YJay

Lets get to comparing similar insurance plan in singapore market

1. Great Eastern
2. AIA
3. Prudential
4. Manulife
5. AXA
6. NTUC Income
7. AVIVA
....

Be glad to know more about insurance product...

WHOLE LIFE
ENDOWNMENT
ILP
SHIELD PLAN

Leocravensky

What would you like to know about the various plans for Great Eastern Life? Its not easy to describe them all in details.

But for your general info these are the plans for the various genre you mentioned. You may want to refer to www.lifeisgreat.com.sg or pm me for more information.

Whole life = Flexilife series
Endowment = Classic Endowment, Annual Cash Back Endowment, Endowment 5
ILP-Regular Premium = Greatlink Supreme Life, Greatlink Dynamic Saver
ILP-Single Premium = Greatlink Growth Plan, Great Link Achiever Plan, Choice Investment
Shield Plan = Supreme health, Total Shield

You can refer to our company's web site for general product info. But you'll have to refer to a life planner for full details and preferbly have the life planner perform a free financial consultation for you first.

Leo~
Blog : leoandsong.blogspot.com

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YJay

comparing plan which is maybe good in value, cost, coverage, and everything.... it is easy to comparing plan between all?

monkeybusiness

I am also looking at my various insurance policies coverage now and looking at how to add on to my current coverage as I do not have TPD and CI coverage.

I have spoken to advisers from GE and Prudential. They have shown me the products and I am looking through them at the moment.

However, in yesterday's Sunday Times, I saw an advertisement from AXA promoting their product called Future Protector. Seems quite a good plan as it takes inflation into consideration. However, I need to find out more first.

Leocravensky

Most products along the same genre have similar attributes, it will be immpossible to start a topic and compare product with 1 another side by side as there are too many factors contributing to the premium, cash value etc.

As the products are all monitored by MAS you should have no worries as the products are approved by the authority.

Even if you ask a financial planner of a company out, it will not be possible for him to share with you every plan in detail, its not feasible. Our job is to recommend plans that we deem most applicable after a financial consultation or you might have come across a plan somewhere and we can give product advise but technically we'll be penalised.

If you really want to know all the products' details... I guess your best bet will be to join all the company once :p

Leo~
Blog : leoandsong.blogspot.com

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Leocravensky

If you have life insurance, why wouldnt you have TPD coverage? TPD is bundle with life insurance's Sum Assured.

I must admit, the future protector seems to be a good plan as inflation is taken into consideration.

But extracted from http://www.axa-wm.com.sg/products/pr...protector.html
*Once indexation is activated, the sum assured and premiums will increase automatically at each policy year according to the increase in the prevailing Consumer Price Index (CPI) or at a fixed rate of 5%, whichever is higher.

Is this 5% or higher feasible? Another factor will be the premium cost?

Also are you looking at any returns? Term insurance has no cash value should it reaches the end of the term or should you discontinue but it is very cheap no doubt.

Leo~
Blog : leoandsong.blogspot.com

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monkeybusiness

Hi,

Probably I never state clearly. Currently as of now, I do not have any life insurance policy. I only have a personal accident policy from AIA, Group Term SAF Insurance from Aviva and a H&S policy from NTUC Income. Therefore, I am trying to get a policy that covers me TPD and CI as the main coverage requirement as I believe that death coverage is sufficiently covered.

Yeah, i read about the increase in premiums for AXA's Future Protector plan. That's why I would like to find out more first before deciding which would be a better deal for me. As it seems, Future Protector is a term policy.

I have spoken to an adviser from GE, and she recommended to me FlexiLife 20 and SupremeLife. SupremeLife seems like a better deal but it's an ILP policy, which I am a little skeptical about it.

I have spoken to an adviser from Prudential too, and her recommendation was PruLife and PPA. Prulife is a whole life policy and PPA is an ILP.

For me, I would like to keep insurance and investment seperate but I don't know, it seems that I am slowly being "brainwashed" into thinking that ILPs are not a bad product after all! haha

Both advisers claim that ILPs would work better for younger people( I am currently 21 years old).

Cash value is good but not that important factor to me. To me, the main objective of getting an insurance policy is the protection, not monetary gains. So I guess that if there's a cash value, it would be an added bonus. Therefore, I am still comparing the pros and cons of term and whole life policies.

It's a big headache...haha

Leocravensky

Death coverage is bundled with TPD so you might wanna check out your Group Term SAF insurance. I'm from SPF so I dun really have any idea =p.

Supremelife is good for non DIY investors as it allows you to ride on investment returns, you might want to check up on the funds on our website, www.lifeisgreat.com.sg to match funds with the latest investment trends but as a general guideline, if you invest in a diversified fund or invest in a few funds that constitutes a diversified portforlio, statiscally the returns are 8%-10% over 10 years.

And the good thing about Supremelife is that you can have 2x the coverage of major illness if you have sufficient death/TPD coverage. So you can op for 50k Death Sum Assured and 100k Critical Illness sum assured (Or more depending on the amount of premium you are forking out). In this case if you have no dependants you can actually cancel your AIA and SAF term insurance. You can get Supremelife + accident rider as the personal accident insurance will be cheaper as its a rider compared to a standalone policy.

All along I thought Prudential's ILP is called prulink? lol.

ILPs suits younger people as the insurance charges are cheap. So you will reap in more investment returns compared to someone who engaged the policy but much older.

If you want to DIY your investment, sure, it will be better for you to get a term plan. But I have calculated, there isnt much diff in the returns over 20 yrs period.

I leave the remaining of the talking to the planner you're engaging with cause your nt my client lol

haha jk, need to know anything can ask me also, I try my best to give my 2 cents worth.

Leo~
Blog : leoandsong.blogspot.com

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monkeybusiness

Actually, what is the misconception in most people have about ILP's that turn them away?
So far, I only know that the increasing mortality charges as age increases, but that can be eliminated by reducing the Sum Assured as one gets older? Isn't that right?

Is this the only reason as to what turns them away?

I am actually open to all options, but just that I want to know the true misconceptions that people have about ILPs.

Leocravensky

Firstly, yea the mortality charges gets exponentially high after age 40. But you can reduce the sum assured like you mentioned and you should for ILP and let the investment returns cover the shortage of the sum assured.

In my point of view. ILP is not suitable for coverage for life. Below 65 when your ILP makes enough returns, you should sell away all the units to realise your gain.

Secondly is the risk involved, as ILP actually combo with a particular fund you chosen, the risk are all beared by the policy owner himself. Should the fund not perform, you will need to bear the lost yourself. Some people have the mentality that paper lost = lost cannot gain back. But the truth is, if you have the time to ride your lost, funds/unit trusts are more then likely to make a gain after a period of time.

But there can be exceptions, like our techno fund, it has been performing badly for the past few years and its a ? when will it regain back to the original price. But with this policy, dollar cost averaging strategy is applied and once it regain back to $1 (the original price), policy owners will actually realise quite a bit of gain. However if you have lower risk appetite you can also choose funds that are invested in a very diversified portforlio globally. Example : our lifestyle progressive portforlio/ dynamic portforlio.

Beyond 60, even a sum assured of $10000 can be quite costly every year. However as you are only 21, by investing in an ILP it should give you adequate cover and a good investment gain by the time you are 50+ to 60.

Remember to do periodic tops up on potential earning funds during market low if its within your budget. Like now, most funds of GE Life have dropped quite a bit. It will be good if you can do a top up along with getting the plan now.

I believe theres no misconception for ILP. Its just that people do not have a proper understanding of the plan. But even for insurance, there are so many out there that do not really understand its true purpose.

Leo~
Blog : leoandsong.blogspot.com

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stevetan

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YJay

But the problem is, i did see some company that i have to pay more higher premium for same coverage with other company as well.

Like AIA is kinda expensive premium when i go to window shopping at NTUC Income... for the term plan, and kinda big different premium.

about the same premium, which company give the best...

Maybe you can quote me also from GE... hahaha for term Sum Assured 150k for 20yrs.

Leocravensky

Decreasing term or Just Normal Term? Critical Illness included or just Coverage for Death & TPD?

Leo~
Blog : leoandsong.blogspot.com

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YJay

normal term with DEATH, TPD and CI

davidkwankk

hi....
i haf been readin wat u guys haf been discussin....
mayb i like 2 share something i think might be useful.....
instead of focusin on the products, why not focus on wat u really wants....
n how the plans n adviser can work out its application for u....

cos most plans are about the same throughout the industry....
the adviser and how he/she applies to your unique needs will make the difference....
anyway this s how i handle my clients' portfolio....

Leocravensky

Yea the proper procedure is to have a proper financial consultation conducted first

Leo~
Blog : leoandsong.blogspot.com

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monkeybusiness

Does all clients really tell their advisers their financial situations? As in how much they earn, save and spend, etc to their advisers?

For me, I don't know why but I always seem to hold back a bit, rather than to be honest to the adviser. I know this is unhealthy, but this is just me...