing options...
Kueijie Clutched September 1, 2011 Share September 1, 2011 Just curious what do you folks do to ensure and secure your family's future in the event of your untimely demise? How much is enough? I will be leaving behind (touch wood I will live to 85 yrs old)... 1. A fully paid condo 2. 600k Cash 3. 250K education fund when my daughter turns 18 I am thinking to increase it further when I can afford it...am I too kiasu? i think it's kind of enough, depending on what kind of character u wanted to groom ur daughter into. a dependent girl or independent girl? if dependent, then u should train to provide her more, so anything she needs, she will just say, "daddy, pls buy this for me, i want". if independent girl, then u should provide her lesser, maybe lesser as she grow older, let her work for what she wants, slowly groom her independence. But as far as i see here, basically u had provided her the 3 most basic area of her life, 1) shelter, 2) food, 3) education. For shelter, u had provided her with the condo, so she can just stay as long as she wants, no need her to worry abt that already. For food, u providing her 600K, assume it to be equally dish out for every yr of $30K for 20yrs. of cos factoring in depreciation of the money at a flat rate of 5% per yr, upon the 20th yr, the $30 = $11.3K by then. that is abt $30.97/day for food(as today currency), and that's easily $10/meal(as today currency), should be good enough, also not to forget she would be earning her own money by the 20th yrs. For Education, 250K might be just able to break even for a degree at 20th later. Assume she study local... pri + sec sch dun really cost much(and dun drepreciate much since it's just the next few yrs), assume it cost 30K ($3K/yr for sch fee, textbook, sch uniform, occasional tuition n misc). u left with 220K for Poly n degree... at the age of 16yrs old, going for poly, $220K also depreciated over the 16yrs, thus $220K = $100K(as of today currency). Today poly education needs abt $10K for whole course(not sure)? I did mine 8yrs ago with $6+K whole course, so assume course fee also rise, give a easy figure $10K, u left with $90K for degree... upon ready for a degree, another 4yrs gone, another 4 yrs of depreciation on the balance $90K. so that will be abt $74K(as today currency) for a degree. assume degree course fee also up, it will be abt $50K by then? so u balance $24K only... +/- here n there, $24K also should be gone... so $250K should be just enough for her to go up to degree. As i mentioned, how u wanted to groom her... what u leaving behind is quite good for her without any/much worries till age of 20yr old with a basic degree. If she wan to go further up to master or PHD, then i guess she would have to earn her way... Just my 0.0000000001 cents Link to post Share on other sites More sharing options...
Thargor 1st Gear September 1, 2011 Author Share September 1, 2011 dont worry.. i believe you can lah.. you not very old mah.. think you mention only 5 years older than me nia?? another 12 years still not 50 yet. You so young huh...only 31 yrs old? Link to post Share on other sites More sharing options...
Thargor 1st Gear September 1, 2011 Author Share September 1, 2011 i think it's kind of enough, depending on what kind of character u wanted to groom ur daughter into. a dependent girl or independent girl? if dependent, then u should train to provide her more, so anything she needs, she will just say, "daddy, pls buy this for me, i want". if independent girl, then u should provide her lesser, maybe lesser as she grow older, let her work for what she wants, slowly groom her independence. But as far as i see here, basically u had provided her the 3 most basic area of her life, 1) shelter, 2) food, 3) education. For shelter, u had provided her with the condo, so she can just stay as long as she wants, no need her to worry abt that already. For food, u providing her 600K, assume it to be equally dish out for every yr of $30K for 20yrs. of cos factoring in depreciation of the money at a flat rate of 5% per yr, upon the 20th yr, the $30 = $11.3K by then. that is abt $30.97/day for food(as today currency), and that's easily $10/meal(as today currency), should be good enough, also not to forget she would be earning her own money by the 20th yrs. For Education, 250K might be just able to break even for a degree at 20th later. Assume she study local... pri + sec sch dun really cost much(and dun drepreciate much since it's just the next few yrs), assume it cost 30K ($3K/yr for sch fee, textbook, sch uniform, occasional tuition n misc). u left with 220K for Poly n degree... at the age of 16yrs old, going for poly, $220K also depreciated over the 16yrs, thus $220K = $100K(as of today currency). Today poly education needs abt $10K for whole course(not sure)? I did mine 8yrs ago with $6+K whole course, so assume course fee also rise, give a easy figure $10K, u left with $90K for degree... upon ready for a degree, another 4yrs gone, another 4 yrs of depreciation on the balance $90K. so that will be abt $74K(as today currency) for a degree. assume degree course fee also up, it will be abt $50K by then? so u balance $24K only... +/- here n there, $24K also should be gone... so $250K should be just enough for her to go up to degree. As i mentioned, how u wanted to groom her... what u leaving behind is quite good for her without any/much worries till age of 20yr old with a basic degree. If she wan to go further up to master or PHD, then i guess she would have to earn her way... Just my 0.0000000001 cents Excellent reply from you :) I am going to copy and save it somewhere.... ↡ Advertisement Link to post Share on other sites More sharing options...
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