• All blog entries
    • Calculators
    • Case studies
    • Cost of living
    • CPF Are You Ready?
    • CPF Matters
    • Credit Management
    • e-Learning
    • Estate Planning
    • Events
    • Financial advisers
    • High Networth
    • Insurance
    • Investments
    • Letters to the Press
    • Magazines
    • Others
    • Retirement Planning
    • Scams
    • Surveys
    • Tragic Stories
    • Unethical sales process
    • Videos
  • Legal
  • Testimonies
    • Individual testimonies
    • Gallery
  • My Account
Hi, looking for a fee-based financial planner in Singapore? Read this article now!
  • Home
  • About
    • About Wilfred Ling
    • Why do you run your own professional financial planning practice?
  • FAQs
    • FAQs on Wilfred Ling’s Financial Services
    • FAQs on Financial Planning
    • FAQs on Investments
    • FAQs on Insurance
    • FAQs on Estate Planning
  • Services
    • Overview
    • Create a financially secure plan for your young family (package details)
    • Retirement Planning
    • Investment Portfolio Management
    • Insurance Planning
  • Fees
  • Cool Tools
  • Contact
  • Subscribe
You are here: Home / Insurance / 86% intend to use whole life insurance for retirement?

86% intend to use whole life insurance for retirement?

8, February 2011 by Wilfred Ling 5 Comments

Last Updated on 29, November 2014

citibank  surveyI got a shock when I read that 86% of those surveyed by Citi Financial Quotient Survey 2010 that they intend to use whole life insurance for retirement funding! According to the Today Online 'Most say CPF savings not enough' 2 Feb 2011,

"Singaporeans are turning to alternative means to take them through their silver years. These include proceeds from investment and insurance products. The most popular product is whole life insurance, with about 86 per cent of respondents holding or intending to purchase this product. The next most popular is the endowment plan."

Like this article? Subscribe to my newsletter below for more.

Get regular Tips on Financial Planning. Free subscription for 3 years. Covers all aspect of financial planning such as 'How much salary you should have?', 'How to avoid insurance that is not suitable?", 'What are the retirement planning methods?", etc

Share this:

  • Tweet
  • Print

Related

Filed Under: Insurance, Retirement Planning, Surveys, Tragic Stories

Comments

  1. West2East says

    28, June 2014 at 1:14 pm

    What then, in your opinion, should people build for retirement?

    Reply
    • Wilfred Ling says

      28, June 2014 at 2:59 pm

      Every product is meant for specific purpose. There are countless retirement products in the market place and using whole life for retirement planning is definitely the wrong product. Ask your financial adviser to recommend you suitable retirement planning products.

      Reply
  2. xyz says

    28, June 2014 at 4:01 pm

    Probably semantics … how the survey questioned was phrased … and how respondents interpreted the question.

    Most people I know will treat their whole life as maybe part of their retirement funding, not the be all and end all. Many people nowadays realise the expensiveness of whole life and endowments, and they kinda know their limitations. These products are only complementary for their insurance or savings. Just like many oldies know that CPF should be only a (small) part of retirement funds.

    I know oldies who treat wholelife or endowment as part of their fixed income savings. Of course I tell them that in this case they may be wasting unnecessary money on the insurance portion. They apportion other parts of their savings into different risk assets: dividend paying blue chips, property, liquid savings accounts, etc.

    Quite a few of my oldie relatives who are ex-civil servants or going-to-retire civil servants are like that. They benefited from the relatively good salaries and stable income streams to be able to service some of these expensive whole life and endowments. OTOH other people with different situations may find these products to be totally unsuitable at all.

    Reply
    • Wilfred Ling says

      28, June 2014 at 4:03 pm

      xyz,

      Try to use the same email address (even if it is a fake one) so that your comments will auto publish.

      Reply
  3. Gagmewithaspoon says

    31, October 2016 at 9:33 am

    What is the use of whole life insurance after the insured has no more dependents then?

    Reply

What do you think? Leave a comment. Cancel reply


WILFRED LING, CFA

WANT TO GET REGULAR TIPS ON FINANCIAL PLANNING?

JOIN with thousands of other subscribers in getting tips on all aspect of financial planning such as "What is the minimum salary required?", "How avoid insurance that is not suitable", etc.


WILFRED LING IN THE NEWS

Click HERE to find out more.


THE KIND OF CLIENTS I AM LOOKING FOR

NEW TO US?

Learn how you can fully benefit from this massive website: HERE

For Registered Users Only (free)

  • Webinar on 7 Real Stories To Achieve Your Financial Freedom 6/6/2023
  • Webinar on Major change in cancer treatments in your integrated shield plans 3/9/2022
  • How and what to invest now? (Webinar) 28/7/2022
  • How to identify high performing unit trusts in 3 steps (Webinar) 3/9/2021
  • Financial Planning – Christian Perspective Part 2 (Webinar) 14/8/2021

View All

For Clients Only

  • Video Message to Clients 30/12/2021
  • Exclusive client-only Investment Update Webinar by Wilfred 26/11/2021
  • JPMorgan Guide to Market Q2 2020 15/4/2020
  • JPMorgan Perspective Q2 2020 15/4/2020
  • JPMorgan Guide to Market Q1 2020 5/2/2020

View All

Recent comments

  • mah weng kong on Is PruSelect Vantage plan a good or bad product?
  • Rafi on Wilfred Ling’s Story, the beginning
  • ECE7 on Wilfred Ling’s Story, the beginning
  • Tan Boon Seng on What is meant by pre-existing conditions in real life?
  • Kapil Verma on 70% loss because insurance agent did not provide review for 11 years
  • Ng Ricky on 60’s with no dependants – which insurance is a must have and nice to have?

To be notified of new blog post, like this facebook page

To be notified of new blog post, like this facebook page

Read articles based on different categories

Chartered Financial Analyst

CFA

Chartered Financial Consultant

ChFC

Featured Blogger

IM$avvy

© Copyright 2006-2023 Wilfred Ling

This advertisement or publication has not been reviewed by the Monetary Authority of Singapore

hollow-nasty
hollow-nasty
hollow-nasty
hollow-nasty