Basic Insurance Needed

[sillyb0y]

Any expert can advise

below are the 3 insurance that is important and cheap correct? unless I want to buy life insurance or for investment purposes then buy from an insurance advisor?

1)Hospitalization Insurance (yearly) - integrated shield plan
2)Term Life Insurance + riders (Monthly) - buy from MINDEF group term insurance
3)Disability income insurance (Monthly) - buy from MINDEF group term insurance

 

[boredboiboi]

Any expert can advise

below are the 3 insurance that is important and cheap correct? unless I want to buy life insurance or for investment purposes then buy from an insurance advisor?

1)Hospitalization Insurance (yearly) - integrated shield plan
2)Term Life Insurance + riders (Monthly) - buy from MINDEF group term insurance
3)Disability income insurance (Monthly) - buy from MINDEF group term insurance

1) yes
2) depends on what riders, mindef rider coverage on ci and eci conditions are lesser than what can be bought in the market
3) Disability income mindef and from insurers coverage % amount is different.

 

[iduncheckmail]

Any expert can advise

below are the 3 insurance that is important and cheap correct? unless I want to buy life insurance or for investment purposes then buy from an insurance advisor?

1)Hospitalization Insurance (yearly) - integrated shield plan
2)Term Life Insurance + riders (Monthly) - buy from MINDEF group term insurance
3)Disability income insurance (Monthly) - buy from MINDEF group term insurance

Get some quote from outside provider. Disability is not the cheapest w mindef. Term life,. Yes.

 

[Value.Matrix]

Get some quote from outside provider. Disability is not the cheapest w mindef. Term life,. Yes.

I would honestly reserve mindef aviva for top up later. Simply the death insurance cost is flat.

Buy a private term death first, then top up if needed can be done through mindef aviva.

CI is ok. The problem is ECI if you want, which mindef does not cover as much conditions.

 

[tangent314]

Don't wait too long to purchase Aviva MINDEF GTL if that's what you want, you can't purchase after age 40 (50 for officers)

 

[xtwis7]

Don’t rely solely on Group SAF term because while it is cheap only till age 60, it shouldn’t be the only plan that one have because eventually that’s going to be given up.

I’ve worked out that if you wish to take a longer term; the average cost per year is not exactly much lower for the SAF GTL.

So you will naturally need to find other agents from other companies. You decide who do you want to work with based on their experience and perspective.

 

[limster]

Don’t rely solely on Group SAF term because while it is cheap only till age 60, it shouldn’t be the only plan that one have because eventually that’s going to be given up.

For term you should get the cheapest plan, so if you save on a term plan from age 20 all the way to 60, you can reinvest the savings

After you reach 60 and are financially independent, there is also no need for term insurance if you have done the "buy term invest the rest" properly.

Also, you don't really enjoy the payouts from term insurance ... its more for your dependents who should be working already.

 

[BBCWatcher]

1)Hospitalization Insurance (yearly) - integrated shield plan

Specifically, one could argue an “as charged” public hospital B1 ward Integrated Shield plan is a reasonable insurance necessity. Anything above that is some level of luxury. At present I like Aviva MyShield Plan 3 and Great Eastern SupremeHealth B Plus in this segment, with the latter only appropriate for Singaporean citizens. (PRs should stick with Aviva.) Both offer optional riders — Classic-B is plenty fine for Great Eastern — but Aviva’s base plan is interesting because it has a high cap on out of pocket costs for covered services. In other words, it can be viable to go riderless with Aviva.

2)Term Life Insurance + riders (Monthly) - buy from MINDEF group term insurance

With the caveat you don’t need life insurance if you don’t have any dependents. If you do need life insurance that’s a good option. I’m skeptical premiums will be lower in the individual insurance market, but you can check direct purchase term life insurance premiums at Comparefirst.sg.

3)Disability income insurance (Monthly) - buy from MINDEF group term insurance

Maybe. One major caveat is that the MINDEF/MHA group disability rider can only cover a maximum of 50% of regular income from work (and without any escalation, so inflation is a problem), and another is that it doesn’t tolerate even temporary unemployment. I would shop around, comparing premiums and terms. MoneyOwl can provide reasonable online premium estimates for Aviva’s DII, but the other two (AIA, Great Eastern) probably require talking with a salesperson to get quotes. Great Eastern tends to have the most attractive DII policy terms followed by AIA then Aviva bringing up the rear. Occasionally you can get term life insurance with a DII rider that costs very few dollars more than standalone DII, so if you need the term life insurance that could work.

 

[sillyb0y]

Thanks guys for the advice. Is it good to buy insurance for investment? Future have some payout to recovery the premium if nothing happen*

 

[soneat]

Thanks guys for the advice. Is it good to buy insurance for investment? Future have some payout to recovery the premium if nothing happen*

Generally speaking, no.

These days, there are better and more efficient options for you to do investment.

 

[boredboiboi]

Thanks guys for the advice. Is it good to buy insurance for investment? Future have some payout to recovery the premium if nothing happen*

Depends on what type of investment u mean. Some people take endownment as investment.

 

[Ironaddict]

Specifically, one could argue an “as charged” public hospital B1 ward Integrated Shield plan is a reasonable insurance necessity. Anything above that is some level of luxury. At present I like Aviva MyShield Plan 3 and Great Eastern SupremeHealth B Plus in this segment, with the latter only appropriate for Singaporean citizens. (PRs should stick with Aviva.) Both offer optional riders — Classic-B is plenty fine for Great Eastern — but Aviva’s base plan is interesting because it has a high cap on out of pocket costs for covered services. In other words, it can be viable to go riderless with Aviva.

Hi, is there a particular reason why PR should stick to Aviva. I thought GE ISP B ward plan with rider was the best cost for value

 

[BBCWatcher]

Hi, is there a particular reason why PR should stick to Aviva. I thought GE ISP B ward plan with rider was the best cost for value

Yes, if you look at Great Eastern's benefit schedule for that plan you'll see that PRs are subject to a proration factor of no less than 90%. This means that at least 10% of claimable medical bills aren't even considered for payout, and there's no cap to this factor. Aviva's MyShield Plan 3 doesn't suffer from this defect, and yes I consider it a serious defect.

Great Eastern could easily fix this problem via a slight premium increase for PRs, as NTUC Income is doing. But unfortunately Great Eastern hasn't done that.

 

[Value.Matrix]

Thanks guys for the advice. Is it good to buy insurance for investment? Future have some payout to recovery the premium if nothing happen*

Nobody use it for investment. At most it is a savings plan and wealth protector.

unless you manage to predict your end and buy the cheapest term plan for the death benefit... (and no one have such a crystal ball)

 

[sillyb0y]

i mean for endowment and wealth protector plan.

is it worth to get term or endowment/wealth protector plan

 

[reddevil0728]

i mean for endowment and wealth protector plan.

is it worth to get term or endowment/wealth protector plan

what exactly are you planning to insure? your wealth?

 

[Aaron_soh80]

Any expert can advise

below are the 3 insurance that is important and cheap correct? unless I want to buy life insurance or for investment purposes then buy from an insurance advisor?

1)Hospitalization Insurance (yearly) - integrated shield plan
2)Term Life Insurance + riders (Monthly) - buy from MINDEF group term insurance
3)Disability income insurance (Monthly) - buy from MINDEF group term insurance

2) if u gt kids, 1 if u bbfa, 3rd useless

 

[bankingnerd]

1) yes
2) depends on what riders, mindef rider coverage on ci and eci conditions are lesser than what can be bought in the market
3) Disability income mindef and from insurers coverage % amount is different.

yes u are spot on.

always go direct insurer. that way u do not pay comms and you save on insurance agents who will later sell u things u do not need