Saturday, September 24, 2011

Insurance - Whole life policy

Disclaimer: I am not an agent. These are just my views. This is not a call to buy.
The first policy I bought for myself after I had start my contract part-time customer service job. I was 24 then, earning a super low pay at $6 per hour, spending quite a bit as this obsencely small amount to me was very big then. The NTUC agent that I got was through the enquiry page, after getting to know several agents, he was nice...really. He did not attempt to push any product, he just ask me what I want. I told him I want something to cover my life in case anything happened to me. I remember he suggest term policy to me after knowing I just start work, but i refuse to pay and get NOTHING back in the end. So he ask me for my budget, what is my other requirement and he work around my budget. He send me a couple of quotations before coming to my house one evening for the signing of contract. He came just to deliver what I had requested, he did not attempt to sell my mother, father or other family members any products, after which he just left.

The only thing he tried to talk me into is to save a bit of money by paying annually instead of monthly. As I am still new, I refuse as the saving is so little only. (FYI, I switch to a annual payment 2 yrs ago.)

My whole life policy covers
70k for my life. Monthly premium of $85.80, a payment term of 61 years.
30k living benefits which is a critical illness coverage. Monthly premium of $13.70. Payment term of 41years. Coverage is till my 64th birthday.

This is the first coverage that I bought for myself. For all those who think buy term and invest the rest, this sum of money if I die at an older age where my dependents are all grown up, this money can be put to use to pay for my funeral. Maybe what left will be split between my kids.

No comments:

Post a Comment