I purchased from a bank as i work there.. Degree cost is soooo ex nowadays.. I wonder how would it be like in 18 years down the road looking at the scary inflation rate projected at 5.5% this year...
Had been through the tough road of studying part time and working full time... The saddest thing is even I spent near $30K on my degree from UniSIM, it is not a "good" degree afterall.. How I wished my family could have supported me to study in Local Uni as it is more recognizable but have to be full time.
I have been looking for savings and life coverage for my girl.. But I understand that most endowment plan comes with low life coverage.. Previously I am from Prudential... Thought of buying a Pru Flexi Cash - Endownment + a ILP (Investment Linked Plan) / Limited Pay Life Insurance...
Life coverage for my child is purely a gift for her.. As i am not going to be the beneficiary... ILP is good because it comes with savings element and insurance coverage... But you have to pay till your child passed on... Its a superb long term commitment.. Limited pay Life insurance if purchased when child is age 0, is very cheap... And probably is around $1.2k for 10 years if looking at 100k SA...
Then i came to know a 3 in 1 plan.. Which is limited pay, gives out a sum of money when child is ready to enter Uni and has insurance coverage till my gal passed on (age 99).. Which i think is lovely... I save about $380 till the age my gal is 18, i get a lumpsum of $50K for her Uni and thereafter the plan will continue to run till my gal is age 99.. The good thing is, the life coverage is 2x of my lumpsum which is 100K !! And i stop paying after my gal is age 18..!!
$380 is a comfortable amount for me as I originally budgeted $100 for ILP and $250 for Pru Flexi Cash 15... Although cash value wise, ILP + Pruflexi Cash may generally provide me more, but I like the idea that i stop my responsibility as a parent when my gal reach 18yrs old.. If i put in limited pay 10 (Life coverage) + Pru Flexi Cash 15 (Endowment), I will not be able to achieve 50K return because it defeats the purpose of terminating the Limited Pay policy as the aim is to provide my girl with 100K coverage... And the time line doesnt really match for Pru Flexi 15 as there is a shortage of 3 years which has a reinvestment risk...
I like the certainty that I m definitely getting 50K when my gal reach 18 yrs old and 100K SA thereafter till age 99. As we know most endowment plans depend on bounes declared.. Return could be lesser... And if really in need, the policy still have cash value for me if i terminate.. The concept is like ILP but I stop paying after 18 years...!
Had been through the tough road of studying part time and working full time... The saddest thing is even I spent near $30K on my degree from UniSIM, it is not a "good" degree afterall.. How I wished my family could have supported me to study in Local Uni as it is more recognizable but have to be full time.
I have been looking for savings and life coverage for my girl.. But I understand that most endowment plan comes with low life coverage.. Previously I am from Prudential... Thought of buying a Pru Flexi Cash - Endownment + a ILP (Investment Linked Plan) / Limited Pay Life Insurance...
Life coverage for my child is purely a gift for her.. As i am not going to be the beneficiary... ILP is good because it comes with savings element and insurance coverage... But you have to pay till your child passed on... Its a superb long term commitment.. Limited pay Life insurance if purchased when child is age 0, is very cheap... And probably is around $1.2k for 10 years if looking at 100k SA...
Then i came to know a 3 in 1 plan.. Which is limited pay, gives out a sum of money when child is ready to enter Uni and has insurance coverage till my gal passed on (age 99).. Which i think is lovely... I save about $380 till the age my gal is 18, i get a lumpsum of $50K for her Uni and thereafter the plan will continue to run till my gal is age 99.. The good thing is, the life coverage is 2x of my lumpsum which is 100K !! And i stop paying after my gal is age 18..!!
$380 is a comfortable amount for me as I originally budgeted $100 for ILP and $250 for Pru Flexi Cash 15... Although cash value wise, ILP + Pruflexi Cash may generally provide me more, but I like the idea that i stop my responsibility as a parent when my gal reach 18yrs old.. If i put in limited pay 10 (Life coverage) + Pru Flexi Cash 15 (Endowment), I will not be able to achieve 50K return because it defeats the purpose of terminating the Limited Pay policy as the aim is to provide my girl with 100K coverage... And the time line doesnt really match for Pru Flexi 15 as there is a shortage of 3 years which has a reinvestment risk...
I like the certainty that I m definitely getting 50K when my gal reach 18 yrs old and 100K SA thereafter till age 99. As we know most endowment plans depend on bounes declared.. Return could be lesser... And if really in need, the policy still have cash value for me if i terminate.. The concept is like ILP but I stop paying after 18 years...!
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