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Life Insurance Question

 
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Danny



Joined: 16 Dec 2007
Posts: 1
PostPosted: Sun Dec 16, 2007 5:24 am    Post subject: Life Insurance Question Reply with quote
Hi Dennis,

I am currently looking to buy a whole life insurance. I have spoken with an advisor from Prudential who offered a life insurance policy with a guarenteed $100k cover for a monthly premium of about $200 per month (with option to include rider to enchance coverage by another $100k). I did not like the idea of paying premium for the rest of my life, and the adviser said there is an option to stop premiums at the 25th year, whereby i am able to borrow on the cash amount to repay the remaining premiums (at 6%pa lending rates).

I would like to seek your opinion if this is a reasonable/normal life policy? Or should I compare the terms/premiums with other insurers like Great Eastern?

Thanks.
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Dennis Ng
Site Admin


Joined: 28 Nov 2005
Posts: 638
Location: Singapore
PostPosted: Tue Dec 18, 2007 11:05 am    Post subject: Re: Life Insurance Question Reply with quote
Danny wrote:
Hi Dennis,

I am currently looking to buy a whole life insurance. I have spoken with an advisor from Prudential who offered a life insurance policy with a guarenteed $100k cover for a monthly premium of about $200 per month (with option to include rider to enchance coverage by another $100k). I did not like the idea of paying premium for the rest of my life, and the adviser said there is an option to stop premiums at the 25th year, whereby i am able to borrow on the cash amount to repay the remaining premiums (at 6%pa lending rates).

I would like to seek your opinion if this is a reasonable/normal life policy? Or should I compare the terms/premiums with other insurers like Great Eastern?

Thanks.


Hi Danny,
the 25 year mentioned by your agent is just a "critcal year" and NOT guaranteed.

Actually in the market there are Limited Premium Whole Life Policy. ie. you only need to pay premiums for say, 20 years (guaranteed) and enjoy lifetime coverage.

If you need help to get such a policy, you can email me at dennis@HousingLoanSG.com and I can recommend you a reliable person to help you get it.
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Dennis Ng
http://www.HousingLoanSG.com - unbiased analysis of ALL Housing Loans in Singapore & Australia!
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