Financial: The useless ILP, & how to go about terminating it

[Windwaver]

diamond is useful when u need to etch/scratch/cut glass 

 

Aiya, those multiple MDRTs got so many diamonds until sian liao, how they know what it's useful for? 

[Cauldron]

This saf insurance is really cheap and good

So cheap because they don’t pay out commission

That’s why you don’t see anyone promoting it

Don’t think already lah

Own self go buy

Just own self google saf group term insurance

They will bring you to aviva I think

They are the actual insurance company

Because saf is not insurance company

 

Boss Mustank really number one advocate.

So i went look see, found this : http://www.straitstimes.com/business/invest/when-term-insurance-makes-more-sense-financially

 

If you look at the table at the bottom of the link, for flat $41 per month, or $492 per year, you can get covered for 1mil. To be fair have to compare apple to apple, this falls under the term insurance type, like car insurance, got issue - claim, no issue - no returns at end of tenure.

 

Other Ins comp cannot even come close , also note there are loading as your age increases, commercial deals is every 5 years and SAF Group is loading after 65Yo. Not really opened to public, so can treat this as a privilege or "entitlement" for having served.

 

Quote: http://www2.aviva.com.sg/pdf/MINDEF_MHA_GTL_Product_Summary.pdf

"

Eligible Members

 Full-Time National Servicemen (NSFs)

 Operationally Ready National Servicemen (NSmen)

 Regulars (Full-time, Part-time and Contract Service) servicemen in the:

o MINDEF / SAF [including Defence Executive Officers (DXOs)]

o Singapore Police Force (SPF)

o Singapore Civil Defence Force (SCDF)

o Singapore Prison Service (SPS)

o Central Narcotics Bureau (CNB)

o Immigration & Checkpoints Authority (ICA)

 Public Officers working with MINDEF or MHA

 Volunteers:

o SAF Volunteer Corps (SAF VC)

o NS Volunteers (or equivalent)

o Reservist On Voluntary Extended Reserve Service (ROVERS)

o SPF Volunteer Special Constabulary (VSC)

o SCDF Civil Defence Auxiliary Unit (CDAU) 

 

"

[Kangadrool]

Used to get rebates from SAF-Aviva when the policy claim years were good (meaning less claims).

[Mustank]

 

Boss Mustank really number one advocate.

So i went look see, found this : http://www.straitstimes.com/business/invest/when-term-insurance-makes-more-sense-financially

 

If you look at the table at the bottom of the link, for flat $41 per month, or $492 per year, you can get covered for 1mil. To be fair have to compare apple to apple, this falls under the term insurance type, like car insurance, got issue - claim, no issue - no returns at end of tenure.

 

Other Ins comp cannot even come close , also note there are loading as your age increases, commercial deals is every 5 years and SAF Group is loading after 65Yo. Not really opened to public, so can treat this as a privilege or "entitlement" for having served.

 

Quote: http://www2.aviva.com.sg/pdf/MINDEF_MHA_GTL_Product_Summary.pdf

"

Eligible Members

ï· Full-Time National Servicemen (NSFs)

ï· Operationally Ready National Servicemen (NSmen)

ï· Regulars (Full-time, Part-time and Contract Service) servicemen in the:

o MINDEF / SAF [including Defence Executive Officers (DXOs)]

o Singapore Police Force (SPF)

o Singapore Civil Defence Force (SCDF)

o Singapore Prison Service (SPS)

o Central Narcotics Bureau (CNB)

o Immigration & Checkpoints Authority (ICA)

ï· Public Officers working with MINDEF or MHA

ï· Volunteers:

o SAF Volunteer Corps (SAF VC)

o NS Volunteers (or equivalent)

o Reservist On Voluntary Extended Reserve Service (ROVERS)

o SPF Volunteer Special Constabulary (VSC)

o SCDF Civil Defence Auxiliary Unit (CDAU)

 

"

Basically all the ft no need to buy

I told my office girls to get their husband to buy for them also

Want to invest, put money in cpf

My friend he genius

His home insurance he buy saf insurance not the home insurance

Cheaper! Damn! This saf stuff is good!!!!

[Chucky2007]

I just purchased a whole life traditional participating policy, not ILP type. Smoker, male age 40s.

 

Now now till age 65, if kanna

1. early critical illness claim $160k.

2. Normal critical illness claim $320k

3. Disability due to illness $320k

4. Disability due to accident $1.32m

5. Death due to non accident nature $320k

6. Death due to accident $1.32m

7. Death due to accident if in vehicle driven by myself $2.32m

8. Death due to accident if on public transport $3.32m

9. After 65 if no claims at all, coverage drop to 40% above total paid premium

10. Premium breakeven around age age 70s. Which means after that I don't want coverage anymore terminate policy get my money back. I calculated the interest not a lot but still better than my POSB Savings account 0.1%pa interest over 30 years.

11. Monthly premium around $750 payable for next 15 years.

 

Usually I got coverage my criteria is to make sure no claims for the next 30 years, I get back 100% and more of total that I paid, as when children all grown up and my family don't need the coverage anymore the amount paid I get back is also my own money to spend for retirement when I'm in my 60s to 70s onwards

[Throttle2]

Only some ounces..U sound like many kg

[Solar]

Next time plse buy Gold Rolex from me instead.

Help a fellow jobless forumer

Can't afford la... Your lolek cost more than 1kg gold bar

[Shinigaimi]

Some say it's best of both worlds with insurance and invetsment rolled in one policy but i say it's worst of both.

 

You buy insurance for security and peace of mind, why would you risk this with an investment conponent? My take is insurance and investemnt shld be 2 sperarte things altogtther.

Some say it's best of both worlds with insurance and invetsment rolled in one policy but i say it's worst of both.

 

You buy insurance for security and peace of mind, why would you risk this with an investment conponent? My take is insurance and investemnt shld be 2 sperarte things altogtther.

 

You have already mentioned that buying insurance is for security for peace of mind. Is the sum assured guaranteed in ILP? If yes, why will the investment risk it?

[whitetigerzord]

You have already mentioned that buying insurance is for security for peace of mind. Is the sum assured guaranteed in ILP? If yes, why will the investment risk it?

Sum assured of any type of insurance policy is definetly guaranteed, but i stand corrected. Similalry it's guaranteed for ILPs. Problem of ILP is that if your funds are not doing well you may end up having to top up your premium because it is insufficient to cover the insurance component of your ILP, although agents will tell you that has never happened before.

 

See this link for useful info on underatanding ILPs vs other plans

http://www.moneysense.gov.sg/understanding-financial-products/insurance/types-of-insurance/life-insurance/types-of-life-insurance/investment-linked-insurance-policies.aspx

[hsl118]

Buy term invest the rest, gotta keep em separated. Sadly after 65 it rockets

[Ysc3]

I have 50k of CPF invested in an insurance product.

 

my agent called me this morning to tell me that over the past 3 years, it made about $5k.

 

... then asked me if I wanted to top up some more or not.

 

I then calculated that if 50k inside CPF at 4% would have give me $6k over 3 years instead.

 

is this way of calculation correct ? is the ins fund worth topping up ?

[Kusje]

I have 50k of CPF invested in an insurance product.

 

my agent called me this morning to tell me that over the past 3 years, it made about $5k.

 

... then asked me if I wanted to top up some more or not.

 

I then calculated that if 50k inside CPF at 4% would have give me $6k over 3 years instead.

 

is this way of calculation correct ? is the ins fund worth topping up ?

50k inside cpf won't get 4%. Only 2.5%.

[Ysc3]

50k inside cpf won't get 4%. Only 2.5%.

ah ! my bad ... 4% is SA right ?....

 

OA is 2.5% ... same as HDB loan rate ....

[Kusje]

ah ! my bad ... 4% is SA right ?....

 

OA is 2.5% ... same as HDB loan rate ....

 

hdb need to earn also. therefore their rate is 0.1% more than cpf.

 

which is 2.6%.