To do some comparison before deciding on which to take up. Am interesting in comparing Prudential, AIA and great eastern but is open to other providers too.
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Tan Li Xing
03 Feb 2020
Financial Consultant at Prudential Assurance Company (Singapore)
In regards to the differences between insurers, there might be certain differences in the fine details, however due to the compeition in the insurance industry, I would say the general crucial coverages between insurers are similar.
Of course premiums will be a factor, but I would like to highlight that at you age and also being a non-smoker, your premiums are still in the affordable range. Also I'm personally from Prudential so I am tied to Prudential, and am only able to advise you on what Prudential has to offer. But Elijah on the other hand will be able to give you a comparison between a number of insurers that he has access to.
Of course the final decision is up to you, and it's always crucial to make an informed decision when it comes to insurance matters.
Do reach out if you would like to see what Prudential has and can offer to meet your needs.
02 Feb 2020
Independent Financial Advisor at Phillip Securities (Jurong East)
Most life plans have a multiplier, so when you say 100K, are you referring to the basic sum assured before the multiplier, or the sum assured including the multiplier?
Additionally, if it is the former, then we do need to have a gauge of how much CI cover you need, so that you can have an idea of whether you need a x2, or x3 multiplier, etc.
Furthermore, the premium payment term does matter. At age of 30, you can choose to pay over 25 or 20 years. Paying over a short duration will save you money in the long run, although the yearly premium will be slightly higher.
Also, when you say comparison, what factors are you looking at? Is it strictly price? Or are other features important to you as well?
Lastly, are you also looking for early CI cover? If so, the premiums in generally will be higher.
The points mentioned above are non-exhaustive, but will be quite important in determining what kind of plan suits you.
I'm an independent financial advisor, so I am able to assist in comparing across multiple insurers (other than GE and Pru), but the number of permutations is simply too many to give you a comparison table right now. It'll be better to narrow down the parameters of the plan that you need, based on my points mentioned above, and then a personalized comparison can be generated for you.
I have done comparison for clients of your profile before, and will say that in general, Aviva, Manulife and China Taiping win out, premiums wise. However, with regards to the finer details, the plans all have differences, thus it is important for you to sit down with someone who can explain them to you, so that you make an informed decision in then end.
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