Vivolife

Hi Mr Tan
My husband and I were recently approached by an agent to buy this policy - we are in our mid 30s and the agent suggested that we get covered for $160,000 and pay the premium of $350 monthly for the next 28 years. (She wanted us to pay the premium annually but we didn't see the sense of that, except that she gets to enjoy her commission quicker.) 

She had initially also wanted us to sign up for $350,000 coverage with premiums paid till we are 84 but the premiums are far too high for us to afford for such a long period of time. 

We hope you can help shed some light on whether this policy is worth buying. Reason why I'm asking is because my husband recently gave me your book on financial planning and you warned against buying whole life insurance. Before I ring the agent to stop the policy, I just wanted to make sure that we are making the right decision.

In the product summary, it states that Vivolife is a participating regular premium whole life plan that covers death, total and permanent disability, and dread policies. Vivolife combines the best of insurance coverage and long term financial planning. Vivolife is ideal for those seeking high insurance coverage and the benefit of regular savings.

We would really appreciate if you could help us, and we will pass this information onto our friends who are also planning for their retirement and children's education.

REPLY

Get the benefit illustration and calculate the two indicators show in in this FAQ:
http://tankinlian.com/admin/file.aspx?id=234


I have seen a previous benefit illustration which showed that the policy provides a poor yield. But it is better that you compute it from the benefit illustration. You can send th benefit illustration for me to confirm your calculation.