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Re: Mummy Jennifer's Hatch

Postby starlight1968sg » Mon Jun 01, 2015 12:16 pm

Jennifer wrote:During last Friday meeting with the insurance agent, she told us our total sum assured is very little, unlikely to sustain current lifestyle expenses should a mishap happens to the sole bread winner.

How do we computed?

Estimated monthly expenses, projected x number of years compared to total sum assured and guaranteed bonus of existing policies.

Is this the way to calculate?

In the ideal case, the insured sum would be estimated monthly expenses x number of years for the dependents to be indept, so to speak.
But we know in reality, this would be a huge amt of money involved. To insured such a sum, the premium will be quite large.
Also, when buying such a life protection policy, there are 2 types; one with a saving component while the other has none (like the travel insurance). For the latter, the premiums would be cheaper as compared to the former but insurance agent would encourage people to go for the former as they can get commission.

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Re: Mummy Jennifer's Hatch

Postby TheAnswer » Mon Jun 01, 2015 12:28 pm

Jennifer wrote:During last Friday meeting with the insurance agent, she told us our total sum assured is very little, unlikely to sustain current lifestyle expenses should a mishap happens to the sole bread winner.

How do we computed?

Estimated monthly expenses, projected x number of years compared to total sum assured and guaranteed bonus of existing policies.

Is this the way to calculate?

That is how we calculated.. $xm.. We really want to sustain our current lifestyle at least.. if its possible.. make retirement even better.. We bought our insurance when we were very young..

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Re: Mummy Jennifer's Hatch

Postby MrsKiasu » Mon Jun 01, 2015 12:45 pm

TheAnswer wrote:
Jennifer wrote:During last Friday meeting with the insurance agent, she told us our total sum assured is very little, unlikely to sustain current lifestyle expenses should a mishap happens to the sole bread winner.

How do we computed?

Estimated monthly expenses, projected x number of years compared to total sum assured and guaranteed bonus of existing policies.

Is this the way to calculate?

That is how we calculated.. $xm.. We really want to sustain our current lifestyle at least.. if its possible.. make retirement even better.. We bought our insurance when we were very young..


I remember getting the agent calculated for us last time, think based on income and it will take care of the liability of eg mortgage loan should something bad happened to the insured person. I can't remember how much is the premium but what I remember is I couldn't bring myself to pay for the premium la :nailbite:

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Re: Mummy Jennifer's Hatch

Postby TheAnswer » Mon Jun 01, 2015 1:22 pm

Insurance is the first thing I bought when I received my first few pay checks.

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Re: Mummy Jennifer's Hatch

Postby starlight1968sg » Mon Jun 01, 2015 1:30 pm

TheAnswer wrote:Insurance is the first thing I bought when I received my first few pay checks.

OT: When do we stop paying the premiums for the whole life insurance plan?

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Re: Mummy Jennifer's Hatch

Postby MrsKiasu » Mon Jun 01, 2015 1:32 pm

TheAnswer wrote:Insurance is the first thing I bought when I received my first few pay checks.


Insurance is the first thing I bought when I was in my tertiary education...and that has make me shun insurance ever after..now we only have full medical and hospitalization insurance and for investmens cum protection, think agent needs to do more :wink:

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Re: Mummy Jennifer's Hatch

Postby zbear » Mon Jun 01, 2015 2:20 pm

starlight1968sg wrote:When do we stop paying the premiums for the whole life insurance plan?



There are different types of life insurance plans. You need to review your current policies with your insurance agent.

Some insurance plans - you pay for life but the premium is very low. Some - you pay abt 10-20 years but premium is high, also need to depend on which age that you bought.

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Re: Mummy Jennifer's Hatch

Postby TheAnswer » Mon Jun 01, 2015 2:33 pm

starlight1968sg wrote:
TheAnswer wrote:Insurance is the first thing I bought when I received my first few pay checks.

OT: When do we stop paying the premiums for the whole life insurance plan?

Mine is pay for 25 years.. left around 15 years for me..

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Re: Mummy Jennifer's Hatch

Postby TheAnswer » Mon Jun 01, 2015 2:41 pm

zbear wrote:
starlight1968sg wrote:When do we stop paying the premiums for the whole life insurance plan?



There are different types of life insurance plans. You need to review your current policies with your insurance agent.

Some insurance plans - you pay for life but the premium is very low. Some - you pay abt 10-20 years but premium is high, also need to depend on which age that you bought.

Entrance age is crucial to the amount you are paying....

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Re: Mummy Jennifer's Hatch

Postby Jennifer » Mon Jun 01, 2015 2:51 pm

But we should not depend only on insurance payout to sustain dependents' lifestyle, right? The dependents will become self-sustaining once they start work.

Somehow I do not agree to variables used in the formula. Her computation shows we are under insured *blink blink*

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