Getting started with insurance

[boredboiboi]

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.

Are u a smoker or non smoker?

Will do a quote for u. Aviva would be a better in my opinion after comparison.
Usually my clients prefer higher payout than multipay with the same premium, and because of that its usually add on as rider to term plan to be cheaper than standalone. Do look at disability income insurance as u did not mentioned about disability income insurance.

Ur multipay should be 75k . And 225k is after claim 3 times, dont think its 200k.

Base on age next birthday 33 male non smoker
75k multipay

Company A - $1024.50/year (300% payout on late stages ci which is 225k)
Company X - $794.25/year (no extra payout on late stages ci)

 

[xtwis7]

Would you rather get a one-time higher payout with CI or do you want to claim multiple times to get that same amount?

As a 32 year old, perhaps you should ask yourself if you can afford to have no income in event of CI or any other disability. CI has that specific list of conditions so anything beyond that you’re not going to claim a single cent.

Would highly encourage you to consider a disability income policy for wholeness sake because there’s no other policy that can ensure you still receive a regular stream of cashflow should you not be able to work in your current occupation due to any injury/illness.

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.

 

[azeris10]

Are u a smoker or non smoker?

Will do a quote for u. Aviva would be a better in my opinion after comparison.
Usually my clients prefer higher payout than multipay with the same premium, and because of that its usually add on as rider to term plan to be cheaper than standalone. Do look at disability income insurance as u did not mentioned about disability income insurance.

Ur multipay should be 75k . And 225k is after claim 3 times, dont think its 200k.

Base on age next birthday 33 male non smoker
75k multipay

Company A - $1024.50/year (300% payout on late stages ci which is 225k)
Company X - $794.25/year (no extra payout on late stages ci)

Quite sure is 200k CI each time payout. ECI is 75k.
Non smoker. Already have term plan with CI.
Looking at DII also. Any reco? Some of my friends looking at CSL add on.

 

[azeris10]

Would you rather get a one-time higher payout with CI or do you want to claim multiple times to get that same amount?

As a 32 year old, perhaps you should ask yourself if you can afford to have no income in event of CI or any other disability. CI has that specific list of conditions so anything beyond that you’re not going to claim a single cent.

Would highly encourage you to consider a disability income policy for wholeness sake because there’s no other policy that can ensure you still receive a regular stream of cashflow should you not be able to work in your current occupation due to any injury/illness.

Can look at my previous reply.
Already have CI coverage just looking to up it. Feel multi pay at least can cover if tio more than one time. DII not sure what is available besides CSL add on.

 

[boredboiboi]

Quite sure is 200k CI each time payout. ECI is 75k.
Non smoker. Already have term plan with CI.
Looking at DII also. Any reco? Some of my friends looking at CSL add on.

Maybe need to read it up. Because aviva multipay is 300% if is late ci which is 225k and also multipay. And the premium is 40% cheaper?
If not wrong pru only payout once 200k for late ci.
Aviva pays up to 2 time for late ci which is 600%. On top still able to claim again for early ci.

DII works very differently from CSL.

Csl is for disability purpose claims while DII is the inability to work due to circumstances.

 

[winthony]

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.

Hello! Multipay would be preferred if one wants to guard against multiple instances of diagnosis. 1.8k is slightly on the high side based on what other companies are quoting!

Quite sure is 200k CI each time payout. ECI is 75k.
Non smoker. Already have term plan with CI.
Looking at DII also. Any reco? Some of my friends looking at CSL add on.

How Multipay products work is that there is a base sum, so in this case it would be say 75k.

In the event of ECI -> 75k pay out. In the event of CI -> 75k x (Multiplier)

For instance, Company A - $1024.50/annually. The base sum assured is 75k for ECI and in the event of CI, you get 75k x3 -> 225k


DII is available in a few companies only. On my end, there is company A. DII targets more at occupational disability whereas CSL is more towards the inability to perform daily activities of living

Hope this helps!

 

[azeris10]

Thanks guys! Really helpful. Will look around more and read into DII.

 

[xtwis7]

Yes so my question to you is that since you already have CI coverage which gives you a bigger one-time lump sum upon diagnosis, why not pay less and insure against your earning potential all the way till you eventually retire.

It’s highly unlikely that those in the 30s can even think of self-insuring their income because there’s just no way you can do that unless you’ve built a passive fund by this young age and for that, I will congratulate you.

Not many can explain to you how DII works because not many agents are even familiar to begin with. Careshield life has some distinct differences:

1. CSL doesn’t require you to be working but DII does at point of application.

2. CSL definition is based on 3/6 activities of daily living (ADLs) while DII looks at being unable to perform material duties in your current occupation.

3. CSL paid by medisave and DII can only be paid by cash.

Can look at my previous reply.
Already have CI coverage just looking to up it. Feel multi pay at least can cover if tio more than one time. DII not sure what is available besides CSL add on.

 

[frankie168]

Anyone know about singlife?

The premium seems lower

35 male entry , 20 years term
ECI 200k

$128 per month

 

[winthony]

Anyone know about singlife?

The premium seems lower

35 male entry , 20 years term
ECI 200k

$128 per month

Hello! Singlife is merging with Aviva to form Aviva Singlife in the coming days.

Premium seemed alright.

If based on ANB 35 male, non smoker with a 200k ECI coverage for 20 years

Company A: $1368/annually

 

[boredboiboi]

Anyone know about singlife?

The premium seems lower

35 male entry , 20 years term
ECI 200k

$128 per month

Singlife is going to merge with aviva.

I quoted from various companies.
Company X is only $972.40/year for 20 years term of 200k death/tpd and 200k eci for age entry 35 male non smoker

 

[firsttimebuyer]

Hi guys,

Wow, I see so many gurus and experts here. Thanks so much in advance!

I was wondering if you guys here could help review my policies and see if there is any missing coverage. To be frank, i am a bit lost in my own portfolio:

Under GE:

GREAT TotalCare (ELITE-P):Installment Premium SGD $722.00 / Sum assured: Not clear

GREAT SupremeHealth P PLUS: Installment Premium 609.00 SGD amount payable by CPF MEDISAVE Fund

DEPENDANTS' PROTECTION SCHEME:

Under AVIVA MINDEF GROUP INSURANCE:
Group Term Life
Existing coverage
S$200,000

Group Personal Accident
Existing coverage
S$100,000

Group Living Care
Existing coverage
S$100,000

Group Living Care Plus
Existing coverage
S$100,000

Thanks in advance!

 

[winthony]

Hi guys,

Wow, I see so many gurus and experts here. Thanks so much in advance!

I was wondering if you guys here could help review my policies and see if there is any missing coverage. To be frank, i am a bit lost in my own portfolio:

Under GE:

GREAT TotalCare (ELITE-P):Installment Premium SGD $722.00 / Sum assured: Not clear

GREAT SupremeHealth P PLUS: Installment Premium 609.00 SGD amount payable by CPF MEDISAVE Fund

DEPENDANTS' PROTECTION SCHEME:

Under AVIVA MINDEF GROUP INSURANCE:
Group Term Life
Existing coverage
S$200,000

Group Personal Accident
Existing coverage
S$100,000

Group Living Care
Existing coverage
S$100,000

Group Living Care Plus
Existing coverage
S$100,000

Thanks in advance!

Hello! So to simply breakdown :

GREAT TotalCare + SupremeHealth are your Integrated Shield Plan you have with GE. Since you are on the P tier, you are covered for both private and restructured hospital

As for your aviva mindef term, do note on the premium difference once you hit the age of 65. The Group Living Care Plus which covers ECIs cover only 10 conditions when compared to products offered outside. So if you are looking to buff that up, you can choose to opt in through products available out there!

If you are working, Disability Income Insurance is crucial as well, in the event you are unable to work due to medical grounds, you will get compensated 75% of your monthly income.

Aside from that, see if the quantum you have currently is sufficient then thats all!

 

[boredboiboi]

Hi guys,

Wow, I see so many gurus and experts here. Thanks so much in advance!

I was wondering if you guys here could help review my policies and see if there is any missing coverage. To be frank, i am a bit lost in my own portfolio:

Under GE:

GREAT TotalCare (ELITE-P):Installment Premium SGD $722.00 / Sum assured: Not clear

GREAT SupremeHealth P PLUS: Installment Premium 609.00 SGD amount payable by CPF MEDISAVE Fund

DEPENDANTS' PROTECTION SCHEME:

Under AVIVA MINDEF GROUP INSURANCE:
Group Term Life
Existing coverage
S$200,000

Group Personal Accident
Existing coverage
S$100,000

Group Living Care
Existing coverage
S$100,000

Group Living Care Plus
Existing coverage
S$100,000

Thanks in advance!

what u meaning by missing coverage? Different individual look at coverage differently. Some prefer to heave early critical illness coverage while some dont.
And also if u have any dependents.
how much coverage depends how your income usually.
1) hospital plan which you already have
2) term covered group term insurance
3) disability income insurance which u can look into
4) critical illness and early critical illness coverage in the event of loss of income where u choose not to work which disability income does not covers.

 

[firsttimebuyer]

Hello! So to simply breakdown :

GREAT TotalCare + SupremeHealth are your Integrated Shield Plan you have with GE. Since you are on the P tier, you are covered for both private and restructured hospital

As for your aviva mindef term, do note on the premium difference once you hit the age of 65. The Group Living Care Plus which covers ECIs cover only 10 conditions when compared to products offered outside. So if you are looking to buff that up, you can choose to opt in through products available out there!

If you are working, Disability Income Insurance is crucial as well, in the event you are unable to work due to medical grounds, you will get compensated 75% of your monthly income.

Aside from that, see if the quantum you have currently is sufficient then thats all!

Wow! Thanks so much for the quick reply.

Is there a way to check how much am I insured for GREAT TotalCare + SupremeHealth? I went to my customer account at GE online portal, but it didn't state...................

I am planning to get disability income too, is that the same as income replacement? I was talking to a GE agent and he said I should bulk up on my Income replacement and long term care!

 

[soneat]

Wow! Thanks so much for the quick reply.

Is there a way to check how much am I insured for GREAT TotalCare + SupremeHealth? I went to my customer account at GE online portal, but it didn't state...................

I am planning to get disability income too, is that the same as income replacement? I was talking to a GE agent and he said I should bulk up on my Income replacement and long term care!

You should probably read up and understand more about insurance.
GREAT SupremeHealth + GREAT TotalCare are basically an IP H&S + Add-On to reduce deductible and co-insurance.
https://www.greateasternlife.com/co...sh-gtc-benefit-schedule-and-premium-rates.pdf
There isn't a specific "sum assured". There is a table of benefit instead, showing you which expenses can be claimed, under what circumstances.

 

[Rusty89]

Hi can i ask if it is recommended to get CI as a rider or a standalone plan?

 

[boredboiboi]

Hi can i ask if it is recommended to get CI as a rider or a standalone plan?

As a rider because its cheaper or maybe a bit more and it covers death/tpd. But it depends on what ci standalone as well. If is late stage ci standalone, market not much choice and mostly only cover the big 3 illnesses.
There are multipay, early ci standalone as well.

 

[Rusty89]

Sorry 1 more question. May i ask what are the main difference between DPI WL and WL other than the fact that DPI offers less flexibility in terms of premium payment period and coverage.

 

[xtwis7]

Sorry 1 more question. May i ask what are the main difference between DPI WL and WL other than the fact that DPI offers less flexibility in terms of premium payment period and coverage.

The main and only advantage of DPI is that you save on the premiums. Other than that, you’re virtually losing out on the flexibility to choose premium payment term and coverage.

The amount you save is actually not very significant so you should speak to someone at least to get a understanding from both sides.