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Anonymous

24 Feb 2024

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Insurance

Breakdown of plans

Hello. i would like to get advice because i don't really know what im paying for (since 2018; a friend who was an insurance agent) and if im adequately or over-covered, and whether to hold some of them or let go.

  • paying 1.3k yearly for singlife myprotector term plan (used to be aviva) - 120k coverage, covers total and permanent disability advance cover plus, multipay critical illness cover III, critical illness premium waiver
  • paying 1.3k yearly for singlife myeasysaver (used to be aviva) - 15k coverage, covers death, terminal illness, accidental death, total and permanent disability, terminal illness, and critical illness premium waiver benefit
  • paying 2.4k yearly for singlife mysavingsplan (previously aviva) - 66k coverage, covers death, terminal illness, accidental death, total and permanent disability, terminal illness, and critical illness premium waiver benefits
  • i am covered by prudential for hospitalisation + rider

Discussion (5)

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Elijah Lee

12 Mar 2024

Senior Financial Services Manager at Phillip Securities (Jurong East)

Hi anon,

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I don't know your specific circumstances such as your age, job situation, income etc, however I will say that myprotector term is a reasonable term plan covering death, TPD and CI. Myeasysaver is a savings plan (can't remember if there's a withdrawal coupon but I think so) and Mysavingsplan is a savings plan that will provide a lump sum upon maturity (no coupons).

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It might be worth providing specific policy information such as the year you took it up, the premium and premium duration, as well as the policy duration.

ā€‹

Without further information, I'm afraid I would not be able to share my views.

U need to find a trained person for advice. provide your income, family situation and preferences to have a good advice given at this point of time which will change over time as our circumstances changes with time.

How come you can buy so many similar policy?...

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