Group Term - Have You Planned?

What Are Those Insurance Plans All About – Part #1

by FinancialDex
February 9, 2010
Insurance

(All About Life Insurance Related – Whole Life, Term and Group Term)

This post and the continuous ones will form the basis of all the past and current insurance plans out in the market and I hope this will give you a better understanding of the structure of plans that you may have in your current portfolio.

Note: there are many different variations of plans and if you do not see it, it would be best to seek your Financial Planner with regards to it. It’s better to understand now then to have issues (in terms of claiming or maturity). Do not be shy about asking! Thanks!

Here Goes The List:

1. Traditional Whole Life Insurance Plans

This is a plan that usually covers against Death, Total and Permanent Disability (TPD) and the 26 (now change to 30) Critical Illnesses (CI). This plan pays a lump sum upon claim and will terminate. Premiums to be paid are usually to the age 85 (this may varies) and comes with cash value. Some insurance companies offer the options to convert part or full amount of the surrender value to an Annuity Plan. Do note that this plan does not cover you against any hospitalization bills. Also note that early termination will result in heavy penalty (getting less than what you have paid)

2. Limited Premium Term Whole Life Insurance Plans

This is a new variation to the Traditional Whole Life Insurance Plan by offering you with a Limited Premium Term. This means that you do not have to serve the full premium term to 85 years old. You are given some options like 5, 10, 15, 20, 25 and to age 65. The benefits are the same as per the Traditional Whole Life and pays a lump sum upon claim and terminates.

How To Plan With $200/month If You Just Started Working

by FinancialDex
November 7, 2009June 23, 2010
Financial Planning

If you have just started work, around the age of 25 and holding a monthly salary of around $2,500 (Gross, before CPF contribution, bringing home around $2000) onwards, then you would love to appreciate this post as I will be sharing with you on how to plan well (coverage in almost every aspect) with just 10% of your monthly “bring-home” income ($200/month).

Note: If you are finding it hard to set aside this 10%, please read my Financial Planning Tip #1 – Paying Yourself First…

Note #2: The plans discussed below are mostly offered by the Insurance Company that I am representing and should not be served as a direct guide. Any queries, please do contact your Financial Planner.

How To Plan With $200/month?

The premiums are derived based on a Male, age 25, and a non-smoker. Rates for Female may differ accordingly.

1. Medical Insurance (Compulsory) With Rider (Optional)