There was an article in The Straits Times about AIA Choice Life 10 years and 15 years policy on 7th November 2006.
It is suppose to be limited premium payment for 10 years and 15 years, but now 25,000 policyholders are informed that they have to pay more years for the policy.
Financial Guardian critical years was also in the news some time back and now this.
Many other insurers have also been selling limited payment years policy, as competitions mount, but Ntuc Income is not able to offer. Infact, under intense competition, Income introduced one Protection Policy with limited payment of 15 years but premium is calculated by our actuary on realistic term, and premium compared to other insurers is really much higher.
Imagine buying for a baby, a wholelife policy, pays for 20 years, and the insurer have to carry the baby for the next 80 years?
Traditional policy like Ntuc Income wholelife Living Policy has an automatic premium loan feature that can run a policy into old age after enough years of policy being inforce, perhaps after age 60, which I myself will use when I reach a point that I do not wish to pay the premium but need the coverage forward.
Ntuc Income has just introduced a LIMITED PAYMENT LIVING POLICY.
Premium payable is guaranteed up to 20 years or to age last birthday 64.
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