Term Life Insurance

Purely coverage focused product

ASK A QUESTION
Term Life Insurance
  • Asked by Anonymous

    Brandan Chen
    Brandan Chen, Financial Planner at Manulife Singapore
    135 Answers, 201 Upvotes
    Answered on 13 Nov 2018
    Mindef Group Term is good for temporary coverage as you procure other private insurance that may be more suitable for you when your budget increases. Like what Hariz mentioned, Group Term is great for Death and Disability coverage. You may also consider getting the rider for CI if you only require such protection till 65. As for ECI, it only covers 10 conditions which may not be adequate. It would be advisable to look at getting your own personal insurance when it comes to ECI coverage. For example, Manulife's ECI covers 105 Different conditions across early, intermediate and late stages. Having said so, there is no one size fits all to financial planning, and it all boils down to needs and budget. Speak to a trusted financial advisor that can answer your questions! You may always drop me a PM on facebook www.facebook.com/brandan.chen should you want to know more
  • Asked by Anonymous

    Hariz Arthur Maloy
    Hariz Arthur Maloy, Independent Financial Advisor at Promiseland Independent

    Top Contributor (Dec)

    246 Answers, 427 Upvotes
    Answered on 30 Oct 2018
    I think ultimately, the main concern is that people don't want to buy what they don't need, they're afraid they won't understand and get swindled, or it'll be a waste of money. It's very important to know what's important in life insurance and what risks you're planning to cover for. Clients may not be experts in products, but they can't go wrong with knowing what insurance does and how it protects them. Regarding independent advisors like myself, yes we do give a more comprehensive comparison between companies and have additional services that tied advisors may not have, but most insurance companies work the same way, it's a very competitive industry where they're all trying to one up the other. And there'll only be best for now, not best for always. Things change so its not horribly detrimental if your advisor is tied to one insurer.
  • Asked by Anonymous

    Jim Ng
    Jim Ng, Wealth Manager at Aviva Financial Advisers
    46 Answers, 114 Upvotes
    Answered on 28 Oct 2018
    For wealth protection (insurance): Take up an Integrated Shield Plan, along with the rider to ensure that your hospitlisation bills are 100% covered (minus the 5% co-payment that the government has recently introduced). This is crucial as you have to protect your own wealth first before you can protect your family by leaving behind a sum for them. Next, ask yourself, who are your dependents? Are they your parents? Or do your parents not need you to leave behind a sum since they've planned for their retirement? Calculate how much you need to leave behind for them. If you wish to set aside some money for them in the event of your death/disability/critical illness, you could plan on getting some life insurance (MINDEF/MHA Group Term Scheme at $1milllion dollars for $41 per month) just in case you pass on, critical illness insurance (You could add a rider on MINDEF/MHA Group Term) to replace your income and a simple disability policy (most companies rates are the same) to replace your income. For wealth accumulation / savings accounts: You can consider using Singapore Savings Bonds to deposit your monthly income (if you can save aside $500 at least) , the interest rate is extremely competitive as compared to local banks' savings accounts/fixed deposits/current accounts. It is fully liquid and you can take out anytime you wish to. Starting at 1.8% in the first year, with no minimum requirements to hit any spending or depositing or paying of any bills or any insurance payment, unlike the banks. Read more on my article on why I recommend SSB here: https://savesmartsingapore.com/2018/10/27/the-difference-between-singapore-savings-bonds-vs-endowment-plans-that-every-adult-should-know/
  • Asked by Anonymous

    Brandan Chen
    Brandan Chen, Financial Planner at Manulife Singapore
    135 Answers, 201 Upvotes
    Answered on 26 Oct 2018
    Yup! what Kenneth mentioned is correct! As for alternatives, price-wise at $41/mth for S$1M coverage, nothing beats that. But there are some downsides you should also take note of: 1) Premiums increase drastically from Age 66 onwards. 2) Premiums are non-guaranteed, meaning Aviva can choose to increase premiums if they find the plan unsustainable 3) You do not own the policy, which may affect you when it comes to legacy planning in the future If you are also considering the riders, do also note the the riders for Early Critical Illness only covers 10 conditions. Hence, would suggest that you consider other alternatives for coverage for early critical illness. PM me should you need more clarifications! I may be reached at www.facebook.com/brandan.chen
  • Asked by Anonymous

    Yong Kah Hwee
    Yong Kah Hwee

    Top Contributor (Dec)

    423 Answers, 580 Upvotes
    Answered on 25 Oct 2018
    I'm 25, paying $68/month for hospitalisation, term life, ECI, CI, TPD, disability income. Apart from hospitalisation, I am using the MINDEF AVIVA insurance for the rest. As for whether it is a fair amount, you do not need to benchmark with anyone. As long as you are comfortable with the coverage that is provided, you are good to go :)
  • Asked by Raimi Jasman

    Hariz Arthur Maloy
    Hariz Arthur Maloy, Independent Financial Advisor at Promiseland Independent

    Top Contributor (Dec)

    246 Answers, 427 Upvotes
    Answered on 24 Oct 2018
    Hi Raimi, The rule of thumb for how much coverage you should get is: 10 X Annual Income as Death Coverage 3-5X Annual Income as Critical Illness Coverage DPS is a term to 60 death cover for $46,000. That's it. Also, you need to understand what you purchased from Prudential. Is it health insurance? This is called PruShield. This covers your hospitalization and surgical bills if you were to get warded. The only other insurance programs you can pay for with CPF, is your Home Protection Scheme, which is a mortgage reducing term plan once you purchased a HDB. Careshield Life when you turn 30. This is a long term care plan that pays you a monthly payout for life in the event of permanent disability not allowing you to perform 3 out of 6 Activities Of Daily Living. And lastly, CPF Life, which is a lifetime annuity that pays you a monthly sum from 65 for the rest of your life as long as you set aside a Retirement Sum.
  • Asked by Anonymous

    Gabriel Lee
    Gabriel Lee

    Top Contributor (Dec)

    366 Answers, 558 Upvotes
    Answered on 20 Oct 2018
    Depending on the reward that you want, whether cashback rebates, miles or deals, there's a credit card for it. MoneySmart has an article which covers this, check it out in the link below. As for the payment frequency of your insurance premium, I'd recommend going for monthly payments so that you can hit the minimum spending of your credit card every month to qualify for the various rewards that you desire. https://blog.moneysmart.sg/credit-cards/credit-cards-insurance-premiums-singapore/ https://www.valuechampion.sg/best-credit-cards-insurance-premium-payment
  • Asked by Anonymous

    Luke Ho
    Luke Ho
    127 Answers, 225 Upvotes
    Answered on 19 Oct 2018
    There are term plans that cover Eci and Ci alone, where you can opt for a Multipay term or just an ECI term. There wont be a need to call your agent. Look for dread disease or the word critical on your policy document. If its not there, you have neither. https://www.moneymaverickofficial.com/posts/prioritise-early-critical-illness-insurance-life-insurance
  • Asked by Anonymous

    Hariz Arthur Maloy
    Hariz Arthur Maloy, Independent Financial Advisor at Promiseland Independent

    Top Contributor (Dec)

    246 Answers, 427 Upvotes
    Answered on 17 Oct 2018
    Dependent's Protection Scheme : A $46000 Term to 60. Payable with OA. Home Protection Scheme : A Mortgage Reducing Term that pays for any outstanding HDB mortgage owed. Payable with OA. Medishield Life : A Hospitalization & Surgical Insurance that covers you for life that subsidizes B2/C Ward Stays and certain limits to certain surgical procedures up to $100k/yr. Payable with Medisave. Eldershield/Careshield Life (soon): A Long Term Care Insurance plan that covers you for life and pays you for life in the event of the inability to perform 3/6 Activities Of Daily Living starting from $600/m escalating at 2% per annum. Payable with Medisave. CPF Life : An Annuity Payout from 65 for life @ 9.5% drawdown payout of the Full Retirement Sum when you turn 55. Payable with your OA + SA. These are the most basic of coverage and gives you an idea of what you need to do extra. All of them should be " Upgraded " by getting private plans for yourself. Govt care if you die, get disabled, cannot pay for house, need to go hospital, or live too long, but don't care if you get a Critical Illness. There's no provision made for this yet.
  • Asked by Cherie Julianne Tan

    Hariz Arthur Maloy
    Hariz Arthur Maloy, Independent Financial Advisor at Promiseland Independent

    Top Contributor (Dec)

    246 Answers, 427 Upvotes
    Answered on 17 Oct 2018
    AXA Term Protector is the only one. Here's proof. You can pay throughout or pay for 15 or 20 years.

Manage your money for free today!

Download on the App StoreGet it on Google Play
  • Quick overview
    Quick overview of your bank and card transactions.
  • Secure syncing
    Secure syncing of your bank or credit cards transactions
  • Automatic categorization
    Automatic categorization and analysis for your expenses
Seedly app