Originally posted by maxtor:yup i used to deal in insurance. i was a bank relationship manager with one of the local banks. have since left in search of greener pastures.
errm, with regard to the other question, coverage can be indefinite so long as there is an accumulated sum in there. the insured is using his positive values to deduct against premiums.
seriously, i have very little faith in personal insurance.
for those who are buying, i would advise you to buy a policy that you are very comfortable with, be certain of your future cashflows. don't end up like my friend who bought too much, when she lost job, she can't afford to pay.
Originally posted by cherrycola:What are some of the good life policies that you reccommend?
Life policies, i would recommend OCBC's MaxLife Protector. They recently revamped it and they are now one of the most competitive in the market. Coverage is about $100k (initially) and it grows as you grow. Premiums are about $4k p/yr and they accumulate at about 3% p/yr. u only need to pay premiums for 15 yrs. Coverage is for life. There's a cashback component as well but that's optional.
Good - comprehensive coverage + savings accumulated at higher interest rates than banks. saving component meant to work as a forced saving option.
Bad - high premiums, illiquidity.
Otherwise you may want to consider the very first option i presented at the start of this thread. a regular savings plan with UOBLife's term plan.
To TS,
I wont recommend a saving plan unless that plan covers more then death.
1. Saving plans no doubt may you save, but in the event that you are sick and needs money. That plan does not pay out nor does it excuse you from paying further premiums.
2. Saving plans has a definite time limit. If in the event you want to cash out that plan, that plan does not pay out, which means your $$$ are fully stucked inside and not refundable.
3. Interest from that saving plan, if you do look around, does not look more profitable from normal savings account. Do take note, saving plans are most time related to insurance. Savings or Save as You earn accounts are bank accounts. Plans for saving are totally different idea.
Originally posted by maurizio13:
seriously, i have very little faith in personal insurance.for those who are buying, i would advise you to buy a policy that you are very comfortable with, be certain of your future cashflows. don't end up like my friend who bought too much, when she lost job, she can't afford to pay.
don't worry. there will come a time where you will start to believe in insurance. simply because nobody would feel they too much money.
from my experience, usually it's the people who are better off financially that don't see the need for insurance yet. but sooner or later, they will. because all of us have some form of insurance one way or another. car insurance, mortgage insurance etc. etc.
Originally posted by viciouskitty74:To TS,
I wont recommend a saving plan unless that plan covers more then death.
1. Saving plans no doubt may you save, but in the event that you are sick and needs money. That plan does not pay out nor does it excuse you from paying further premiums.
2. Saving plans has a definite time limit. If in the event you want to cash out that plan, that plan does not pay out, which means your $$$ are fully stucked inside and not refundable.
3. Interest from that saving plan, if you do look around, does not look more profitable from normal savings account. Do take note, saving plans are most time related to insurance. Savings or Save as You earn accounts are bank accounts. Plans for saving are totally different idea.
Yes. I am aware of that. At the momen, I will not consider them until I have paid up my study loans.
Since you mention study loans. That means you are still pretty young.
In that case, you should look at cheap life policies & medical policies. a personal accident will also be good if you are active in sports or ride a motocycle as I do.
Dont expect returns of interest but cover yourself in some basic insurance for protection. In this time and age, being young and fit as you are, need to protect for the worse when you clear your mid twenties.
Originally posted by viciouskitty74:Since you mention study loans. That means you are still pretty young.
In that case, you should look at cheap life policies & medical policies. a personal accident will also be good if you are active in sports or ride a motocycle as I do.
Dont expect returns of interest but cover yourself in some basic insurance for protection. In this time and age, being young and fit as you are, need to protect for the worse when you clear your mid twenties.
Yes, that's why at this point of time I am only considering a term plan and a shield plan.
Originally posted by maxtor:yes, then you should consider getting something that covers you for life. trust me, 10,20 years from now, you wouldn't regret it.
u might want to work on the assumption that you would probably be gainfully employed within the next 10-20 years, and therefore the bulk of the premiums should be settled during that time, while you have a stable income.
Hey. I just checked and realised that my policy covers me for life.
But it matures at 65 yo. THis is the part that confuses me.
Whats confusing about it?
Check it for Riders that covers your medical, hospitalisation & personal accident first.
And check that it can be extended after it maturity at 65. Or that it can finance a annuity for you after you turned 65.
Originally posted by viciouskitty74:Whats confusing about it?
Check it for Riders that covers your medical, hospitalisation & personal accident first.
And check that it can be extended after it maturity at 65. Or that it can finance a annuity for you after you turned 65.
It indicates a certain amount of money that I can receive should I surrender it at 65yo. Does that mean that the policy matures when Im 65?
Yah. it matures at 65. you can still draw out a partial amount of mionies and leave the rest in there to continue provide protection till you are 80 plus.
Originally posted by viciouskitty74:Yah. it matures at 65. you can still draw out a partial amount of mionies and leave the rest in there to continue provide protection till you are 80 plus.
I see. You hold the same policy as well?
Originally posted by cherrycola:
I see. You hold the same policy as well?
Maybe, mine was a purchased about 16 years ago. But the concept should still be the same.
Originally posted by viciouskitty74:
Maybe, mine was a purchased about 16 years ago. But the concept should still be the same.
After researching so much, I do find that it is actually a very good plan. The only drawback is the low sum assured.
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Sorry i missed this thread.
Anyway have u decided what r u going to do ?
Originally posted by maxtor:Sorry i missed this thread.
Anyway have u decided what r u going to do ?
i have decided to holdon to my ntuc policy. it seems to be a pretty comprehensive plan after all.
Originally posted by cherrycola:
i have decided to holdon to my ntuc policy. it seems to be a pretty comprehensive plan after all.
great. happy u came to a decision. if u're confused abt any terms in ur policy let me know, i'd try to help.
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Hi
I heard AIA has high premium and lower returns. Plus their policies are not as innovative as the rest of the other insurance companies. I think the same may apply to Prudential. You might want t check a few before getting a policy. There are a few policies you can buy that gives you a regular cash return.
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