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| *Ostroff, Fair and Company>>>Insurance |
Buying insurance for baby in Singapore? |
Tot buying buying insurance policy for my 3 mth old baby but at a lost of what policy to purchase. Currently there's Education, Endowment, Investment..what are their diff and what's the minimun sum I can buy? My agent told me to purchase SGD$50 for one policy but I find it too expensive. Any ideas and which ins company is better? GE?AiA?Prudential?Aviva? Thanks. Before buying the insurance for your baby, you need to know what's your objective. Example, if it's for education, then you have to consider what is the University tutorial fee when your child reach 21 (for female) or 23 (for male). That's say current fee is $50,000, with inflation of 5%, you will need about $126,000 or $146,000 in 21 or 23 years time respectively. So, if you are thinking of $50 per month, and you buy an Endowment with return of about 3.5% per annual, you can never achieve the amount 21 years later ( You will get about $19,000 after 23 years). Thus you may want to consider a investment policy with potiential higher return. Of course, it's best to consult a financial adviser. All insurance companies is about the same. Source(s): Ex-financial Adviser. If you are to save $50 every month in a investment that pays 5% per annum, you would have $17,000 after 18 years when your child is ready to go to to university. We are talking about future dollars which would have strunk in value so the amount may not be sufficient. If you can't afford $50 every month then your only choice which is what Ah Bengs do is to buy Toto and 4D, and practise any beliefs that bring them closer to instant fortune. Insurance are con institutions with high expenses. The government is in cahoots with them by allowing them to falsely project as much as 6.5% annual returns. Another shell game they offer you is to buy their investment plans. This way, they are like Ah Bengs who but gamble your money professionally. Their expenses are high and many of them are poor investment managers. Good ones get snapped up are are probably enjoying high life in major financial centres such as London or New York. Bad ones lose your money and that is why Singapore Stock market has been moving sideway like crabs for the last 20 years. The only way to project growth is to artificially create inflation such as 40% increase in GST and year increases by monopolies when they are making huge profits while outsourcing to banglas, chinamen who are in more desperate straits back in their own homeland. In Singapore we have the bottom of the barrel types coupled by a goverment that thinks the only way out is more casino outlets. A fool and his money are soon parted and best to consider yourself a fool first. For $50 bucks, buy yourself or your wife a life insurance policy with cash values. That way, the other half get some money and start life again. No point buying a policy which covers death of the child. He is dead and be given wings in heavan anyway. The cash values would be useful as emergency cash. Hopefully your kid is smart enough to earn scholarships or learn enough EQ not to rely on A4 certificates which every one has. Again, you can't invest decently with less than $50 and you better go trying your luck on toto and 4D. Actually it depends on what you want and need and what is your purpose. I bought a policy for my son when he was about 3 mths old as well and I chose one tat will benefit him and help him save up for life.. so tat after he finishes uni, i think my job would be done and I can rest in peace ;) he can take the money and create the life he wants. Also, in my experience, it is not the company tat matters.. it is the person who is serving u tat matters. We want someone who is knowledgable, trustworthy and honest... so tat is why we went back to this friend of ours. If you are interested, i can link you up with him. He is from GE. You can email me at verityy@yahoo.com |
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