Getting started with insurance

[molangtsum]

Yes I understand. Aia mum2baby also never said about covering pre existing, only mentioned about covers congenital conditions.
Manulife does covers congenital illnesses ar.

Congenital and pre existing is different. Most pregnancy plans covers congenital, exclude pre existing is also most or all is doing. I cant find any statement from aia stating it will covers pre existing conditions.

General exclusion of pre existing still applies.

But I am referring to the whole life policy eci part wor.. i know pregnancy plans cover congenital, n of cos no need to cover pre-existing cos we buy b4 baby is born ma, no pre-existing to speak of.

Cos aia is buy b4 baby is born so no pre-existing for eci, but manulife is buy after baby born so will exclude pre-existing diagnosed within 90 days right?

 

[xtwis7]

What they claim is that the life insurance can be transferred from mother to baby at birth even with pre-existing or congenital conditions. Subsequently if this congenital or pre-existing leads to a ECI or CI, will AIA pay?

Most parents won’t take up a high sum assured though.

Oh yes I'm referring to Mum2Baby... this one covers pre-existing/congenital right?

 

[boredboiboi]

But I am referring to the whole life policy eci part wor.. i know pregnancy plans cover congenital, n of cos no need to cover pre-existing cos we buy b4 baby is born ma, no pre-existing to speak of.

Cos aia is buy b4 baby is born so no pre-existing for eci, but manulife is buy after baby born so will exclude pre-existing diagnosed within 90 days right?

Yes correct in a way. Aia covers pre existing after born if its directly or indirectly cause by congenital condition and up to a limit of 30k and before 6 years old any eci/ci claim up to 30k only. So that the limit even if u buy 100k or 200k.

 

[molangtsum]

What they claim is that the life insurance can be transferred from mother to baby at birth even with pre-existing or congenital conditions. Subsequently if this congenital or pre-existing leads to a ECI or CI, will AIA pay?

Most parents won’t take up a high sum assured though.

Yes, it's stated in the product summary that it will pay, but got cap on claim limit if child is b4 6yo. Claim limit goes back to sum assured after 6yo

 

[xtwis7]

Yes, still capped. Well I think there’s a reason why AIA honestly allows the transfer from life of mother to child, the actuarial would have factored that in based on the likelihood of a childhood condition progressing into a CI.

Yes, it's stated in the product summary that it will pay, but got cap on claim limit if child is b4 6yo. Claim limit goes back to sum assured after 6yo

 

[molangtsum]

Yes correct in a way. Aia covers pre existing after born if its directly or indirectly cause by congenital condition and up to a limit of 30k and before 6 years old any eci/ci claim up to 30k only. So that the limit even if u buy 100k or 200k.

Yes! And after 6yo, even if caused by congenital, claim limit goes back to sum assured right?

 

[boredboiboi]

Yes! And after 6yo, even if caused by congenital, claim limit goes back to sum assured right?

According to the product summary it is.
Then if i ask, if child is healthy. Will u continue aia wholelife plan or get a better/cheaper 1?

 

[xtwis7]

If you have a copy of the policy wording everybody will be quite curious to see how this clause is water tight.

AIA can deny the claim to say that if it’s covered but doesn’t mean you can claim.

Yes! And after 6yo, even if caused by congenital, claim limit goes back to sum assured right?

 

[molangtsum]

According to the product summary it is.
Then if i ask, if child is healthy. Will u continue aia wholelife plan or get a better/cheaper 1?

I will get aia 100k coverage n continue with it, and maybe add on cheaper ones from manulife/china taiping. Like what xtwis7 said, won't get high sum assured for aia

 

[molangtsum]

If you have a copy of the policy wording everybody will be quite curious to see how this clause is water tight.

AIA can deny the claim to say that if it’s covered but doesn’t mean you can claim.

Huh? What do you mean by it's covered but doesn't mean can claim? Actually there is only wording for up to 6yo, the beyond 6yo claim limit goes back to sum assured is i ask my agent in email one.

But it's also not stated in exclusion that beyond 6yo pre-existing cannot claim, so i guess they also cannot refute the claim right?

 

[xtwis7]

Could there be a possibility that it’s mentioned where they look at what caused the CI? There must be a reason why none of the other companies are offering this so I’m just evaluating whether it’s really intended to work with absolute no conditions.

Huh? What do you mean by it's covered but doesn't mean can claim? Actually there is only wording for up to 6yo, the beyond 6yo claim limit goes back to sum assured is i ask my agent in email one.

But it's also not stated in exclusion that beyond 6yo pre-existing cannot claim, so i guess they also cannot refute the claim right?

 

[boredboiboi]

Huh? What do you mean by it's covered but doesn't mean can claim? Actually there is only wording for up to 6yo, the beyond 6yo claim limit goes back to sum assured is i ask my agent in email one.

But it's also not stated in exclusion that beyond 6yo pre-existing cannot claim, so i guess they also cannot refute the claim right?

The very last part general exclusion, does not covers pre existing.
I generated before, due to the min base and china taiping multiplier max only 4. Cheapest should be manulife for a new born. That is why i would also get readymummy instead of mum2baby.

 

[molangtsum]

The very last part general exclusion, does not covers pre existing.
I generated before, due to the min base and china taiping multiplier max only 4. Cheapest should be manulife for a new born. That is why i would also get readymummy instead of mum2baby.

Yes, but its "any pre-existing prior to issue date". My issue date would be b4 baby is born, so i guess i am not tied down by this?

 

[BBCWatcher]

There are two AIA Mum2Baby plans. Which one are we talking about?

I notice that the maximum payout either of them offer is S$25,000. That doesn’t seem like a particularly useful policy in Singapore. Maybe in Bangladesh, where S$25,000 would be more meaningful?

Particular unknown/undiagnosed congenital abnormalities trigger the payout, but they have to be on AIA’s list. For example, is the newborn missing one limb, or part of one limb? Tough luck, no payout. (Although this one and some others are more than a bit silly anyway since minimum policy signup age is at 13 weeks of pregnancy, after one or a couple ultrasounds. It sure seems like AIA has chosen a list of congenital abnormalities with a high likelihood of being detected in utero before policy signup. Preexisting congenital abnormalities aren’t covered.)

This one seems like a lottery ticket to me, not a genuinely useful insurance product. I wouldn’t waste your money, and I think it is a waste of money. Anyone disagree?

What is the maximum sum assured any of these lottery tickets — er, policies — offer?

 

[molangtsum]

There are two AIA Mum2Baby plans. Which one are we talking about?

I notice that the maximum payout either of them offer is S$25,000. That doesn’t seem like a particularly useful policy in Singapore. Maybe in Bangladesh, where S$25,000 would be more meaningful?

Particular unknown/undiagnosed congenital abnormalities trigger the payout, but they have to be on AIA’s list. For example, is the newborn missing one limb, or part of one limb? Tough luck, no payout. (Although this one and some others are more than a bit silly anyway since minimum policy signup age is at 13 weeks of pregnancy, after one or a couple ultrasounds. It sure seems like AIA has chosen a list of congenital abnormalities with a high likelihood of being detected in utero before policy signup. Preexisting congenital abnormalities aren’t covered.)

This one seems like a lottery ticket to me, not a genuinely useful insurance product. I wouldn’t waste your money, and I think it is a waste of money. Anyone disagree?

What is the maximum sum assured any of these lottery tickets — er, policies — offer?

I guess the max 25k you are referring to the maternity insurance part?

We were talking about the whole life part where sum assured can be 100k, 200k etc

 

[BBCWatcher]

We were talking about the whole life part where sum assured can be 100k, 200k etc

Well, one of those two AIA plans is an ILP (Investment-Linked Plan), widely and correctly derided as awful. Is that the one you're talking about?

By the way, they aren't whole life policies. They're term to age 100. AIA seems to have an annoying habit of labeling term policies as "whole life." True, they have long terms, but they're still term policies.

 

[molangtsum]

Well, one of those two AIA plans is an ILP (Investment-Linked Plan), widely and correctly derided as awful. Is that the one you're talking about?

By the way, they aren't whole life policies. They're term to age 100. AIA seems to have an annoying habit of labeling term policies as "whole life." True, they have long terms, but they're still term policies.

I'm talking about the "whole life" one. Well, now other wholelife also cover til 100yo only with maturity benefit. I guess this is still different from term as this has the cash value portion

 

[BBCWatcher]

I'm talking about the "whole life" one. Well, now other wholelife also cover til 100yo only with maturity benefit. I guess this is still different from term as this has the cash value portion

Nope. Whole life means whole life, however long it lasts. AIA abuses a bog standard insurance term for their marketing purposes. In some countries AIA's description would be illegal.

 

[molangtsum]

Nope. Whole life means whole life, however long it lasts. AIA abuses a bog standard insurance term for their marketing purposes. In some countries AIA's description would be illegal.

Manulife lifeready "whole life" also 99-year policy term right?

 

[xtwis7]

Some companies are whole life with a expiry at 99/100. GE’s whole life is indeed whole of life till the person passes on.

Usually this factor doesn’t gets looked at that often but since this was brought up, just raising the point. That’s why there’s really no direct comparison for any of the whole life plans.

Manulife lifeready "whole life" also 99-year policy term right?