Anonymous
I have the following concerns and dilemma :
what should I do? Is there sth I dont understand?
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Pang Zhe Liang
29 Mar 2020
Fee-Based Financial Advisory Manager at Financial Alliance Pte Ltd (IFA Firm)
Basics
If you do not want to mix investment with insurance, then there are two main solutions to this end:
(More details about each choice in the link.)
For participating whole life insurance, you will receive a cash value based on the participating fund's performance of the insurance company.
On the other hand, if you do not want any form of cash value, then term insurance is the natural option.
Avivia Group Term Life
As a side note to this policy, take note that you are unable to submit a nomination. Accordingly, the death payout will follow the Intestate Succession Act.
More Details:
Intestate Succession Act Singapore
Term Insurance coverage and cost
Okay, back to point - Generally, the shorter the term of coveage, the cheaper the cost of premium. Hence, you are generally right to say that term till age 65 will be cheaper than term to 70.
What You should do
Firstly, one of the most important things to do is to have a complete understanding of your existing insurance portfolio. Through this process, it allows us to understand the coverage that we have, any financial gap, as well as to find out whether we are overpaying for our insurance policies.
Key Reasons Why:
Why Every Client needs an Insurance Policy Summary
Thereafter, we need to have a detailed understanding about yourself and how to plan for your future. For instance, do you need life insurance coverage beyond age 65? And will you prefer to have critical illness coverage for as long as you can?
All these require comprehensive financial planning to ensure that you get the right insurance coverage for your needs. To do this, either research and plan on your own, or to seek professional advice from an experienced consultant. Above all, I believe he or she will be capable to give you responsible financial advice.
I share quality content on estate planning and financial planning here.
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Hariz Arthur Maloy
28 Mar 2020
Independent Financial Advisor at Promiseland Independent
No you are absolutely correct. If you're planning to cover for longer terms and include CI, Whole Li...
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You buy additional term CI because you need more coverage for certain factors during 20-60. Whole life is beneficial for cost, but there are merits to have higher protection during short bursts of 20 years as well. Never discount that.