Getting started with insurance

[sesame246]

LIA CRITICAL ILLNESS FRAMEWORK 2019 Effective: No later than August 26, 2020.

new CI definition effective 26 Aug

my insurance agent kept asking me to sign up before the revision. Is there a need to rush? the revision in definitions does not necessarily means worst off for the insured. There are pros and cons.

I tried googled for best coverage for CI. note that some covers more than the basic CI. eg. AIA Power Critical Cover Covers 175 conditions (including 10 pre-conditions, 150 multi-stage critical illnesses and 15 special conditions)

 

[Synchroniza]

Hi all, would appreciate some advice...

Already have accident, hospital insurance plan. Looking to get one for CI, specifically ECI and it covers all CI am i right.

Agent recommended ILP - Death, TPD and Double ECI. $2400/year for 100k coverage.

I've done research and many say stay away from ILP due to the cost and no gurantee of 6-8% returns. However i saw my agent plan about 7 y.o and is getting more than 8% based on the figure of returns as seen.

I am keen to get power critical - death, 5x ECI + WPECI (a rider) for 1600/year also 100k coverage and perhaps in future look at getting a term till age 75 that covers death, tpd and late CI. I added both and it is still cheaper than the ILP for 2400/year and even more coverage.

My main concern of getting would be because of the CI definition changes, and i do not have any coverage for CI. Any expert can advise? Many thanks!

 

[winthony]

Hi experts, seeking your inputs for suitable plans and if possible, quotes across all companies,

here goes... profile:
- ANB 36 male, non-smoker, sg citizen
- avg 50k pa income
- big ticket items inc nxt yr---collect key(bto), reno, wedding, family planning(baby)
- medical history--kidney stones
- have recently terminated my ILP(death, tpd) so im basically stripped and only have the medishield plan

Given my budget constraints, i'm generally looking at:
- Life(Term), CI (or ECI), TPD (or maybe DII but i'm still a bit confused about this)
- coverage till 65/70?
- 200/250k?

Many TIA ************************************************************************

Hey there!

Medical history --> how long ago as it and what is the prognosis at the moment?
Budget--> what is your budget at the moment? Because ECI rider would tend to be pricier as compared to the CI rider so it owuld be best to work with your budget

TPD or DII -> Which part of DII are you confused! Perhaps we can help

new CI definition effective 26 Aug

my insurance agent kept asking me to sign up before the revision. Is there a need to rush? the revision in definitions does not necessarily means worst off for the insured. There are pros and cons.

I tried googled for best coverage for CI. note that some covers more than the basic CI. eg. AIA Power Critical Cover Covers 175 conditions (including 10 pre-conditions, 150 multi-stage critical illnesses and 15 special conditions)

Depends on individual, some might feel that having a more ambiguous framework would work in their favour in the future ! Some companies would list out every single illnesses and count it as 1, thus you see a large extended list of CIs covered

Hi all, would appreciate some advice...

Already have accident, hospital insurance plan. Looking to get one for CI, specifically ECI and it covers all CI am i right.

Agent recommended ILP - Death, TPD and Double ECI. $2400/year for 100k coverage.

I've done research and many say stay away from ILP due to the cost and no gurantee of 6-8% returns. However i saw my agent plan about 7 y.o and is getting more than 8% based on the figure of returns as seen.

I am keen to get power critical - death, 5x ECI + WPECI (a rider) for 1600/year also 100k coverage and perhaps in future look at getting a term till age 75 that covers death, tpd and late CI. I added both and it is still cheaper than the ILP for 2400/year and even more coverage.

My main concern of getting would be because of the CI definition changes, and i do not have any coverage for CI. Any expert can advise? Many thanks!

Staying away from ILP is a good move. Never mix investment with insurance together as there will be impact on the insurance portion if the investment part does badly. I am not sure which part of the benefit illustration your agent showed you so I will not comment on it. Ultimately, you have to be confident the company will definitely hit that figure then you take it up

CI definition changes is for clarity sake and to remove ambiguity, if you feel that having the ambiguity on your side is good, it would be best for you to settle before the CI definition change.

 

[initialbeaute]

Hi all,

Need some help here. Is it too late to get whole life plans before the revision of stricter definition in coverage?

I need to get for my kids. Around age 3.

Any recommendations, which is the best whole life plan for death, TPD, ECI for 100k coverage until age 75.

Is GE whole life plans good?

 

[boredboiboi]

Hi all,

Need some help here. Is it too late to get whole life plans before the revision of stricter definition in coverage?

I need to get for my kids. Around age 3.

Any recommendations, which is the best whole life plan for death, TPD, ECI for 100k coverage until age 75.

Is GE whole life plans good?

Not too late. Till age 75 only aia and aviva. Aviva will be a cheaper and more popular choice and cheaper in premium too. Cut off date is 25 aug

 

[winthony]

Hi all,

Need some help here. Is it too late to get whole life plans before the revision of stricter definition in coverage?

I need to get for my kids. Around age 3.

Any recommendations, which is the best whole life plan for death, TPD, ECI for 100k coverage until age 75.

Is GE whole life plans good?

Hey there! Not too late the cut off is actually 25 Aug so you still have sometime!

If you are looking at wholelife, i assumed the age 75 is for the multiplier to end? Because wholelife is limited premium payment term with coverage for whole of the life

 

[twinklingstars]

HI, I need a review for my insurance plan, understand that the new definition for CI is kicking in on 26 Aug, not sure is it too late..

I have a TM lifetime legacy plan, sum assured 50K, payout 125K for death and TPD, 50K for CI and 75K for ECI.

Planning to top up the coverage by 450K death/tpd, 425K CI and 25K ECI, any advice? Is this amount too much?

32F, non smoker.

Thank you!

 

[BBCWatcher]

I need to get for my kids. Around age 3.

Unless your 3 year olds have highly paid modeling careers, and they have genuine dependents, they don’t need life insurance that pays a benefit upon death. There are WAY better choices if you want to invest in their futures (and good for you in that impulse) than whole life insurance.

And as a reminder to the working adults, if you need life insurance then you need Disability Income Insurance at least as much. Everyone already has DII? I doubt that. Fix that!

 

[xtwis7]

GE whole life plans have 2 unique features

1. Their presumptive TPD covers for life unlike other companies which expire at 65/70.

2. ECI rider built into their life plans also contribute to the cash value of the policy. This is normally a non-paying rider for other companies as well that’s why this indirectly leads to a higher guaranteed surrender value which is of course not recommended unless absolutely necessary.

With that said, many people normally choose life plans based on the lowest premiums with the maximum projections as they want the best value.

Are you and your spouse both working? Besides looking for your kids, have you looked at both your coverage especially something to secure your income which ensures that your entire family has a roof over your heads and food on the table should any of you be unable to work.

Hi all,

Need some help here. Is it too late to get whole life plans before the revision of stricter definition in coverage?

I need to get for my kids. Around age 3.

Any recommendations, which is the best whole life plan for death, TPD, ECI for 100k coverage until age 75.

Is GE whole life plans good?

 

[xtwis7]

Since you already have ECI, you may want to look at topping up your CI coverage or even more importantly, you have no DII which covers a wider scope of conditions than CI/ECI.

While it doesn’t pay out a lump sum like CI, you don’t need to worry for the loss of regular stream of income if you are unable to work.

HI, I need a review for my insurance plan, understand that the new definition for CI is kicking in on 26 Aug, not sure is it too late..

I have a TM lifetime legacy plan, sum assured 50K, payout 125K for death and TPD, 50K for CI and 75K for ECI.

Planning to top up the coverage by 450K death/tpd, 425K CI and 25K ECI, any advice? Is this amount too much?

32F, non smoker.

Thank you!

 

[BBCWatcher]

While it doesn’t pay out a lump sum like CI, you don’t need to worry for the loss of regular stream of income if you are unable to work.

A couple points of clarification:

1. ECI and CI often don’t pay anything (pre- or post-definition revision), and even if they pay something the payout is almost never enough to protect against lifetime loss of income for early to mid career working adults. A $200,000 payout (for example) hardly begins to help with a $2 million loss of lifetime income from work.

2. DII doesn’t always pay if you are unable to work. It pays if you are unable to work and suffer substantial income loss due to a disability. (DII also generally includes a small death benefit.) DII is not unemployment insurance (UI), and it doesn’t defend against voluntary decisions to stop working, for example leaving your job to care for an elder. The elder’s CareShield Life coverage may help, so this is an argument in favor of CSL added to DII. UI doesn’t really exist in Singapore except in very diluted, happenstance forms — get this financial product, and we’ll include a tiny bit of low quality UI, basically.

I’ll repeat: if you need life insurance (insurance that pays something to a surviving dependent), then you need DII at least as much. It’s that simple. You may also need DII even if you don’t need life insurance, but you definitely need it if you need life insurance. Life insurance protects dependents who lose the benefit of your future income because you’re dead. DII handles the same loss of income catastrophe except that you’re not dead, which means you become your own dependent. It’s exactly the same catastrophe (loss of future income) but even more financially devastating (you’re still around, in need of food, clothing, shelter, and medical care — you’re lingering). Do not skip DII!

 

[xtwis7]

Yes, I am aware. I did not include the full clause of how DII works so maybe I should have as not many are familiar with how it works.

What I meant by unable to work it has to be related to injury/illness and if they have a reduced income or suffer total loss of income, that will allow them to claim for DII. If the reduction is minimal then DII won’t pay out substantially. Voluntary unemployment is not covered so I don’t mean for people to be mistaken with that.

A common misconception is that DII is hard to claim but long-term MC is sufficient enough to claim, provided your employer is not paying you for the entire duration which may be very unlikely given the current COVID situation.

A couple points of clarification:

2. DII doesn’t always pay if you are unable to work. It pays if you are unable to work and suffer substantial income loss due to a disability. (DII also generally includes a small death benefit.) DII is not unemployment insurance (UI), and it doesn’t defend against voluntary decisions to stop working, for example leaving your job to care for an elder. The elder’s CareShield Life coverage may help, so this is an argument in favor of CSL added to DII. UI doesn’t really exist in Singapore except in very diluted, happenstance forms — get this financial product, and we’ll include a tiny bit of low quality UI, basically.

 

[jo12345]

Hihi.

Need some advice on what was quoted to me by agent. Want to know if it’s good or I should not get entire package from coy A:

Healthshield Gold Max - $313 (Medisave $300 and Cash $13)
Vitahealth - $459 cash
Solitaire PA - $365
GPP - $100k - $2,794.32

37F, Single, smoker, not concerned about payout after death so the plan is more to cover myself incase of any illnesses. And no existing insurance and has congenital heart disease that doesn’t require any medication or so.

Thanks!

 

[winthony]

Hihi.

Need some advice on what was quoted to me by agent. Want to know if it’s good or I should not get entire package from coy A:

Healthshield Gold Max - $313 (Medisave $300 and Cash $13)
Vitahealth - $459 cash
Solitaire PA - $365
GPP - $100k - $2,794.32

37F, Single, smoker, not concerned about payout after death so the plan is more to cover myself incase of any illnesses. And no existing insurance and has congenital heart disease that doesn’t require any medication or so.

Thanks!

Hello!

ISP is a good step but do enquire if there would be any exclusion based on your existing health condition

If you are not concerned about death payout, why opt in for the Solitaire PA product? I assumed you are looking at the medical claims benefit in the event of accident?

For your GPP, what is the base sum assured as well as multiplier? Any rider add on to it? Would be easier to evaluate with these information!

 

[boredboiboi]

Hihi.

Need some advice on what was quoted to me by agent. Want to know if it’s good or I should not get entire package from coy A:

Healthshield Gold Max - $313 (Medisave $300 and Cash $13)
Vitahealth - $459 cash
Solitaire PA - $365
GPP - $100k - $2,794.32

37F, Single, smoker, not concerned about payout after death so the plan is more to cover myself incase of any illnesses. And no existing insurance and has congenital heart disease that doesn’t require any medication or so.

Thanks!

All from AIA

Might need more info breakdown on your gpp. When was it bought, what the multiplier, what is the rider . The 100k we dont know what is the coverage on.
For PA, Surely there are better options if u r looking at tcm and medical reimbursement.

Heart disease can be very complicated. Need to let underwriter to access

 

[jo12345]

Hihi

Thanks for the reply!

The agent told me that my heart problem will definitely be excluded. But have to apply then wait for underwriter decision, then I have the choice whether to proceed or not.

As for the solitaire PA, you are right. Getting that just in case I don’t die from the accident.

As for GPP, I understand that the base sum insured is $50k.
With the 2 times multiplier - $50k x 2 = $100k sum assured till age 75.

Think the only rider is the VitalHealth for Gold Max A.

Thanks again!

Hello!

ISP is a good step but do enquire if there would be any exclusion based on your existing health condition

If you are not concerned about death payout, why opt in for the Solitaire PA product? I assumed you are looking at the medical claims benefit in the event of accident?

For your GPP, what is the base sum assured as well as multiplier? Any rider add on to it? Would be easier to evaluate with these information!

 

[recruit]

Hello everyone.

I am new to this whole insurance thing and would like to seek advice.
I have an old insurance policy which my dad bought for me when I was younger. It’s from Tokio Marine and called TM Life Legacy. I honestly have no idea what this is.

I am planning to get insurance to cover critical illness (I assume this should be cancer, heart Attack etc?) , loss of income (in case I suffer a heart Attack and cannot work for a period of time), disability (in case I get into an accident and can’t work , or can’t find a job because I’m disabled and no one wants to employ me), hospitalisation (private hospital , class B1 ward is ok. In case I have to be hospitalised, I do not wish to co-pay) .

Any idea if I should buy some rider or my existing Tokio Marine policy or some new life insurance policy to cover the above?

I am a 30plus male, non smoker, office job and no health problems. No dependents so don’t need any beneficiary etc. Mainly I want an insurance to protect myself in the event I don’t die but am suffering. Lol .

Thanks for your advices.

 

[xtwis7]

Consider the life policy that you have as a gift from your dad. It’ll be a really good policy to keep.

As for yourself, it seems like you have a rough idea on what to cover for yourself.

ISP - The tiers B1/A/Private is entirely up to your choice. The premiums can be quite different from company to company so do consider the overall features to the pricing.

Since you are not a existing ISP customer, there will be no more 100% coverage plans. The best you can have right now is up to 95%.

Disability Income - Extremely important given that you’re supporting yourself so the last thing you also want is to burden your family should you be unable to work in your occupation due to a injury or illness that causes you to either suffer a partial or total loss of income. There are 3 companies (AIA, Aviva, GE) that offer this and the maximum that you cover for a loss of income is up to 75% of your average monthly salary.

If you would like I can provide you with some quotes to get started.

P.S: I represent GE by the way

Hello everyone.

 

[JohnLee82]

Hi guys

Looking for some advice on insurance matters.

36M, non smoker. Wife is 33F, non smoker. No kids.

Currently covered under old NTUC incomeshield plan A since 2000. Also have corporate insurance covering circa 600k for group term and personal accident and 250k for CI, and the group hosp plan.

Looking to beef up personal insurance for term (Death/TPD), CI (or DII) and get upgraded hosp plan for myself from NTUC. Wife has own term/CI and covered under my company, she is not working. Anything else I should consider?

 

[exterminazn]

Hi guys

Looking for some advice on insurance matters.

36M, non smoker. Wife is 33F, non smoker. No kids.

Currently covered under old NTUC incomeshield plan A since 2000. Also have corporate insurance covering circa 600k for group term and personal accident and 250k for CI, and the group hosp plan.

Looking to beef up personal insurance for term (Death/TPD), CI (or DII) and get upgraded hosp plan for myself from NTUC. Wife has own term/CI and covered under my company, she is not working. Anything else I should consider?

Have your wife upgraded her Medishield life?

Prolly may consider covering yourself with DII then if have budget, covers CI and lastly ECI

For your wife, should be ideal with CI coverage