Getting started with insurance

[BBCWatcher]

Tokio marine actually has it actually. But its a rider to a term plan

What's the product name?

On edit: Are you referring to TM Protect 1 and/or TM Protect 1 Lite Rider? Neither is Disability Income Insurance. They're essentially like the current ElderShield, except that they will pay benefits based on a 1 out of 6 Activities of Daily Living (ADL) definition of disability (easier to claim than ElderShield or CareShield Life with their 3 out of 6 ADL threshold, and easier to claim than optional ElderShield supplements which are available with 2 out of 6 ADL terms). Like ElderShield (and unlike CareShield Life) they're limited payout term policies, capped at 72 months. Unlike ElderShield and CareShield Life, coverage ends at age 70.

These policies might sort of, kind of work specifically for workers in their late 50s, but they're no substitute for DII.

CI is not covers medical bill, is hospital plans covers, ci coverage is more of income replacement.

CI is not really income replacement, not much anyway. Frankly it's a pretty weird product these days. It made a little more sense when medical bills were high, hospitalization insurance was terrible, and incomes were low.

DII is also income replacement if you are not able to work again in general.

That's right. DII is an "all-risk" policy, whereas CI is a "named perils" policy.

 

[boredboiboi]

What's the product name?

On edit: Are you referring to TM Protect 1 and/or TM Protect 1 Lite Rider? Neither is Disability Income Insurance. They're essentially like the current ElderShield, except that they will pay benefits based on a 1 out of 6 Activities of Daily Living (ADL) definition of disability (easier to claim than ElderShield or CareShield Life with their 3 out of 6 ADL threshold, and easier to claim than optional ElderShield supplements which are available with 2 out of 6 ADL terms). Like ElderShield (and unlike CareShield Life) they're limited payout term policies, capped at 72 months. Unlike ElderShield and CareShield Life, coverage ends at age 70.

These policies might sort of, kind of work specifically for workers in their late 50s, but they're no substitute for DII.


CI is not really income replacement, not much anyway. Frankly it's a pretty weird product these days. It made a little more sense when medical bills were high, hospitalization insurance was terrible, and incomes were low.


That's right. DII is an "all-risk" policy, whereas CI is a "named perils" policy.

Its called protect 1 lite. Its not really same as the 3 that u always mentioned, it pays out monthly income when unable to do 1 out of 6 ADLs.

 

[xtwis7]

dats a long list of who do not provide DII
so other have?

can I say dat DII covers day-to-day living expenses if **** happens. while CI covers the medical bills, after hospital care.

and if I read correctly DII like covers 5-10 years of income replacement. right?

You can say so. Whether you’re sick or not, income needs to come in. Should you be sick, the more you cant afford to have a steady stream of inflow even though you may be covered for $1m of CI hypothetically.

The worst case is what you have doesn’t constitutes as CI but yet you’re unable to continue working. That’s when DII is golden.

DII has the option to extend coverage till 65 years which is currently the longest that anyone can cover themselves from the 3 players (AIA, Aviva & GE).

 

[BBCWatcher]

DII has the option to extend coverage till 65 years which is currently the longest that anyone can cover themselves from the 3 players (AIA, Aviva & GE).

Aviva's MINDEF/MHA group DII rider runs to age 70 if you'd like to go that long (and if eligible to buy it). All four of these policies have some differences between them, so pay careful attention to the policy terms before buying.

 

[xtwis7]

Okay so that’s one stand-out feature for Aviva’s group DII.

I must admit I rarely have that in consideration since not everybody might be eligible for that.

Aviva's MINDEF/MHA group DII rider runs to age 70 if you'd like to go that long (and if eligible to buy it). All four of these policies have some differences between them, so pay careful attention to the policy terms before buying.

 

[Wokhey]

Hi everyone, my agent is always using an excel sheet to show me all the insurance policies i have. Sometimes its a pain to know my policy number and also the date of my payment.

Is there any way that i can consolidate my insurance policies and view it simply

 

[boredboiboi]

Hi everyone, my agent is always using an excel sheet to show me all the insurance policies i have. Sometimes its a pain to know my policy number and also the date of my payment.

Is there any way that i can consolidate my insurance policies and view it simply

Get the soft copy from ur agent. Isnt that simple enuf? It can be only in 1 page

 

[xtwis7]

Your insurer should have a online portal for you to access.

Hi everyone, my agent is always using an excel sheet to show me all the insurance policies i have. Sometimes its a pain to know my policy number and also the date of my payment.

Is there any way that i can consolidate my insurance policies and view it simply

 

[Mr. Wood]

how much is recommended for CI and DII cover? like for general sinkie working class adult.

 

[xtwis7]

For DII, there’s simply the expenditure method and income method which is basically up to the cap of 75%.

I would recommend covering the absolute maximum up to 75% because should you be unable to work due to any injury/illness, the chances of you needing some form of medium to long term care is very high. With your income already taking a hit being unemployed, losing 25% of your income may be substantial enough to put you or your family in a stressful position.

For CI, it really depends on how many years of your income you wish to protect in event of CI before factoring in large outstanding liabilities like your mortgage. With the steady DII payout, long term commitment is less stretched so CI is to take care of immediate loans and also possible treatment beyond the scope of traditional hospitalisation plans.

how much is recommended for CI and DII cover? like for general sinkie working class adult.

 

[techman03]

Hi guys which is a better insurance company aia or aviva?
Terms of hospitalization coverage and cost
Terms of life ( death, tpd, early critical to critical illness)

 

[boredboiboi]

Hi guys which is a better insurance company aia or aviva?
Terms of hospitalization coverage and cost
Terms of life ( death, tpd, early critical to critical illness)

Better in term of what? Cheaper? And why only this 2 insurers?
Term all along aia is on the higher premium side.
Hospital plan terms and premium keep changing every year, thus its better to stick to what ur current hospital plan.

 

[Mr. Wood]

Better in term of what? Cheaper? And why only this 2 insurers?
Term all along aia is on the higher premium side.
Hospital plan terms and premium keep changing every year, thus its better to stick to what ur current hospital plan.

u mean among all the insurer, aia term is more expensive?
why ah? they give special or something so pple still buy their term plans?

 

[techman03]

Better in term of what? Cheaper? And why only this 2 insurers?
Term all along aia is on the higher premium side.
Hospital plan terms and premium keep changing every year, thus its better to stick to what ur current hospital plan.

Better in terms of coverage and considering the price range also

 

[boredboiboi]

u mean among all the insurer, aia term is more expensive?
why ah? they give special or something so pple still buy their term plans?

Nothing special. Not all insurers are same.

 

[boredboiboi]

Better in terms of coverage and considering the price range also

Terms of coverage, what are the terms of coverage you means? If hospital, it can be found on moh website. If is term, have to quote the premium and compare. And also depends on whether u add ci or eci or not also.

 

[thisislife]

anyone bought AIA lifetime protector? might be thinking of buying this with pre natal for my wife/unborn child, not sure how good the product is?

 

[boredboiboi]

anyone bought AIA lifetime protector? might be thinking of buying this with pre natal for my wife/unborn child, not sure how good the product is?

I guess u refer to the plan that is tag along with the pregnancy plan. Its a investment plan. There are many better options out in the market. If u wan something for u kid after birth in case they got condition after birth. U can look at manulife standalone readymummy plan, after birth you can buy a wholelife plan guaranteed for your kid.

 

[thisislife]

I guess u refer to the plan that is tag along with the pregnancy plan. Its a investment plan. There are many better options out in the market. If u wan something for u kid after birth in case they got condition after birth. U can look at manulife standalone readymummy plan, after birth you can buy a wholelife plan guaranteed for your kid.

so what are the "better optiions" are you referring to?

 

[boredboiboi]

so what are the "better optiions" are you referring to?

First are you looking at pregnancy plan?
Or are you looking for protection plan for ur kid?
The ilp plan that u mention, what is the purpose of the plan? If you are really looking at investment that comes with coverage, i will not recommend to be honest. But if u insist, i will check it out for you.