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Mummy Jennifer's Hatch

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Re: Mummy Jennifer's Hatch

Postby Jennifer » Mon Jun 01, 2015 2:56 pm

TheAnswer wrote:
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....


Yes, we bought whole life policy for the boys, we will pay up till x years, then the boys should take over paying the premium once they start work.

What other policies should parents get for the children?

Jennifer
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Re: Mummy Jennifer's Hatch

Postby slmkhoo » Mon Jun 01, 2015 3:00 pm

Jennifer wrote: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*

I find that all insurance advisors will tell you that you are under-insured. You really have to question their assumptions and decide which you agree with and which you don't. My husband and I (mostly him) have also been reassessing our insurance needs recently. As our kids grow up, we also see that the need to be highly insured is less as we see insurance as the cushion in the case of emergencies rather than sustaining lifestyle. Our other investments, housing, earnings etc should sustain us, and we have medical insurance for the inevitable health issues. Our dependents will have to earn their own keep once they have completed their education, and should not need insurance payouts one our lives once they are independent. That's our take.

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Re: Mummy Jennifer's Hatch

Postby Jennifer » Mon Jun 01, 2015 3:10 pm

slmkhoo wrote:
Jennifer wrote: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*

I find that all insurance advisors will tell you that you are under-insured. You really have to question their assumptions and decide which you agree with and which you don't. My husband and I (mostly him) have also been reassessing our insurance needs recently. As our kids grow up, we also see that the need to be highly insured is less as we see insurance as the cushion in the case of emergencies rather than sustaining lifestyle. Our other investments, housing, earnings etc should sustain us, and we have medical insurance for the inevitable health issues. Our dependents will have to earn their own keep once they have completed their education, and should not need insurance payouts one our lives once they are independent. That's our take.


:thankyou: for sharing. I tend to agree with you.

Jennifer
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Re: Mummy Jennifer's Hatch

Postby TheAnswer » Mon Jun 01, 2015 3:14 pm

There is no need to pay such a high premium until u r shocked at how much u r paying yearly.. My kids are very young.. so thus Hubby and I do buy more insurance in case.. insurance is not meant to sustain the kids once they start working..

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Re: Mummy Jennifer's Hatch

Postby TheAnswer » Mon Jun 01, 2015 3:17 pm

Dun under insure also.. anything happens.. everything can be wiped out..

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Re: Mummy Jennifer's Hatch

Postby TheAnswer » Mon Jun 01, 2015 3:23 pm

Jennifer wrote: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*

Dependents should depend on themselves after Uni.

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Re: Mummy Jennifer's Hatch

Postby Jennifer » Mon Jun 01, 2015 3:41 pm

TheAnswer wrote:
Jennifer wrote: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*

Dependents should depend on themselves after Uni.


Yes, agree.

I dunno how many years she used in her computation.

Jennifer
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Re: Mummy Jennifer's Hatch

Postby MyPillow » Mon Jun 01, 2015 5:29 pm

TheAnswer wrote:
Jennifer wrote: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*

Dependents should depend on themselves after Uni.


Ya, my math for them is until univ (local first) , overseas, they may have to put in their shares n efforts then.

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Re: Mummy Jennifer's Hatch

Postby starlight1968sg » Mon Jun 01, 2015 5:37 pm

TheAnswer wrote:Dun under insure also.. anything happens.. everything can be wiped out..

Esp the medical expenses.

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Re: Mummy Jennifer's Hatch

Postby Jennifer » Wed Jun 03, 2015 8:41 pm

Been out for many hours today. This time I bought along a cardigan.

Home loan paperwork done.
Hubby's non profitable unit trust liquidated.

Lunch and dinner was settled outside.

Jennifer
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