Know Your Life Insurance

Short Term "Fixed Deposit - Like" Savings Plan

2007-03-02T01:26:00.000+08:00

Looking for a Short Term "fixed deposit - like" savings plan...? Well, one of the Insurers I represent is coming up with one such plan. I will post more details of it in the next few days. Do drop by again...

Featured Article by Joe Stewart

2007-02-04T16:12:00.000+08:00

Five Reasons That Life Insurance is Necessary for Families
Author: Joe Stewart

The Insurance Companies have been wrongly accused when it comes down to the sale of life insurance policies. Dying is something that's going to happen to everyone eventually so it's best that it's dealt with maturely.

There are three main types of life insurance that you'll want to look into when you get ready to buy. These are Whole Life, Term Life and Endowment.

A Whole life insurance policy will cover you for your "whole life" as long as you maintain the premium payments. As you pay your premiums part of the money goes toward purchasing insurance for you, while the rest is placed into an interest bearing account.You can borrow against your savings account as needed, but you must pay it back just like any other loan. Whole life policies mature at age 100 years. After this happens then the insurance policy will be paid out at face value and cancelled. Face value is the amount that the policy would have paid in the event of the death of the insured person. An example would be - a $100,000.00 policy has a "face value" of $100,000.00.

An Endowment can be used to set up a policy for a certain amount of time for a specific purpose. Endowment policies can be used for many different reasons such as supplemental retirement nest eggs, children's tuition for college and more. Endowment insurance policies costs more in the short term in order to pay the policy off in the specified period of time. Example, a 20 year endowment would be paid in full after 20 years.

Term life insurance is the cheapest insurance policy that you can purchase. These policies can be bought for a designated "Term" such as a "10 Year Term" or "20 Year Term". Term policies are similar to Endowment policies, but, unlike Endowment and Whole Life, there is no cash value built up with term insurance policies. A Term policy would be good for an individual or family that needs extra insurance coverage for a specific period of time. A good example would be the family man or woman who was the primary income source or "breadwinner" needing higher insurance during their working years when they would normally have bigger obligations such as house payments, car payments, kids college tuition savings and more.

Before buying any life insurance, you need to go through all of your bills. After you get them all together you need to place them in different piles. One for regular monthly household bills and a second for payments that are financed such as credit cards, auto, home loan, etc. These are things that will be paid off at some point.
You need to purchase enough insurance where all of these items can be paid in full in the event that tragedy strikes your family. The second pile will have only your normal monthly obligations. These will include food, clothing, insurance (life, health, dental, auto, homeowners, etc.) utilities, phone and more.

It can be a startling experience for some people when they actually sit down with pen and paper and look at the amount of money it takes to survive each month. These is considered "normal" expenses too. There are many families that don't have these some of these "luxuries", but everything should be included if it's a household expense.

Lastly, you'll need to allow a certain amount of funds for you to have time to get back on your feet after your loss. We're human beings and overwhelming loss must be dealt with. You may not be ready to get right back to work and you shouldn't "have to" either. Take the time to walk around each room of the house with a pen and
paper and write down anything else that you can think of that might need to be considered. No matter how insignificant it may seem you don't want to remember something after it's too late. You need to take the time right away to speak to an insurance agent and get yourself the peace of mind that only comes with knowing that
you and your family are taken care of in the event of a tragedy.

Source: Free Articles from ArticlesBase.com

About the Author:
Joe Stewart is a Webmaster and former Life And Health Insurance
Agent. He's made understanding life insurance simple for
consumers. You can read detailed explanations about life
insurance at his website TheLifeInsuranceGuys.com or by clicking on Whole Life Insurance Quote Online

My Other New Blog at YourFootballPoll.blogspot.com

2007-01-26T14:11:00.000+08:00

Just wanted to let all of you know that I've started another blog called YourFootballPoll.
Football (or Soccer, if you come from the US) is one of my other passions/interests and so it seemed fitting that I should start one.
At the moment, the blog is concentrated on predicting the outcome of matches and hopefully by today, some web polls will be available on the blog to see your own predictions/polls or of other fans.
For a start, I've placed my own predictions for this coming weekend's FA Cup matches involving EPL Premiership Teams. Hope to see more of you football fans there. Cheers!

Savings Plan that offers a Minimum Guarantee of 3.20% p.a. upon Maturity

2007-01-23T10:52:00.000+08:00

A regular savings plan that offers a Minimum Guaranteed Return of 3.20% p.a. And Upon Maturity of the plan, get a total projected return of 4.32% p.a.
And all this with a premium payment period of only 2/3 of the term of the plan.

10 Year Savings Plan with just 5 Yearly Contributions

2007-01-22T11:40:00.000+08:00

Looking for an avenue to save? Have a low appetite for risk? Need help to inculcate a habit of putting money aside every month? Look no further. We have a savings plan that offers a minimum guaranteed interest of 2.63% p.a. and with a variable additional rate of 1.00% p.a., giving you a total overall return of 3.63% p.a. upon Maturity. Keen to know more? Email me at gerimegaly2@yahoo.com.sg or gerimegaly@yahoo.com.sg for details.

Universal Life Policies in Singapore

2007-01-17T10:47:00.000+08:00

Read an article in the Business Times today about Universal Life Policies and the bullishness of some foreign FAs on the increased popularity of such plans in Singapore. They have even set up shop here in Singapore, to target this segment of the market. A niche product, these plans tend to cater for the rich, and super rich. As stated in the article, this group of potential customers tend to come from the Wealth Management side of the banks. In other words, these rich or super rich, tend to look into such plans, on the advice of the Private Bankers, who take care of their financial assets' well being. Premiums for such plans are said to be generally Single Premium in nature, and the sum assureds run unto the millions. Definitely not your usual bread & butter life insurance policies.

New Single Premium Endowment Plan to be Launched Soon?

2007-01-13T12:37:00.000+08:00

Just received an email from another insurer that they will be launching a "new" single premium endowment. Will it shake up the rest of the other products/plans in the market right now? Will post the news once I get hold of it. Watch this space!

Insurer Launches Limited Premium Critical Illness Plans

2007-01-12T12:23:00.000+08:00

Already being sold by other Insurers, this particular Insurer has decided to join in the fray. Only marketing Critical Illness Plans with premium payments for whole of life, this company finally threw in the towel to compete with the rest. Limited Premium Payment Plans come with higher premiums as such plans do not require further funding after the stated limited period.
Unlike the "furore" caused by one prominent Insurer, such plans usually come with a guarantee that premiums will cease, after the years of premiums paid.

Such plans are excellent for
1) planning for your Critical Illness Cover. Critical Illness Plans are even more important in your later years and when your income source has dried up, such plans would not need any more funding and would still take care of your Critical Illness Needs.
2) planning for your children's future Critical Illness Needs. Contrary to some outlandish views towards children's protection, one does benefit from such plans due to the lower premiums quoted for children, and the insurability factor due to their general good health.

Yield of up to 3.82% * for a 7 Yr Single Premium Endowment

2007-01-11T14:24:00.000+08:00

One of the Insurers I represent is having a 3 week promotion. Its 5 & 7 yr Single Premium Endowment Plan is offering a projected yield of up to 3.22% & 3.82% respectively. This offer ends on 31st Jan 2007. Applicable to CASH or CPF OA Funds. For more details, contact me at 9 752 4412 or gerimegaly@yahoo.com.sg

* Returns are projected based on estimated bonus rates that are not guaranteed and vary with future performance of the fund. Minimum qualifying premium for this promotion is S$25,000.

Birth of this Blog

2007-01-10T14:52:00.000+08:00

Having participated in a local Internet Forum in the last 8 months or so, talking about Life Insurance issues, I decided it was time to help my fellow Singaporeans understand the basics of Life Insurance & what it can do for them. Thus, the birth of this blog, dated 10th January 2007. Strangely enough, it was 3 months ago, this day, that I also started my earlier blog, that documents my interest in Futures Trading.