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Thread: Need help on Insurance & retirement planning

  1. #21

    Default Re: Need help on Insurance & retirement planning

    u should always separate your insurance and investment (for retirement)
    always treat insurance as an expenses

    and always take care of insurance first before investment
    so i have things like

    1) living policy signed during NS (ntuc)
    2) H&S + rider (predential)
    3) accidental policy (ntuc)
    4) dependant protection scheme (ntuc)

    (1) comes with some endowment plan
    cant remember any details

    (2) is hospital and surgical to cover hospital expenses in case of any accident / illness deductible from CPF. The rider part is cash payable this is to cover the 20% of the bills

    (3) is self explanatory

    (4) is compulsory

    once i get a full time job , then i will go for term policy like wat ahbian had mention
    iirc once read in sgfunds that ntuc should be the cheapest among all which cover half a mil or more

    and of cos if ur aggressive and a risk taker
    u can dab into unit trust and stocks

  2. #22
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    Default Re: Need help on Insurance & retirement planning

    cheapest is not always best, insurance will work only when you successfully claim, so do your homework before deciding which one to buy
    the same goes, most expensive is not always best also.
    Best is to find the right fit, and see if you are willing to pay the price.

  3. #23
    Member whizzard's Avatar
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    Default Re: Need help on Insurance & retirement planning

    Quote Originally Posted by ahbian View Post
    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.
    I second the above!

    I have never been a proponent of insurance because of the long term regular commitment it imposes on you - what if you lose your job, etc? But, I also recognise that there are some risks that you cannot afford to take on your own, hence insurance is a necessity - but only for those risks.

    Hence, I also keep my insurance needs and my investments separated. Buy term insurance for the insurance portion - it's much cheaper and very transparent (very important: plse read the fine print on what it covers and what it excludes). Once you bundle your insurance with investment, it becomes opaque and that's where you pay extra!

    Insurance is always an expense. Yes, endowment policies or investment-linked policies make it appear as if you are getting something back. Trust me, you are better off expensing your insurance needs and investing the excess on your own, separately. At least that way, you can always stop your investment for whatever reason yet maintain your insurance payments i.e. de-link the two instead of say, stopping the premiums on your endowment policy and the entire policy lapses and goes to waste.

    For investments, it's always important to educate yourself on what and how to invest. If you are unsure, cash is the best (especially now) despite the low interest offered - at least you won't lose your principal.

    Cheers!

  4. #24
    Member gsv13's Avatar
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    Thumbs up Re: Need help on Insurance & retirement planning

    Quote Originally Posted by whizzard View Post
    I second the above!

    I have never been a proponent of insurance because of the long term regular commitment it imposes on you - what if you lose your job, etc? But, I also recognise that there are some risks that you cannot afford to take on your own, hence insurance is a necessity - but only for those risks.

    Hence, I also keep my insurance needs and my investments separated. Buy term insurance for the insurance portion - it's much cheaper and very transparent (very important: plse read the fine print on what it covers and what it excludes). Once you bundle your insurance with investment, it becomes opaque and that's where you pay extra!

    Insurance is always an expense. Yes, endowment policies or investment-linked policies make it appear as if you are getting something back. Trust me, you are better off expensing your insurance needs and investing the excess on your own, separately. At least that way, you can always stop your investment for whatever reason yet maintain your insurance payments i.e. de-link the two instead of say, stopping the premiums on your endowment policy and the entire policy lapses and goes to waste.

    For investments, it's always important to educate yourself on what and how to invest. If you are unsure, cash is the best (especially now) despite the low interest offered - at least you won't lose your principal.

    Cheers!
    Yep i quite agree with you

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

  5. #25

    Smile Re: Need help on Insurance & retirement planning

    Hi,

    Happened to come across this.

    TS can visit the Money Sense website (http://www.moneysense.gov.sg), it is a good starting point. There are public events which might be useful for you.

    There are also publications on the website that discuss about insurance, investments, retirement planning, and matters relating to your personal finances. Should you need to engage a licensed financial adviser, the website has consumer guide to take reference. (Tied agents may not be suitable if you are looking for choices and to diversify insurance risks.)

    The important thing is to read widely, discuss with friends or "gurus", and be opened minded to learn. You can speak to different licensed advisers to hear their views - there are such people who are willing to share with you. Not every licensed advisers are bad, remember the recent Newton big hoo-hah? Even hawkers have good and bad ones.

    Hope this helps.

  6. #26
    Member gsv13's Avatar
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    Default Re: Need help on Insurance & retirement planning

    Thanks ..much appreciated
    Personality can open doors, but only character can keep them open

  7. #27
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    Default Re: Need help on Insurance & retirement planning

    Thousands of insurance agents want to talk to you.

    What they want is ...

    sign HERE.

    No need to read the small print.

    Authorise payment from your CPF....

    Put your life savings in our financial instrument....

    Trust us...

  8. #28

    Default Re: Need help on Insurance & retirement planning

    I wish everyone luck in all their life savings poured into these instrument/component/asset whatever fancy names there are.

    I had a good chat with a childhood friend who explained to me (in layman terms) that everything in the background is like a huge casino. You win some, you lose some.

    here is an interesting video how it all happened. it was all about greed.


  9. #29
    retirement planning
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    Default Re: Need help on Insurance & retirement planning

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