Getting started with insurance

[boredboiboi]

Any recommendations for Personal Accident plans for toddlers? Thanks!

Most company does, from 15 days old onwards. Some of my clients took manulife readyprotect as its quite cheap @ $96/year and if 2 or more family bought, further 10% discount.

 

[BBCWatcher]

I see Sompo has a "PA Junior" product and DBS/POSB offers a "Kids Protect" product (not sure who the actual carrier is for that one). AIG might still offer its "Junior Advantage" product. So those are two or three more. I don't like any of them, as it happens.

You can also check with your childcare center or kindergarten, if/as applicable, to see if they offer a group policy. It may be included with your child's enrollment already, or perhaps you can "buy up." NTUC Income offers a "Junior Protection Plan" group product via centers and kindergartens, for example.

Maybank Singapore offers a very little bit of limited, free insurance with its Youngstarz savings account.

 

[yiron]

Thanks for all the responses. So far I was recommended Sompo PA Junior and NTUC PA Assurance, but to be frank, not sure whether it is really necessary to get a PA plan for my child given that my child is already insured for hospitalization, and my company covers 80% outpatient for dependants. Will give it a further thought.

 

[Bigoya]

Thanks for all the responses. So far I was recommended Sompo PA Junior and NTUC PA Assurance, but to be frank, not sure whether it is really necessary to get a PA plan for my child given that my child is already insured for hospitalization, and my company covers 80% outpatient for dependants. Will give it a further thought.

If your child is actively running around and accident prone (say choking on candies, diagnosed with HFMD etc), minor injuries that do not result in hospitalisation will not be payable under a shield plan. Such cost may however be covered by your employee benefits extended to dependants, hence see if you are already covered or if self-insuring the minor expenses (although premiums for PA Plans are relatively lower) makes better sense to you.

 

[yiron]

If your child is actively running around and accident prone (say choking on candies, diagnosed with HFMD etc), minor injuries that do not result in hospitalisation will not be payable under a shield plan. Such cost may however be covered by your employee benefits extended to dependants, hence see if you are already covered or if self-insuring the minor expenses (although premiums for PA Plans are relatively lower) makes better sense to you.

Thanks. Yes, my company covers 80% outpatient for dependents up to an annual cap of a few thousand dollars. Which is why I'm hesitant to get a PA plan as it feels abit of an overkill.

 

[BBCWatcher]

It's really not the small to medium, non-recurring bills that are priority worries. It's the big and recurring bills. In other words, "Ooops!" shouldn't be the worry; "Oh s**t!" could be.

The concern here, I think, is extended and extensive dependence, no matter what the cause(s). It could be a serious accident, or a serious illness, or whatever, involving major, long running care expenses, such as ongoing speech therapy, ongoing treatment for serious learning disabilities, long-term care involving assistance with the basic functions of living (bathing, dressing, etc.), expensive medications for chronic lifetime conditions, and so forth.

I don't have a terrific answer how to insure well against these possibilities given what's available. I suppose some combination of PA, CI, and TPD insurance (with a TPD payout, if it occurs, "bridging" to CareShield Life benefits) could help to a degree, but it's not a very satisfactory answer. Having more wealth obviously helps, but "If I only I were more like Bill Gates starting today" isn't really an operable plan.

Does anybody have any other ideas?

 

[Bigoya]

It's really not the small to medium, non-recurring bills that are priority worries. It's the big and recurring bills. In other words, "Ooops!" shouldn't be the worry; "Oh s**t!" could be.

The concern here, I think, is extended and extensive dependence, no matter what the cause(s). It could be a serious accident, or a serious illness, or whatever, involving major, long running care expenses, such as ongoing speech therapy, ongoing treatment for serious learning disabilities, long-term care involving assistance with the basic functions of living (bathing, dressing, etc.), expensive medications for chronic lifetime conditions, and so forth.

I don't have a terrific answer how to insure well against these possibilities given what's available. I suppose some combination of PA, CI, and TPD insurance (with a TPD payout, if it occurs, "bridging" to CareShield Life benefits) could help to a degree, but it's not a very satisfactory answer. Having more wealth obviously helps, but "If I only I were more like Bill Gates starting today" isn't really an operable plan.

Does anybody have any other ideas?

Move to somewhere wirh low cost of living. Get rid of 1st world problems.

 

[moejoseph]

https://blog.seedly.sg/best-personal-accident-plans/

 

[BBCWatcher]

Move to somewhere wirh low cost of living. Get rid of 1st world problems.

OK, but then you acquire 2nd or 3rd world problems, which probably wouldn’t be a good trade.

In all seriousness, if you’re able to relocate to a country with better, more generous support for special needs children (and adults), I certainly wouldn’t criticize such a relocation decision. That option is rarely available, though. Typically you’d have to be an international couple, and one spouse just happens to be a citizen of a country with strong public support for special needs individuals.

Is the government really puzzled why Singapore’s birth rate is so low — why so many potential parents don’t want to bring a child, or another child, into the world in Singapore? I have to believe that many feel it’s just too risky: a first world (plus) cost of living combined with limited support for special needs individuals. As I’ve said many times and will say again, I support raising my taxes to boost public support for special needs individuals, and that’d be a good solution to this class of risks.

I don’t necessarily fault the private insurance industry for not having great solutions to offer in this area, although they could try harder, certainly. I wonder if an innovative carrier could introduce a DII-like policy available to prospective parents 10 months or more away from childbirth. Call it “Special Needs Life Protector” or something like that. It’d probably be single premium, adjusted a little higher for older mothers (such risks go up a little particularly as the mother ages) and ART. Allow a premium refund, without interest, if the prospective mother either dies or reaches menopause without bearing a child. Maybe the problem is that such a policy would be just “too expensive” if it provided at least decent benefits — and I certainly don’t mean $200 when a toddler gets HFMD. I’m so, so tired of the gimmicks.

Yes, I’m frustrated here.

 

[romeo88]

We're already paying lots of taxes left right and centre, and not getting anything back in return. Instead of just looking at raising more collections (I refrain from using revenues for commercial), if only some one can take a pause and look at the spending side. Why do we need to chase after top of the line war crafts (the like of F35 and what not) and paying top dollar for all the paper generals to uphold the elitism. Why does defense budget need to keep increasing, when it's already taking up a huge percentage of the collections? Who are we defending from or posturing? China? Just holding the defense budget constant is enough to go fund lots of initiatives to take care of the needy. A reduction from previous years would even be able to increase funding for education and health care.

Is the government really puzzled why Singapore’s birth rate is so low — why so many potential parents don’t want to bring a child, or another child, into the world in Singapore? I have to believe that many feel it’s just too risky: a first world (plus) cost of living combined with limited support for special needs individuals. As I’ve said many times and will say again, I support raising my taxes to boost public support for special needs individuals, and that’d be a good solution to this class of risks.


Yes, I’m frustrated here.

 

[BBCWatcher]

We're getting off on a tangent here, but briefly....

We're already paying lots of taxes left right and centre...

Not actually. Singapore's total tax collections as a percentage of its GDP are comparatively low.

...and not getting anything back in return. Instead of just looking at raising more collections (I refrain from using revenues for commercial), if only some one can take a pause and look at the spending side. Why do we need to chase after top of the line war crafts (the like of F35 and what not) and paying top dollar for all the paper generals to uphold the elitism....

How about some of both (spending reallocations and revenues)?

As far as the F-35s specifically, there aren't a tremendous number of alternative choices if you want to maintain a reasonably modern, manned jet fighter fleet. Singapore is ordering 4 of them with an option for 8 more, which isn't many. Weirdly, the F-35 might actually be the most sensible budgetary choice if nothing else, mainly because it could be in U.S. service until 2070 or thereabouts. If you're going to have manned fighter jets.

 

[romeo88]

Argh, try to compare the same type of apple from Washington and NZ.

Rather strawberry (typo, it's straw man). So defend against what? What's the arms race for and with who? Try answer that - you seem to know everything.

Indeed, we've strayed.

We're getting off on a tangent here, but briefly....


Not actually. Singapore's total tax collections as a percentage of its GDP are comparatively low.


How about some of both (spending reallocations and revenues)?

As far as the F-35s specifically, there aren't a tremendous number of alternative choices if you want to maintain a reasonably modern, manned jet fighter fleet. Singapore is ordering 4 of them with an option for 8 more, which isn't many. Weirdly, the F-35 might actually be the most sensible budgetary choice if nothing else, mainly because it could be in U.S. service until 2070 or thereabouts. If you're going to have manned fighter jets.

 

[Jane.567]

Do I need a PA insurance?

Should I get a PA plan? Considering I am working in a Startup that don't have any employee benefits?

I am a noob at this, just started working for 1 year and not sure if I should need one.

 

[Mr. Wood]

Should I get a PA plan? Considering I am working in a Startup that don't have any employee benefits?

I am a noob at this, just started working for 1 year and not sure if I should need one.

personal opinion shud get if frequent sports/exercise or frequent travelling.
otherwise cover nothing much else.

agent may con u say see doctor anything can claim juz file accident report. but remb all these reports becum yr history and will work against u nxt time u want to buy other plans.

 

[BBCWatcher]

Should I get a PA plan? Considering I am working in a Startup that don't have any employee benefits?

I am a noob at this, just started working for 1 year and not sure if I should need one.

When ranking insurance products in order of priority importance, Personal Accident (PA) insurance generally ranks low on the list. In my view, here are the three most important insurance products for most early to mid-career working adults:

* Disability Income Insurance

* Term Life Insurance (generally to age 65, and only if you have at least one dependent)

* reasonable medical insurance, which generally corresponds to an Integrated Shield plan designed to cover public hospital B1 ward (and travel medical insurance if you venture outside Singapore)

If you've covered those needs, and if you still have spare dollars burning a hole in your pocket, then you might look at #4 on the list. PA insurance isn't likely to be #4.

I disagree with Mr. Wood about frequent travel suggesting PA insurance. Those who venture outside Singapore should probably have travel medical insurance as a priority coverage need. I still haven't found a better travel medical insurance value than Bupa Global's "Basic" plan, purchased online in British pounds, and assuming you venture outside Singapore at least a couple times per year.

 

[Jwfeng]

I am currently looking for a term plan with CI and Eci riders. Any term plans can last until age 85 or even longer? Any recommendations? ANB 30 male non smoker

 

[ivortyt]

There are term plans that cover you till age 100 now. If you’re gonna get a term plan till 100. Why not consider a whole life plan with cash value instead? Just in case you outlive your term plan

 

[Value.Matrix]

There are term plans that cover you till age 100 now. If you’re gonna get a term plan till 100. Why not consider a whole life plan with cash value instead? Just in case you outlive your term plan

But wouldn't that defeat the purpose of getting the term with lesser sum assured? (you miss out on the sum assured which you wanted).

I made this mistake, and have to continue with it. Why not just do a term till 65, and put in CPF SA the rest which works out much better. If you can't find a better vehicle (which is very rare in this forum), then... WL might.. work better.

 

[Mr. Wood]

But wouldn't that defeat the purpose of getting the term with lesser sum assured? (you miss out on the sum assured which you wanted).

I made this mistake, and have to continue with it. Why not just do a term till 65, and put in CPF SA the rest which works out much better. If you can't find a better vehicle (which is very rare in this forum), then... WL might.. work better.

u mean the diff in premium betw TL and WL put in SA?

 

[Value.Matrix]

u mean the diff in premium betw TL and WL put in SA?

Yes exactly. Since term till 65 is like CPF withdrawal age (and you can withdraw 20% from RA) after the term ends.

But of course, have to take note of the political risk in CPF.

This is a guideline, because no hard numbers to confirm that it is superior. But most of the time, it is.