Hi Mr tan, is
Is there any group insurance that I can look into beside the SAF Group Insurance, because I am not eligible to join them.
REPLY
If you are a SAFRA member or a Public Servant, you can try NTUC Income. If not, you can buy the a term insurance here: http://tankinlian.com/Admin/File.aspx?id=56
Term insurance isn't inflation proofed. That's to say, if you buy S$250,000 now for 25 years, don't think that's a lot because if a claim occurs at, say, 20 years down the road, the S$250,000 would not be worth what it's worth today. But it's a fair deal since you'd be paying premiums along the years with deflated dollars too.
ReplyDeleteAs term insurance is already inherently decreasing in value when marked to inflation and purchasing power, it's not generally not advisable to buy decreasing term for family protection planning. Decreasing term should be used for specifically decreasing liabilities, e.g. mortgages.
However, don't be taken by sales pitch that participating polices are inflation proofed as bonuses are added. It might be true in the past but not possibly true now or in the foreseeable future.
Hedge against inflation with higher probability of making gains above inflation by investing the savings difference yourself.