<![CDATA[Retirement Insurance]]>For reading pleasure, pls


The author provided a detailed analysis or review on one of the retirement plans called Aviva MyRetirement Choice.

It is good to find out the numbers behind the scene not coming from the seller

http://investmentmoats.com/uncategorized/aviva-myretirement-choice-review/

]]>https://forum.kiasuparents.com/topic/88595/retirement-insuranceRSS for NodeSun, 10 May 2026 17:15:06 GMTSun, 17 Dec 2017 01:39:15 GMT60<![CDATA[Reply to Retirement Insurance on Sun, 03 Dec 2017 08:06:36 GMT]]>Anybody bought PruGolden Retirement ? I was at SCB and was persuaded with this plan

]]>https://forum.kiasuparents.com/post/1821261https://forum.kiasuparents.com/post/1821261Sun, 03 Dec 2017 08:06:36 GMT<![CDATA[Reply to Retirement Insurance on Sun, 22 Oct 2017 13:45:56 GMT]]>

MerlionInGermany:
When you convert to paid up, the sum assured would be lower and riders may drop. You will need to ask the insurer for the reduced sum assured.

Tks, this is my guess too

]]>https://forum.kiasuparents.com/post/1810596https://forum.kiasuparents.com/post/1810596Sun, 22 Oct 2017 13:45:56 GMT<![CDATA[Reply to Retirement Insurance on Sun, 22 Oct 2017 13:17:46 GMT]]>When you convert to paid up, the sum assured would be lower and riders may drop. You will need to ask the insurer for the reduced sum assured.

]]>https://forum.kiasuparents.com/post/1810587https://forum.kiasuparents.com/post/1810587Sun, 22 Oct 2017 13:17:46 GMT<![CDATA[Reply to Retirement Insurance on Sun, 22 Oct 2017 13:12:10 GMT]]>Slmkhoo

If I continue paying the premium, I will be covered. My death benefits will be the sum assured plus cash values accumulated up to the point of death
My query is when I execute a paid up, what would be my sum assured plus cash accumulated ? It would not be the sum assured since death has not occurred. I guess if will be a new lower sum assured.

]]>https://forum.kiasuparents.com/post/1810586https://forum.kiasuparents.com/post/1810586Sun, 22 Oct 2017 13:12:10 GMT<![CDATA[Reply to Retirement Insurance on Sun, 22 Oct 2017 12:58:35 GMT]]>

starlight1968sg:
Tks slmkhoo

I did googled on paid up
So my whole life Protection Plan has another option to consider besides converting it to an annuity
If you want to do this, get your agent to check for you when you can stop paying the premiums. You will usually have had to pay premiums up to a certain amount before you can change to \"paid-up\". I know my husband asked about one of his policies last year, and I think he was told that he had to continue paying for another couple of years.

]]>https://forum.kiasuparents.com/post/1810585https://forum.kiasuparents.com/post/1810585Sun, 22 Oct 2017 12:58:35 GMT<![CDATA[Reply to Retirement Insurance on Sun, 22 Oct 2017 09:02:40 GMT]]>Tks slmkhoo

I did googled on paid up
So my whole life Protection Plan has another option to consider besides converting it to an annuity

]]>https://forum.kiasuparents.com/post/1810559https://forum.kiasuparents.com/post/1810559Sun, 22 Oct 2017 09:02:40 GMT<![CDATA[Reply to Retirement Insurance on Sun, 22 Oct 2017 08:51:36 GMT]]>

starlight1968sg:
I was reading the posts

What is a paid up plan?
Does this mean we don’t need to pay premium anymore but still have the coverage?
http://www.businessdictionary.com/definition/paid-up-policy.html
An insurance policy that requires no further premium payments be made. This type of policy requires the consumer to pay a premium until a specific date and after that date the policy is considered paid up and still active. The policy cannot be canceled by the insurance company unless the consumer chooses to cancel it.

]]>https://forum.kiasuparents.com/post/1810554https://forum.kiasuparents.com/post/1810554Sun, 22 Oct 2017 08:51:36 GMT<![CDATA[Reply to Retirement Insurance on Sun, 22 Oct 2017 04:18:33 GMT]]>I was reading the posts

What is a paid up plan?
Does this mean we don’t need to pay premium anymore but still have the coverage?

]]>https://forum.kiasuparents.com/post/1810494https://forum.kiasuparents.com/post/1810494Sun, 22 Oct 2017 04:18:33 GMT<![CDATA[Reply to Retirement Insurance on Sun, 22 Oct 2017 02:31:53 GMT]]>

ngl2010:
There is a CPF Life article in today’s Sunday Times page B20 and 21.

I read. At this moment, I will still choose the Standard to get the higher monthly payout, assuming I don’t live very long. Any extra years I live will be a bonus for me
CPF in recent years, has been very aggressive in educating the public on the usage of CPF

]]>https://forum.kiasuparents.com/post/1810460https://forum.kiasuparents.com/post/1810460Sun, 22 Oct 2017 02:31:53 GMT<![CDATA[Reply to Retirement Insurance on Sun, 22 Oct 2017 01:55:27 GMT]]>There is a CPF Life article in today’s Sunday Times page B20 and 21.

]]>https://forum.kiasuparents.com/post/1810439https://forum.kiasuparents.com/post/1810439Sun, 22 Oct 2017 01:55:27 GMT<![CDATA[Reply to Retirement Insurance on Sat, 23 Sep 2017 14:22:21 GMT]]>I also have reservations with cpf.

Policies may change, payouts are a range of values etc

]]>https://forum.kiasuparents.com/post/1802864https://forum.kiasuparents.com/post/1802864Sat, 23 Sep 2017 14:22:21 GMT<![CDATA[Reply to Retirement Insurance on Sat, 23 Sep 2017 07:11:32 GMT]]>

starlight1968sg:
Hercules

Assuming I will pay $1266 for 35 years. I need to ensure the surrender value is more than $1266*35
Yes, the latest BI should reflect the surrender value. Else I can just call my agent to check it out. The reason for doing so is we know the benefits of an annuity for retirement . If I can get an annuity plan w/o forking out a lump sum cash, why not?
I will be very very worried to say put a few hundred k into an annuity plan with an insurer
Insurance thrives well coz of uncertainty in life (like we cant predict whether we will suffer permanent disability at 56 yo). If we know the future, then insurance will not exist / will not be able to exist.

The crux here is whether you want your $1266x35 or you want to keep the cover of about $150K that you can't buy back anymore.

You are an ultra conservative if you are worrying about insurance companies in Spore closing shops (MAS is super strict pertaining to any insurer siphoning money away from policy holders). It's similar to say that I don't trust DBS (when most insurers are bigger than local banks in terms of assets). Nothing wrong to be an ultra conservative but you just have to grow money ultra slowly if at all after inflation.

As said, still have time to ponder over. Maybe your kids so guai in future to give you pocket money of a few thousands per month then this $1266/year may become a non-issue. In many situations, time will give the direction. Good to have this option opens as at least you still have this healthy option.

*My sis doesn't trust CPF. She worried that CPF may go bust and so she cashed out whatever she could when she turned 55. THEN, she put the money in FD. Totally defies logic but at the same time I also couldn't tell her that CPF 100% will not close shop and so now seeing her renewing and renewing her sum at about 1.1 - 1.2% per year interest.

]]>https://forum.kiasuparents.com/post/1802805https://forum.kiasuparents.com/post/1802805Sat, 23 Sep 2017 07:11:32 GMT<![CDATA[Reply to Retirement Insurance on Sat, 23 Sep 2017 06:39:48 GMT]]>Hercules

Assuming I will pay $1266 for 35 years. I need to ensure the surrender value is more than $1266*35
Yes, the latest BI should reflect the surrender value. Else I can just call my agent to check it out. The reason for doing so is we know the benefits of an annuity for retirement . If I can get an annuity plan w/o forking out a lump sum cash, why not?
I will be very very worried to say put a few hundred k into an annuity plan with an insurer

]]>https://forum.kiasuparents.com/post/1802803https://forum.kiasuparents.com/post/1802803Sat, 23 Sep 2017 06:39:48 GMT<![CDATA[Reply to Retirement Insurance on Sat, 23 Sep 2017 06:30:20 GMT]]>

starlight1968sg:
MP

Mine is a whole life means pay and pay ?
I don’t want to pay when am retire or semi retire

There are plans which we hv to pay and pay. Eg will be the MediShield Life, Ctitical Illness plan
Coz most do not like to pay till death, so insurers have come up with 5-pay, 10-pay, 15-pay, 20-pay etc for premium payment terms, meaning one only has to pay for that particular number of years and they will be covered for life.

However, such shorter premium payment terms mean monthly premium will be correspondingly higher instead of being spread out for life.

You were able to get $80K cover for about $1200/year premium is considered cheap and good cover. If you were to do a 20-pay (pay only 20 years), the yearly premium may be $3600 and with that you might not have bought it at all or have got yourself a cover of maybe $30K for the same premium of $1200/year.

Get from Income your updated benefit projection. If you convert, maybe you can realise about $25K of money but then you have to forego about $150K of life cover. This is another perspective that you may want to look at.

*My numbers are based on super rough estimations based on memories of the many policies of different insurers that I have been handling (my family, my siblings' families, my best friends, etc).

]]>https://forum.kiasuparents.com/post/1802801https://forum.kiasuparents.com/post/1802801Sat, 23 Sep 2017 06:30:20 GMT<![CDATA[Reply to Retirement Insurance on Sat, 23 Sep 2017 06:20:30 GMT]]>

starlight1968sg:
MP

Mine is a whole life means pay and pay ?
I don’t want to pay when am retire or semi retire

There are plans which we hv to pay and pay. Eg will be the MediShield Life, Ctitical Illness plan
I see. Usually, there is a break even point, consider to take out sum at 67 yo or 70 if possible - take this sum out like a lump sum annuity - unless u wish to continue paying n pass down as legacy to your family .

]]>https://forum.kiasuparents.com/post/1802800https://forum.kiasuparents.com/post/1802800Sat, 23 Sep 2017 06:20:30 GMT<![CDATA[Reply to Retirement Insurance on Sat, 23 Sep 2017 06:10:24 GMT]]>MP

Mine is a whole life means pay and pay ?
I don’t want to pay when am retire or semi retire

There are plans which we hv to pay and pay. Eg will be the MediShield Life, Ctitical Illness plan

]]>https://forum.kiasuparents.com/post/1802798https://forum.kiasuparents.com/post/1802798Sat, 23 Sep 2017 06:10:24 GMT<![CDATA[Reply to Retirement Insurance on Sat, 23 Sep 2017 06:06:21 GMT]]>

starlight1968sg:
Hercules

80k of coverage is really little and insufficient
You have valid points and Tks for sharing so that I can think about it
StarL, I though life policy has a ending term right , abt 67 or 70 yo, can so called end if one is still around ? I have limited or might have forgotten the main points as well

]]>https://forum.kiasuparents.com/post/1802797https://forum.kiasuparents.com/post/1802797Sat, 23 Sep 2017 06:06:21 GMT<![CDATA[Reply to Retirement Insurance on Sat, 23 Sep 2017 05:52:11 GMT]]>Hercules

80k of coverage is really little and insufficient
You have valid points and Tks for sharing so that I can think about it

]]>https://forum.kiasuparents.com/post/1802795https://forum.kiasuparents.com/post/1802795Sat, 23 Sep 2017 05:52:11 GMT<![CDATA[Reply to Retirement Insurance on Sat, 23 Sep 2017 05:33:37 GMT]]>

starlight1968sg:
Hercules

I don’t intend to leave much to dd because she has to work hard for it
Perm disability is a real concern but I don’t know how to handle it except buying insurance to cover myself
When I reach age 55 or so, I will start seriously looking into my Protection Policy. I bought it when I first started working. I pay $1266 per year for 80k coverage. Now I regret the small amt of coverage but during that time, that amt of premium was about a month’s take home pay
In fact I don’t even need this 80k coverage now but am continuing payng the premium as it is not a huge amt now. That is why am exploring to convert it into an annuity
I am confused here as you said you regret the small amount of coverage but you are considering converting it.

Your policy total benefit payout maybe in the region of $150K when you hit 55.

I give you a scenario of you convert it at age 55 and you are struck with permanent disability at age 56. This $150K payout will come in handy to maintain you for a few years; without it, your spouse / kids will have to touch other parts of the family's assets.

It is just too wasted to convert it at age 55 coz I believe you can never buy back a similar policy without medical exclusions from now (in the sense, many people at around 50 want to buy a standard policy without exclusions find it hard to buy without paying much much higher premiums but then you have one that you intend to convert at age 55 and that will really make insurers super happy).

Anyway you still have time to ponder over it.

]]>https://forum.kiasuparents.com/post/1802793https://forum.kiasuparents.com/post/1802793Sat, 23 Sep 2017 05:33:37 GMT<![CDATA[Reply to Retirement Insurance on Sat, 23 Sep 2017 05:13:54 GMT]]>Hercules

I don’t intend to leave much to dd because she has to work hard for it
Perm disability is a real concern but I don’t know how to handle it except buying insurance to cover myself
When I reach age 55 or so, I will start seriously looking into my Protection Policy. I bought it when I first started working. I pay $1266 per year for 80k coverage. Now I regret the small amt of coverage but during that time, that amt of premium was about a month’s take home pay
In fact I don’t even need this 80k coverage now but am continuing payng the premium as it is not a huge amt now. That is why am exploring to convert it into an annuity

]]>https://forum.kiasuparents.com/post/1802789https://forum.kiasuparents.com/post/1802789Sat, 23 Sep 2017 05:13:54 GMT<![CDATA[Reply to Retirement Insurance on Sat, 23 Sep 2017 04:45:19 GMT]]>

starlight1968sg:
Tks Hercules for sharing

My first insurance is Protection Plan from ntuc. I was told by my agent that I could convert it to an annuity when the need for the coverage is no longer there. Else I will have to continue paying the annual premium. If if surrender, I would get a lump sum but instead of getting it, I am exploring converting it to an annuity plan.
I don't know the pros and cons involved
Generally speaking, a policy holder stands to lose the most when she surrenders a policy.

So unless you desperately needs cash, otherwise never surrender a policy.

Exploring to convert it to an annuity plan is viable (provided you have hit that age when permanent disability no longer be covered).

All in all, if you don't need the cover anymore and you don't really need cash and are not willing to continue servicing the premium, then converting it into a paid up policy is the most ideal. Though we may not want to leave behind much for our kids, these small benefits of insurance payout can be left behind for them as gifts.

When you are ready to do such conversion / surrendering, you maybe around 65 yo. By then, your kids would have grown up. So you can also discuss with them about they continue servicing the policy on your behalf so that they can get the 'gift' which otherwise you may just liquidate it for self.

]]>https://forum.kiasuparents.com/post/1802784https://forum.kiasuparents.com/post/1802784Sat, 23 Sep 2017 04:45:19 GMT<![CDATA[Reply to Retirement Insurance on Thu, 21 Sep 2017 08:26:40 GMT]]>Tks Hercules for sharing

My first insurance is Protection Plan from ntuc. I was told by my agent that I could convert it to an annuity when the need for the coverage is no longer there. Else I will have to continue paying the annual premium. If if surrender, I would get a lump sum but instead of getting it, I am exploring converting it to an annuity plan.
I don’t know the pros and cons involved

]]>https://forum.kiasuparents.com/post/1802441https://forum.kiasuparents.com/post/1802441Thu, 21 Sep 2017 08:26:40 GMT<![CDATA[Reply to Retirement Insurance on Thu, 21 Sep 2017 08:26:24 GMT]]>

hercules:
When at older age and then don't feel like servicing the premium anymore (assuming is a life paying policy), then just convert it into a paid up policy may make better sense (unless one really needs the fund).

...
**have to look at the respective life policy to see the cover of permanent disability is till what age, 65/70/75. If wanna covert, may consider to convert after the specified age.
I think this is what my husband and I plan to do at some point when our income falls. It's good to keep the personal accident/disability cover.

]]>https://forum.kiasuparents.com/post/1802439https://forum.kiasuparents.com/post/1802439Thu, 21 Sep 2017 08:26:24 GMT