Life insurance

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Possum
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Life insurance

Post by Possum » 10th Aug, '09, 14:07

I currently have no life insurance. Do you have any? Is it something everyone should have?
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Lichtgestalt
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Re: Life insurance

Post by Lichtgestalt » 10th Aug, '09, 14:12

Possum wrote:I currently have no life insurance. Do you have any? Is it something everyone should have?
Depends if you have people depending on your life and your income. Life insurance is meant to protect those people in case of your death. Unless of course you have enough money anyway to see them through until they earn their own money

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Fat Bob
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Re: Life insurance

Post by Fat Bob » 10th Aug, '09, 14:13

I have some through my employer (48 months pay) plus on various other insurance policies have some ofrm of life cover as well.

I personally don't need any, however, your circumstances are different. The question you have to ask is if you die, what would it cost to put your kids through what remains of their childhood, education etc?
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Re: Life insurance

Post by Spike » 11th Aug, '09, 10:33

Wot lightstick said. I don't have any straighforward life insurance policies (known as "term insurance") as I don't have any dependents. However, I do have some investment linked life "assurance" policies that will pay me an amount of money at the end of 10 or 25 years, provided I keep up the premiums and as a side benefit will also pay out a defined amount in the event of my death. The money will go to whoever I nominate in the policy. Term insurance is much cheaper than a unit linked life assurance policy. Speak to an IFA (Independent Financial Advisor) for advice but make sure they are licensed by the MAS.
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expat yorkshire
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Re: Life insurance

Post by expat yorkshire » 11th Aug, '09, 11:37

I would treat the two things separately ... Life Assurance and savings .

Many so called independent Financial Advisers will push you towards combining the two ...why because they make almost no money selling life insurance but get fat commissions form the combined life assurance and savings plan ( which often provide pretty poor returns)



Insufficient savings? No wonder with poor insurance returns
Published in Forum Page, Straits Times on Aug 10, 2009


I AGREE with the views expressed by Mr Larry Haverkamp in his letter last Thursday, 'Policyholders underpaid?'.

Many life insurance policies taken today require more than 15 years to 'break even'. This is the point where the cash value of the policy is more than the premiums that were paid over the years.

During this period, the insurance company must have earned more than 40 per cent on the premiums that have been invested. As an actuary, I know that the real cost of providing life insurance cover is about one-quarter of the gain. The remaining three-quarters are used to pay the agent's commission and expenses, or retained as orphaned money, as pointed out by Mr Haverkamp.
Last edited by expat yorkshire on 11th Aug, '09, 11:39, edited 1 time in total.

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Satellite
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Re: Life insurance

Post by Satellite » 11th Aug, '09, 11:56

yes... definitely (to life insurance) bought when I was much younger so premium was lower. But did not buy major illnesses which most insurance agents try to sell me as I figured that I'd rather die than live with it. (in any case, it only kicks in when you are about to die anyway)

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Re: Life insurance

Post by slinky » 11th Aug, '09, 12:47

Both Mr. S & I have life insurance policies for the reasons Lichty & Spike have noted. Mr.S's policy is worth more than mine mainly because he is the primary breadwinner, so the intent is to be sure we would have money to live on for a bit & for the kids to be educated but I have a fairly substantial policy as well given that if I were no longer around he would have to pay for childcare costs and if they were older and didn't need full-on daily care but still needed schooling, then it would go for that.

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Scrummy Mummy
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Re: Life insurance

Post by Scrummy Mummy » 11th Aug, '09, 13:06

Actually, I need to increase mine. Is there an equivalent of "medibroker" for life insurance?

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Fat Bob
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Re: Life insurance

Post by Fat Bob » 11th Aug, '09, 16:36

Term insurance is one type of life insurance, it covers you for a particular term. It's good for things like mortgages, as you get the mortgage for 25 years so the mortgage lendder sometimes insists on life ocver for that part. After the mortgage is over and done with, you don't need it anymore.

You can get life insurrance, I think my parents managed to get some for me when I was much younger. not sure what that pays out or how much it costs now. As long as they put in then, when I die, they will get a payout.

And yes, there are certain other products which cover life but also have savings involved. Endowments were one a few years ago, sounds like they've changed their name (either with the times or the different country I now live in).

you have to figure out why you need the insurance, how long you need it for and what it covers.
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Re: Life insurance

Post by Pinklepurr » 11th Aug, '09, 19:02

Uh oh, I just know I am going to start sounding like an insurance salesperson but I can't stress the need enough if you have a family to take out life insurance, because unless you have set up very, very good financial security for them already then the death (or major trauma or the like) can be devastating financially to a family. Trauma or critical illness type policies are also good, and you don't have to be nearly dead to claim on those.

I would also recommend some form of income replacement/protection policy if you do not have that already provided through your employer. That is one thing that most people (even those without dependents) need as being off work due to a long term illness or injury can really set you back badly if you don't have any replacement income at all.

OK, I will shut up now...
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aliciag8

Re: Life insurance

Post by aliciag8 » 12th Jul, '10, 18:41

yes should have a good life insurance plan...must keep money for both insurance and investments …i'm paying premium for 12 years in DBS life insurance plan. can try something like that also...http://singapore-forum.com
Last edited by baloo on 12th Jul, '10, 18:49, edited 1 time in total.

wringle

Re: Life insurance

Post by wringle » 13th Oct, '10, 01:38

My husband, 32 and I, 30 are looking into life insurance. Can anyone tell me which company or websites I can use to get information. There are so many out there... wouldnt know where to start. Who do you personally use? Is there a medical exam involved? What type of premiums are you paying? Is it fixed or does it go up every few years? We live in Florida also. Any help would be appriciated.

http://singapore-forum.com
Last edited by Jedi on 13th Oct, '10, 10:13, edited 3 times in total.

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Sardonicus
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Re: Life insurance

Post by Sardonicus » 13th Oct, '10, 21:38

They're coming out of the woodwork....
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JJ
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Re: Life insurance

Post by JJ » 13th Oct, '10, 22:45

If you dont have it, and you do have a) spouse b) kids c) any other family who are dependent d) property with mortgage ... you should definitely have it (or some kind of other investment with returns) IMHO.

You just missed one of the financial fairs (i think it was a while back) where you could have researched a bit. Personally, I would contact the (big) insurance agencies for a consultation and also some of the IFAs and see what they recommend... no obligations just for a consult... and ask around your friends on what they may have or what they might recommend. If you dont want anything that personal then most of the big insurance cos have online info that you can at least review. No harm in gathering info ... then make a decision based on what your personal circumstances are....

Just my 2cts...

jamessmith

Re: Life insurance

Post by jamessmith » 18th Nov, '10, 21:43

Hi possum,

Life insurance is something that everyone should do this.I have also a life insurance because I am an insurance agent.You must need to get a life insurance from me for your better future.


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Last edited by baloo on 18th Nov, '10, 22:15, edited 1 time in total.

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Morrolan
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Re: Life insurance

Post by Morrolan » 19th Nov, '10, 05:42

[smilie=rotflmao.gif]

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Sardonicus
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Re: Life insurance

Post by Sardonicus » 19th Nov, '10, 08:46

And now you need to get a life to go with that insurance.

Nice, baloo
jamessmith wrote:Hi possum,

Life insurance is something that everyone should do this.I have also a life insurance because I am an insurance agent.You must need to get a life insurance from me for your better future.


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I find television very educating. Every time somebody turns on the set, I go into the other room and read a book. Groucho Marx

Kevin808

Re: Life insurance

Post by Kevin808 » 17th Dec, '10, 11:16

Yes, you should have life insurance. Life insurance works in much the same way as insuring your home or car – but it protects a much more valuable asset – you. And a bi-product of protecting yourself is the protection of your family. Although people generally think of life insurance as just that – insurance which covers your life in the event of death - there are actually several types of life insurance policies, and some of them can pay you a lump sum benefit in cases other than your death. Besides, it can also be considered an investment for you and your family's future.

bwayne143

Re: Life insurance

Post by bwayne143 » 7th Jul, '11, 07:31

In my opinion, it's a big YES. Life insurance is a big help even others doesn't thinks the same. Why? Because we could never tell what will happen to us by tomorrow. We all know that unemployment could happen due to accidents or illness or worst! And if this time happens, it is always good if you have life insurance ready to cover your monthly expenses. Especially if you are the bread winner. It is very important to have yourself and your family secured.
Last edited by bwayne143 on 7th Jul, '11, 07:32, edited 1 time in total.

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Morrolan
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Re: Life insurance

Post by Morrolan » 7th Jul, '11, 09:27

English classes are also a good way to get on in life with a real job instead of sending badly written spam.

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