tag:blogger.com,1999:blog-11702093.post900316035859343030..comments2024-03-28T22:56:40.743+08:00Comments on Tan Kin Lian's Blog: Buy Term and Invest the SavingsTan Kin Lianhttp://www.blogger.com/profile/00617069056914635271noreply@blogger.comBlogger4125tag:blogger.com,1999:blog-11702093.post-13165042354933190312008-08-16T13:23:00.000+08:002008-08-16T13:23:00.000+08:00Hi, young man,i checked with my friend at FA that ...Hi, young man,<BR/>i checked with my friend at FA that the premiums I gave earleir should be much lower. it means you have more money to invest.<BR/>$250K sum assured for dependents' need for 10 year renewable term is $16 per month<BR/>$100K critical illness for 10 year renewable term is $10 per month.<BR/>$2000 monthly payout till 65 years old for disability income is $25. You need only to spend $51 a month on insurance and you have ALL your risks covered.Isn't this real peace of mind for you? This is for a young man with responsibility.<BR/>Yes , you may ask , why renewable term? This is most optimal way to address your needs NOW, no need to lock in. The renewable term means you are assured of renewal and insurability.You don't need to lock in .Review your needs as time goes by.<BR/>You mentioned that you wanted to buy a saving that doubles your money in 25 years time. My reply is that plan is a DUMB PLAN. You will be getting less than 3% return and it is a LOSS in real term due to inflation which might be 3-4% in the long term. So is it dumb?<BR/>Worse,when you need money for emergency you need to borrow your OWN money and pay interest on your own money to the company. Isn't dumb again?<BR/>Save and invest in regular ILP to earn 6-8% is better , isn't it? You can cash out whenever you need money. There is a lot of flexibility, no lock in. You can increase your saving amount.<BR/>Worry about charges? invest in ID7 regular ILP plan from NTUC. ID7 is the best at the moment, in Singapore and in Batam,. Don't confuse with ID2 which has 45% charges and is SOLD BY the so called 'financial consultants'. Don't fall into their hands or you will be a goner.Buy ID7 directly from the Business Centre. Again , warning-- don't let them change your mind.<BR/>All the best , young man.. if you have doubts tell us your problems here , in Mr. Tan's blog.zhummmenghttps://www.blogger.com/profile/11494903461266369989noreply@blogger.comtag:blogger.com,1999:blog-11702093.post-1285937863785390782008-08-16T11:11:00.000+08:002008-08-16T11:11:00.000+08:00For Term Insurance, you may wish to refer to: http...For Term Insurance, you may wish to refer to: http://www.waynekoh.com/2008/08/saf-group-term-insurance.html<BR/><BR/>For Buy Term Invest the Rest or BTITR, you may wish to refer to: http://www.waynekoh.com/2008/07/btitr-part2.html<BR/><BR/>For investing, If one has the tendency to check his portfolio to the extend of every day or even every hour without constantly worrying, he is probably not suitable for investing.<BR/><BR/>Yesterday I had lunch with someone from Motley Fool(UK), and we both agreed that BTITR is a better way than whole life insurance, but provided the investor has the DISCIPLINE to really invest and not spend the rest, and that he can be mentally prepared to ride through the course of market downturn (without much worry) and let dollar-cost averaging does its work, in the long term process.Waynehttps://www.blogger.com/profile/06090565535856014261noreply@blogger.comtag:blogger.com,1999:blog-11702093.post-13720700878022391152008-08-16T10:53:00.000+08:002008-08-16T10:53:00.000+08:00You said you are a bread winner, meaning your depe...You said you are a bread winner, meaning your dependents are your parents and siblings.You can start with a $250K(guess-estimate) 10 year renewable term for as low as $30 for peace of mind in case you leave them behind;$100K for critical illness for another $30 and $30 for a $2000 per month disability income.For less than $100 per month you have all major risks covered. H&S will come from your CPF medishield.<BR/>Whatever left of the money you want to save put it into a regular saving plan like NTUC ID7 for or any similar plan with very low charges. REMEMBER , DON"T buy whole life and endowment plan. You will be ruined for life. You wouldn't have enough coverage and protection <BR/>and your saving will be condemned.<BR/>You can see your needs, right? So much and withe term you can take care of them with low premium and PEACE of MIND.zhummmenghttps://www.blogger.com/profile/11494903461266369989noreply@blogger.comtag:blogger.com,1999:blog-11702093.post-51448049052848082092008-08-16T09:43:00.000+08:002008-08-16T09:43:00.000+08:00my friend who is 25, just starting to work get the...my friend who is 25, just starting to work get the following proposal from ntuc income business centre recently.<BR/><BR/>- i-term SA $200K & Living rider SA $100K for 25 years,monthly premium about $40/-<BR/><BR/>- ID7 investing $100/mth.<BR/><BR/>- Personal Accident Plan SA $100K.<BR/><BR/>- Enhanced Incomeshield Basic (or stay with Medishield)Crazy Arieshttps://www.blogger.com/profile/15279002134188716972noreply@blogger.com