FIRST POSTED IN FEBUARY, 2007 (EDITED)
Dear Mr Tan,
Read with interest on buying insurance products from the NTUC income portal.
I don't believe that there is an ideal insurance package solution for all.
It really depends on the age, size of family, living standards, of the individual.
What I would like to know is an ideal case of persons aged:
20-30: Just started work, planning on getting married
30-40: Married, steady career, with 1 or 2 kids
40-50: Achieved good mid-income (say $5K-7K/mth), higher educational needs (JC, university, worst case medical school)
50-60: Approaching retirement age, or continue working because of financial commits
60+: ???
What then are the range of insurance products/ investment funds would you recommend for these age groups.
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REPLY
The best plan is to buy a decreasing term insurance to provide the insurance coverage and to invest your savings (say 10% to 20% of your regular earnings) in a mutual fund or an invesment fund. You can read this FAQ for the young, and for seniors.
You should choose a flexible savings plan, as it gives you the flexibility to change your savings and the investment fund. Normally, you should choose a large, well diversified fund.
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