Getting started with insurance

[molobok]

What are the income protection insurance plans out there? I'm looking to get one that can pay all/part of my income due to unforeseen circumstances (e.g. hospitalized / maybe even permanently ill)

Thanks!

Hey there, the most important protection insurance plan is hospitalisation insurance - this is because you never know how much your hospital bills are going to cost, so you can never be sufficiently prepared for this.

Then there are other protection insurance to consider:
- accident plans
- term plans and whole life plans to cover death, terminal illnesses, total permanent disability, critical illnesses
- early stage critical illnesses
- disability income replacement
- male and female illnesses and wellness plan (the kind you get free biennial medical check up)

All these replace income (and liabilities) in the event of sickness, disability and death.

Heard there's job loss insurance for freelancers too but not sure how that works!

 

[harveyspectre]

Hey there, the most important protection insurance plan is hospitalisation insurance - this is because you never know how much your hospital bills are going to cost, so you can never be sufficiently prepared for this.

Then there are other protection insurance to consider:
- accident plans
- term plans and whole life plans to cover death, terminal illnesses, total permanent disability, critical illnesses
- early stage critical illnesses
- disability income replacement
- male and female illnesses and wellness plan (the kind you get free biennial medical check up)

All these replace income (and liabilities) in the event of sickness, disability and death.

Heard there's job loss insurance for freelancers too but not sure how that works!

Oh seriously there's a job loss insurance? Has anyone of you gotten it? First time hearing about this for me.

 

[LogicisReal]

Not sure about insurance that covers specifically for jobless. But certain insurance have premium waiver for involuntary unemployment.

Oh seriously there's a job loss insurance? Has anyone of you gotten it? First time hearing about this for me.

 

[molobok]

Oh seriously there's a job loss insurance? Has anyone of you gotten it? First time hearing about this for me.

Yes, I can’t provide link here but you can Google for ChannelNewsAsia news with heading “Insurance to help freelancers on prolonged medical leave to be available next year”
It’s dated 6 March news this year, products launching next year onwards. Haha

But doesn’t mean that you can anyhow claim it’s due to prolong medical leave and etc.

 

[FortAir]

Oh seriously there's a job loss insurance? Has anyone of you gotten it? First time hearing about this for me.

Its called premium holiday. For a certain period of months only.

 

[BBCWatcher]

Freelancers are generally also eligible for disability income insurance (DII) sold in Singapore. Great Eastern's PayAssure appears to be the most freelancer friendly, but check with all three for policy details.

 

[LogicisReal]

What I mentioned has nothing to do with illnesses and disability. It’s involuntary unemployment, but it doesn’t work as a coverage. Just feature of the plan.

Not sure about insurance that covers specifically for jobless. But certain insurance have premium waiver for involuntary unemployment.

 

[harveyspectre]

Thanks for the tip everyone! Will check the plans out

 

[ammyb1982]

AIA Pro Lifetime

Does anyone know about the AIA PRO lifetime protector plan? What are the benefits and what are the hidden costs/loopholes?

I accidentally fell into a trap of commitment, but am thinking if it is worth the money paid. I see no good returns in my lifetime.

 

[Kyzers0ze]

Does anyone know about the AIA PRO lifetime protector plan? What are the benefits and what are the hidden costs/loopholes?

I accidentally fell into a trap of commitment, but am thinking if it is worth the money paid. I see no good returns in my lifetime.

Looks like an investment linked plan. Do you know about the details of the underlying funds and how long have you been on the plan?

 

[neanea]

Which insurance company do you get from for kid hospital plan?

 

[xtwis7]

Big 3:

1) Hospitalisation
2) Disability Income (excluding Eldershield/Careshield)
3) Critical Illness

 

[AnTiLooP]

Hello, i'm currently reviewing my Insurance profile and to determine whether I need to add on anything extra or; to that end to remove extras/modify.

Life Profile
- 37yo male/smoker as of 2018, married. No kids (dont intend to have either)
- Currently hold an ILP, with Life and CI coverage (100K and 100K respectively).
- Integreted Shield plan w/ Income (i suppose this covers hospitalisation right?)
- Wife has a good insurance coverage though I need to look up the detail
- No PA insurance. Currently relying on employment benefits

Financial overview
- 141K in SA, 54.5K MS
- ~40K of usable funds in a high yield acc
- ~ 70K in SSBs
- Housing all paid up
- No liabilities

Health
- no currently known illments
- Latest health report reveals a good health profile (full health check)

Any thoughts on what I should do? I do note that I need to subscribe to a PA and not rely on my company benefits.

thank you.

 

[BBCWatcher]

Big 3:
1) Hospitalisation
2) Disability Income (excluding Eldershield/Careshield)
3) Critical Illness

I disagree with your #3 on this list. Term life insurance is the third of the "Big 3" for those who cannot self-insure and who have one or more genuinely needful dependents.

Also, I'd describe #1 as "Medical," of which hospitalization is a big chunk but not quite the whole story. In the Singapore context we have Medisave, Integrated Shield (or MediShield Life), and sometimes employer-provided medical benefits. Integrated Shield is highly focused on hospitalization coverage, but it does offer some coverage for related pre-/post-hospitalization care -- and this part of the policy is particularly worth paying close attention to. The pre-/post-hospitalization coverage periods vary from 90 days/90 days to 13 months/13 months depending on which Integrated Shield policy you choose. That's a big differentiator.

ElderShield and CareShield Life are extremely similar to the "Total and Permanent Disability" (TPD) portions of ordinary life insurance. And yes, you're quite right to distinguish Disability Income Insurance (DII), also sometimes known as income protection insurance, from TPD and TPD-like policies.

 

[LogicisReal]

What you should do is to have a thorough analysis and review to find out your needs first. We can’t tell you what you need to buy base on this.

But probably what you might want to look at is income protection and retirement planning.

Hello, i'm currently reviewing my Insurance profile and to determine whether I need to add on anything extra or; to that end to remove extras/modify.

Life Profile
- 37yo male/smoker as of 2018, married. No kids (dont intend to have either)
- Currently hold an ILP, with Life and CI coverage (100K and 100K respectively).
- Integreted Shield plan w/ Income (i suppose this covers hospitalisation right?)
- Wife has a good insurance coverage though I need to look up the detail
- No PA insurance. Currently relying on employment benefits

Financial overview
- 141K in SA, 54.5K MS
- ~40K of usable funds in a high yield acc
- ~ 70K in SSBs
- Housing all paid up
- No liabilities

Health
- no currently known illments
- Latest health report reveals a good health profile (full health check)

Any thoughts on what I should do? I do note that I need to subscribe to a PA and not rely on my company benefits.

thank you.

 

[AnTiLooP]

What you should do is to have a thorough analysis and review to find out your needs first. We can’t tell you what you need to buy base on this.

But probably what you might want to look at is income protection and retirement planning.

thank you for your response.

retirement planning is on the books so really just wanna look at optimising my insurance coverage. Likely to go sort out my PA as well.

 

[FortAir]

Hello, i'm currently reviewing my Insurance profile and to determine whether I need to add on anything extra or; to that end to remove extras/modify.

Life Profile
- 37yo male/smoker as of 2018, married. No kids (dont intend to have either)
- Currently hold an ILP, with Life and CI coverage (100K and 100K respectively).
- Integreted Shield plan w/ Income (i suppose this covers hospitalisation right?)
- Wife has a good insurance coverage though I need to look up the detail
- No PA insurance. Currently relying on employment benefits

Financial overview
- 141K in SA, 54.5K MS
- ~40K of usable funds in a high yield acc
- ~ 70K in SSBs
- Housing all paid up
- No liabilities

Health
- no currently known illments
- Latest health report reveals a good health profile (full health check)

Any thoughts on what I should do? I do note that I need to subscribe to a PA and not rely on my company benefits.

thank you.

Do you have a coverage for TPD and ECI? I’d say look into retirementn would be a good choice

 

[xtwis7]

Well you are right to say Medical too. Totally agree that hospitalisation is only a short-term problem. The costs escalate when long term care is required.

With or without dependents, having some form of Critical Illness coverage would be a bonus rather than relying completely on one’s integrated shield plan or MediShield Life.

I believe Careshield/Eldershield is the country’s form of Disability Income but it’s way more restrictive than the less traditional income protection plans.

Would like to hear your thoughts on what’s the third big too.

I disagree with your #3 on this list. Term life insurance is the third of the "Big 3" for those who cannot self-insure and who have one or more genuinely needful dependents.

Also, I'd describe #1 as "Medical," of which hospitalization is a big chunk but not quite the whole story. In the Singapore context we have Medisave, Integrated Shield (or MediShield Life), and sometimes employer-provided medical benefits. Integrated Shield is highly focused on hospitalization coverage, but it does offer some coverage for related pre-/post-hospitalization care -- and this part of the policy is particularly worth paying close attention to. The pre-/post-hospitalization coverage periods vary from 90 days/90 days to 13 months/13 months depending on which Integrated Shield policy you choose. That's a big differentiator.

ElderShield and CareShield Life are extremely similar to the "Total and Permanent Disability" (TPD) portions of ordinary life insurance. And yes, you're quite right to distinguish Disability Income Insurance (DII), also sometimes known as income protection insurance, from TPD and TPD-like policies.

 

[haven11]

Do you have a coverage for TPD and ECI? I’d say look into retirementn would be a good choice

Hi been reading and looking to get some view how should I approach to hedge risk for dependents

Profile
- 37yo male/non-smoker married, sole bread winner
- dependent = wife 31yo. No kids yet (might have if before 40)
- existing policies Term D/TPD (100K) with CI rider (50K) to age 75 (me)
- hospitalization prushield (me and wife)
- No DI or early CI yet
- may get a house in the few years to come
- no health issues

Priority/goals
=> Life/TPD dependent (and house loan liability in future)
=> CI + disability income
=> early CI


1. considering D/TPD 500K may be sufficient for wife to have 3 years of worry free but also considering if amount should be 1mil if housing since housing loan will likely happen within 5 years. or should I consider this addition or a mortgage insurance (declining SAM) in future?
2. thinking CI of 200-300K is likely sufficient to help with financial burden should prushield not cover etc (non hospitalization bills).
3. Disability income (Aviva idealincome $4000 till 65yo = premium $80/month)
4. Early CI* (considering aviva multipay critical illness 3 $100K for mix stages till 65yo = premium $150/month)

Considering the above, I feel solutions below may be adequate
A. Minimal check & balance --> DPI term 400K with CI to age 65 (aviva or axa DPI = premium $125/mth) + Aviva's DI 4K for 80/month; total $205/month premium
B. Term 1mil death + 300k CI + 4000 DI = maybe around $300/month premium

*thinking early CI is a little too expensive, < 10years worth of savings.

 

[oceanicmanta]

@haven11 - do check if you & wife are eligible for AVIVA Mindef GTL.
May also consider their Critical Care. Prices shld be competitive with DPI up til 65yo.