Originally posted by bECos:
My question:
There are a lot of insurance companies offering similar health insurance, saving insurance. Even banks are collaborating with the insurance company to offer certain bundle packages.
1. Which companies do you think is offering the best packages?
2. How can I get to know more information about what they are offering without approaching the agent? As you know sometime it can be very pestering for me to keep receiving their call.
3. Term insurance - Read about it a lot in the newspaper. Can I actually know how much does one cost?
4. Are you representing any organisation?
Thanks
To ans your qns....
1. Frankly speaking, there is no such thing as 'best packages' in the market as the financial insitutions will revise their products every now and then to remain competitive in the market.
The main concern is that every individual have different needs at different stages of his life. For example, for young people, total and permanent
disability (TPD) cover may be important, but as we grow older, the important issue will be the cost of major illness and long term care as the chances of getting ill usually increases with age. It will be important to get a Critical illness cover by getting a whole life plans such Whole Life Insurance plans may be complemented by Term Insurance plans to give you higher coverage when your need for coverage against disability is higher in your younger days and lower coverage in the later years of your life. It is advisable to consult a competent advisor to help you construct a plan that fit your specific needs and goals, also taking into account not only your current financial situations but also your future plans and needs. Insurance is just a means to transfer the risk (natural death or un-natural death like the recent case of tsunami, cost of Major illness...etc) to another party. It is to protect your loved ones against sudden financial burden when you are 'away' or not able to receive an income for a long period of time.
2. You might be able to get a brief intro of the plans at the different financial insitutions' websites but it is impossible to get the details of the plan except thru the advisors.
3. Term plan is just a complement to the basic plans. As it does not have any cash value, it is made very affordable to the public. For example, depending on my current financial situation, I've a 50 bucks term plan for a cover of 1/2 a million. For your case, the cost may be very much depended on your current financial profile, age and health status (also for the basic plan). As a general guide, mortality cost (insurance) will be cheaper when you are young and expensive when you are old.
4. Currently, I'm attached to one of the largest financial insititution.
I hope I have ans your quries....