Hi, Mr. Tan,
I met up with a consultant at the NTUC Income Business Center. I invested in the balanced fund through the IDEAL plan by investing $300 each month. It is great that they don't charge 45% advisory fee.
When I met five insurance agents earlier. I was confused with their recommendation. This time, I have made up my mind that I want to buy term insurance and to invest my savings in an investment fund. I do now wish to hear about the Limited Premium plan or the Revosave.
I told him directly what I want to buy and how much I want to assure. (I found it is really hard for an advisor to direct you straight to term policy.
The procedure was made very fast and I signed off for the term insurance. Afterwards, I signed the IDEAL plan and chose the Balanced Fund which I think is really will be suitable for me. I felt that my hard work paid off, I bought the IDEAL plan which I truely feel is ideal and the term policy which I felt enough for me.
Thanks again for your great blog and great advice.
REPLY:
I am glad that you have now found the solution to your financial plan. I will post your story to encourage other people to visit the NTUC Income Business Center.
Congratulation for making the right choice .This is the way to protect yourself and to accumulate. Seperate them so they are mutually exclusive.
ReplyDeleteI also congratulate you for the courage to resistant and also discernment to see through the motive of insurance agents.
All those plans suggested by the insurance salesmen are plans that give them high commission. I am glad you didn't fall into their traps.
ID7 is ideal and is only available at the business centre.
ReplyDeleteIf you need a critical illness cover buy the term living to cover you till 65 and if you want to extend to 80 you can do so. My advice is don't buy. Self insurance becuase you MAY not get CI.
If you do get after 65 you have shield cover to take care of it. Your dear life may not be as important as you were 20 years ago so you don't need to stay in a posh hospital or engage a famous doctor from Mayo. You get same treatment at C or B2 ward.Get the subsidy. Don't let those unscrupulous agents con you into belief that you need a wholelife or limited premium for the rest of your life. You only make the agents and the company rich. And you?
Revosave? i have nothing good to say about it.You can throw it into the trash. Your life will be "trashed" if you have one. Dr. Money already said it all. You believe a finance expert (professor of finance at SMU) or your run of the mill insurance salesman with a cert in life insurance?
Glad you did the right thing.
Yes,well done on yr decision..but remember don't put all yr golden eggs in 1 bag (plastic?) ha!ha!
ReplyDeleteKeep an open mind..
I visited the Business Centre few days ago. They also try to sell me the limited premium living policy and revosave. I asked them abt ID7, he tried to push revosave to me.
ReplyDeleteBusiness Centre or agent. I think they are the same.
i have brought a IDEAL plan(ID2) few months back.Now i realized there is a IDEAL plan(ID7).it is disappointing that i have to pay the 45% advisory fee.may consider cancel the ideal plan.=(
ReplyDelete