REVEALING MY INSURANCE PORTFOLIO | WHICH INSURANCE PLAN TO GET IN SINGAPORE!

This sharing is to help you understand what are some of the strategies and potentially good plans to provide insurance coverage.
The first plan on my excel sheet is a decreasing term plan from AVIVA that I bought at my age28. It is not my earliest owned plan though. I had a wholelife plan from my parents but I gave it up.
WHY? Old generation whole life plans are "premium for life long" which I do not agree on.

I also had a term plan purchased when I was much younger but rates were not competitive.

What is decreasing term plan? Coverage reduces as you age.
I may let go of it at some point in the future.
When I bought it, I was thinking that as my networth will grows, the cover needed drops.

But I've kind of changed my preference with age. Anyway, decreasing term plans are less popular now. In total now, I've $1.5m critical illness coverage but only $225k early critical illness coverage

I've also a TM whole life plan with Early CI with 15y premium and an NTUC whole life plan with 5years premium. I've also bought whole life plans for my boys to cover them for early CI.

#criticalillness #insurance #insurancesingapore

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About Josh Tan:
Josh holds a degree in Accounting from NTU.

In 2016, he co-founded the financial education website TheAstuteParent to provide detailed insurance plan analysis and financial planning tips to help you kickstart your journey towards financial freedom.

As a ChFC Charterholder, Josh has agreed to be bounded by the ChFC®/S Code of Ethics. This includes, among others, acting in a professional manner when it comes to conducting due diligence on primary and secondary sources of investment-related data, and articulating his investment opinions based on his research and beliefs. Based on his research and analysis, he highlighted his beliefs and opinions, and illustrated the concept of time value of money, as of the time of the video.

Learn more on financial planning and insurance concepts, visit

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[kgl]

Good topics for sharing. Hi Josh. Would like to clarify with you (1) if bought whole life insurance long time ago, to stop or when to stop, only covers 70k. (2) what are the bare minimum insurances for a family of 4. Thank in advance for your time, and sharing.

[yjc]

In 2018, I bought the whole life insurance again from AIA for 5 families (2 adults + 3 children) and have to pay for 12 yrs annually as now the whole life insurance provides coverage of some cancers in early, intermediate and final stages. Now our family have the basic insurance like 2 whole life insurance each of us and hospitals insurance without paying riders. But will be stressful if there are too many insurances.

[yjc]

When talking about insurance, it means the people already have certain standards/quality of their life in SG. Coz some people have no insurance due to the level of income/education or there is no awareness of importance of insurance.

[franticzenster]

Maybe if this was the 1960s when access to the stock market was limited for most people, whole life insurance might make sense.

[randomterror]

Very Information video Josh! Am looking to upgrade my critical illness/term insurance coverage. Singlife plans look competitive. Are there still any ongoing promos given that they are going to merge with aviva soon.

[taywee]

Hi Josh, I just started to follow your channel and trying to catch up those older videos. Regarding single premium insurance plan, what is your thoughts on getting loans from bank to finance a portion of the single premium so to get potential more monthly payout, which even after paying the bank interest, net net still good gain mainly due to the Low interest rate.

[BockKaiSheng]

Hi, what do you mean by 'stagger' and why do you need to stagger your insurance?

[grdy_gt]

Hi Josh, thanks for your openness and advise. I value your videos very much.

A hypothetical question on insurance. If I am already retired, does it make sense to keep a policy that needs to pay a substantial $8500 annual premium for a $150K critical illness and/or death plan. I was thinking that if I already have sufficient retirement funds saved, I may as well "self insure" by setting aside 150K from my retirement funds in a safe investment (and earn a return) and not needing to pay the annual premium. What are your thoughts?

[ecp]

Hey Josh, thanks for the open sharing. You mentioned 1 year income coverage for ECI but what about CI? 5x? How do someone go about deciding taking into consideration cost and needs?

[rchimaru]

Hi Josh, just wondering. If I were to consider the numbers you're showing in your excel sheet using multipliers, does it makes sense? (i.e. using 50k as base with 4x multipiers to reach about 200k instead of 200k base) I assume the base values used are not factoring in any multipliers? It will be extremely costly if the base is >100k without multipliers and that's a concern for me.

[KenliaAdventures]

Hi Josh, btw what's your opinion on multi pay term insurance?

[cyong]

Hi Josh, do you factor in multiplier (2x, 3x...) when you list down the coverage for whole life plan? If not, then why? Thanks.

[shetehrishi]

Hi josh, what are your thoughts on ILPs.. have you made any review / video

[dessertspring]

What are the provider options for Term/WL insurance without need for underwriting request? Thanks

[vincentlim]

Great example for us to take reference!
I suppose u didn’t include the H&S in this video?
Indeed, many are suggesting to turn to policies to pay 10 (or 20 years for instance)., giving limited liability. Will be keen in your view in the disability income insurance vs long term care for your personal fit into your/our lifestyles

I suppose saf group plan is still the cheapest? I believe that’s what many of us believed/told, of cos some terms/exclusion not as comprehensive. Could that be the main reason u didn’t get those term from SAF ?

[samlai]

To me CI and medical coverage insurance is more important than other insurance. Whole life plan may not be applicable for singles if he/she don't have any dependents.

[KenliaAdventures]

Does family history afffects coverage?

[gnbc]

Health insurance: Public or private hospitals?

[yjc]

One people I met he has 6 private property (fully paid by cash) in SG (country side) and has not bought any insurance as he thinks no need he can convert properties to cash when he needs help. But I don’t agree, if I am in his position I shall buy the property in central place of SG in order to maintain the value and don’t fully paid, the balance of cash can use to invest in share markets as well as buying insurance to cover.

[mrt]

What is the rule of thumb on how much coverage?