Thomas Phua's Blog: CPF Life - Standard, Basic and Escalating (2018) Plans

Sunday, November 19, 2017

CPF Life - Standard, Basic and Escalating (2018) Plans

I went to the CPF Life Estimator to input my own data for $166,000 RA. The result is as follows.

Initial monthly payout at 65 　

Standard Plan - $1,205 - $1,315 (More for self)

Basic Plan - $1,094 - $1,198 (More for loved ones)

Escalating Plan - $946 - $1,043 ( More for the future)

You can see that the payout difference between Standard Plan and Basic Plan is marginal but the bequest from the chart is huge. (refer next post on CPF Life Bequest )　

This confirms my decision that I will opt for Basic Plan at age 65. Do look at the chart as worked from the CPF Life Estimator.

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To Plan According to Client's Needs and not Wants

My mission statement sounds a little strange. I started as an insurance agent since 9th September 1988. I met many clients who bought insurance plan or have bought an insurance plan but did not fully understand what they have or how that insurance plan can benefit them and their loved ones. Of course, there are also those who know exactly what they need. I felt the most impact each time I handle a claim. This is the saddest part of my job. Such claims constantly reminds me of my responsibility towards planning to meet my clients' needs.