Getting started with insurance

[JohnLee82]

Yep, wife is on IP already. Thanks for info.

 

[xtwis7]

It does seem like what you wife will really need is to look at securing your income in the event that either of you are unable to work due to any injury or illness, at least you and your wife have a stream of income to rely on. Without that, it can be incredibly stressful for the her because you are the sole breadwinner.

Are you still servicing your mortgage? If you own a non-HDB, then you may also want to look at covering for mortgage with a level term insurance that can include CI. This is just going to be a slight top up since you already have $250k CI though it’s with your employer.

Have you ever thought of a exit strategy should you move on to another company? The coverage offered is not portable so that is also one other point to consider.

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?

 

[pokkajas]

Just applied for BTO in the latest launch. Read here about home protection scheme which i didnt even know existed??? im just wondering if it's better to get own insurance to cover instead of the hps?

 

[boredboiboi]

Just applied for BTO in the latest launch. Read here about home protection scheme which i didnt even know existed??? im just wondering if it's better to get own insurance to cover instead of the hps?

Either 1 is good. Hps can be paid via oa while own cant.
But when u change to bank loan, u will have to buy own insurance and subject to underwriting.

 

[winthony]

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.

cover critical illness (I assume this should be cancer, heart Attack etc?)

-> yes! Cancer, heart attack etc are considered CIs. There is a list of 37 CIs set out by LIA which all insurers follow

ISP should be the top of your priority since your main bulk of expenses from medical bill would be covered.
This should be followed by Disability Income Insurance which would provide you with a replacement income in the event you are unable to work due to medical grounds
You may also opt in for a life +CI/ECI +TPD coverage to cover the gaps your current TM policy lacks

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?

Do check on your corporate insurance's t&c and see if it there are any limitation

What you are looking for is alright. Maybe the priority should be DII on you since you are the main pillar of financial support. Then we have to go through the financial needs analysis to understand if there should be any additional coverage required or how much is required!

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!

That is my understanding as well for your heart condition. But nonetheless ,its correct to see what the underwriting outcome is and decide

If you are concern about that, PA is fine in this case but there are alot of providers that are differentiating from one another based on the features, so it might be good to "shop" around and see which fits your criteria better

For your GPP, if going by 25 years premium payment term of 50k base for death/tpd + 25k base for CI + 25k base for ECI with 2x multiplier till age 75 would be $2067.25 from one of the provider I have. Not sure what is the exact coverage such as CI/ECI on your GPP so this is the rough quotation I have for your reference

 

[pokkajas]

Either 1 is good. Hps can be paid via oa while own cant.
But when u change to bank loan, u will have to buy own insurance and subject to underwriting.

wha ok didnt know that. thanks for the info

 

[boredboiboi]

wha ok didnt know that. thanks for the info

U r welcome. Answering at my best knowledge

 

[JohnLee82]

It does seem like what you wife will really need is to look at securing your income in the event that either of you are unable to work due to any injury or illness, at least you and your wife have a stream of income to rely on. Without that, it can be incredibly stressful for the her because you are the sole breadwinner.

Are you still servicing your mortgage? If you own a non-HDB, then you may also want to look at covering for mortgage with a level term insurance that can include CI. This is just going to be a slight top up since you already have $250k CI though it’s with your employer.

Have you ever thought of a exit strategy should you move on to another company? The coverage offered is not portable so that is also one other point to consider.

Thanks. What level of total coverage for Term Death or TPD/DII/CI/ECI would you recommend for every 100k of salary p.a?

 

[boredboiboi]

Thanks. What level of total coverage for Term Death or TPD/DII/CI/ECI would you recommend for every 100k of salary p.a?

Rule of thumb

Death/tpd - 10 times of annual income
Eci/ci - 3 to 5 times of annual income
Subject to budget constraint

 

[xtwis7]

The recommended levels just serve as a benchmark, especially for Death which can be anywhere from 5-10 years and CI anywhere from 3-5 years.

DII has a different benchmark since it doesn’t payout a lump sum and the assumption is that you are still around, just unable to work due to a injury or illness. Based on $100k per year that’s about $6,250/mth if I’m using the maximum 75% cap of your salary. While you can calculate based on expense approach, don’t forget there will be additional expenses on top of your regular expenses that’s why if possible, I’ll recommend the maximum first.

If you’re TPD, then definitely DII will also kick in so with the regular stream of inflow, at the very least you won’t need to worry about having a shelter over your head or food on the table

Thanks. What level of total coverage for Term Death or TPD/DII/CI/ECI would you recommend for every 100k of salary p.a?

 

[initialbeaute]

But out of all the life plan policies. Which ones offer best in coverage and payout? For 100k coverage on CE/ECI/TPD/Death?
Offer most value for 2-4 yr old kids coverage?

 

[boredboiboi]

But out of all the life plan policies. Which ones offer best in coverage and payout? For 100k coverage on CE/ECI/TPD/Death?
Offer most value for 2-4 yr old kids coverage?

Wholelife plan offer the most value for kids

 

[BBCWatcher]

Wholelife plan offer the most value for kids

Compared to....? Because I can easily think of a long list of higher value, higher return ways to invest in children.

 

[boredboiboi]

Compared to....? Because I can easily think of a long list of higher value, higher return ways to invest in children.

Hope u read the post before my reply. The person was asking which life policies is good for coverage and payout. Not returns.

 

[BBCWatcher]

Hope u read the post before my reply. The person was asking which life policies is good for coverage and payout. Not returns.

OK, so that’ll obviously be a bigger sum assured term life insurance policy for the same premium as a lower sum assured whole life insurance policy. That’s how you maximize insurance coverage per premium dollar, to get the highest possible payouts for valid claims. Assuming an insurance policy purchase makes sense (not a given). Right? Of course that’s right....

You want to argue something else?

 

[initialbeaute]

OK, so that’ll obviously be a bigger sum assured term life insurance policy for the same premium as a lower sum assured whole life insurance policy. That’s how you maximize insurance coverage per premium dollar, to get the highest possible payouts for valid claims. Assuming an insurance policy purchase makes sense (not a given). Right? Of course that’s right....

You want to argue something else?

Hi hi. All is good. Hahah. Thank u both.

I myself got term bcoz I wanna maximize dollar for value. Invest the difference. However for my kids, I might wanna get a whole life plan with surrender value as base. They can top up term in future if they wan. I just wanna secure one before the stricter revision Imposed. Especially for ECI.

 

[winthony]

Hi hi. All is good. Hahah. Thank u both.

I myself got term bcoz I wanna maximize dollar for value. Invest the difference. However for my kids, I might wanna get a whole life plan with surrender value as base. They can top up term in future if they wan. I just wanna secure one before the stricter revision Imposed. Especially for ECI.

For kids, it is advisable to get a wholelife as the premium is much more affordable and your intention is right, thats what most of my younger clients do haha.

 

[initialbeaute]

For kids, it is advisable to get a wholelife as the premium is much more affordable and your intention is right, thats what most of my younger clients do haha.

So usually which Whole life plan is most recommended? Before the revision. Any recommendations?

 

[winthony]

So usually which Whole life plan is most recommended? Before the revision. Any recommendations?

At the moment I would say Company A would be best recommended for the pre-revised framework. Else, Company M

Can get you some quotation if you have the desired coverage amount

 

[initialbeaute]

At the moment I would say Company A would be best recommended for the pre-revised framework. Else, Company M

Can get you some quotation if you have the desired coverage amount

Sure. Can send me quotation? 100k coverage. Multiplier til 70/75. Premium term 20yrs. For kid 2017 and kid 2019. Coverage for ECI/CI/TPD/death and also can let me know the base + interest range after multiplier ends?