How much do you pay for insurance premium monthly ?
Just want to get a gauge what is considered "reasonable" and overly high.
I only know I pay 300 something a year for some life insurance thing.
I pay around 200+ for life insurance. The other time I bought it was fm a relative who kept pestering me to sign up. Now looking back, I wonder if I have been had.
Anyone has more to share about the premium they are paying ? Or does anyone know the rates that the average singaporean pays ?
$200+ a month or a year?
wat about health insurance?
I got no other insurance covering me other than my company's one, which I find pretty pretty pretty hefty.
well, you need to know what you paying for...whole life or term policy or saving...
most likely u paying $200 per month right...with a sum assured tagged to the plan
Hi there, as a general rule of thumb, you should be putting aside 20% of your nett income into financial planning needs. These needs should cover your saving and protection needs.
As to how much to insure, it really depend on your current lifestage. From a recent study conducted by NTU, an average household needs a life coverage of about $400,000.
If you are young and just starting a career, Health insurance is a good start and you can pay for it via your medisave.
Try to get yourself covered against critical illnesses as soon as you can.
Protection is the most fundamental need you should cover, follow by saving, and capital accumulation (investment).
Do feel free to buzz me if you need help. Cheers!
Originally posted by ditzy:I only know I pay 300 something a year for some life insurance thing.
That one not life insurance la, is it incomeshield, healthshield or whatever shield?
Those are called Health Insurance.
Life insurance is something you pay on a monthly basis, which is both an investment and protection. Investment as in, you get interest on an annual basis, normally 3.25% (or 3.65%?), also note that it's compound interest, the interest you get per year also generates interest.
Protection as in death coverage, dreadful diseases and etc.
By the way, I'm not an insurance agent, but I bother to read up.
Originally posted by nubbie1234:That one not life insurance la, is it incomeshield, healthshield or whatever shield?
Those are called Health Insurance.
Life insurance is something you pay on a monthly basis, which is both an investment and protection. Investment as in, you get interest on an annual basis, normally 3.25% (or 3.65%?), also note that it's compound interest, the interest you get per year also generates interest.
Protection as in death coverage, dreadful diseases and etc.
By the way, I'm not an insurance agent, but I bother to read up.
We hope to see that Singaporeans should have more people like you who will bother to read up and learn things.
Kudos to you.