what is the best deal in town? any advice?
what is the best deal in town? any advice?
from my own research, i think prudential.
thanks, actually i wanted to know alsoOriginally Posted by Sleepyhead
You are right.Originally Posted by Sleepyhead
Mine is from Prudential.
actually is this really necessary or useful? cos the amount spent can part finance another property? this is what my guru advisors tell me wan.
But need to protect the kids, especially if it is the only home you have.Originally Posted by lifeline
So insure until they are financially independent.
No need to insure until end of loan.
Originally Posted by lifeline
Life is like a box of chocolate, u never know wats u gona get.
also recently heard someone sharing about legacy planning...
something like buying mortgage insurance, except that much bigger quantum.
on the first level, eg to protect 1 mil, rather than buy 1 mil protection, use 250k to buy 1 mil protection, then free up 750k to invest.
on the next level, can even loan from the bank that 250k and pay interest! to the tune of 1.2% (1% fixed and 0.2% floating) and the bank invests in bonds (eg us) that returns 4.2% average. this type of leveraging on your own life (treating your life like another property) can get loan wan. apparently breakeven on year 7 to 8 depending on the market.
any comments on these?
Ya, like when you open it up and discover there are sweet nothings.Originally Posted by blackjack21trader
Originally Posted by blackjack21trader
as usual, you are absolutely correct !
it is not about what to buy... but whether we can shoulder the risks.
to me, mortgage insurance is about short/medium term cover, in case some thing happens in the interim. if have properties etc all paid up, then no need for this already, like my gurus.
so bro blackjack, did you buy any mortgage insurance? or legacy planning insurance?
Prudential. Best among all after u compare all. But need to go body check up, if above 1 million need HIV test too. Its good i treat it as free body check upOriginally Posted by p3nboy
Do they give a copy of the checkup report to us, regardless?Originally Posted by kawaiing
By default, no.Originally Posted by Naruto
But yes if you request it from your agent.
so for singles, is it necessary to purchase mortgage loan insurance?
If your parents or younger siblings are totally dependent on you financially and they are staying with you, and they have no other home, then it is wise to do so.Originally Posted by sky61
Originally Posted by buttercarp
No need but full prop amount. For stay unit u can buy full basic term . Coz roof over heads of luv 1s mah... Can be depreciating . Depending on age 1m ard 2k per yr actually is cheap.
For investment prop just buy 20% of prop price ensure can pay installment for 2-3 yrs or new prop coz absd 4yrs. Coz investment mah after that can sell n luv ones can capayilized from it or break even etc. 20% is assume worst case price don't drop 20% at end of 4yrs 200-300k term depending on age can be 1k a yr..
Insurance is a risk mgmt tool not make $$$
if you have separate protection for death, TPD and critical illness (e.g. cover 10y of income) .. mortgage insurance is not really necessary ... unless u really overleverage to the max like yowetan loh
Ride at your own risk !!!
If no 1 depend on u then no need. But u can't tell future if u not be single . N maybe then u could be not insurableOriginally Posted by sky61
Originally Posted by phantom_opera
But if its own home only roof. Might be a good idea. Investment I agree can don't need if u have some coverage.
I actually feel having a will is more important...
Recent research... Hsbc cheaper
Interesting concept. Where to hear the talk??Originally Posted by lifeline
The last time when I wanted to get mortgage loan, the banker told me about it.Originally Posted by focus
I got a second opinion from my insurance agent as well.
In the end I did not sign up for it.
Can read about it here :
http://www.asiaone.com/Business/My%2...18-289735.html
The link you posted is on universal life plan, which is more complex than a straightforward mortgage ins planOriginally Posted by buttercarp
buttercarp ,Thanks for the link
It seems better to guarantee yourself with a house..
I must have faith the insurance company will be around in 20-30yrs time.. so scary.
Originally Posted by focus
buttercup has found the excellent link which details just about everything.
you can speak to your premier investment banker or even the mortgage broker. depending on your risk profiling and needs, they may recommend this.
another fact: for the quantum paid for this legacy planning, there is no need for medical health checks, ie, it is independent of your health condition cos you have already paid a high premium to make it worth their while. good for those with preexisting medical and with money to spare, and want to leave a legacy.
as you have mentioned, choice of bank is important - though i am not too sure how much the bank guarantees this, cos this insurance is underwritten by another reinsurance company that is usually an independent subsidiary of the bank.
also, you are buying into bonds denominated in us dollars for better yield. taking loan on this single premium allows further leverage, but is also a double-edged sword.
Originally Posted by focus
does not seem to make much sense for a young person like you to buy this, unless you got too much spare cash.
more for those older ones. the sharer said some bank insurers even take on terminally ill cases.
therefore, the word bancassurance:
http://en.wikipedia.org/wiki/Bancassurance
Bro, I attended the talk on universal life. Ask the question on guarantee in event of bankrupt. Answer was $50k. I think they were TL with me for asking. Hahahaha. S if you really want to take, better spread out....
U also need to check the currency.
GE has something like this in local currency.
Originally Posted by lifeline
Good advice. I have asked similar questions to the agents who sells simiar product from Great Eastern, and Prudential.Originally Posted by chestnut
The very design of universal life has "TAX AVOIDANCE" written all over the place
The gist of it is you pay for a super expensive investment linked policy. The return from either th investment account, or the surrender/death claim account, is TAX FREE.
This is all in Western (e.g. US) high tax context, where capital gain are taxed, inheritance is taxed, and the rate is very high.
In SG context, this is completely, totally not applicable.