Am I under-protected?

[mervin420]

Am I under-protected for my insurance coverage?

Hi all,

i realized my policies are all from AIA.

healthshield gold max + essential rider
prime life policy of 25K with 5YRT rider of 100K & DDI rider of 10K
scc of 100K (secure critical cover)
premier disability cover of 2500
recovery lifeline of 25K

I am not sure if i am missing out any protection which should be important/essential.
can i seek some advice from the forumers here?

i am currently 34 yrs old, female , married with no kids.

thanks alot!

 

[Lewis.T]

Seems well rounded. The essential one, the healthshield plan is there. The death coverage may be a tad low, but I'm not sure of your financial liabilities. You may wish to consider getting a term plan to boost your death coverage. (Planning to get married/have children in future? Supporting your parents maybe?)

And by term plan I don't mean a renewable term plan, those chalk up some premiums if you hold onto it for awhile.

There are discussions on term plans here
http://forums.hardwarezone.com.sg/money-mind-210/best-term-insurance-plan-4584000-19.html

 

[mervin420]

Seems well rounded. The essential one, the healthshield plan is there. The death coverage may be a tad low, but I'm not sure of your financial liabilities. You may wish to consider getting a term plan to boost your death coverage. (Planning to get married/have children in future? Supporting your parents maybe?)

And by term plan I don't mean a renewable term plan, those chalk up some premiums if you hold onto it for awhile.

There are discussions on term plans here
http://forums.hardwarezone.com.sg/money-mind-210/best-term-insurance-plan-4584000-19.html

Hi Lewis, thank you for the advice.
For my renewable term plan, will it be recommended to terminate and buy new term plans while i still young?

For CI, the definitions are quite stringent to claim. despite this, is it still advisable to increase the protection of CI coverage to 300K? i am worried that after paying premiums yearly, the claim criteria is so stringent that it is very difficult to claim when i need it.

I am planning to have kids in the future and also currently supporting parents.

 

[IFAadvisor]

Hi Lewis, thank you for the advice.
For my renewable term plan, will it be recommended to terminate and buy new term plans while i still young?

For CI, the definitions are quite stringent to claim. despite this, is it still advisable to increase the protection of CI coverage to 300K? i am worried that after paying premiums yearly, the claim criteria is so stringent that it is very difficult to claim when i need it.

I am planning to have kids in the future and also currently supporting parents.

Hi,

1) You may want to look at the life and term policy you are having (Prime Life) with renewable term, scc and lifeline recovery. Current market provide cheaper per dollar life plan. This will provide you more budget for better options in terms of contractual and cost.

2) You may want to consider the early critical illness cover for a "less stringent" claim. Well there are different schools of thoughts here. Why I use "less stringent" with "" is that definition did not change much over the years but instead medical advances which made early detection rampant.

Hope this helps, you may pm for more info.

 

[mervin420]

Hi,

1) You may want to look at the life and term policy you are having (Prime Life) with renewable term, scc and lifeline recovery. Current market provide cheaper per dollar life plan. This will provide you more budget for better options in terms of contractual and cost.

2) You may want to consider the early critical illness cover for a "less stringent" claim. Well there are different schools of thoughts here. Why I use "less stringent" with "" is that definition did not change much over the years but instead medical advances which made early detection rampant.

Hope this helps, you may pm for more info.

Hi IFAadvisor,

thank you very much for the info & advice.
regarding 1) , can you suggest some cheaper per dollar life plan which can possibly replace my renewable term rider, scc and lifeline recovery?

 

[teejaywai]

Hi all,

i realized my policies are all from AIA.

healthshield gold max + essential rider
prime life policy of 25K with 5YRT rider of 100K & DDI rider of 10K
scc of 100K (secure critical cover)
premier disability cover of 2500
recovery lifeline of 25K

I am not sure if i am missing out any protection which should be important/essential.
can i seek some advice from the forumers here?

i am currently 34 yrs old, female , married with no kids.

thanks alot!

Hi Mervin420

From the polices you stated, basically you covered with hospitalisation bills/ CI/ Death /TPD and income replacement. That said, it does sound well covered.

You may consider a life plan that insure you against Early Stage Critical Illness (ESCI) as well. As in definition of Critical Illness by most plans, they mean Advance stage ( for Cancer case, uncontrollable growth and spreading of cancer cells).

A life plan that insure ESCI covers Early Stage (i.e carcinoma in situ - Cancer that has stayed in the place where it began and has not spread to neighboring tissues) . You can claim as long as doctor endorsed as Early stage. This would actually provided a lump sum for the treatment and medications. ** Shield Plans do not cover medications**

An Early Stage Critical Term Plan is very costly with no cash back, i would not advise on that.

I did a check base on your stated age. a 90K Sum assured that covers ESCI/CI/Death/TPD for a 20year limited premium payment would be around 1.6k.


There is a recent articles whereby a women had 5 life polices but could not claim as she was diagnosed with early stage.

you may let me know if you would want more explanations on ESCI.

Cheers

 

[wooty100]

You may want consider Zurich Protect Prestige. Term plan . Add disability , critical illness riders as you deem fit

 

[mervin420]

Hi all, thank you so much for the advice.