Getting started with insurance

[boredboiboi]

Thanks guys for the clarifications and the quotes.

For both male and female.. Manulife 25K whole life + 25K ECI rider with 3, 4 and 5x multiplier to age 70.. what will the premiums be like?

You are welcome.

Here you go

Years of payment? 10/15/20/25

Below quote is base on 20 and 25 years payment modes as its the most popular choices

1) Male anb 32 non smoker 25 years payment
3 x multiplier - $1067.94/year
4 x multipler - $1194.85/year
5 x multiplier - $1321.76/year

20 years payment
3 x multiplier - $1208.91/year
4 x multiplier - $1353.57/year
5 x multiplier - $1498.24year

2) Female anb 31 non smoker 25 years payment
3 x multiplier - $1080.77/year
4 x multiplier - $1203.08/year
5 x multiplier - $1325.40/year

20 years payment
3 x multiplier - $1217.87/year
4 x multiplier - $1355.14/year
5 x multiplier - $1492.40/year

 

[winthony]

Thanks guys for the clarifications and the quotes.

For both male and female.. Manulife 25K whole life + 25K ECI rider with 3, 4 and 5x multiplier to age 70.. what will the premiums be like?

No worries!

Any preferred premium payment term? Can choose from 10/15/20/25! Will quote 20 years below which is one of the more popular choice based on your age group!

ANB 32 Male

3x multiplier: $1208.91/annually
4x multiplier: $1353.57/annually
5x multiplier: $1498.24/annually

ANB 31 Female

3x multiplier: $1217.87/annually
4x multiplier: $1355.14/annually
5x multiplier: $1492.40/annually

 

[HelIoo]

Does aviva mywholelifeplan pays out 2 times? As in if get critical illness, pay out then when die, pay out again?

 

[winthony]

Does aviva mywholelifeplan pays out 2 times? As in if get critical illness, pay out then when die, pay out again?

Hello! It depends on how you structure it

If your CI coverage does not equate to the death coverage amount, then yes you get another payout upon death.

For example:
Death - $500k
CI - $200k

Get CI, 200k pay out. Death happens, 300k payout

Death- $500k
CI - $500k

If CI occurs first, $500k payout and nothing left.

Hope this is clear!

 

[boredboiboi]

Does aviva mywholelifeplan pays out 2 times? As in if get critical illness, pay out then when die, pay out again?

It depends on how much u buy. If ci = death/tpd then no more coverage if ci hit first.
If death/tpd > ci then yes u will have death coverage after ci payout.

 

[Ironaddict]

is it worth to get early critical illness rider on top of term life insurance, and if yes, how much should I get? Since early CI rider can cost a bomb.

 

[boredboiboi]

is it worth to get early critical illness rider on top of term life insurance, and if yes, how much should I get? Since early CI rider can cost a bomb.

Depends on how u look at it.
Rule of thump, early ci about 3 years of annual income.

 

[xtwis7]

If you’re working, perhaps you may want to ask yourself if you can do without your income all the way till you retire whichever that number is for you.

Instead of looking at early CI, you should absolutely protect your earning potential for the next 20-30 years because this sum will easily dwarf any sum that you’re covering for ECI.

is it worth to get early critical illness rider on top of term life insurance, and if yes, how much should I get? Since early CI rider can cost a bomb.

 

[Ironaddict]

Thanks for your inputs. if that is the case wouldnt careshield insurance provide for that purpose?

 

[Kimberlynghh]

Thanks for your inputs. if that is the case wouldnt careshield insurance provide for that purpose?

Careshield Life only applicable if you can't achieve 3 out of 7 of the ADLs. So in that manner you can't apply it for every single scenario. In terms of disability, if you cannot achieve the criteria, then Careshield won't pay you out.

I think he means things like occupational disability, where you are unable to perform your occupation due to motor issues or whatever that hinders you from doing what you need to do.

 

[boredboiboi]

Thanks for your inputs. if that is the case wouldnt careshield insurance provide for that purpose?

Definition is totally different from disability income and eci

 

[soneat]

Want to enquire. Now insurance have copayment even for older insurance plan. Does it mean the insurance premium to be paid will be lowered?

You mean health insurance such as the integrated shield plans?

I believe insurers have already release their new pricing due to the medishield life premium increase. Just go to ur insurer website to take a look.

 

[BBCWatcher]

Now insurance have copayment even for older insurance plan. Does it mean the insurance premium to be paid will be lowered?

The direct answer to your question is usually not. Generally the Integrated Shield carriers aren't yet covering enough of their costs from premiums, and medical inflation (especially in the private sector) is an ongoing challenge. Both of these factors push premiums higher. These rule changes usually only help reduce the rate of premium increases.

 

[exterminazn]

Want to enquire. Now insurance have copayment even for older insurance plan. Does it mean the insurance premium to be paid will be lowered?

Not necessary, depends which upgrade u did, it may actually cost more soon

Anyway Pru old plan is still sticking to 100% coverage

 

[jeffrey745]

Is it worth getting standalone critical illness policy with Early, Intermediate and late stage CI?

 

[boredboiboi]

Is it worth getting standalone critical illness policy with Early, Intermediate and late stage CI?

I would say its better to get as a rider to a term plan. Most of the time its cheaper than a standalone early critical illness plan.

 

[winthony]

Is it worth getting standalone critical illness policy with Early, Intermediate and late stage CI?

Going by say, current market pricing, if you are looking at one time payoff then it would be more logical to have it as a term+rider.

Different case if say you are looking at multipay product!

 

[lamer]

Hi, I visited this panel clinic recently and presented my company insurance card to check if I'm covered and was informed yes so I proceeded to see the doc for consultation only and left without paying anything.

The clinic called me the next day and informed me that my insurance is not able cover my visit and I need to make a trip to the clinic to make the payment. Then I can submit the receipt myself and try to claim from the insurance.

What should I do? Can I ignore the clinic? Or need to make go to the clinic to make the payment to avoid legal issue?

 

[boredboiboi]

Hi, I visited this panel clinic recently and presented my company insurance card to check if I'm covered and was informed yes so I proceeded to see the doc for consultation only and left without paying anything.

The clinic called me the next day and informed me that my insurance is not able cover my visit and I need to make a trip to the clinic to make the payment. Then I can submit the receipt myself and try to claim from the insurance.

What should I do? Can I ignore the clinic? Or need to make go to the clinic to make the payment to avoid legal issue?

Why dont check with ur company HR or company insurance company?

 

[azeris10]

Looking at CI / ECI multi pay policies like PruActive Protect. My opinion is that I don’t have enough CI coverage.

Quote I received is around 1.8k for multi pay 200k CI / 75k ECI till 70 for 32yo. Is it too high?

Don’t really need more death tpd etc have MINDEF and another 500k death / 250k CI already.

Open to opinions and suggestions.