Lala81 Hypersonic April 4, 2011 Share April 4, 2011 Hi guys, would just like an opinion on how do you guys insure yourself. Pre-existing insurance that i have ========================= Life insurance + Critical Illness $200k Aviva-SAF term accidental death $100k NTUC Enhanced Incomeshield (ie medishield hospitalisation plan) DPS for CPF I'm getting married this year. Parents both retired. 30 yrs old. My Annual income will be above 100k/yr. In view of the increased responsibilities of ensuring my wife and my parents are cared for if something happpens to me So i'm thinking of increasing my Aviva-SAF insurance beyond the $100k and getting the Critical Illness rider for the SAF one as well (maximum is 300k at $360/yr) Aviva SAF insurance Aviva-SAF is term insurance, agents won't earn any commission and hence their advice will likely be garbage as well. Is there a recommended level of insurance based on your annual income? How do you guys do it? ↡ Advertisement Link to post Share on other sites More sharing options...
Stanong11 Clutched April 4, 2011 Share April 4, 2011 (edited) For Death Benefit, consider your dependants living expenses till they can be independant. Example if you have kids, better to calculate till they are 24-25 years old. If your wife is working, normally not so critical to insure so much, but of course, if you have debts, then make sure it is enough to pay off instead of burdening the living. It may sound bad, but you can calculate using the average life expectancy for your parents if they are your dependant, example, 75 for male, 82 for female, (might change.) How much they require per month.. Get the 600k DB for SAF Aviva. It is still affordable. But remeber, it is a term insurance. But for me, it's good enough. Your CI is additional or accelerated? If you don't go through agent, there's no commission involve. But term insurance if bought from agent doesn't mean no comm for agents. Edited April 4, 2011 by Stanong11 Link to post Share on other sites More sharing options...
Astro 1st Gear April 4, 2011 Share April 4, 2011 wow SAF sure pay well. 30+ only asnd making over 100K. Sure can afford more insurance la. Link to post Share on other sites More sharing options...
Stanong11 Clutched April 4, 2011 Share April 4, 2011 wow SAF sure pay well. 30+ only asnd making over 100K. Sure can afford more insurance la. Don't need to be employed by SAF to get the SAF insurance what. Link to post Share on other sites More sharing options...
Lala81 Hypersonic April 4, 2011 Author Share April 4, 2011 Don't need to be employed by SAF to get the SAF insurance what. can't have served NS or have any brain cells lol Link to post Share on other sites More sharing options...
Donut Supercharged April 4, 2011 Share April 4, 2011 (edited) U post like this, I guarantee u are getting tons of PM from insurance agents lurking in forum. Hahahaha My advise to you. Insure what is necessary and only what is comfortable to pay. Lots of imsurance ppl will tell u to increase coverage until sky high. Yr parents are retired. Get the max medical insurance for them, which is the incomeshield kind. get the best coverage u can find. Old folks bound to get sick or injured and end up in hospital and surgery. For yourself, insurance agents always tell you to take yr annual income and calculate to cover x number of years for retirement and illness. Well, it sounds logical, but u will find the premiums will be sky high. So be careful what insurance agents tell u. Life insurance, no need to cover until so high. I will rather use the money to do investment. For the saf term insurance, u can increase to the max. It's cheap and most value for money. Edited April 4, 2011 by Donut Link to post Share on other sites More sharing options...
Stanong11 Clutched April 4, 2011 Share April 4, 2011 can't have served NS or have any brain cells lol ??? Actually I don't get what you mean. Link to post Share on other sites More sharing options...
Lala81 Hypersonic April 4, 2011 Author Share April 4, 2011 ??? Actually I don't get what you mean. I'm referring to Mr. Astro. Sorry. quoted your reply. Link to post Share on other sites More sharing options...
Lala81 Hypersonic April 4, 2011 Author Share April 4, 2011 U post like this, I guarantee u are getting tons of PM from insurance agents lurking in forum. Hahahaha My advise to you. Insure what is necessary and only what is comfortable to pay. Lots of imsurance ppl will tell u to increase coverage until sky high. Yr parents are retired. Get the max medical insurance for them, which is the incomeshield kind. get the best coverage u can find. Old folks bound to get sick or injured and end up in hospital and surgery. For yourself, insurance agents always tell you to take yr annual income and calculate to cover x number of years for retirement and illness. Well, it sounds logical, but u will find the premiums will be sky high. So be careful what insurance agents tell u. Life insurance, no need to cover until so high. I will rather use the money to do investment. For the saf term insurance, u can increase to the max. It's cheap and most value for money. Thanks. Insurance agents can be ignored. No problems. My parents have their own incomeshield. I'm only tinking of my own insurance currently. I'm definitely increasing the SAF term insurance bit but i'm just wondering how did others calculate their own personal insurance sums without the biasness of the insurance agents. Link to post Share on other sites More sharing options...
Lala81 Hypersonic April 4, 2011 Author Share April 4, 2011 For Death Benefit, consider your dependants living expenses till they can be independant. Example if you have kids, better to calculate till they are 24-25 years old. If your wife is working, normally not so critical to insure so much, but of course, if you have debts, then make sure it is enough to pay off instead of burdening the living. It may sound bad, but you can calculate using the average life expectancy for your parents if they are your dependant, example, 75 for male, 82 for female, (might change.) How much they require per month.. Get the 600k DB for SAF Aviva. It is still affordable. But remeber, it is a term insurance. But for me, it's good enough. Your CI is additional or accelerated? thanks for your input. I don't believe my existing policy actually states whether its additional/accelerated. Neither does the SAF one state on their brochure. Link to post Share on other sites More sharing options...
Stanong11 Clutched April 4, 2011 Share April 4, 2011 Thanks. Insurance agents can be ignored. No problems. My parents have their own incomeshield. I'm only tinking of my own insurance currently. I'm definitely increasing the SAF term insurance bit but i'm just wondering how did others calculate their own personal insurance sums without the biasness of the insurance agents. Actually for me, I'll terminate my life insurance. Effects of deduction quite high. Get term. still ex by past standards, but then what to do, everything is inflated and term is the cheapest around. Or if you want a million dollar coverage, go to Prudential and find out bout their Pruterm Vantage. If I still remember correctly, it should be the cheapest for a million dollar coverage. But go find out more and do a comparison first with other insurer first. And can your please state that no arguements over products are allowed in your thread? I can forsee there will be some hidden agents come in and say their products good la, etc. Then the flaming starts. Link to post Share on other sites More sharing options...
Stanong11 Clutched April 4, 2011 Share April 4, 2011 thanks for your input. I don't believe my existing policy actually states whether its additional/accelerated. Neither does the SAF one state on their brochure. Contact the company that you bought your life insurance from. They will tell you. FYI, additional pays you on top of your death benefit. Accelerate just pays you part of your death benefit in advance. Link to post Share on other sites More sharing options...
Freestylers09 5th Gear April 4, 2011 Share April 4, 2011 Actually for me, I'll terminate my life insurance. Effects of deduction quite high. Get term. still ex by past standards, but then what to do, everything is inflated and term is the cheapest around. Or if you want a million dollar coverage, go to Prudential and find out bout their Pruterm Vantage. If I still remember correctly, it should be the cheapest for a million dollar coverage. But go find out more and do a comparison first with other insurer first. And can your please state that no arguements over products are allowed in your thread? I can forsee there will be some hidden agents come in and say their products good la, etc. Then the flaming starts. iirc pruterm no more but cannot take back $ one but $30+ can get 100-200k iirc,i got last time but cancel..lol i got limited pay,15 years then no nid pay liaoz Link to post Share on other sites More sharing options...
Donut Supercharged April 4, 2011 Share April 4, 2011 Nowadays ppl are getting smarter. Term insurance is more preferred way to insure. There are some term that cover until 85 yrs old. Great eastern? U need to find out. Life insurance is out of favor liao. Get the term plans, with critical illness and hospitalization coverage. It will be good enough. Link to post Share on other sites More sharing options...
Tigershark1976 Turbocharged April 4, 2011 Share April 4, 2011 U post like this, I guarantee u are getting tons of PM from insurance agents lurking in forum. Hahahaha My advise to you. Insure what is necessary and only what is comfortable to pay. Lots of imsurance ppl will tell u to increase coverage until sky high. Yr parents are retired. Get the max medical insurance for them, which is the incomeshield kind. get the best coverage u can find. Old folks bound to get sick or injured and end up in hospital and surgery. For yourself, insurance agents always tell you to take yr annual income and calculate to cover x number of years for retirement and illness. Well, it sounds logical, but u will find the premiums will be sky high. So be careful what insurance agents tell u. Life insurance, no need to cover until so high. I will rather use the money to do investment. For the saf term insurance, u can increase to the max. It's cheap and most value for money. yap, agree especially with the part where TS should get more medical insurance for the old folks. that is more likely to drag the whole family down... seen it from a few of my friends where the parents savings was depleted, then the children... damn jialat... Link to post Share on other sites More sharing options...
Lala81 Hypersonic April 4, 2011 Author Share April 4, 2011 (edited) Nowadays ppl are getting smarter. Term insurance is more preferred way to insure. There are some term that cover until 85 yrs old. Great eastern? U need to find out. Life insurance is out of favor liao. Get the term plans, with critical illness and hospitalization coverage. It will be good enough. I understand the advantages/disadvantages of term vs life. My life insurance was done by my parents when i was still studying. I'll keep it and vary my term insurance depending on my liabilities and age in the future. Term insurance does nt need to be until so old rite? Once your dependents ie children are of reasonable age in their mid 20s or your parents has passed on. Term death/CI can be tailed down already. Edited April 4, 2011 by Lala81 Link to post Share on other sites More sharing options...
Stanong11 Clutched April 4, 2011 Share April 4, 2011 iirc pruterm no more but cannot take back $ one but $30+ can get 100-200k iirc,i got last time but cancel..lol i got limited pay,15 years then no nid pay liaoz It's Pruterm Vantage. Not Pruterm. Limited pay is a whole life insurance, you might not need to pay after 15 years, but you are paying more during the fifteen years. Normally best is to ask for several benefit illustrations for comparison. Link to post Share on other sites More sharing options...
Stanong11 Clutched April 4, 2011 Share April 4, 2011 (edited) I understand the advantages/disadvantages of term vs life. My life insurance was done by my parents when i was still studying. I'll keep it and vary my term insurance depending on my liabilities and age in the future. Term insurance does nt need to be until so old rite? Once your dependents ie children are of reasonable age in their mid 20s or your parents has passed on. Term death/CI can be tailed down already. You got it. Edited April 4, 2011 by Stanong11 ↡ Advertisement Link to post Share on other sites More sharing options...
Recommended Posts
Create an account or sign in to comment
You need to be a member in order to leave a comment
Create an account
Sign up for a new account in our community. It's easy!
Register a new accountSign in
Already have an account? Sign in here.
Sign In NowRelated Discussions
Related Discussions
Najib implicated in funneling funds into personal a/c
Najib implicated in funneling funds into personal a/c
Singtel insurance
Singtel insurance
Car insurance for 2nd car by 1 owner
Car insurance for 2nd car by 1 owner
NTUC Insurance : Fearless
NTUC Insurance : Fearless
MAS to allow online nomination of insurance beneficiaries
MAS to allow online nomination of insurance beneficiaries
Food delivery firms take up third-party liability insurance
Food delivery firms take up third-party liability insurance
Advise on car insurance
Advise on car insurance
Writ of summons
Writ of summons