About Insurance,pls advise!

[Ramseth]

This is the other plan that I am talking about:

http://www.ntuc.org.sg/ntuc_insurance/luv.htm

This is a term life packaged with personal accident, hospitalization benefit and critical illness riders.

 

[krafty]

IS THIS ANY GOOD comparing to living or life from major insurance companies?thanks in advance.

This is a term life packaged with personal accident, hospitalization benefit and critical illness riders.

 

[Leongsam]

IS THIS ANY GOOD comparing to living or life from major insurance companies?thanks in advance.

The ONLY insurance you should purchase should be TERM insurance with a medical rider.

The rest are nothing more than scams.

Permanent life insurance · Term life insurance · Universal life insurance · Variable universal life insurance · Whole life insurance

Both term insurance and permanent insurance use the exact same mortality tables for calculating the cost of insurance, and a death benefit which is income tax free, as long as the policy is in force and premiums are current; however, the premiums are substantially different.

The reason the costs are substantially different is that term programs may expire without paying out, while permanent programs must always pay out eventually. To address this, permanent programs have built in cash accumulation vehicles to force the insured to "self-insure", making the programs many times more expensive.

Insurance industry studies have shown that the probability of filing a death benefit claim under a term insurance policy is unlikely.<sup style="white-space: nowrap;" title="This claim needs references to reliable sources from February 2007" class="Template-Fact">[citation needed]</sup> One study placed the percentage as low as 1% of policies paying a benefit. The low payout likelihood allows term insurance to be relatively inexpensive. The low payout percentage is a combination of there being a low likelihood (in the aggregate) of a random, healthy person dying within a short period of time. Because of the low likelihood of an insurer having to pay a death benefit, term insurance seems better when considered in terms of coverage per premium dollar basis - by a factor of up to 10.

 

[krafty]

roger out and thank you, sir!

The ONLY insurance you should purchase should be TERM insurance with a medical rider.

The rest are nothing more than scams.



Permanent life insurance · Term life insurance · Universal life insurance · Variable universal life insurance · Whole life insurance

 

[Ramseth]

IS THIS ANY GOOD comparing to living or life from major insurance companies?thanks in advance.

This is a special offer policy for NTUC members only. I assume that there's some premium discount compared to if you take up a similar coverage from normal open-to-public NTUC policies or from other companies.

 

[kingrant]

It's a good plan. But read the T&C and fine prints as usual.

It covers (I think all insur co's are the same) up to age 70 if u had signed up b4 60. And if you have included yr children in the family plan, do note that coverage for yr children is up to 25 years old only. When yr children reach 25 years old , yr children are considered adults and cannot be included anymore under the family plan that was open under yr name. They can of course take up their own under their own name. But you are still covered until 70.

This is the other plan that I am talking about:

http://www.ntuc.org.sg/ntuc_insurance/luv.htm

 

[kingrant]

Sam is right. A term policy is always cheaper. But the minus is that the prerogative is on the insurance company to renew or not yr policy after the term ends, and whether you have to be medically tested/examined again for a new term.

 

[Leongsam]

Sam is right. A term policy is always cheaper. But the minus is that the prerogative is on the insurance company to renew or not yr policy after the term ends, and whether you have to be medically tested/examined again for a new term.

Insurance is needed most when a breadwinner is starting out in life, mortgaged to the hilt and with a family that needs to be provided for. A term policy is the only one that can adequately insure against sudden loss of the breadwinner. I recommend cover of at least $1 million for any upwardly mobile professional or executive. It's the least you can do for your family.

Circumstances will change considerably as time goes by and many people don't need as much cover once they reach middle age. They can then purchase a smaller term policy to see them through the later years. Premiums may be loaded because of existing illnesses but it should still be affordable for most.