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Thread: Mortgage Insurance / Decreasing Term Insurance

  1. #1
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    Default Mortgage Insurance / Decreasing Term Insurance

    brothers and sisters,

    there are so many players in the market. INCOME, AVIVA, AXA, AIA, HSBC etc. Can reccomend which one in the market is the most economical? just plain simple decreasing term that covers death and tpd.

    Thanks!

  2. #2
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    go for the cheapest lohhhh

  3. #3
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    Quote Originally Posted by iwantgizmos
    go for the cheapest lohhhh
    yah, any idea which company? cos if someone been through it, then might as well choose the company. rather than meet up with all the agents.

  4. #4
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    Wouldn't it all depends on your health, existing condition, smoker, etc.. So it all depends

  5. #5
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    Quote Originally Posted by newbie11
    Wouldn't it all depends on your health, existing condition, smoker, etc.. So it all depends
    yah, given same condition, some how different company will charge different premium for same coverage.

  6. #6
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    saw insurance broker few days ago...

    mortgage insurance will need medical checkup if >600k. a titbit fact is that those uninsurable can buy legacy planning insurance, but giant single premium like 250k for 1 mil.

    back to mortgage ins, aviva covers joint couple 1mil about 370+ per month, but no critical illness. ntuc covers couple separately 1mil total about 420+, can pay for critical illness too.. got some others but cannot remember liao. basically, you should call these 2 for some figures. buy the shortest tenure, ~10 years, else cost goes up. this is not pegged to any one property. rule of thumb is to cover just enough.

  7. #7
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    Quote Originally Posted by leesg123
    yah, any idea which company? cos if someone been through it, then might as well choose the company. rather than meet up with all the agents.
    you might want to choose ntuc. previously i also look at aviva.

    eg for easy illustration:

    aviva -
    amount = 1 mil
    protection for both u and your wife.
    if anyone something happen, u get 1mil and the policy is so called redeemed. or something like that, cant remember the term. So either one or both get into something, u get 1 mil.

    Ntuc -
    amount = 1mil
    protection same for both u and your wife.
    if something happen to u, u get 1mil, and the policy still intact for your wife. if both get into something....u get 2 mil.

    the annual payment amount for both ntuc and aviva is almost same or might be cheaper for ntuc.

    you can go verify, i can't remember detail liao. hope this helps

  8. #8
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    Pretty sure this was brought up and discussed in another thread recently... Conclusion was Prudential. I also personally think Prudential.

  9. #9
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    Bro, go for safra insurance. This one the cheapest in town. Then top for the balance with someone else. I riled to tak this about 2 years back but they rejected me. Hahaha, wanted to cash out on my life and get terms now but too bad.

  10. #10
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    You have to do your own homework. Call up agents for each of the companies and ask for quotation. There may be differences in the types of coverage (eg critical illness etc) so you have to scrutinize each policy quote in detail. It is tedious but since it is a long term commitment and affects your family's financial well being, it is your responsibility to do the leg work and due diligence to get the best deal possible. What was quoted the previous month for one company may no longer apply today as they may vary the coverage terms from time to time. Insurance is not really transparent to the end user, you don't know what they are going to change from one day to the next and each company will make its own adjustments.

  11. #11
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    Quote Originally Posted by chiaberry
    You have to do your own homework. Call up agents for each of the companies and ask for quotation. There may be differences in the types of coverage (eg critical illness etc) so you have to scrutinize each policy quote in detail. It is tedious but since it is a long term commitment and affects your family's financial well being, it is your responsibility to do the leg work and due diligence to get the best deal possible. What was quoted the previous month for one company may no longer apply today as they may vary the coverage terms from time to time. Insurance is not really transparent to the end user, you don't know what they are going to change from one day to the next and each company will make its own adjustments.
    Roger that!

  12. #12
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    Best bet is to try Prudential, Aviva, NTUC.

    Quote Originally Posted by chiaberry
    You have to do your own homework. Call up agents for each of the companies and ask for quotation. There may be differences in the types of coverage (eg critical illness etc) so you have to scrutinize each policy quote in detail. It is tedious but since it is a long term commitment and affects your family's financial well being, it is your responsibility to do the leg work and due diligence to get the best deal possible. What was quoted the previous month for one company may no longer apply today as they may vary the coverage terms from time to time. Insurance is not really transparent to the end user, you don't know what they are going to change from one day to the next and each company will make its own adjustments.

  13. #13
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    Just a side thought; shouldn't we wait until interest rate are rising b4 committing to protection... I think one of the worst fear among us is for economy/property to go downhill when rates raises & we lose our rice bowls

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