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Great Eastern: Family3 plan

Blackyv

By Blackyv,
in Lite & EZ

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Blackyv

Blackyv

Turbocharged

umm.. being introduced to this Great Eastern- Family3 plan... one glance it sounds too good to be true..... any bro here bought this plan or heard of it before and care to share the pro/cons of it?... [:p]

i've already have all medical coverage for son,wife and myself,.... now thinking of other coverage.... btw, how about endowment plan?...good to have, especialyl for my son's education (their selling point)...??..

 

http://www.lifeisgreat.com.sg/en/jsp/produ...ion/family3.jsp

 

 

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Alantyc

Alantyc

Clutched

Its not adviceable to buy endowment plans anytime & anywhere coz u pay higher but get back far lesser, & furthermore if u wanna cash out ealier b4 the maturity date, u will lugi even more in terms of wasted time & interest. If u r intending to get education fund for ur son's future education, imho, i would suggest getting an investment linked policy(if u r buying from a insurance co). In terms of compounded interest, u will certainly get back more compared to endowment wif a fixed interest niaz. But of coz investment, there is always a risk lah as its performance is market dependant.

 

As for this GE product u mentioned, b prepared to pay a very high premium dats all, IF u have alot of spare cash. :D

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Kangadrool

Kangadrool

Supersonic

Wouldn't even recommend ILP. Keep things separate - buy term invest the rest. The investment funds you can actually buy them online at a fraction of the costs these insurers charge you.

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Kangadrool

Kangadrool

Supersonic

Wouldn't even recommend ILP. Keep things separate - buy term invest the rest. The investment funds you can actually buy them online at a fraction of the costs these insurers charge you.

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Hungryforcar

Hungryforcar

1st Gear

Don't buy endowment plan....unless you have difficulty in saving. 10-15 yrs is very long and can you make sure throughout these period of time, you won't be retrenched or any unfortunate events happened. As long you keep the policy in force, you will enjoy the cover and as well as the payout if not bye bye. You can borrow money from your own policy when you have cash value in the policy but you won't have the payout as much as they projected in the policy and also you need to pay the interests. So back to square one.

 

Things you might wan to consider is mix and match in insurance and investment

No budget for protection get term plan coverage, take avival health shield together with your wife so your child will be covered free until 20 or 21 yrs old and also shop around for capital protect investment (bank) like 5 years period and yearly interests payout and just let the interests reinvest. Slowly you can see the wealth growing.

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Alantyc

Alantyc

Clutched

When buying term insurance, should we add on the critical illness?

 

U shld add on critical illness to ur term... wats the point in buying any insurance if u r oni buying for death payout, which is when? Haha... if im not wrong, most policies' basic oredi incld death, TPD & terminal illness(dif from critical illness)... dats y getting a rider is adviceable in case u kena the half dead half alive illness which eats a very large part of savings to cure it.

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Alantyc

Alantyc

Clutched
(edited)

seems like beside medical insurance, the rest are all craps... [laugh]

 

U cant say dat other den medical ins, the rest r craps. They r useful in their own ways & its for u to find out which is most suitable for u & ur family. Even for medical ins, its oso adviceable to buy riders to cover either the deductible, co-insurance or both depending on wat the particular ins co offers.

Edited by Alantyc
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themagi

themagi

Neutral Newbie

umm.. being introduced to this Great Eastern- Family3 plan... one glance it sounds too good to be true..... any bro here bought this plan or heard of it before and care to share the pro/cons of it?... [:p]

i've already have all medical coverage for son,wife and myself,.... now thinking of other coverage.... btw, how about endowment plan?...good to have, especialyl for my son's education (their selling point)...??..

 

http://www.lifeisgreat.com.sg/en/jsp/produ...ion/family3.jsp

 

Someone mentioned it to me and that person is deciding on the plan too. Me, I'm into term plans for protection and growth is from investments, never these plans by insurance companies. However, it depends on your risk and investment profile, so you have to decide on what you prefer. From what little I understand, the attractiveness about that GE plan is that after 10 years, you don't need to pay premium anymore and there is "dividend" or payout of about 3-5% depending on the total overlay over the 10 years for the remainder of the customer's life. Don't even bother about thinking that long term about the second and third generation as inflation would have wiped out any payout by then. See it only as an endowment-like plan for your lifespan.

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Little_prince

Little_prince

Supersonic

Someone mentioned it to me and that person is deciding on the plan too. Me, I'm into term plans for protection and growth is from investments, never these plans by insurance companies. However, it depends on your risk and investment profile, so you have to decide on what you prefer. From what little I understand, the attractiveness about that GE plan is that after 10 years, you don't need to pay premium anymore and there is "dividend" or payout of about 3-5% depending on the total overlay over the 10 years for the remainder of the customer's life. Don't even bother about thinking that long term about the second and third generation as inflation would have wiped out any payout by then. See it only as an endowment-like plan for your lifespan.

 

wool grow from sheep body...

 

1. so called dividend is paid out from the invested amount. i.e you're actually depleting the amount put in.

 

2. the so called " no need to pay dividend" actually comes from the returns from the investment portion.

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