Should I upgrade my Aviva Eldershield?

[GorGor2015sg]

Hi all,

I'm currently on Aviva Eldershield 400, payout of $400/mth for 6 years in case any disability happens.

Should I upgrade to MyCare payout $600/mth for 12 years or MyCare Plus payout $600/mth for lifetime?

Aviva also has extra benefits like "Additional S$200 per month up to 36 months if you have a child aged 21 years and below at point of claim"

I've heard from a friend her father had stroke and currently can only get up to 6 years of benefits, and he remained paralysed. So what happens after the 6 years might be tough on their family.

I don't intend to spend too much of my medisave on enhanced benefits but am considering to increase the basic coverage of Eldershield 400 in terms of amount payable and number of years.


Please advise.

Thank you.

 

[bslow27]

MyCare should be good enough. MyCare Plus got to pay premium till death if i'm not wrong.

 

[wts2013]

moi always say would rather die than make relatives suffer with moi, lky wanted euthanasia, hope by that time got euthanasia, hahaha

 

[Astro2]

I also took up the enhanced Eldershield.

Basic coverage is only $400 for 6 years. While the enhanced Eldershield will give higher payout (depending on which option you choose) and covers up to 65 years old. Anyway, you're using Medisave to pay for the premium.

Astro2

 

[GorGor2015sg]

Here are my questions.

I read that about 50% of stroke patients do not live beyond 5 years. In other words, only about 50% of stroke patients live beyond 5 years.

1. So I guess no point paying extra medisave money to buy coverage for lifetime. Maybe upgrade to $600/mth for 12 years with MyCare?

2. Assuming entry age of 41, payable for 26 years at $245.46 per year, I would have paid 26 x $245.46 = $6,381.96 for the extra premiums. If suay suay kena disability, I can get $600 x 12 x 12 = $86,400. That's a ratio of $86,400 / $6,381.96 = 13.54. Worth it?

3. Even though many people say its medisave money, should use it to upgrade as don't need cash, will it be better for the $6,381.96 to be transferred to Special Account or Retirement Account? Assuming I hit the Medisave ceiling. I assume the $6,381.96 is nothing compared to the potential protection of $86,400 if I upgrade? Meaning I should upgrade?

What are your thoughts.

 

[hesperus]

Here are my questions.

I read that about 50% of stroke patients do not live beyond 5 years. In other words, only about 50% of stroke patients live beyond 5 years.

1. So I guess no point paying extra medisave money to buy coverage for lifetime. Maybe upgrade to $600/mth for 12 years with MyCare?

2. Assuming entry age of 41, payable for 26 years at $245.46 per year, I would have paid 26 x $245.46 = $6,381.96 for the extra premiums. If suay suay kena disability, I can get $600 x 12 x 12 = $86,400. That's a ratio of $86,400 / $6,381.96 = 13.54. Worth it?

3. Even though many people say its medisave money, should use it to upgrade as don't need cash, will it be better for the $6,381.96 to be transferred to Special Account or Retirement Account? Assuming I hit the Medisave ceiling. I assume the $6,381.96 is nothing compared to the potential protection of $86,400 if I upgrade? Meaning I should upgrade?

What are your thoughts.

From the above, you are only using stroke as an example for claim. Under ElderShield, dementia is also an illness that can cause someone unable to do the 3/6 Activities of daily living. My grandmother is one of them.. that's why I noe the risk is quite real..


Anyway, if you feel that paying for lifetime is quite a long duration, feel free to look at the other 2 Eldershield Insurers, namely NTUC and Great Eastern, for which they have limited pay but whole of life coverage plans. You can do the ElderShield upgrade with them even though your Basic ElderShield is with Aviva.

 

[wts2013]

question: if a person can claim under eldershield, would the person be able to claim under his other insurance policies for critical illness and tpd?

If so, the person would have another lump sum from other policies besides eldershield right?

 

[FP_IFA]

question: if a person can claim under eldershield, would the person be able to claim under his other insurance policies for critical illness and tpd?

If so, the person would have another lump sum from other policies besides eldershield right?

True but TPD of a term or whole life plan will drop off at the age of 65 or 70 depending on the plans. This is why eldershield is important.

 

[wts2013]

True but TPD of a term or whole life plan will drop off at the age of 65 or 70 depending on the plans. This is why eldershield is important.

tx, what about critical illness cover, still can claim?

 

[FP_IFA]

tx, what about critical illness cover, still can claim?

CI is still claimable as long as it is still in effect.

 

[asiafrenz]

moi always say would rather die than make relatives suffer with moi, lky wanted euthanasia, hope by that time got euthanasia, hahaha

same thoughts

 

[kurtgoh]

received a letter from UOB on upgrading the eldershield to aviva mycare.

i could save $100 on the first year premium.

should i?
anything to watch out for, please