Getting started with insurance

[AST781]

Im relooking at my coverage and got a question here: im calculating my advanced and early CI needs. My friend was telling me that my combined advanced and early CI coverage can't exceed the base sum insured (in the case of a whole life plan). Is this true? Which means if my base plan (death / tpd) is 100k, with a multiplier of 3 ( hence 300k in total). My base advanced n early CI thus cannot be > 100k. Is this true?

 

[Mr. Wood]

Im relooking at my coverage and got a question here: im calculating my advanced and early CI needs. My friend was telling me that my combined advanced and early CI coverage can't exceed the base sum insured (in the case of a whole life plan). Is this true? Which means if my base plan (death / tpd) is 100k, with a multiplier of 3 ( hence 300k in total). My base advanced n early CI thus cannot be > 100k. Is this true?

did yr fren mean CI can claim up to 3x across diffnt categories. but each claim will not exceed 100k

 

[Bigoya]

Im relooking at my coverage and got a question here: im calculating my advanced and early CI needs. My friend was telling me that my combined advanced and early CI coverage can't exceed the base sum insured (in the case of a whole life plan). Is this true? Which means if my base plan (death / tpd) is 100k, with a multiplier of 3 ( hence 300k in total). My base advanced n early CI thus cannot be > 100k. Is this true?

Identify whether it's accelerated payout or additional payout.
How to tell? Read your policy wordings.

You're welcome.

 

[AST781]

did yr fren mean CI can claim up to 3x across diffnt categories. but each claim will not exceed 100k

i.e., my base plan (the whole life plan with value) is $100k coverage for death / TPD till age 99. I add in a multiplier of 3X. Hence, if I were to add early & advanced critical illness riders, the combined coverage value for early and advanced CI riders can't exceed 100k (or 300k with multiplier effect) right?

 

[boredboiboi]

Im relooking at my coverage and got a question here: im calculating my advanced and early CI needs. My friend was telling me that my combined advanced and early CI coverage can't exceed the base sum insured (in the case of a whole life plan). Is this true? Which means if my base plan (death / tpd) is 100k, with a multiplier of 3 ( hence 300k in total). My base advanced n early CI thus cannot be > 100k. Is this true?

Yes its true

 

[boredboiboi]

i.e., my base plan (the whole life plan with value) is $100k coverage for death / TPD till age 99. I add in a multiplier of 3X. Hence, if I were to add early & advanced critical illness riders, the combined coverage value for early and advanced CI riders can't exceed 100k (or 300k with multiplier effect) right?

U sure tpd is till 99 for base without rider? Usually tpd is till 70

 

[xtwis7]

That will be only 1 company with whole life TPD. All the other insurers either end at 70/75.

U sure tpd is till 99 for base without rider? Usually tpd is till 70

 

[moejoseph]

That will be only 1 company with whole life TPD. All the other insurers either end at 70/75.

AXA TPD ends at 80, and only 2 ADLs required to make a claim

 

[boredboiboi]

That will be only 1 company with whole life TPD. All the other insurers either end at 70/75.

Depends on how u look at it. Actually if with ci rider, i would say most insurer is having tpd for whole life.

 

[SSagey]

Hi,

I currently only have an integrated shield plan and is considering to get additional insurance for myself due to multiple dependents (parents and younger siblings).

Any suggestions on what I should be looking out for?

 

[boredboiboi]

Hi,

I currently only have an integrated shield plan and is considering to get additional insurance for myself due to multiple dependents (parents and younger siblings).

Any suggestions on what I should be looking out for?

1) hospital plan
2) disability plan
3) term plan for death and critical illness

Depends on your budgets.

Get hospital plan for your parents and siblings as well

 

[moejoseph]

Hi,

I currently only have an integrated shield plan and is considering to get additional insurance for myself due to multiple dependents (parents and younger siblings).

Any suggestions on what I should be looking out for?

May i know ur age?

Will be good to look at CI as well, in case of income replacement required. U can add it as a rider with any life plan.

Good to insure your family with the basic shield plan at least, and then look at other things of ur budget allows

 

[BBCWatcher]

Will be good to look at CI as well, in case of income replacement required.

CI is not well designed for income replacement. DII is much better designed for income replacement.

I would point out that the younger siblings and parents presumably won’t be dependents forever, so the term life insurance only has to last until they “age out.” That could be less, maybe a lot less, than the typical age 65 term. Shorter terms are available in term life insurance. Comparefirst.sg is a great place to get quotes on direct purchase term life insurance.

 

[exterminazn]

Hi,

I currently only have an integrated shield plan and is considering to get additional insurance for myself due to multiple dependents (parents and younger siblings).

Any suggestions on what I should be looking out for?

You may like to clear your pm....

 

[Goesaround]

Looking for term and hospital plan too

 

[SSagey]

1) hospital plan
2) disability plan
3) term plan for death and critical illness

Depends on your budgets.

Get hospital plan for your parents and siblings as well

May i know ur age?

Will be good to look at CI as well, in case of income replacement required. U can add it as a rider with any life plan.

Good to insure your family with the basic shield plan at least, and then look at other things of ur budget allows

Thanks for the advice given!

I'm currently 30. Definitely considering to get the integrated shield plan for the whole family. Will be starting off with my parents for a start.

CI is not well designed for income replacement. DII is much better designed for income replacement.

I would point out that the younger siblings and parents presumably won’t be dependents forever, so the term life insurance only has to last until they “age out.” That could be less, maybe a lot less, than the typical age 65 term. Shorter terms are available in term life insurance. Comparefirst.sg is a great place to get quotes on direct purchase term life insurance.

Between DII and term life insurance, which one should I look into first? I was thinking about DII since income replacement seems to be quite important.

You may like to clear your pm....

Just cleared my inbox. Thanks for the heads up!

 

[BBCWatcher]

Between DII and term life insurance, which one should I look into first? I was thinking about DII since income replacement seems to be quite important.

DII helps combat income loss due to disability (inability to work), whatever the legitimate reason, with very few exceptions. (Fighting in somebody’s civil war and getting injured would likely be one of those rare exceptions.) DII is important whenever you and/or anybody you care about is dependent on your future income from work. Bill Gates doesn’t need DII, but almost every early to mid career working adult does.

Life insurance (usually bundled with Total and Permanent Disability Insurance) pays a benefit when you have one or more dependents.

In this case, in your case, both are important. You can manage premium costs by comparison shopping across all the carriers. Don’t forget that the CPF Dependants’ Protection Scheme (DPS) and your CPF assets are life insurance, too (to your CPF nominees), so count that before deciding how much more coverage you need. And any employer-provided coverage you have counts. Use Comparefirst.sg to shop for term life insurance, and choose the shortest term that you need — that is just long enough to cover your dependents before they “age out.” Covering siblings to age 25 and parents to 105 should be long enough, as examples. Also check the Aviva MINDEF/MHA life insurance if eligible.

For DII choose the longest waiting period offered if you have a choice, and check all four policies (Aviva has 2 — one of them is the MINDEF/MHA rider — GE and AIA have one each). GE offers the best DII coverage terms overall, so give them a close look.

Watch out for overselling. Start with the necessities, and stop there for now.

 

[yiron]

Any recommendations for Personal Accident plans for toddlers? Thanks!

 

[BBCWatcher]

Any recommendations for Personal Accident plans for toddlers?

Yes: none.

Make sure they have adequate medical insurance (a public hospital A ward Integrated Shield plan is a reasonable choice), and stock up on MediSave dollars (yours first if able). Fortunately, if your child is a citizen or PR, he/she will be eligible to enroll in CareShield Life as a young adult, even if disabled at entry. That's progress.

There are three "nervous parent" policies sold in Singapore that I know about: AIA Star Protector Plus, AXA SmartCare Junior, and Great Eastern Junior Protection Plus. They look pretty ridiculous to me, but you can check them out for yourself to see if you disagree.

 

[moejoseph]

Any recommendations for Personal Accident plans for toddlers? Thanks!

Most insurers' PA plan will be applicable for toddlers as well, some from 15 days old can apply.

You can check out AXA Band Aid and other similar plans as well, to see if it is what you are looking for