Education insurance

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Mummy_201002

Member
Dear mummies, need some advise if you do buy edu insurance for your bb aside from H&S? Some quotation obtained cost about $180 for a $50k sum assured and about $390 for $100k sum assured. My concern is afordibility if one of us is out of job. This is only my 1st bb and if we can afford, i would like to have 3 ; )
 
vinder79

vinder79

Active Member
I recently met my insurance agent who introduced this savings plan to me.Its like you save a fixed sum monthly/yearly for 10 yrs and the policy continues accumalating.I checked the interest rated and found out that for the past 5 yrs it averages at 5.25%.
As most ppl dont want to become a liability to their kids i feel that it is worth looking into.
If you are interested pls PM me and i give you the agent no.(Pls do not leave no here)
I recently signed up for my elder son 22 mths and found out that if you sign up from now till 17/5 you get 20% off first year premiums.And the beat thing is i pay $309 monthly or $3553 annually for 10 yrs means i will pay up $35230.(exclude discounts)When my elder son turns 21 he gets a gurantee sum of $42,276.
For parents nowadays we would like to finesh saving as much as possible earlier so you guys should consider this plan.


I AM NOT AN AGENT JUST A CAREFUL MUMMY WHO WANTS TO SHARE THIS EXPERIENCE
 
S

stonston

Well-Known Member
Vinder, is it AIA? Cos the price very similar to what I bought :)

In any case, do your homework well before purchasing :)
We compared with different companies before we decided.
Read the fine print too :)

End of the day, you must be comfortable with paying for it & ensure that in event that you have another child or two and might want to stay at home to look after the kids, you can still afford the premiums.

This should be a gift to your child, not a burden :)
 
actan1

actan1

Alpha Male
Mummy_201002 said:
Dear mummies, need some advise if you do buy edu insurance for your baby aside from H&S? Some quotation obtained cost about $180 for a $50k sum assured and about $390 for $100k sum assured. My concern is afordibility if one of us is out of job. This is only my 1st baby and if we can afford, i would like to have 3 ; )
Click to expand...

Hi,
I have something that may interest you.
If you are interested, pls call me @ 9118 1233
Dun worry. no obligation...

Best regards
Auston Tan
 
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lynnie85

Member
Dear Mummy_201002,


I always advice my clients to start from small and slowly build their portfolio up through yearly review. I do understand we are running against time for children education. But if we start from a big amt, it is difficult to reverse back. And if your concern like loss of job set in, with such a uncomfortable budget may cost you to lapse or terminate the policy, therefore wasting your money. Start one at a time and priortise your needs. Most impt is that you and your husband is well covered esp H&S

Hope these advice helps =)
 
vinder79

vinder79

Active Member
stonston said:
Vinder, is it AIA? Cos the price very similar to what I bought :)

In any case, do your homework well before purchasing :)
We compared with different companies before we decided.
Read the fine print too :)

End of the day, you must be comfortable with paying for it & ensure that in event that you have another child or two and might want to stay at home to look after the kids, you can still afford the premiums.

This should be a gift to your child, not a burden :)
Click to expand...
Thks for the words of advise will read it carefully and if needed will cancel the insurance.
 
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MsKoh1973

Member
My financial adviser had recommended me TM Asia Life educational plan, pay for 5 years, and then can adjust the tenure, for my girl, is another 14 years to go, so the effective rate of return p.a. is abt 4%.

So far TM Asia had never cut their bonus, they always able to give the highest return based on their projections. (usually the policy show 2 diff columns for 2 diff projection)
 
F

Future

New Member
Hi everyone,

I'm a financial planner from AXA. I can give you the exact figures for your kid's education saving plan.

For a $60,000 saving plan, (eg. mom is 30yrs old, child is 1 yrs old) you'll be expecting a guranteed 110% back from year 18 to 21. Premium is $275.97 per month.

Policy year 18 -- 25%
Policy year 19 -- 25%
Policy year 20 -- 25%
Policy year 21 -- 35%

At the end of 21st year, you would have drawn $66,000. Guaranteed. After that, the premium will drop to $597 per year! What's so great is that your child will still be protected for life at $60,000, which is a superb plan.

To my best knowledge, I believe TargetSaver is one of the best plans to get. It's almost like a saving + whole life.

Email me if you would like to find out exact figures for your plans, according to your age.
 
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MsKoh1973

Member
Recently I just bought one educational insurance from TM Asia Life. I don't like to have long committment, in case loss job etc, so I choose to pay 5 years.

I can't recall the full details and too lazy to go dig the drawer. But think is basically I pay like about $20K for 5 years, think a abt 14 years later (my girl now 5 yo), I will get back like about $150K, the return is about 4% per annum.

So far TM Asia Life has not cut bonuses, u may want to consider. Think they oso have plan for monthly payment. You can contact them direct to find out more details if you interested.
 
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MsKoh1973

Member
leelynn2006 said:
i feel that baby's life insurance should always be bought before edu plans...
just my 2 cents worth of advice...
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actually this may or may not be true.......bb's medical insurance is important, considering the high medical cos.

Buying life insurance while bb young is good as the premium starts low, but it protect the parents cos they get the money after the bb is gone, they don't protect the bb. Medical insurance and education more important.

But life insurance is to protect the person who are left pp after the insured die, unless the parents are depending on the bb to feed them, otherwise, it can wait for a while. Think the insurance on parents' life more critical, cos otherwise who feed the bb if the parents are gone?
 
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RunForrest

Alpha Male
Pneumonia

Protection definitely comes before savings in my opinion.
I'm an Independent Financial Consultant. But not before what happened to my child...


My child had real bad pneumonia, was in hospital for 3 weeks. Infact, we pleaded for the doctor to discharge us as we were really sick of staying in the hospital day and night. And it was Christmas...
She was only 2, and yes, she had the vaccine before she contracted this, but the doctor said it's a strain outside the vaccine's coverage.
Me and my wife had to take unpaid leave to stay with her.
Can you imagine the medical bills plus the income we lost ?

In my scenario, I am really glad my child can recover. I can't describe the kind of anxiety I was having when the doctor told me it could affect other organs and we have to hope for the best. The doctor recommended an operation but he brought me to a corner and asked if I am alright financially bcoz the cost will be rather substantial. Without any hesistation, I told him to do whatever he feel is necessary. I just want my child well again.

Well. She recovered. H & S bill 25k. (Kandang Kerbau Hospital). All reimbursed. What about the income we lost , 2 month without working? And the transport, tonics, and the post hospitalisation consultation ?

This is just pneumonia (bacteria infection), if it had been something much serious, do you think the H & S is enough ? What if you have to take care of your child for 10 yrs ? How about organ transplant, look into your contract. dont't take it for granted.

Its important to get the right things. There are many school of thoughts from Financial Advisors, just as doctors can give different diagnosis and medicine. No harm hearing another 1 out before you make that important committment, just as you would if you have a bad medical condition.

Most importantly, stay healthy.
 
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eurostar

Member
Re: Pneumonia

what is purpose of buying insurance?
to me is medical shield + protection is important ....look at the pathetic guarantee return + SGD depreciation, i believe u can get more if u buy term and invest the rest
after getting above u can give ur child a gift like buying limited premium policy

but that's just me :)
 
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silkpro

Member
Re: Pneumonia

Is education insurance really impt? What is the minimum premium rate and what is the return like? TIA!
 
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snowgal1187

New Member
I am helping people with their wealth management using a very unique and proven financial planning process. It will help you to know more about your financial health as we will analyse your plans and objectives and work towards your financial goals.

Do not hesitate. You can drop me a message or just comment here and i will get back to you.
 
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RunForrest

Alpha Male
Re: Pneumonia

eurostar said:
what is purpose of buying insurance?
to me is medical shield + protection is important ....look at the pathetic guarantee return + SGD depreciation, i believe you can get more if you buy term and invest the rest
after getting above you can give your child a gift like buying limited premium policy

but that's just me :)
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Endownment by itself is a term plus investment plan. Anyway, returns always correlate to risk. If you have risk appetite and is investment savvy, you can do that by all means. What if your investment take a dive at the time you need it to fund the education? So again, you have to set your priority right.

Education policy usually comes with high guaranteed amount and pays around 4% to 5% compounding over 20 years. Don't you agree it gives you the peace of mind rather than hoping your investment is in the right direction ?

That said, of coz, it's your call what you want to do. End of the day, this is the reason why there are so many products in the market. To cater to different need.
 
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