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What Are Those Insurance Plans All About – Part #1

(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.

Read More »What Are Those Insurance Plans All About – Part #1

Mortgage Insurance Or Term Insurance For Your Mortgage Loan – Part 3 Of 3

In Part 1 of 3 of my Mortgage Insurance series, I have shared with you why you need to consider having a Mortgage Insurance to protect your Mortgage Loan and not wait till you are able to sell off the property…

And in Part 2 of 3, I have also shared why and when so to start applying for the mortgage insurance and most importantly the underwriting requirements needed for your application. If you have concern about taking a HIV test, I have also shared some pointers to go around it and lastly some basic health tips to ace your medical checks.

In this last part, I will be sharing with you, some of the common suggestions that most of my clients have when it come to their Mortgage Insurance Planning, they know they need it, but they are thinking whether to choose either a Level Term or Mortgage Reducing Term Insurance…

How To Choose Between Mortgage Reducing Term Insurance And A Level Term Insurance?

Basically there’s no right or wrong should you decide to choose either of the plan. It’s only wrong when you decide not to plan for it. But should you need some advice (from me), here’s a few pointers to consider from the two choices…

Choose Mortgage Reducing Term Insurance as first priority because:

Read More »Mortgage Insurance Or Term Insurance For Your Mortgage Loan – Part 3 Of 3

Underwriting Requirements For Your Mortgage Insurance – Part 2 Of 3

In the first part of my Three Part Series on Mortgage Insurance, I have shared why you should consider having a Mortgage Insurance to cover your Private Housing Loan and not to wait to sell of your Property and that a Mortgage Insurance would be beneficial to you because:

  1. The Premium is the lowest as compared to Whole Life, Endowment, Level Term and even Decreasing Term Insurance
  2. Mortgage Insurance is portable among Mortgage Loans.
  3. You can still keep your Mortgage Insurance Plan to form part of your Financial Planning Process

And in this Second Part of the Three Part Series, I will be sharing with you on the Underwriting Requirements when you apply for your Mortgage Insurance.

To start off this Second Part, I shall share with you when can you start applying for your Mortgage Insurance and why so…

When Should You Apply For Your Mortgage Insurance And Why So…

Do You Have Your Mortgage Insurance?

Read More »Underwriting Requirements For Your Mortgage Insurance – Part 2 Of 3