Insurance policies,Can someone recommend?

[GL]

Hi,
I am thinking of buying a Life Insurance policy as I have just graduated and started working.

Heard from my friends that Insurance policies from NTUC Income is relatively more value for money and their service standards are good. Anyone have any experience from buying Insurance from NTUC Income? Care to share your experience?

Thanks!

[Guest]

Hi,
I am thinking of buying a Life Insurance policy as I have just graduated and started working.

Heard from my friends that Insurance policies from NTUC Income is relatively more value for money and their service standards are good. Anyone have any experience from buying Insurance from NTUC Income? Care to share your experience?

Thanks!

Hi, I m willing to share with you what Prudential has to offer. Perhaps you can give me a call and we can arrange for a convenient time to meet up?

Jackson
98418184

[Second Opinion]

Hi GL,
It is good to shop around to see what is best for you. Feel free to contact me, I will share with you what AIA can offer you. Thank you very much.

KC
[email protected]
9363 0161

[Guest]

A bit of independent advice - you may want to consider term insurance, as it is cheaper and provides cover in the event of death. Also, I would think that you are not quite in the life stage that would justify / require whole life (since you mention that you've started working and that you've finished your degree, I'm assuming you're in your early 20's...). Your emphasis now, if at all possible, should be on saving...

My two cents...

[Strong Eagle]

Buy term insurance, always. Whole life will never provide the returns of even an index fund investment.

Agents like to sell you whole life because their comissions are so much higher.

[Second Opinion]

If you have dependants like olderly or younger family members who is depending on your income to support them like school fees or long-term medical fees, life/death coverage is important even for fresh graduate. In this case, term life insurance is available at:
Life/Death coverage Yearly Premium (approx)
-------------------------------------------------------
S$100k S$190
S$200k S$380
S$500k S$590
The above illustration is only estimation, based on 22years old of age.

If you do not have anybody who is depending on you financially, you may look into weatlh accumulation like savings or investment. Our company has 5,8,21,25 years savings plan. The latest 8-year savings plans is the first shortest premium paying life plan. Save 8 years ONLY and have LIFETIME coverage, and your savings will grow for life too.

[Strong Eagle]

If you do not have anybody who is depending on you financially, you may look into weatlh accumulation like savings or investment. Our company has 5,8,21,25 years savings plan. The latest 8-year savings plans is the first shortest premium paying life plan. Save 8 years ONLY and have LIFETIME coverage, and your savings will grow for life too.

This is a typical whole life salesman's routine. What you conveniently neglect to mention is any rate of return for your policy. Why? Because when measured against an index fund, it will be miserable. One always comes out ahead by buying the amount of term one needs, and investing in an independent, no load fund.

[Second Opinion]

As we all know that whole life insurance is not only a pure money making financial instrument. It has insurance element, which is risk to insurance company. If the life insured pass away in the second year after only paying S$2k of premium, but his family will receive a cheque of S$100k, for instance. And of course if the life insured live a longer life, he will get back his capital plus interest earn. The interest is moderate, cant beat any other financial tool with higher return, but comes with higher ristk. So whole life insurance and endowment insurance plan are a financial instrument which offer the following features:
-Guaranteed Life/death coverage
-Discipline to save
-Guaranteed and non-guaranteed return.
All of the features(benefits and limitations)will be spelled out clearly to you.

At the end of the day, the person should know his risk preference best before he parks his money either in bank, insurance, endowment, unit trust, stocks, properties, or ILP. There is no best way. The best instrucment only exist if it meets the person's financial and family situation and risk appetite.

A prudent choice is still spread one's eggs into diff nets.

My 2 cents.

KC
[email protected]
9363 0161

[Guest]

Second Opionion, I totally agree with you.

Life insurance is always anytime better than term policy. Unless really got no money to buy life-insurance. Only pple who really understand how life insurance and term policy work,s they will then see the light. Norm, i save my breath of explaining the pro and cons between life and term policy if the listener is not listening with an open ear. Why is that so, coz pple always think that agents are out to con their money for higher commission. They only listen if there is someone close to them is an agent, especially if it is their soulmate.

Well, am an ex-agent, till now, i still believe in insurance and i agree that it is a wonderful carrer which I have once worked for 9 years with no regrets.

[Compliance]

Second Opionion, I totally agree with you.

Life insurance is always anytime better than term policy. Unless really got no money to buy life-insurance. Only pple who really understand how life insurance and term policy work,s they will then see the light. Norm, i save my breath of explaining the pro and cons between life and term policy if the listener is not listening with an open ear. Why is that so, because pple always think that agents are out to con their money for higher commission. They only listen if there is someone close to them is an agent, especially if it is their soulmate.

Well, am an ex-agent, till now, i still believe in insurance and i agree that it is a wonderful carrer which I have once worked for 9 years with no regrets.

I am in the insurance industry as well, but am not an agent. Instead, I deal with Compliance, meaning to say part of my job involved educating the agents not to do any mis-selling.

Whether its term, whole-life or ILP products, its very subjective to individual. Although I must agree that I personally feel term insurance is a better product and many people in the same industry buy term insurance and invest money in unit trust and stocks/shares. Long term, blue chips stocks and shares have a pretty good returns. Term is cheap for protection purposes.

However, if you are not savvy, and want things to be simple and non-complicated, wants some guaranteed to where your money is, then whole life might be a good option.

Jus my two cents worth...