Golden Mile and Insurance

Today went to Golden Mile. In the end cant go to Genting with a grp of frens as it is fully booked and Pong cant make it for Redang as her mum does not allow her to go. I strongly believe her mum has strong telepathy with me. HAHA. Now I am free to meet my old friends before I go audit.

My NTUC Income advisor and Guobin came to my house and I found my mum bought a $1191 per yr with coverage of 30 critical illness. I am super vexed over this insurance. Why did my mum buy a 30 critical illness for a Primary 6 student in 1997? Its like what is the chances that a 12 yr old kid get a critical illness. She should have buy that for herself and not me. So now I have to bear this burden to continue the plan if not my mum will be angry. She will feel sad that she had paid over 10k over this yrs and I wanna terminate it.

Reason I want to terminate it.
You get 100k only when you get one of the 30 critical illness. And your money is locked in forever. I can easily buy a more comprehensive term insurance to cover me than spending $1191. HOWEVER, I want to say its that it is cheap as I HAD paid so much since young and the deal looks good as you still get to keep the money after 13 years. As I know how to invest, LOCKING a sum for so many years, I rather wanna lock my funds in CHINA for 60 yrs better. Appreciation of RMB and the economic growth but my mum will not understand it. She will say yours has so much RISK. I think I have to follow my mum's wishes cos I know if I say I wanna terminate, she will take control of that insurance and pay herself. I know she is nice to me to buy such an expensive insurance but in financial terms, its a bad investment.

So we were discussing about accident plan and NTUC incomeshield. The accident plan gives u $50k for accidental death and total disability and cost $40 dollars per annum only. And the incomeshield which covers medical costs $131 and can be paid using CPF medisave. I think I need to clarify why I dun like the $1191 policy. I have to pay so much money upfront for critical illness. If I have the mediashield till old ($131 for 24 yrs old. $3813 for 80 yrs old and you cant get the money back), I will have to pay more than the $1191 when I am old but seriously you think in 50 yrs time when I am old, is $100k enough? I rather spend money pumping the income shield at a higher cost which could amount $4000 at the age of 79 but its more comprehensive and does not only cover 30 critical illnesses.

I hope this post is not too boring.

Random post - I always wonder how come a new company Rexona has so much resources to do advertising and even asked Elva Hsiao to be their ambassador. I know this post is very random but I finally found out the answer. Rexona is under Unilever. A super huge company.