Dilemma about choosing shield plans

[pop]

I had approached 2 insurers in the hope i can compare the two when they come back with their approvals because i have special terms for existing conditions. However, one came back very fast and after waiting a while for the other which still had not come back, i signed up with the first one, paid up and already effected. Now the 2nd comes back with better special terms than the first. Is it still possible to accept the 2nd one and anull the first? What are my options and things to consider?

 

[xiao.xin]

Did you include the cash rider? If is just the integrated shield plan you'll be refunded the pro rated amount to your medisave

 

[pop]

Did you include the cash rider? If is just the integrated shield plan you'll be refunded the pro rated amount to your medisave

Both have rider. Can you elaborate on how the proration works? Thanks.

 

[pop]

Any other inputs?

 

[dendii]

When is your previous healthshield effected?

 

[Bigoya]

Both have rider. Can you elaborate on how the proration works? Thanks.

So far most insurer I came across pro-rates the unused premiums for riders.

If premium is $120/yr and you utilized 5 months of coverage (assuming you pay annual premium), you will get back $70. This is just my rational assumption.

 

[pop]

When is your previous healthshield effected?

About 2 weeks ago.

 

[pop]

So far most insurer I came across pro-rates the unused premiums for riders.

If premium is $120/yr and you utilized 5 months of coverage (assuming you pay annual premium), you will get back $70. This is just my rational assumption.

Meaning cash paid for rider cannot be prorated?

Also want to know, between switching from one insurer to another, is there a period i become uncovered? Or it is seamless transition? How do i time my termination of one and acceptance of the other to avoid being left uncovered at some point?

 

[Bigoya]

Meaning cash paid for rider cannot be prorated?

Also want to know, between switching from one insurer to another, is there a period i become uncovered? Or it is seamless transition? How do i time my termination of one and acceptance of the other to avoid being left uncovered at some point?

Meaning cash paid for riders will be pro-rated as well.

There is no waiting period for CIs (only applicable for life insurance and endowment riders covering CI).

For shield plans there are still waiting periods for inpatient pregancy complication of about 1 year, inpatient congenital abnormalities ard 1 yr, and living donor organ transplantation of roughly 2 yrs. Waiting period differ among insurers.

Upon being accepted by new insurer, CPF will auto-terminate ur existing coverage. Nothing u can do abt it.
For foreigners, it is self termination. As waiting period can be as long as 2yrs, i'll say depending on how much u want to expose urself to such risk, terminate the current coverage accordingly.

EDIT: Just to add a lil' more info, pregnancy complications only covers female. Ignore tt if u r a male.
Congenital abnormalities u ownself will know if u actually have any, if not, it is not much a concern.
For living donor organ transplant, it means if u (the lifeassured) donating ur organ to someone else, u will not be covered within waiting period, or someone else donating to u, they will nt be covered. Otherwise, for people donating to u, u will still be covered.

 

[SgUser2277]

Meaning cash paid for riders will be pro-rated as well.

There is no waiting period for CIs (only applicable for life insurance and endowment riders covering CI).

For shield plans there are still waiting periods for inpatient pregancy complication of about 1 year, inpatient congenital abnormalities ard 1 yr, and living donor organ transplantation of roughly 2 yrs. Waiting period differ among insurers.

Upon being accepted by new insurer, CPF will auto-terminate ur existing coverage. Nothing u can do abt it.
For foreigners, it is self termination. As waiting period can be as long as 2yrs, i'll say depending on how much u want to expose urself to such risk, terminate the current coverage accordingly.

EDIT: Just to add a lil' more info, pregnancy complications only covers female. Ignore tt if u r a male.
Congenital abnormalities u ownself will know if u actually have any, if not, it is not much a concern.
For living donor organ transplant, it means if u (the lifeassured) donating ur organ to someone else, u will not be covered within waiting period, or someone else donating to u, they will nt be covered. Otherwise, for people donating to u, u will still be covered.

Yup simply put, if you have existing shield plan (with or without rider) and you sign another new shield plan (with or without rider) - the old plan will be automatically terminated and replaced with the new plan.

 

[pop]

Meaning cash paid for riders will be pro-rated as well.

There is no waiting period for CIs (only applicable for life insurance and endowment riders covering CI).


r]

CIs means critical illnesses? Still not clear what this sentence mean to me.

Whatever it is, thete is no fear of a period withoit cover right since when new one is received by cpf, old one gets cancelled. Thanks.

 

[pop]

Yup simply put, if you have existing shield plan (with or without rider) and you sign another new shield plan (with or without rider) - the old plan will be automatically terminated and replaced with the new plan.

I see. Thanks.

 

[Bigoya]

CIs means critical illnesses? Still not clear what this sentence mean to me.

Whatever it is, thete is no fear of a period withoit cover right since when new one is received by cpf, old one gets cancelled. Thanks.

CI means Critical Illness like heart attack, kidney/liver failure, cancer 3rd stage etc.

There is no waiting period for general cases except for the conditions I've mentioned.

 

[xiao.xin]

Both have rider. Can you elaborate on how the proration works? Thanks.

Think you've your answer already