Findings of MAS financial advice survey 'disturbing'

[bran]

sorry for going off-topic, musicwhiz, you mean you bought term insurance on your daughter's life or on your own for your daughter's benefit?
sorry for the personal question, as i have a young son and i am wondering if i should even buy any insurance on his life since they have no "dependants" per se. I have covered him for medical insurance...
any advice from any forum-ers will be most welcome....

[Temperament]

Yes base on conventional wisdom we don't buy life insurance if we don't have dependents. I didn't buy until the age of 40 when my son was born. On the other hand I bought for my son at the age of 2 WL consider as a forced saving for him. A small token which he will be abled to use it after he reaches the age of 21. Of course, we Have been training him in financial matters since young. Now he is quite savvy with money and financial matter.

NB:
@25000 the premium is only $30+ . Also policy matured when he is 55. Of course the return for WL is not attractive if you know how to invest the premium in some other way. But WL is some sort of "guarantee" unless the insurance company kaput.
My2 cents.

[Musicwhiz]

sorry for going off-topic, musicwhiz, you mean you bought term insurance on your daughter's life or on your own for your daughter's benefit?
sorry for the personal question, as i have a young son and i am wondering if i should even buy any insurance on his life since they have no "dependants" per se. I have covered him for medical insurance...
any advice from any forum-ers will be most welcome....

Hi bran,

My daughter's coverage is $250,000 (death, TPD and 30 MI) for annualpremium of about $660. It's more for the 30 major illnesses and TPD (touch wood!). Just in case, there's more funds to help with the medication (if required). I do know of cases where a young child is diagnosed with a chronic severe condition and requires (almost) lifelong treatment, and the parents have to send them for regular follow-ups which can cost a lot. In such cases, having the money to cover these expenses really helps a lot!

If you want, there's a sticky thread under "Personal Finance" which discusses this topic in detail. d.o.g. has also given a lot of good insights into insurance, not just for ourselves but for kids as well; and the discussion also covers Whole Life, Endowment, ILP and Term.

Feel free to browse.

[bran]

great! i'll go browse that topic.
temperament, thanks for sharing. i am having the same thought as well but will go browse first to gather more information.

back to the topic, in my own experience, i finally settled with the current agent i work with as he is the only one that didn't oversell me stuff. he is the 5th agent and after i redeemed two of my earlier policies as they were silly policies to start with...