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Thread: Need help on Insurance & retirement planning

  1. #1
    Member gsv13's Avatar
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    Default Need help on Insurance & retirement planning

    Hi all
    Every time i have interacted with insurance guys i get totally confused they have so many scheme's and terminology which i donot understand and they are far more confusing

    I was just wondering if i can get some help on Insurance & retirement plans.

    Essentially i'm looking at the best plan's or options available within the top two players in Singapore.

    what i'm looking at is best option available in singapore.
    1. Term Plan which will seccure my family's future
    2. looking for an unit link insurance plan which possibly would be hit hard now as all markets are down .so we can get in now and make the best use of it.
    3. Retirement plan

    Cheers & looking forward for your help.
    Personality can open doors, but only character can keep them open

  2. #2
    Member gsv13's Avatar
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    Thumbs up Re: Need help on Insurance & retirement planning

    Got two PM's ....but none out here ?

    I though Sigaporean's are much advanced as far as Insurance & financial planning is concerened ..common guys share in some of your thought's

    cheers & looking forward for it
    Personality can open doors, but only character can keep them open

  3. #3

    Default Re: Need help on Insurance & retirement planning

    Quote Originally Posted by gsv13 View Post
    Got two PM's ....but none out here ?

    I though Sigaporean's are much advanced as far as Insurance & financial planning is concerened ..common guys share in some of your thought's

    cheers & looking forward for it
    Surprising! Thought your PM would be flooded by insurance agents by now!

    Remember, forget the greedy ones that are only interested in making you sign by using all sorts of rush/pressure tactics. They're not really interested in you or your family's coverage, only their commission.

  4. #4
    Member gsv13's Avatar
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    Default Re: Need help on Insurance & retirement planning

    Thanks ...I'm positive to get some value add from this community

    Guys im still looking for a geunine advice /help.
    cheers

    Quote Originally Posted by Dream Merchant View Post
    Surprising! Thought your PM would be flooded by insurance agents by now!

    Remember, forget the greedy ones that are only interested in making you sign by using all sorts of rush/pressure tactics. They're not really interested in you or your family's coverage, only their commission.
    Personality can open doors, but only character can keep them open

  5. #5
    Member gsv13's Avatar
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    Angry Re: Need help on Insurance & retirement planning

    This is so surprising no one ?


    ...
    Personality can open doors, but only character can keep them open

  6. #6

    Default Re: Need help on Insurance & retirement planning

    LOL...after the DBS hi-five issue I think most "financial planners" quit their job and became taxi drivers.

    Anyway my honest advise to u... do your own research. All those so-called FPs, advisers etc...all trying to sell u their company's products. I lost a lot of money to them, including Unit Trusts.

    U r better off doing your own research. In this internet age, u would be surprise what Google can come up with. Or go to the library and read some good books on the topic.

  7. #7

    Default Re: Need help on Insurance & retirement planning

    I don't think many ppl here will be able to help you. Most of us only have insurance policies from 1 insurer or even if we have policies from different insurers these would be bought over a stretch of time making it difficult to compare.

  8. #8
    Moderator ortega's Avatar
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    Default Re: Need help on Insurance & retirement planning

    i am not an insurance agent or FP

    1. do your sums and find out how much money you can set aside per month
    2. then you need an objective of what you want to be covered for
    3. then find out how much you will need for your retirement

    there are some tools that can help you plan for retirement
    eg. on cpf website (not sure if you have an account there or not, but just try)

  9. #9
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    Default Re: Need help on Insurance & retirement planning

    insurance for retirement is probably not enough. the large sums of money promised at the end of endowment funds are based on bonuses from the insurance company, and subject to change. the only guaranteed amount is the number in the left-most column.

    i personally feel insurance should be used for just that - insurance. not investment.

    my insurance strategy is to have a life policy or two, with higher coverage using term policies when i'm between 30-55. this is the period where my children will be young, and will need the money in case anything happens. after 55, they should be old enough to fend for themselves, and i will reduce life coverage and channel into health insurance -- those that cover hospitalization and surgery, which will become more expensive as we grow older.

    for retirement, insurance can form a part of your investment if you want. it still provides returns, and is still better than putting it in the bank provided the insurance company doesnt become junk overnight. this is the risk you have to bear for the returns. the other money can be put into fixed deposits, bonds, equity, and maybe even property. diversification based on your appetite for risk would help in uncertain times, i think.
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    Member gsv13's Avatar
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    Thumbs up Re: Need help on Insurance & retirement planning

    Thanks a ton guys..keep your opinion's comming in
    Personality can open doors, but only character can keep them open

  11. #11

    Default Re: Need help on Insurance & retirement planning

    Lost a lot from GREATLINK plans from great eastern as FP did not keep track of market movement ! When you ask them how much you lost , he just said not a lot, just 10-15%. Actual fact at 23% !!! When I ask him where to safe keep the funds, he said I'm not a Speculator ! What a FP, damm piss !

  12. #12

    Default Re: Need help on Insurance & retirement planning

    Quote Originally Posted by Mad View Post
    Lost a lot from GREATLINK plans from great eastern as FP did not keep track of market movement ! When you ask them how much you lost , he just said not a lot, just 10-15%. Actual fact at 23% !!! When I ask him where to safe keep the funds, he said I'm not a Speculator ! What a FP, damm piss !
    some of the components they park your money into, you are not guaranteed of returns for your capital sum. its like passing to an unknown broker who deals in an unknown market. if he loses too much, oh well, he may lose his job. but whose money is that? think and scrutinize carefully for whatever they say before committing and make sure its all in black and white with guarantee returns on capital sum at least. when they promise a 30% guarantee profit over a short term throw, be abit weary.

  13. #13
    vince123123
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    Default Re: Need help on Insurance & retirement planning

    Yup, these agents just take your money and if win, they get big bonus. If lose, they just say "too bad".

    In such times, park your money in cash. FPs will tell you "go to "safe industries" and all that, but nothign's safer than cash right now. The only reason for the safe industry bullshit is to continually earn commission from your trades.

  14. #14
    Member gsv13's Avatar
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    Thumbs up Re: Need help on Insurance & retirement planning

    Yeah thats true ..i somehow feel to keep quite until i see clear market direction's

    no one really knows which insurer is wiped out and when.

    until then i think Cash is the king.

    Cheers Guys
    Personality can open doors, but only character can keep them open

  15. #15

    Default Re: Need help on Insurance & retirement planning

    Quote Originally Posted by vince123123 View Post
    Yup, these agents just take your money and if win, they get big bonus. If lose, they just say "too bad".

    In such times, park your money in cash. FPs will tell you "go to "safe industries" and all that, but nothign's safer than cash right now. The only reason for the safe industry bullshit is to continually earn commission from your trades.
    You are right, Year 2007 FP said that it is stupid for not buying products that give 2.8% return when Fixed Deposit return is only 2.428%. I am happy to be stupid my money is safe. Cash is King.

  16. #16

    Default Re: Need help on Insurance & retirement planning

    Separate insurance and investments.

    For insurance , go for term policies, cheaper and more coverage.

    For investments, try to learn the basics and do your own buying, those bought from insurance agents are only limited to their own products, they have higher sales charges which eat into any profits.

  17. #17

    Default Re: Need help on Insurance & retirement planning

    Quote Originally Posted by ahbian View Post
    Separate insurance and investments.
    Quote Originally Posted by antacid View Post

    i personally feel insurance should be used for just that - insurance. not investment.
    Quote Originally Posted by ortega View Post
    i am not an insurance agent or FP

    1. do your sums and find out how much money you can set aside per month
    2. then you need an objective of what you want to be covered for
    3. then find out how much you will need for your retirement
    Agree, and for investment... really need learn on your own, so other can fool u...

  18. #18
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    Default Re: Need help on Insurance & retirement planning

    that's why i always avoid them at interchange
    no time for their nonsense...

  19. #19
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    Default Re: Need help on Insurance & retirement planning

    TS, you are at the wrong forum. Go to http://forums.sgfunds.com/

  20. #20
    Senior Member xtemujin's Avatar
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    Arrow Re: Need help on Insurance & retirement planning

    I disagree CS kopitiam is a pow ka leow forum.

    Quote Originally Posted by aryanto View Post
    TS, you are at the wrong forum. Go to http://forums.sgfunds.com/
    Last edited by xtemujin; 1st March 2009 at 08:55 PM.

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