Term Insurance system may fail as it covers till 99 years old with the lowest price. By then, most would've claimed it already and it takes nearly a few thousand policies owners to pool this sum of money to pay a life claim of about $1m. What are your thoughts on this?
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UOB's debt consolidation plan is best viewed as an expensive alternative to other plans because the bank advertises interest rates that are higher than those of its competitors. Borrowers that have not previously used UOB's services are however eligible for slightly better rates but it is unclear what rates these borrowers will receive in due to the vague wording on the UOB's website
UOB Debt Consolidation Plan / United Overseas Bank
OCBC's debt consolidation loans charge slightly higher interest rates compared to those of other lenders in Singapore. For this reason, the bank's product is not the most affordable. On the other hand, individuals who are unable to obtain the most affordable debt consolidation loan offers could consider applying for OCBC's Debt Consolidation Plan as a backup option. Unlike its competitors, OCBC does not charge a processing fee and it does not list rates "from X%", which suggests that its rates are more transparent and accessible. Another drawback of OCBC's debt consolidation loans is that they are only offered for tenures of 3 to 8 years, which is restrictive for individuals that would prefer a longer or shorter term debt consolidation plan.
OCBC Debt Consolidation Plan / Oversea-Chinese Banking Corporation
Debt consolidation loans from Standard Chartered are a part of a debt consolidation plan. The plan consists of the loan and a Platinum MasterCard. Effective interest rate of 7.70% and loan lengths can stretch from three years all the way through to ten years with regular fees for the Platinum MasterCard charged. They charge a joining fee of S$199 and S$250 for early redemption fee
Standard Chartered Debt Consolidation Plan / Standard Chartered Bank Singapore
UOB does not offer the cheapest car loans in Singapore, due to its higher than average interest rates. However, the bank can be a good source of financing for individuals that are unable to obtain less expensive loans.Additionally, UOB's HP50 car loans give borrowers added financial flexibility. This is because these loans allow borrowers to pay as little as half of their regular monthly instalments for the first 59 months of a 5-year loan. In the final month of this loan, borrowers can choose to either fully repay their loan with one final instalment, trade their current vehicle for a new car or enter a sell and lease back scheme with their dealer.
1st Credit Debts Consolidate Loan / 1st Credit SG
POSB and DBS are offering the most significant promotional deal for debt consolidation loans. This promotion provides a cashback of 3% of the approved loan amount to borrowers. This can result in material savings, especially for those with a significant amount of debt. While the banks charges S$99 for processing fee, it is rather insignificant for applicants that receive the cashback promotion. Additionally POSB and DBS advertise flat interest rates as low as 3.98% (7.23% EIR). These rates are among the lowest available in our review of debt consolidation plans in Singapore however, they are not guaranteed.
DBS Debt Consolidation Plan / DBS Bank
CIMB advertises the lowest debt consolidation plan interest rates in Singapore, with effective interest rates as low as 7%. This is a great rate for some borrowers that are actually able to secure it; however it is difficult to assess the total cost of CIMB's debt consolidation loan compared to a loan from another bank.Additionally, because POSB, DBS and Maybank are offering cashback promotions and HSBC is offering S$100 cashback and waived processing fees, CIMB's lack of promotions and 1% processing fee make it a less appealing source for debt consolidation loans. It also offers loans with shorter durations of up to 8 years than many other DCP lenders in Singapore.
CIMB Debt Consolidation / CIMB Bank Berhad Singapore Branch
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If I am correct, I think you are trying to ask that if start claiming from the insurance company, will they have the money to pay you when you die. First and foremost, it's a contract. Insurers pay billions in claims yearly. Secondly, the premium you pay insurance is invested so they'll be able to earn and pay you back when you die. Number three, all risk is already factored in. Some people will die earlier, others later, while some will cancel, and majority won’t even claim. All this is already priced in and you're paying fair value plus some mark-up for the risk you're passing on to the insurance company. Number four, there is regulation to make sure Insurers have enough money to pay claims. Lastly, insurance companies are reinsured by bigger insurance companies. So don't worry, keep paying your premiums, and you'll be able to claim.