INSURANCE PLAN - Page 2 - Singapore's Online Community

**rinoakoh** · 30-12-2007, 03:27 AM

	Quote:			Originally Posted by YJay
	UOB Life from UOB Bank? I though they tied up with certain insurances company with similar product also. But why they tied up so many insurence company while i dont think they manage to provide all of them or sell all of them also.

UOB is the only bank in Singapore that carry their own insurance, ie. UOB-life.
Their life policies guarantee their returns. So far never cut on bonuses like all other companies.
NTUC life policy has the worst bonus, even though very cheap premiums. Not worth it.
But their term is cheap n value for money.

The rest like, OCBC sells other brands like GE.
DBS/POSB sells Aviva etc.

You must know the banks do not promote insurance very strongly.
They promote only products that entice consumer to put money inside the bank.
such as cash deposits, UT, ILP (savings plans) etc.

So maybe u are not exposed to their full range of insurance products because, their financial advisers mostly promote the above cash generating products.

And i can be sure ur financial adviser is a tied agent.Given that you do not even know such company exists.
try to locate a broker agent who can give u a broader picture and better planning n comparison.
There are many excellent policies besides the well-advertised companies A, P, N or G

Many people buy n lapse their policies coz they dun plan properly.
Buying something not suitable for their needs n find it a chore to continue paying the premiums.
In the end, its the insurance companies that make money.

My advise is, get only products that u believe in and of most crucial to your life.
Then u will find the commitment to support this insurance policy.

**monkeybusiness** · 30-12-2007, 12:27 PM

	Quote:			Originally Posted by Leocravensky
	Wholelife serve as the purpose of protection of your estate until your very last moment. It also accumulates cash value which can serve as a source of emergency cash in times of need. Some people also use wholelife as a way of passing down his/her estate to his/her beneficiaries. Term is for protection of estate for a fix period of time and expires at a timeframe designated (5 yrs, 10 yrs), the main purpose of term plan is to ensure that you do not leave your dependents financially burdened. Example, you wanna get a 15 years term plan as you have a kid and feel after 15 years your kid can handle things on his own thus you do not need anymore insurance coverage after 15 years. Term comes with leveled term or decreasing term, but term insurance are much more cheaper. I will ask you, do you have any children? If yes, I believe you would want to leave some inheritance for your children no matter when is your last moment. If you have the mentality that your kid can survive on their own when they turn 21+ then whole life might not be so applicable to you whereas term insurance can cover you till when your child turn 21. Also another factor to consider to get whole life is major illness. No 1 will know if he/she will get critical illness a not. Some may not even get it at all in their whole life. How are you to put a timeframe for protecting yourself against expense linked to major critical illness? Yes I do hear the saying goes, Invest the difference and try to accumulate wealth to self insure yourself. Yes if you are willing to use your hard earn money that you have save/invested to pay for your major illness linked expenses, go ahead. But at the end of the day, why waste $100000 why you can pay $2000-3000/year to insure yourself for $100000 for the whole life (and the sum assured increases) and eventually pass it to someone you love. Thats the beauty of whole life policy. And I believe the IFA told you to get term because the IFA's view is that you do not have enough coverage and he/she wants to cut your cost and like what you mentioned, both plans have their beauties.

I have a better idea now after reading this post. Thanks!

**monkeybusiness** · 30-12-2007, 12:28 PM

	Quote:			Originally Posted by davidkwankk
	u will need to be comfortable with the adviser's professionalism level thru ur communications n it will depends on how much u will intend 2 reveal..... i think quite a number of advisers r jux insurance agents or merely pushin products(no offence to any agents readin this) or gettin support from friends n relatives to hit certain targets.... most cant even do a proper portfolio or haf an investment strategy at all.... u will need 2 check wz them on wat they can do n their competence level before u commit anything.... cos even the products r wonderful n the adviser cant make it, u will not get much out of it.... since most products r similar, the adviser will make the most difference.... thx thx

what if the adviser left the company?
another agent will take over?

If i am satisfied with the current agent's performance but he left and another incompetent adviser takes over, wouldn't it be useless?

**monkeybusiness** · 30-12-2007, 12:33 PM

	Quote:			Originally Posted by rinoakoh
	Oh yes, do u know there is UOB life, under UOB bank? They have some excellent plans. Do consider n compare Also it helps if ur adviser is a broker as they can customise the best out of the many policies, a tied agent's product knowledge can be very bias. Word of advise, never buy ILP. I definitely agree with buy term n invest the rest, but only applicable for people who are investment savvy.

actually i did purchased a hospital income plan from them before but after purchasing it for a few months, i realised that it is a useless product for me. In the end, i just called them up to terminate it.

Yes, i understand that it is careless planning on my part and as a result, wasted a few months of premium. (It is a monthly paying premium).

**Leocravensky** · 30-12-2007, 02:21 PM

	Quote:			Originally Posted by monkeybusiness
	what if the adviser left the company? another agent will take over? If i am satisfied with the current agent's performance but he left and another incompetent adviser takes over, wouldn't it be useless?

its inevitable, no matter which agency you go, IFA or any insurance company, theres no guarentee that the agent will stay, some of them may have higher pursues waiting for them or maybe some of them are tired of being in this financial service line.

Please see http://www.youtube.com/watch?v=0N1lt0_nn5E
Imagine Vid 3 never happens, and Vid 1 and 2 repeat over and over hahaha

At the end of the day, you'll need to know what you are getting and what you've got. And if your trusted agent left, you can try to sought for another agent of the same company with good reputation etc.

I also want to tell my clients that I will be in this line for a long long time. But theres no definite in this world as I told them. But they can be rest assure should they have any matter arise, Great Eastern's award winning customer service department will definitely give them their best service. The company has also pumped in a lot of $$ in equiping the planners with adequate knowledge and experience to handle the clients well

**inle** · 16-01-2008, 10:11 PM

if the adviser s a good one, when he/she left, surely he/she will do some arrangements or alternatives 4 ur plans n financial portfolio....
it s the thing wz the character of the adviser tat makes the difference ya....

**YJay** · 27-01-2008, 03:42 PM

thinking of getting a Independent Financial Adviser to give me all products insurance and investment, they should have good comparison i think.... Any good IFA company here?

**TheShah** · 27-01-2008, 06:05 PM

	Quote:			Originally Posted by YJay
	thinking of getting a Independent Financial Adviser to give me all products insurance and investment, they should have good comparison i think.... Any good IFA company here?

Once I came across this website www.commisionsfreeinsurance.com ..ran by a local IFA company Providend.. It ws useful to me then..but I think for some reason they put it down..

Another good company I would think is IPPFA checkout their website at www.ippfa.com..very informative..and I like their proposition..

Just for the record..I am not an agent or IFA Rep..but just giving my views an opinions..maybe it might help everyone..

**inle** · 30-01-2008, 12:59 AM

actually, it had nothing 2 do wz company....
it s all about the advisers...
there r good n bad advisers in both tied agencies n IFAs, or company A and company P....

it does not matter which company but it s important to find a good adviser....
if i m not wrong, there r some products tat IFAs cannot sell but can b sold thru tied agencies....
if the tied agencies products suit ur needs better, will the IFA adviser recommend leh?
i dun think so cos he/she wont b gettin commission....
likewise for the case for tied agency,,,,

another IFA u can look at s PIAS....