Need help on Insurance & retirement planning

[gsv13]

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.

 

[gsv13]

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

 

[Dream Merchant]

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! :bsmilie:

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.

 

[gsv13]

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

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

Surprising! Thought your PM would be flooded by insurance agents by now! :bsmilie:

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.

 

[gsv13]

This is so surprising no one ?


...

 

[astroboy]

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.

 

[zj2000]

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.

 

[ortega]

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)

 

[antacid]

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.

 

[gsv13]

Thanks a ton guys..keep your opinion's comming in

 

[Mad]

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 !

 

[contaxable]

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.

 

[vince123123]

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.

 

[gsv13]

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

 

[Jukon]

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.

 

[ahbian]

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.

 

[Shen siung]

Separate insurance and investments.

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

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...

 

[Simon_84]

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

 

[aryanto]

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

 

[xtemujin]

I disagree CS kopitiam is a pow ka leow forum.:sweat:

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