Friday, 13 March 2015

Paying Whole Life Insurance Premiums Way Into Our Retirement Life??? (2)


Read? Paying Whole Life Insurance Premiums Way Into Our Retirement Life???

 Read? My last life insurance policy maturing on Mar 2016 and no more for me!



Last annual life insurance premium paid!


No more dealing with life insurance agents for the remaining time of his time on Earth on the value of his human asset.
 

 Ants are unlike Grasshoppers. We have Goals! We plan well ahead of our times. With carefully planning, foresight and some emotion check and balance, we can arrive there safety and on time at our own terms.

It is not good idea to go into retirement having persistent cash outflow of $XX,XXX to pay for annual life insurance premiums when our human asset value is much nearer to zero for protection. 

Value for money?

 




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4 comments:

  1. Singapore Man of Leisure13 March 2015 at 09:02:00 GMT+8

    CW,

    Same same.

    Will be surrendering my Wholelife insurance policy when it hit its 20th anniversary this coming Nov 2015.

    It has served its purpose and it no longer needed ;)

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    Replies
    1. Createwealth888813 March 2015 at 09:09:00 GMT+8

      We are the living and real life lesson for our younger folks for them to seriously think about it.

      Whole life insurance is lifelong cash outflow commitment that required extreme and careful forward planning before we signed on the dotted line.

      :-) :-) :-)

      Delete
  2. la papillion13 March 2015 at 12:34:00 GMT+8

    Good job :) I have two whole life plan. One is a limited whole life, where the premium is payable to 12 years. After that, no need to pay anymore. The other is the traditional one, where I have to pay forever. I will also stop the payment once I reached retirement age, or once it reaches breakeven. By the time I reached there, it's not going to be a lot of money anyway lol

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  3. la papillion13 March 2015 at 15:48:00 GMT+8

    Hi temperament,

    I'm going to terminate the traditional whole life (the one that you have to pay for the rest of your life one), not the limited payment one. There's an option to covert the limited whole life plan's coverage + all the bonus accumulated into an annuity in the future, so I'll keep that as an option. There's no point cancelling the limited whole life because by the time I retired, it'll already be long paid for.

    I think you'll have to access whether you still need that coverage. Maybe you can already self insured, then plus the medishield plans, might be good enough for you? After 25-26 yrs, I think it should have broke even already, but you have to check if it's true.

    ReplyDelete