Posted by
crj
18 yrs ago
we got term when we had a child and a mortgage. small annual fee for peace of mind.
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TC
18 yrs ago
It's all about risk - the cost of not taking the risk (i.e. what would happen to your family etc if you were remioved from the equation) versus the cost of taking the risk (i.e. the premiums). Then there's the emotional aspects (e.g. peace of mind etc) too. Different people would come up with different answers at different times and different places.
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crj
18 yrs ago
I think term life insurance is a good idea if you have a spouse/partner or children. It is all about providing for your family if you die.
It covers about 20-30 years.
Considering two well known professionals, under 40, with children, died suddenly in HK in the past 6 months, I am sure a lot more people are looking into this now.
We got ours when we had our baby.
My parents cancelled their term life insurance once I was out of the house and their mortgage was paid off.
Whole life is totally different, it lasts your whole life (sort of), but it costs a lot more than term and they try to sell it to you as a 'savings plan' where you can take loans against it and get a guaranteed return of about 3%... this is the scary one, it costs a lot and you can probably get better returns if you invest your money on your own. If an agent tries hard to sell you this, get a second agent opinion!
For us, the peace of mind was worth it.
But it really is a personal choice.
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Todge
18 yrs ago
We've got enough to cover all of our debts and set up the other partner for life. Our wills also deals with what happens if we both check out.
One thing. I dhecked insurance here in Hk and it seemed a bit expensive - as I wasn't sure if we'd be in HK long term we got insurance back home in Aus. Few companies will insure expats, but we found one - and are pretty happy with our cover and premiums. With a young child we both felt it would be irresponsible to not have. I don't think twice about insuring my house, my car or my investment properties - my life ranks higher than those. If you have the time check the big company websites (ING etc) yourself and call them for details - but chances are they'll just palm you off onto one of their preferred brokers.
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crj
18 yrs ago
Todge - good point about wills, we did that at the same time too (amazing what having a baby does to you!)
We are very happy with the service we got from Charles Monet Group, they provided us with Transamerican Life Insurance and it was not based on living in HK.
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miffy
18 yrs ago
Todge - could you let me know what company/broker arranged insurance for you in Aus when you are living here? Would like to do the same thing. Thanks.
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Todge
18 yrs ago
Miffy:
We went through a broker and let him do all the calling around. We told him to inform the underwriters that we were Aussies living abroad with no set date of return to Australia. In the end ING seemed to be the only company that would cover us from Australia.
The broker's called Tim Moore, his email is tim@pislc.com
Tell him you want similar coverage to that which he arranged for the two Aussies in HK and he'll know know what to do (as this will save him calling around all the underwriters again)
Or just call ING and get one of their agents to set it up for you.
Hope this helps, and if you want more info send me a PM
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