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My Insurance Android App – Insurance Returns V1.3

If you have downloaded my Insurance Android App – Insurance Returns, a very big thank you and I hope that the App has provided you some form of benefits in understanding the insurance rate of returns of any regular savings plan and single premium savings plan!

What Can The Insurance Returns App Do For You

But if this is the first time you are reading this… do let me share what the App can do for you especially if you have intentions to promote (as a Financial Planner) or buy a Regular Savings Plan like an Endowment Plan or those Single Premium Plans like a Fixed Deposit Plans.

In Summary, rather than appreciating the final value on maturity, e.g. you save $10,000 in total premiums for 10 years and you are expecting to receive $12,000 in projected maturity at the end of the term, which you have made an extra $2,000 from your $10,000… you get it in the form of compounding rate of return in 3.28% per annum. 

This would mean that this plan is sound and worth venturing into if most of your savings are merely generating around the range of 1% per annum. But if you are one that is concerned about inflation which is an average of 5% per annum, this plan may not be that attractive because the plan is not working hard enough for you to combat against inflation!

And with the Insurance Returns App, it will save you a lot of hassle of doing the calculation! For example, all you need are to key in the annual premium, the projected maturity, the policy term and you get the compounded return! That’s it!

>> Click Here To Download The Insurance Returns App

The Insurance Returns App At Version 1.3

Read More »My Insurance Android App – Insurance Returns V1.3

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