Getting started with insurance

[xtwis7]

Unfortunately AIA and a few other companies bundle a plan together with their maternity plan.

If you want a stand-alone, you may want to look at GE, NTUC or Manulife.

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?

 

[zzzzzz87]

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 got AIA mum2baby insurance for both my pregnancies. Currently expecting my second child. But I bought the Whole Life one instead of the ILP one. If you are looking at ILP options, there are other options out there too. Not just AIA.

 

[noobmaster89]

Advice needed. M, ANB 31 non smoker, no dependents but likely married in 2-3 years time. Diagnosed with OSA

Got these before I was diagnosed:

400k D/TPD, 100k ECI, 300k CI @ 6134 pa

1) GE Shield plan - Private ($838 pa 100% rider)
2) GE Flexilife mulitplier X3 whole life: $65k x3 for Death/TPD/CI ($2594 pa with personal accident and DII riders)
3) NTUC i-term till age 65: $150k Death/TPD, $50k CI ($478 pa)
4) GE Critical Care Advantage till age 65: $100k ECI ($926 pa)
5) NTUC Living Policy whole life: $40k Death/TPD/CI ($700 pa)
6) GE Early Cancer Care Plan B till age 85: $100k for cancer ($596 pa)

Currently thinking of getting either:
a) Manulife Life Ready Plus plan with ECI rider ($25 x 5 till age 70, ~$1900 per year for 25 years), so at least I get some coverage for late CI after I retire.
b) multipay CI plan from Aviva instead ($50k coverage, ~$1128 per year till age 75, after loading.)

I am also getting TM Direct TERM 400k to top up my death/tpd till age 65. Any ideas on how I can boost my gaps in my portfolio?

 

[boredboiboi]

Advice needed. M, ANB 31 non smoker, no dependents but likely married in 2-3 years time. Diagnosed with OSA

Got these before I was diagnosed:

400k D/TPD, 100k ECI, 300k CI @ 6134 pa

1) GE Shield plan - Private ($838 pa 100% rider)
2) GE Flexilife mulitplier X3 whole life: $65k x3 for Death/TPD/CI ($2594 pa with personal accident and DII riders)
3) NTUC i-term till age 65: $150k Death/TPD, $50k CI ($478 pa)
4) GE Critical Care Advantage till age 65: $100k ECI ($926 pa)
5) NTUC Living Policy whole life: $40k Death/TPD/CI ($700 pa)
6) GE Early Cancer Care Plan B till age 85: $100k for cancer ($596 pa)

Currently thinking of getting either:
a) Manulife Life Ready Plus plan with ECI rider ($25 x 5 till age 70, ~$1900 per year for 25 years), so at least I get some coverage for late CI after I retire.
b) multipay CI plan from Aviva instead ($50k coverage, ~$1128 per year till age 75, after loading.)

I am also getting TM Direct TERM 400k to top up my death/tpd till age 65. Any ideas on how I can boost my gaps in my portfolio?

For your
a) coverage after age 70 is still all stages as ur rider is eci rider. I have selling that plan. Not only it covers u, it also turn into a form of annuity for 10 years.

b) why only aviva? I have done many comparison as well for this aviva and manulife is compatible if is till age 75.

For TM direct, premium is the same even with or without agent, why get it without an agent?

One more to look at. Disability income
But dont mind if i can ask what is osa?

 

[BBCWatcher]

Any ideas on how I can boost my gaps in my portfolio?

All of that, and more, and you somehow missed Disability Income Insurance (DII)?

 

[noobmaster89]

For your
a) coverage after age 70 is still all stages as ur rider is eci rider. I have selling that plan. Not only it covers u, it also turn into a form of annuity for 10 years.

b) why only aviva? I have done many comparison as well for this aviva and manulife is compatible if is till age 75.

For TM direct, premium is the same even with or without agent, why get it without an agent?

One more to look at. Disability income
But dont mind if i can ask what is osa?

Yes I do have disability income. $4500 per month coverage.

For TM term, I thought direct is cheaper? It's $277/year without loading if I buy Direct.

OSA is Obstructive Sleep Apnea. Which insurance company are you with?

 

[noobmaster89]

All of that, and more, and you somehow missed Disability Income Insurance (DII)?

I do have DII, $4500 per month. Any other recommendations on my gaps? More worried that I will not have enough for ECI after retirement or during old age

 

[winthony]

Advice needed. M, ANB 31 non smoker, no dependents but likely married in 2-3 years time. Diagnosed with OSA

Got these before I was diagnosed:

400k D/TPD, 100k ECI, 300k CI @ 6134 pa

1) GE Shield plan - Private ($838 pa 100% rider)
2) GE Flexilife mulitplier X3 whole life: $65k x3 for Death/TPD/CI ($2594 pa with personal accident and DII riders)
3) NTUC i-term till age 65: $150k Death/TPD, $50k CI ($478 pa)
4) GE Critical Care Advantage till age 65: $100k ECI ($926 pa)
5) NTUC Living Policy whole life: $40k Death/TPD/CI ($700 pa)
6) GE Early Cancer Care Plan B till age 85: $100k for cancer ($596 pa)

Currently thinking of getting either:
a) Manulife Life Ready Plus plan with ECI rider ($25 x 5 till age 70, ~$1900 per year for 25 years), so at least I get some coverage for late CI after I retire.
b) multipay CI plan from Aviva instead ($50k coverage, ~$1128 per year till age 75, after loading.)

I am also getting TM Direct TERM 400k to top up my death/tpd till age 65. Any ideas on how I can boost my gaps in my portfolio?

Looks pretty set tbh. I assume your worry at the moment is to get sufficient coverage till your retirement? or are you looking to cover you for the whole life?

Dont mind me asking, but how severe is your OSA?

 

[boredboiboi]

Yes I do have disability income. $4500 per month coverage.

For TM term, I thought direct is cheaper? It's $277/year without loading if I buy Direct.

OSA is Obstructive Sleep Apnea. Which insurance company are you with?

Direct is cheaper. I read wrongly. I meant for the ci plan.

 

[noobmaster89]

Looks pretty set tbh. I assume your worry at the moment is to get sufficient coverage till your retirement? or are you looking to cover you for the whole life?

Dont mind me asking, but how severe is your OSA?

It's severe OSA, weird but true (My BMI is 21 and the OSA is well-managed as I am undergoing CPAP treatment consistently for almost a year).

I think I'm pretty ok now, only gap is that I have no coverage for ECI after age 65. Hence was thinking of either getting a Manulife WL plan or Aviva Multi pay as mentioned earlier. Without any loading I can easily squeeze in both, but now I do have to take into account 1.5x loading.

 

[boredboiboi]

It's severe OSA, weird but true (My BMI is 21 and the OSA is well-managed as I am undergoing CPAP treatment consistently for almost a year).

I think I'm pretty ok now, only gap is that I have no coverage for ECI after age 65. Hence was thinking of either getting a Manulife WL plan or Aviva Multi pay as mentioned earlier. Without any loading I can easily squeeze in both, but now I do have to take into account 1.5x loading.

1.5X loading, means u already gotten the underwriting result?

 

[noobmaster89]

1.5X loading, means u already gotten the underwriting result?

Yes, my current plans are all without loading as I was only diagnosed after that. For future plans unfortunately there will be loading (not permanent if I can prove that my condition improves)

 

[BBCWatcher]

I do have DII, $4500 per month.

I fell asleep reading the long, LONG list of other policies you have.

Any other recommendations on my gaps? More worried that I will not have enough for ECI after retirement or during old age

Why is that a worry? What would you even do with a S$50K (circa 2055+ deflated dollars) ECI payout? Invite me to a fabulous, champagne-fueled (post-COVID) party I hope — as your platinum plated Integrated Shield plan helps you avoid spending even MediSave dollars to pay for your medical care for that “early critical illness.”

For sure you have less money you’re able to save, invest, and later spend for any purpose because you’ve got a ton of premiums to pay. Are you worried about that? That’ll depend on whether you need the psychological power of a(nother) premium bill to force yourself to set aside something for your future, diligently albeit inefficiently. If that’s what you need, OK, so be it.

 

[noobmaster89]

I fell asleep reading the long, LONG list of other policies you have.


Why is that a worry? What would you even do with a S$50K (circa 2055+ deflated dollars) ECI payout? Invite me to a fabulous, champagne-fueled (post-COVID) party I hope — as your platinum plated Integrated Shield plan helps you avoid spending even MediSave dollars to pay for your medical care for that “early critical illness.”

For sure you have less money you’re able to save, invest, and later spend for any purpose because you’ve got a ton of premiums to pay. Are you worried about that? That’ll depend on whether you need the psychological power of a(nother) premium bill to force yourself to set aside something for your future, diligently albeit inefficiently. If that’s what you need, OK, so be it.

I do have a sufficient amount that I invest seperately as well, in fact I am considering increasing my investment amounts.

And at the same time I’m thinking of how to restructure my insurance policies to get maximum value (looking to replace some outdated plans eg. NTUC term plan, reduce shield plan rider to 95% etc). Priority is to boost my ECI/CI coverage while I am still able to buy insurance with my current health condition.

 

[LexusIS]

What kind of newborn insurance is recommended? Any recommended insurers for this these plans?

- Thinking of hospitalisation plan and endowment plan.

Thanks for all your advice here

 

[xtwis7]

Definitely hospitalisation once he or she turns 15 days old. I emphasise again, 15 days old.

If you think that you can’t manage the money by putting in any index funds or don’t want the hassle, endowments vary quite a bit too.

I would say besides getting these 2 for your newborn, do look at term/life coverage for him or her in terms of CI. You don’t want the scenario where one parents, or worse both need to give up their job without income to look after the child.

Lastly, please relook into your own coverage. Especially if you never came across the idea of insuring your income. Just ask yourself, can you sustain the household without any income? I don’t even mean CI level kind of diseases.

What kind of newborn insurance is recommended? Any recommended insurers for this these plans?

- Thinking of hospitalisation plan and endowment plan.

Thanks for all your advice here

 

[winthony]

It's severe OSA, weird but true (My BMI is 21 and the OSA is well-managed as I am undergoing CPAP treatment consistently for almost a year).

I think I'm pretty ok now, only gap is that I have no coverage for ECI after age 65. Hence was thinking of either getting a Manulife WL plan or Aviva Multi pay as mentioned earlier. Without any loading I can easily squeeze in both, but now I do have to take into account 1.5x loading.

Good to hear you are coping well! Hope you get through it

Yeah, looking through, i guess you can afford to look over some of the plans that could be unnecessary but given your condition, would be ok to leave it for the time being until you are cleared of loading.

By after 65, at what age are you looking at?

 

[thethn99]

What kind of newborn insurance is recommended? Any recommended insurers for this these plans?

- Thinking of hospitalisation plan and endowment plan.

Thanks for all your advice here

i can't really give you advice for hospitalisation plans but for endowment plans, i found some with pretty high-interest per annum here:

https://blog.policypal.com/insurance/introducing-2-new-endowment-plans/

 

[BBCWatcher]

Priority is to boost my ECI/CI coverage while I am still able to buy insurance with my current health condition.

OK, but let's suppose an ECI policy does pay out, that you "win" that lottery, so to speak. What would you even do with a $50K (~2055+ dollars) payout? What urgent need would it address that you could not reasonably handle on your own? I'm only half joking about the champagne party and my invitation to it.

That isn't a free policy -- far from it. You're basically buying that $50K payout on the installment plan. You don't need an insurance company to do that, and you're guaranteed a payout when you're the one keeping your premiums.

 

[noobmaster89]

OK, but let's suppose an ECI policy does pay out, that you "win" that lottery, so to speak. What would you even do with a $50K (~2055+ dollars) payout? What urgent need would it address that you could not reasonably handle on your own? I'm only half joking about the champagne party and my invitation to it.

That isn't a free policy -- far from it. You're basically buying that $50K payout on the installment plan. You don't need an insurance company to do that, and you're guaranteed a payout when you're the one keeping your premiums.

Would it be better to get a term to boost my coverage while I’m working? Then perhaps pump in a couple of hundred every month into my cpf SA which is a safe 4% interest. Was thinking if I can generate more returns this way for retirement.

Personally, I do have 300 per month into ETF rsps, and also have serveral blue chip counters on hand.