Getting started with insurance

[boredboiboi]

okay...is there one that is suitable for newborn?

Ntuc upgraded portion is free

Quoted from the website

Income is offering a complimentary one-year health insurance coverage for your baby as long as he/she is born in 2020 and is a Singapore Citizen or Permanent Resident (PR).

You can choose between 2 plans -

Enhanced IncomeShield
IncomeShield Standard Plan
Only the premium for the additional private insurance coverage portion is complimentary. The premium for the MediShield Life portion, and any applicable riders attached to Enhanced IncomeShield or IncomeShield Standard Plan, shall be payable accordingly. Premium rates differ across the various plan types and age bands.

 

[Simiishthis]

Hi, wanted to check what are the recommended plans for a new born?
I already bought AIA Guaranteed Protect Plus for my kid, so looking out for rest of the plans like CI (which can be a rider on top of the AIA plan but open to other options as well), accident and enhanced medishield.

Saw that NTUC offers Enhanced IncomeShield which is able to be paid out of medisave. Is this good?

 

[boredboiboi]

Hi, wanted to check what are the recommended plans for a new born?
I already bought AIA Guaranteed Protect Plus for my kid, so looking out for rest of the plans like CI (which can be a rider on top of the AIA plan but open to other options as well), accident and enhanced medishield.

Saw that NTUC offers Enhanced IncomeShield which is able to be paid out of medisave. Is this good?

Why aia protector plus? You know you have better and cheaper options?
Ntuc enhanced incomeshield is hospital plan. All hospital plan can be paid by medisave except the rider.

 

[xtwis7]

You mean you didn’t add CI to your GPP? Since you already decided to go with AIA, how come you wanted to look at a separate CI rider?

For newborn hospitalisation plans, I believe AIA and GE are my 2 personal favourites. If you’re okay with panel doctors, AIA one is probably the most ideal for its $2m annual limit and also no waiting period for congenital illnesses with post-hospitalisation up to 13 months.

But, the major drawback about AIA is when parents also look at non-panel Doctors because sometimes you just have a preferred doctor in mind. Lowering the annual limit to $600k and also prorating bills at 85% (for elective treatment) is a huge turn off.

Compare that to GE’s $1.5m coverage with 180 days post-hospitalisation at $308/yr for the Elite or $55 for the classic rider.

Hi, wanted to check what are the recommended plans for a new born?
I already bought AIA Guaranteed Protect Plus for my kid, so looking out for rest of the plans like CI (which can be a rider on top of the AIA plan but open to other options as well), accident and enhanced medishield.

Saw that NTUC offers Enhanced IncomeShield which is able to be paid out of medisave. Is this good?

 

[Simiishthis]

Why aia protector plus? You know you have better and cheaper options?
Ntuc enhanced incomeshield is hospital plan. All hospital plan can be paid by medisave except the rider.

I basically just went with our agent who is managing our family's insurance policies. I bought AIA protector plus for the prenatal benefits as well, so its gonna be transferred from mummy to baby.

Can you share more on those better and cheaper plans? Basically, i am intending to cover my baby in 1) whole life 2) CI 3) hospital 4) accident plans. So just wanted to hear everyone's recommendations!

 

[boredboiboi]

I basically just went with our agent who is managing our family's insurance policies. I bought AIA protector plus for the prenatal benefits as well, so its gonna be transferred from mummy to baby.

Can you share more on those better and cheaper plans? Basically, i am intending to cover my baby in 1) whole life 2) CI 3) hospital 4) accident plans. So just wanted to hear everyone's recommendations!

If the wholelife plan is within freelook, u can cancel it and get another 1 with ci or eci riders.
Aviva and Manulife wholelife plan currently is the most picked wholelife plan at the moment being the most comprehensive and most competitive in premium.

Hospital plans i am not very expert as it keep changing. But being the most competitive premium in the market would be raffles shield. And as for accident plan, more or less its about the same in the market. Its more of the claim experience that we agent have done.

1) and 2) can be a plan together.
I sold quite a few for new born. For about 800+ a year and pay 25 years. You can get a coverage of 130k death/tpd and 125k eci coverage on the wholelife plan.
I believe the aia plan you get is gonna be way higher in premium and lesser coverage.

 

[ahfrog]

Hi all, am looking to get some opinions and view where and how should I start in getting an insurance policy be it life/term policy (preferring to get life now but want to hear some recommendations):

Profile
-30y old male, non smoker, married, wife also working
-Dependent=wife 32y old. No kids yet (planning for one once bto ready maybe in 1.5-2y)
-currently not holding any life or term policy
-wife is covered with life insurance policy (Vivolife 180)
-integrated shield plan (Prudential Prushield)
-No PA insurance (relying on company insurance plan)
-no diseases or illments, latest health report from full health check reveals good health profile

Thanks

 

[boredboiboi]

Hi all, am looking to get some opinions and view where and how should I start in getting an insurance policy be it life/term policy (preferring to get life now but want to hear some recommendations):

Profile
-30y old male, non smoker, married, wife also working
-Dependent=wife 32y old. No kids yet (planning for one once bto ready maybe in 1.5-2y)
-currently not holding any life or term policy
-wife is covered with life insurance policy (Vivolife 180)
-integrated shield plan (Prudential Prushield)
-No PA insurance (relying on company insurance plan)
-no diseases or illments, latest health report from full health check reveals good health profile

Thanks

Accident plan use company 1 is correct.
Wholelife or term?
Wholelife - limited pay and higher premium, comes with guaranteed + non guaranteed cash value.
Buy term and usually is what people say, buy term invest the rest. For your age, the difference of term and wholelife might not be huge.
Personally i bought a wholelife plan. You can get a quote to see the difference and decide. Of course alot people are looking to get the coverage before then CI changes in aug. if need any quotation feel free to ask me be it here or pm if u find that its not proper to quote here. I have done quotation for many here.

 

[ahfrog]

Thanks for sharing your view.

To have a rough idea of difference, can you help to quote for both wholelife and Term:

For term:
300k death/tpd, 100k CI, lets say till age 65-70 (how about with ECI?)

For wholelife, not sure what other details you need to know to quote.

Thanks

Accident plan use company 1 is correct.
Wholelife or term?
Wholelife - limited pay and higher premium, comes with guaranteed + non guaranteed cash value.
Buy term and usually is what people say, buy term invest the rest. For your age, the difference of term and wholelife might not be huge.
Personally i bought a wholelife plan. You can get a quote to see the difference and decide. Of course alot people are looking to get the coverage before then CI changes in aug. if need any quotation feel free to ask me be it here or pm if u find that its not proper to quote here. I have done quotation for many here.

 

[boredboiboi]

Thanks for sharing your view.

To have a rough idea of difference, can you help to quote for both wholelife and Term:

For term:
300k death/tpd, 100k CI, lets say till age 65-70 (how about with ECI?)

For wholelife, not sure what other details you need to know to quote.

Thanks

U need to be more specific for term. What u mean by how about eci?
U means if 100k eci instead of the ci?

Wholelife plan coverage also the same? For your age i would suggest more of getting eci instead of ci if u got do regular checkup.

And do you have disability income insurance?

 

[ahfrog]

100K ECI - yes, annual full health checkup once a year.

Wholelife plan same coverage, no DII

U need to be more specific for term. What u mean by how about eci?
U means if 100k eci instead of the ci?

Wholelife plan coverage also the same? For your age i would suggest more of getting eci instead of ci if u got do regular checkup.

 

[xtwis7]

Honestly having a good medical report is one of the best feelings in the world and knowing that any insurance application will go through without any exclusion. I believe you should have been working for a couple of years. The absolute protection you should look at is your own income because that is what sustains your lifestyle at the moment.

Even though your BTO is not ready yet, it’s a good option to look at getting a term insurance with CI to make sure that your home is protected in event that should you fall severely ill, at least your wife wouldn’t have to shoulder the burden of the house by herself.

Protect your income with disability income insurance offered by 3 companies (AIA, Aviva, GE) and also look at term insurance. If you are comfortable to share your income, can get you started by looking at a quote for DII.

Hi all, am looking to get some opinions and view where and how should I start in getting an insurance policy be it life/term policy (preferring to get life now but want to hear some recommendations):

Profile
-30y old male, non smoker, married, wife also working
-Dependent=wife 32y old. No kids yet (planning for one once bto ready maybe in 1.5-2y)
-currently not holding any life or term policy
-wife is covered with life insurance policy (Vivolife 180)
-integrated shield plan (Prudential Prushield)
-No PA insurance (relying on company insurance plan)
-no diseases or illments, latest health report from full health check reveals good health profile

Thanks

 

[boredboiboi]

100K ECI - yes, annual full health checkup once a year.

Wholelife plan same coverage, no DII

Base on age next birthday 31 male non smoker
Wholelife plan
300k death/tpd(75k with 4 times multiplier) and 100k eci(25k with 4 times multiplier) - $2206.78/year
300k death/tpd(75k with 4 times multiplier) and 100k ci(25k with 4 times multiplier) - $2005.77/year

Term
Company T
300k death/tpd, 100k ci till age 65 - $522.50/year
300k death/tpd, 100k ci till age 70 - $628.60/year
300k death/tpd, 100k eci till age 65 - $939.50/year
300k death/tpd, 100k eci till age 70 - $1105.60/year

Company X
300k death/tpd, 100k ci till age 65 - $594.66/year
300k death/tpd, 100k ci till age 70 - $704.65/year
300k death/tpd, 100k eci till age 65 - $738.66/year
300k death/tpd, 100k eci till age 70 - $869.05/year

Company A
300k death/tpd, 100k ci till age 65 - $575.25/year
300k death/tpd, 100k ci till age 70 - $735.80/year
300k death/tpd, 100k eci till age 65 - $1151.90/year
300k death/tpd, 100k eci till age 70 - $1500.85/year

With the eci and ci sum assured low, term is a better option with the big differences of term vs wholelife

Disability income will need your income to generate.

 

[molangtsum]

If the wholelife plan is within freelook, u can cancel it and get another 1 with ci or eci riders.
Aviva and Manulife wholelife plan currently is the most picked wholelife plan at the moment being the most comprehensive and most competitive in premium.

Hospital plans i am not very expert as it keep changing. But being the most competitive premium in the market would be raffles shield. And as for accident plan, more or less its about the same in the market. Its more of the claim experience that we agent have done.

1) and 2) can be a plan together.
I sold quite a few for new born. For about 800+ a year and pay 25 years. You can get a coverage of 130k death/tpd and 125k eci coverage on the wholelife plan.
I believe the aia plan you get is gonna be way higher in premium and lesser coverage.

But only aia covers pre-existing/congenital conditions right? Aviva n manulife can only buy after baby is born, which do not cover pre-existing conditions diagnosed within 90 days from policy issue date?

How come death/tpd and eci coverage differs by 5k? The difference so smalk like abit not here not there?

How many times multiplier is the 800+ premium for?

 

[boredboiboi]

But only aia covers pre-existing/congenital conditions right? Aviva n manulife can only buy after baby is born, which do not cover pre-existing conditions diagnosed within 90 days from policy issue date?

How come death/tpd and eci coverage differs by 5k? The difference so smalk like abit not here not there?

How many times multiplier is the 800+ premium for?

Covers pre existing but its not 100% of sum assured. You may read up. If the baby is healthy now, why tie yourself up with a higher premium plans or even lesser coverage for same premium correct?
What if really something happens to the unborn baby(touch wood), are you going to keep the plan for your wife? Why get a wholelife plan first you see?

Because to get the min premium, that the coverage to generate. Its 5 times multiplier.

 

[xtwis7]

I think many people are confused or have been misled. Note that AIA’s shield plan does not cover congenital illnesses or pre-existing conditions. What it does cover during the first 2 years is that in event a child is diagnosed LATER after birth (eg. subsequently at 1 year old), AIA would cover as charged.

If any child is born with a pre-existing condition or congenital illness, they will still be subject to exclusions or worst cases, even being declined.

What you’re referring to might be the maternity plan for AIA called Mum2Baby.

But only aia covers pre-existing/congenital conditions right? Aviva n manulife can only buy after baby is born, which do not cover pre-existing conditions diagnosed within 90 days from policy issue date?

How come death/tpd and eci coverage differs by 5k? The difference so smalk like abit not here not there?

How many times multiplier is the 800+ premium for?

 

[molangtsum]

I think many people are confused or have been misled. Note that AIA’s shield plan does not cover congenital illnesses or pre-existing conditions. What it does cover during the first 2 years is that in event a child is diagnosed LATER after birth (eg. subsequently at 1 year old), AIA would cover as charged.

If any child is born with a pre-existing condition or congenital illness, they will still be subject to exclusions or worst cases, even being declined.

What you’re referring to might be the maternity plan for AIA called Mum2Baby.

Oh yes I'm referring to Mum2Baby... this one covers pre-existing/congenital right?

 

[molangtsum]

Covers pre existing but its not 100% of sum assured. You may read up. If the baby is healthy now, why tie yourself up with a higher premium plans or even lesser coverage for same premium correct?
What if really something happens to the unborn baby(touch wood), are you going to keep the plan for your wife? Why get a wholelife plan first you see?

Because to get the min premium, that the coverage to generate. Its 5 times multiplier.

In case baby got any congenital conditions lor. I see in manulife lifeready plus (readymummy) don't cover pre-existing leh... too bad here cannot upload picture, if not can show you

 

[winthony]

In case baby got any congenital conditions lor. I see in manulife lifeready plus (readymummy) don't cover pre-existing leh... too bad here cannot upload picture, if not can show you

you mean this?

 

[boredboiboi]

In case baby got any congenital conditions lor. I see in manulife lifeready plus (readymummy) don't cover pre-existing leh... too bad here cannot upload picture, if not can show you

Yes I understand. Aia mum2baby also never said about covering pre existing, only mentioned about covers congenital conditions.
Manulife does covers congenital illnesses ar.

Congenital and pre existing is different. Most pregnancy plans covers congenital, exclude pre existing is also most or all is doing. I cant find any statement from aia stating it will covers pre existing conditions.

General exclusion of pre existing still applies.