Getting started with insurance

[BBCWatcher]

Since we are on the topic of CI, how about early critical illness? Is it advisable to get it?

Only if you’ve run out of insurance products to buy, and perhaps not even then.

Seriously, prioritize. Focus on the biggest risks first, then (maybe) work down the list if you’ve got an unlimited insurance budget.

Look at current hospitalisation insurance, those that covered 100% can be overturned by government policy and soon everyone will need co-payment.

No, that’s not correct. Everybody with a “zero dollar” rider can keep the rider. Most people with those riders never should have bought them in the first place, and the premium increases on those zero dollar riders won’t be fun, but anybody who bought one before the cut-off date in March, 2018, can stay on it for life if desired.

That really spooked me and reconsider if i made the right choice of term life+CI till 65, and if I needed CI till whole life

Where’s the DII in the picture?

I’m so emphatic about this because it’s hard to imagine being disabled and unable to work for life in Singapore. It absolutely blows — it’s devastating. All this worrying about cancer...and that’s not a worry, the loss of $2 million of lifetime income or more? That’s genuinely scary. Cancer, relatively speaking, not as much.

 

[numbers]

Where’s the DII in the picture?

I’m so emphatic about this because it’s hard to imagine being disabled and unable to work for life in Singapore. It absolutely blows — it’s devastating. All this worrying about cancer...and that’s not a worry, the loss of $2 million of lifetime income or more? That’s genuinely scary. Cancer, relatively speaking, not as much.

cancer not scary but the surgery and chemo fees + pills +hospital stay fees are scary.....

 

[smart_alex]

is it worth to get Whole life insurance?

Currently I have 300,000 term insurance until 58 years old

(30 years), currently only 1k ++ only

shld I buy additional whole life insurance?

if I buy another $100,000 for whole life, it is very expensive, is it worth it?

 

[BBCWatcher]

is it worth to get Whole life insurance?

Well, what goal(s) are you trying to achieve?

 

[smart_alex]

Well, what goal(s) are you trying to achieve?

some money for my descendant to prepare my funeral

 

[moejoseph]

is it worth to get Whole life insurance?

Currently I have 300,000 term insurance until 58 years old

(30 years), currently only 1k ++ only

shld I buy additional whole life insurance?

if I buy another $100,000 for whole life, it is very expensive, is it worth it?

Coverage till 58, or payment till 58?

It depends on whether you feel that there is a need for the additional coverage with money back (whole life).

Because funeral expenses most likely won't need another $100k, unless you are planning to leave a legacy/sum of money for your descendents

 

[BBCWatcher]

some money for my descendant to prepare my funeral

Then simply stash funds into your MediSave Account for that purpose, and just don't spend all (or most) of your MediSave dollars.(*) Your nominated CPF heir will inherit all those residual MA funds. Those funds earn an amazing 4% interest, plus tax relief when you put the dollars in. No whole life policy is going to beat that deal.

You can make voluntary top ups to your MA (and with tax relief) as long as both these conditions hold:

1. Your MA has not reached the Basic Healthcare Sum ($57,200 in 2019).

2. You have some room below the CPF Annual Limit of $37,740.

Another benefit to this approach is that once your MA hits the BHS the compulsory contributions earmarked for MA will then spill over into your Special Account, boosting your retirement savings that much faster.

(*) Before anyone argues, "Yes, but whole life insurance is locked," no, it isn't. MA is a stronger lock (for funeral expenses especially) than whole life insurance, because whole life insurance policies can be raided for their surrender value. MA is actually a rather good bequest vehicle, if that's what you want to do. And for funeral expenses in particular, it's approximately perfect. Indeed, it handles inflation, too, something that a whole life insurance policy rarely does. (Quick: What's the cost of a funeral in the year 2058? Nobody knows, but it won't be the same as today. A fixed nominal payout doesn't actually work as well here.)

 

[smart_alex]

Coverage till 58, or payment till 58?

It depends on whether you feel that there is a need for the additional coverage with money back (whole life).

Because funeral expenses most likely won't need another $100k, unless you are planning to leave a legacy/sum of money for your descendents

coverage till 58, and I am paying term, so I guess is 30 year so yup payment till 58 too

 

[jjonghae]

Seeking some advices

My dad is 65 this year, mum is 60. Both do not have any life insurance plan, nor CI plan.
My dad does not have any hosp plan and it is too late for him to take it up because he has "2 highs".
My mum has NTUC incomeshield at B class ward + assist rider.

I'm quite lost what insurances I should get for them.

I took a look at life insurance premiums via comparefirst, but it seems crazy high given their age.

 

[JuniorLion]

Seeking some advices

My dad is 65 this year, mum is 60. Both do not have any life insurance plan, nor CI plan.
My dad does not have any hosp plan and it is too late for him to take it up because he has "2 highs".
My mum has NTUC incomeshield at B class ward + assist rider.

I'm quite lost what insurances I should get for them.

I took a look at life insurance premiums via comparefirst, but it seems crazy high given their age.

Try term insurance.

What do you want to insure against?

 

[moejoseph]

Seeking some advices

My dad is 65 this year, mum is 60. Both do not have any life insurance plan, nor CI plan.
My dad does not have any hosp plan and it is too late for him to take it up because he has "2 highs".
My mum has NTUC incomeshield at B class ward + assist rider.

I'm quite lost what insurances I should get for them.

I took a look at life insurance premiums via comparefirst, but it seems crazy high given their age.

Given their age, premiums will definitely be high, because the risks are a lot higher. This is also why it is a good reason to get coverage as young as you can, when you can still afford and while premiums are lower, especially if you do not want your descendents to worry about it in future.

 

[lukefung85]

Don't anyhow buy insurance! Need to understand first..

I found this website quite useful leh. maybe u all can check it out before getting it. dont say i never share.. lifeassure.sg

 

[akwl88]

I found this website quite useful leh. maybe u all can check it out before getting it. dont say i never share.. lifeassure.sg

lukefung85
Junior Member

Join Date: Jan 2019
Posts: 1

At Life Assure, we are a group of local certified specialist that come from different company that will always be there to serve and put our customers at first priority. We are dedicated to finding you the right insurance at the right price. Our specialist are standing by to answer all of your questions and help guide you through the insurance buying process.

nice try dude getting pple to go your website buy insurance

 

[numbers]

For the disability income does the deferred period of 3 months vs 6 months make much of a difference?

What are the chances someone recovers from disability in an 3 months vs 6 months?

I thinking to get 6 months deferred cos is cheaper slightly

 

[moejoseph]

For the disability income does the deferred period of 3 months vs 6 months make much of a difference?

What are the chances someone recovers from disability in an 3 months vs 6 months?

I thinking to get 6 months deferred cos is cheaper slightly

Yes it definitely makes a different, which is also a reason why there is a different in premium pricing.

Imagine not being able to work temporarily, the chance of recovery between the 3rd - 6th month is high.

Also for the 6 month deferment period, you will lose out 3 months of income should anything really happen.

Do consider if it is worth the price difference in premium

 

[BBCWatcher]

Do consider if it is worth the price difference in premium

It assuredly is. If you don’t have an emergency reserve fund adequate to cover at least 6 months of expenses, that’s already a problem.

Some employers offer short-term disability coverage.

 

[bubbasour]

Experience with FWD insurance?

Hi,

I was planning to set up FWD insurance (https://www.fwd.com.sg/) for my family of newborn, wife and myself using 'International Health' plan for us.. plus Term-plan for myself.

FWD seems more simple than the other insurance companies, but I'm not sure whether it is more expensive or what's the actual experience like with FWD..

Has anyone had experience with FWD for Personal/Family insurance and can share? thx bubba

 

[BBCWatcher]

I was planning to set up FWD insurance (https://www.fwd.com.sg/) for my family of newborn, wife and myself using 'International Health' plan for us.. plus Term-plan for myself.

Any particular reason(s) why you want their “international health” coverage? It’s a bit odd, which is not to say that odd is bad but it’s not a typical insurance need.

If you’re a Singaporean or Permanent Resident, and if you’re living in Singapore, ordinarily you would insure on a local basis for your regular care needs using an Integrated Shield plan. When/as you venture outside Singapore for short-term travel for work and/or for pleasure, you would get emergency medical coverage, including medical repatriation and medical evacuation coverage. If you venture outside Singapore more than a couple times a year, an annual travel medical plan is merited. But all non-urgent medical care you’d get in Singapore. If you insure this way, then the costs are reasonable and the coverage is quite good.

If you’re not living in Singapore, or potentially if you’re a foreigner, things get a little more interesting. Then a regional or global medical insurance plan might make some sense, although FWD’s is not necessarily the best such example. Pacific Prime is one of the companies in Singapore that specializes in this type of insurance, and their Web site makes it relatively easy to compare international medical insurance policies from multiple carriers.

FWD seems more simple than the other insurance companies, but I'm not sure whether it is more expensive or what's the actual experience like with FWD..

In my limited experience with FWD their claims processing and reimbursement is much slower than I’ve experienced with other carriers. And I don’t think they don’t have many (any?) direct billing arrangements, so reimbursement it is.

 

[bubbasour]

If you’re a Singaporean or Permanent Resident, and if you’re living in Singapore, ordinarily you would insure on a local basis for your regular care needs using an Integrated Shield plan. When/as you venture outside Singapore for short-term travel for work and/or for pleasure, you would get emergency medical coverage, including medical repatriation and medical evacuation coverage. If you venture outside Singapore more than a couple times a year, an annual travel medical plan is merited. But all non-urgent medical care you’d get in Singapore. If you insure this way, then the costs are reasonable and the coverage is quite good.

thx BBCwatcher for highligting this to me!! appreciate it. im a spr, and when I tried to better understand IP, I found: https://www.moh.gov.sg/medishield-life/about-integrated-shield-plans

I suppose I can get IP for the newborn, my wife and myself?

I see also there are so many company there, based on your experience can you pls share any guidance on maybe 1-2 of the that are recommended to start speaking to on this? I'm not sure which one good or recommended. thanks!

 

[BBCWatcher]

im a spr, and when I tried to better understand IP, I found: https://www.moh.gov.sg/medishield-life/about-integrated-shield-plans

That information is a little dated since Raffles Shield is another insurer now offering Integrated Shield plans, but it's basically correct.

I suppose I can get IP for the newborn, my wife and myself?

Yes, of course.

I see also there are so many company there, based on your experience can you pls share any guidance on maybe 1-2 of the that are recommended to start speaking to on this? I'm not sure which one good or recommended. thanks!

It's fairly easy to shop for Integrated Shield plans. You have one basic decision to make, and it can be a different decision for each member of the household: what level of hospital care do you want in terms of ward class? These are the available choices:

• all private hospitals
• private (single bed) wards in all public hospitals plus Raffles Hospital
• private wards in all public hospitals
• B1 wards (4 beds, air conditioned) in all public hospitals
• B2+ wards (5 beds, air conditioned) in all public hospitals (or the lower B2 ward whenever B2+ is not available)

So that's 5 levels of Integrated Shield coverage, really.

Be aware that private medical care (which includes Raffles Hospital) in Singapore is currently increasing in price at about 7% per year. Public (restructured hospital) medical care is currently increasing in price at about 3% per year. Insurance premiums reflect underlying costs. Private hospital insurance premiums are the highest and are increasing faster, and all Integrated Shield premiums also increase with age.

Also please bear in mind that pre-existing conditions are not covered under Integrated Shield plans, with a couple possible exceptions (occasionally with Raffles Shield and Aviva, subject to many rules). MediShield Life, however, does cover pre-existing conditions, although it does so less well for PRs.

....OK, with that background, which level(s) of Integrated Shield coverage interest you?