Advice on insurance

[akwl88]

TPD criteria is more stringent than disability insurance

Meet 3 out of 6 criterias?

 

[mSnooze]

haha if it is right now i don't have any liabilities at all. only my parents.

disability insurance as in to replace the loss of income due to disability?

disability income normally cover 75% of your salary.

IIRC currently only AIA, GE, Aviva holds such plan.

 

[eboy]

Meet 3 out of 6 criterias?

2 out of 6 ADL or inability to work totally or the usual loss of sight/limb etc

 

[dendii]

TPD is quite strict.

And in my opinion, accidents are the main causes of TPD, not that there are no other illnesses that may cause it. Accident plans on the other hand are more flexible in terms of payout depending on severity of the accidental disablement.

2 out of 6 ADL or inability to work totally or the usual loss of sight/limb etc

 

[soneat]

When it comes to disability, there's usually two factors: Total or partial, permanent or temporary.

The traditional TPD insurance only pays out when it is both "Total" and "Permanent" disability. The exact definition maybe slightly different across insurer and also different over the years.

The Disability Income might payout when it is Total temporary, Partial permanent, Partial Temporary disability. Again the exact definition and condition needs to refer to the exact policy.

Usually TPD insurance is bundled with Death Coverage because it is very cheap (likelihood is low). On the other hand, DI insurance cost a bomb.

 

[5star_pundit]

paid less than $100 but claim more than that

Chubb travel insurance ftw

 

[Sensational]

paid less than $100 but claim more than that

Chubb travel insurance ftw

huh what is this?

 

[Wishdom]

paid less than $100 but claim more than that

Chubb travel insurance ftw

Plus one for ong kian siong

Sent from Ilovennp using GAGT

 

[akwl88]

Plus one for ong kian siong

Sent from Ilovennp using GAGT

siang lai eh?

search in fb?

 

[Sensational]

another question here guys. So if i get a term policy till I am 75 years old with the following benefits:

death/tpd - $500k
CI - $250k
early CI - $50k

In the event I kenna CI (touch wood) and i am given the payout of $250k say around 50 plus years old, then what happens if I pass away before I am 75 (touch wood again)?

Do my family get the remaining $250k or once I get the payout of $250k for my CI, the policy lapses? Could someone shed some light on this for me?

TIA!

 

[Perisher]

another question here guys. So if i get a term policy till I am 75 years old with the following benefits:

death/tpd - $500k
CI - $250k
early CI - $50k

In the event I kenna CI (touch wood) and i am given the payout of $250k say around 50 plus years old, then what happens if I pass away before I am 75 (touch wood again)?

Do my family get the remaining $250k or once I get the payout of $250k for my CI, the policy lapses? Could someone shed some light on this for me?

TIA!

The policy lapses. No double payout.

 

[soneat]

another question here guys. So if i get a term policy till I am 75 years old with the following benefits:

death/tpd - $500k
CI - $250k
early CI - $50k

In the event I kenna CI (touch wood) and i am given the payout of $250k say around 50 plus years old, then what happens if I pass away before I am 75 (touch wood again)?

Do my family get the remaining $250k or once I get the payout of $250k for my CI, the policy lapses? Could someone shed some light on this for me?

TIA!

I suggest you read your policy wordings and see if you will continue to be insured based on the reduced sum assured after the payout.

If after reading the policy wordings and you are not sure, perhaps you can provide a screenshot of the wordings here ask for opinion. However, I also suggest that you also do the extra mile and call the insurer's hotline/claims department to double clarify the understanding/explanation you get from this forum.

 

[Perisher]

I agree with soneat. The best answer is straight out of the insurance company, so ring them up. But as per my understanding, your policy is only gonna pay out once.

 

[Sensational]

I agree with soneat. The best answer is straight out of the insurance company, so ring them up. But as per my understanding, your policy is only gonna pay out once.

okay thanks guys. I haven't bought anything yet and this is just something that came to my mind yesterday. but yep will read through the policy!

 

[mSnooze]

another question here guys. So if i get a term policy till I am 75 years old with the following benefits:

death/tpd - $500k
CI - $250k
early CI - $50k

In the event I kenna CI (touch wood) and i am given the payout of $250k say around 50 plus years old, then what happens if I pass away before I am 75 (touch wood again)?

Do my family get the remaining $250k or once I get the payout of $250k for my CI, the policy lapses? Could someone shed some light on this for me?

TIA!

Depends on Accelerated or Additional CI.
If Additional, your base plan Sum Assured will not be affected, once CI rider is fully claimed, your base plan and TPD will still continue.

If it is Accelerated, if your CI = Base plan sum assured, then yes whole policy will be terminated.

If your CI < Base plan, after you have fully claim your CI rider, your still have the net amount of Sum Assured to be claim in the event of Death/TPD.
e.g. $250K left for Death/TPD.

You never double claim at all in any of the CI, but you can claim again if there is leftover Sum Assured and claim under Death/TPD. If not there will be no point at all to sell different amount of Death/TPD/CI, might as well buy all standalone policy.