What insurance prdts n how much do u set aside for retirement??

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crystalpink

Member
Hi all,

What kind of insurance products do u get for yr retirement besides protection needs like life insurance? How much do u plan for yr retirement needs?? Pls share..thks.
 
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Prudence

New Member
For retirement, perhaps you will want to position yourself such that money comes in for you every few years. This will supplement your CPF Life (if any) and property rental income (if any). At the same time, it protects you from yourself. To help reduce the chance of spending past your limits.

Another option available is terminating a whole life plan with cash value. There are more solutions to retirement, but it is not fair to provide input without knowing more about your current situation.
 
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crystalpink

Member
I have all of the above, but i want somethg more on top of CPF life. I would like to hear more of the products in the market but not pertaining to just Prudential alone. I do not wish to buy any products from Prudential anymore. Thks for yr kind advise, I appreciate it very much!
 
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Prudence

New Member
crystalpink said:
I have all of the above, but i want somethg more on top of CPF life. I would like to hear more of the products in the market but not pertaining to just Prudential alone. I do not wish to buy any products from Prudential anymore. Thks for yr kind advise, I appreciate it very much!
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Okay no worries. You are right that I am from Prudential. However, I would like to enter this forums as just being a Financial consultant. I don't intend to recommend / highlight any products in particular over the forum boards.

I will watch this thread to see what other people may suggest as this is quite an interesting topic to me :D
 
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Chris Pan

New Member
Hi, CrystalPink

I can help you in your retirement planning as I am not a tied agent. I am a broker and can recommend various plans from different companiesto suit yr requirement, pls email your financial objevctive to : 2wwpan@gmail.com.

Cheers and hope to hear from you.
Chris
 
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MsKoh1973

Member
crystalpink said:
Hi all,

What kind of insurance products do u get for yr retirement besides protection needs like life insurance? How much do u plan for yr retirement needs?? Pls share..thks.
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hi hi, u can consider NTUC SAIL plan and Tokio Marine Asia Life Nest Egg Plan, both give abt 4% yield for long term endowment. DIff terms available. Upon maturity, they can be converted to annual payment instead of lump sum payments so that u can continue to earn interest. For more details u can refer to their website.
 
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MsKoh1973

Member
Alison325 said:
got a life savings insurance policy, hits maturity when I'm 65 and also posb myretirement insurance which is actually a pretty good one. Once I hit 65, I would get $40k per annum. It's like having a salary but not having to work! Lol Plus the money I would get from my life savings policy, would be quite comfortable.
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hi hi, how much premium and how long u paid? The $40k p.a. is for how long? Whats the name of the product? Is it Aviva Myretirement? cos I thought it only gives out 10 years of income?
 
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crystalpink

Member
I would feel that hving a payout at age 65 is a bit too late. By that time, CPF life will come in at the same time. I hv other ins products which earn higher interest and can mature even much earlier and can hv the flexibility to withdraw cash at the same time.

I would feel that Aviva My retirement plan is somehow similar to NTUC Sail plan.
 
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MsKoh1973

Member
crystalpink said:
I would feel that hving a payout at age 65 is a bit too late. By that time, CPF life will come in at the same time. I hv other ins products which earn higher interest and

can mature even much earlier and can hv the flexibility to withdraw cash at the same time.
I would feel that Aviva My retirement plan is somehow similar to NTUC Sail plan.
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Hi hi, can share wat plan issit? Fr manual life or HSBC or aia? Ths!
 
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MsKoh1973

Member
kaymummy said:
Hi mskoh, can share what policies you were mentioning about?
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Hi, some policies me n hubby have bought r
NTUC Vivo life - life policy convertible to annuities
NTUC Annuity
NTUC SAIL Plan ( I bought the 25 yrs term)
You can read more on the NTUC Plans on their website
NTUC Income | Savings and Investment Products | For Education and Retirement

Tokio Marine Nest Egg
Tokio Marine Lifestyle (phase out already)
Tokio Marine Wealth Enhancement (w SRS/ Cash)
Tokio Marine Education Plan
You can read more on their website
http://www.tokiomarine-life.sg/individual-solutions/8-keys-financial-needs/

Btw, I heard they going to remove the Tokio Marine Wealth Enhancement (dun noe how true), tats why we just use hubby SRS to buy some last week.

Recently they also launched one new Nest Egg series called GIO, means guarantee insured option, more for those who r not in perfect health, sure can buy cos its death coverage is low, its more for yield. I am considering taking up a 5 yr payment plan next week w 20 yrs term when they launch at state bank of india cos they got some promo give aways.

Lastly, I heard rumors ( dun noe how true) that they going to revise the benefit illustration downwards across the insurance industry, from current 5.25% to 4.75%. Even tho usually bonus rate sometimes may be cut, but Tokio Marine famous for not cutting bonus rate, tats why I decided to lock in my last policy, before the rates cut.

Think after tis, no more spare cash for policies liao (of cos need to set aside contingencies funds)

In addition to the above, I hv also parked my emergency (or contingencies) fund in FD with Standard Chartered Step Up FD a/c, every 3 months renewal.

U can call them up to check for further details if u r interested
 
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Supermama

New Member
Hi mummies,just to share with you girls.Recently I was reccomended this plan called LifeEnrich from a HSBC roadshow.Pays out at age 55 or 62, was told that I can choose a monthly/lump sum payout upon maturity.i think the monthly payout is pretty gd instead of yearly.returns are not bad too. [FONT=.HelveticaNeueUI]http://www.insurance.hsbc.com.sg/1/2/sghi/personal-insurance/savings/lifeenrich#top[/FONT][FONT=.HelveticaNeueUI]
[/FONT]
[FONT=.HelveticaNeueUI]Btw this plan was reccomended for kids too.its like a savings/insurance plan.[/FONT]
[FONT=.HelveticaNeueUI]http://www.insurance.hsbc.com.sg/1/2/sghi/personal-insurance/savings/childenrich[/FONT]



I personally feel that these two plans are quite comprehensive in terms of features and free protection after maturity.
Most imptly I feel that the agent was patient and detailed.
Any mummies gt similar plans to share/reccomend?
 
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Arma

New Member
Hi Supermama

After I go through your link for child savings plan under HSBC,I understood that

For 1 yr male child(sum Assured of $50,000)for 4years payout of $12,500 you will be paying premium of

$68,493.60($285.39^12^20) for 20 years premium term

$61,824(644^12^8) for 8 years premium term

Whereas under AIA for same plan(sum assured $50,000 n 4 years payout)which I had taken for my children

I am paying only $469.60^12^10($56,358.72) for which the premium term is 10 years n the payout is on when the child is 18,19,20,21 years
and moreover it comes along with additional benefit of unemployment benefit for payer(if u suffer involuntary loss of employment continuously for 3 months during the policy term,the monthly premium will be waived during the continuance of the involuntary loss of employment but not more than an aggregate of 12 monthly premiums)

If you want more info,PM me so that I can give my agent no.



Supermama said:
Hi mummies,just to share with you girls.Recently I was reccomended this plan called LifeEnrich from a HSBC roadshow.Pays out at age 55 or 62, was told that I can choose a monthly/lump sum payout upon maturity.i think the monthly payout is pretty good instead of yearly.returns are not bad too. [FONT=.HelveticaNeueUI]http://www.insurance.hsbc.com.sg/1/2/sghi/personal-insurance/savings/lifeenrich#top[/FONT][FONT=.HelveticaNeueUI]
[/FONT]
[FONT=.HelveticaNeueUI]Btw this plan was reccomended for kids too.its like a savings/insurance plan.[/FONT]
[FONT=.HelveticaNeueUI]http://www.insurance.hsbc.com.sg/1/2/sghi/personal-insurance/savings/childenrich[/FONT]



I personally feel that these two plans are quite comprehensive in terms of features and free protection after maturity.
Most imptly I feel that the agent was patient and detailed.
Any mummies gt similar plans to share/reccomend?
Click to expand...
 
B

Brynie

New Member
Hi there,

I would recommend you meeting with a financial planner to discuss your options. A financial planner will provide you advice around savings, wealth management, estate planning etc.

We offer free consultations that run for 45-60 minutes to get to know you a little better and provide you with personalised impartial advice based only on those circumstances. There are no obligations and the meeting is simply to determine whether there is any common ground for future meetings. It's really important you seek advice based on your abilities. Great thing about our company is that we are independent so all of our advice is impartial.

If you would like to know more, drop me an email at bf@thehenleygroup.com.sg

Brynie
 
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roybajwa

New Member
There are many insurance products other than General Life insurance which can help secure your retired life while providing you with a regular income. My father recently invested in Zurich Vista Products with the intention of securing his financial future post retirement.
 
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IFAadvisor

New Member
When it comes to retirement, you may want to consider how much you need, how and when it is distributed to you.

When retirement really comes, people usually spend the most in the first 5-10 years then taper down, so it will be good to plan for a few plans or sources.

The traditional endowment plan from insurers pays a lump sum on maturity date, or payout over 5/10/20 years after maturity.
There are also plans that cater to lifetime of income, equivalent to an annuity plan. What we call deferred annuity plans.
 
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