Getting started with insurance

[winthony]

HI, can anyone furnish me with a quote of aviva whole life insurance with early CI coverage for 42 F non smoker.

Looking at the basic life SA 60k with a multiplier of SA of 3x (meaning $180k) for 15 years premium term with a early CI rider multiplier till age 75.

But then again I saw a recent link that says maybe A wanna exit Asia market? Will this affect the policyholders?

If have any comparable whole life plan with early CI can also recommend.

I have 2 WL plans with early CI total 100k but I think might not be enough? Thanks in advance...

If your concern is to enhance your ECI or CI coverage, why opt for WL?

You already have 2 WL policies and given that for your age group, a wholelife would be pricier as compared to a term plan and a term plan could bring you a higher sum assured with the same amount of premium!

 

[blurrynavy]

I am thinking at least with WL limited pay, I will just need to pay for 15 Years. Instead of paying for term insurance endlessly and at the end of the day if decide to surrender, there is no cash value oh..

Any advice if multiplier should be until 70 or 75 or even longer? Seems like the premium is quite pricy..

If your concern is to enhance your ECI or CI coverage, why opt for WL?

You already have 2 WL policies and given that for your age group, a wholelife would be pricier as compared to a term plan and a term plan could bring you a higher sum assured with the same amount of premium!

 

[blurrynavy]

Hi boi,

Thanks for your information..yes would prefer cash values in case if anything happens at least can surrender policy if need $ next time haha..

If term insurance, any suggestions that cover eci and CI?

Seems like not many pple suggest ntuc star assure. Saw that on advertisements sometime back..

Thanks!

Till age 75 only aia and aviva that i can quote. But aia only got 12 and 20 payment and is way way more expensive

Dont mind asking why wholelife over term? Because u prefer with cash value?
For your question if aviva leave singapore, there will be a reinsurer to take over, not much of a worry.

If u dont mind i quote manulife also but multiplier is till age 70 only and china taiping have till age 70 or 85

42 is next or last birthday?

For aviva as per request
Age next birthday 42 - $4822.80/year
Age next birthday 43 - $4926.50/year

For company M all same but multiplier till age 70 only
Age next birthday 42 - $4280.17/year
Age next birthday 43 - $4397.98/year

For company Ctp all same but multiplier till age 70 or 85
Age next birthday 42, multiplier till 70 - $4048.90/year
Age next birthday 43, multiplier till 70 -$4141.90/year

Age next birthday 42, multiplier till 85 - $4959.10/year
Age next birthday 43, multiplier till 85 - $5109.05/year

 

[boredboiboi]

I am thinking at least with WL limited pay, I will just need to pay for 15 Years. Instead of paying for term insurance endlessly and at the end of the day if decide to surrender, there is no cash value oh..

Any advice if multiplier should be until 70 or 75 or even longer? Seems like the premium is quite pricy..

Will suggest till 70 as most of your liabilities should have finish.

Multiplier got as high as 85. But then the premium will be even pricey of course.
Thus a term plan might be better for u for your age. Unless u choose multiplier end early

 

[boredboiboi]

Hi boi,

Thanks for your information..yes would prefer cash values in case if anything happens at least can surrender policy if need $ next time haha..

If term insurance, any suggestions that cover eci and CI?

Thanks!

You are welcome =)

Yes understand the part on cash value. But u will lose alot if u surrender before 30 years usually. And because u choose to pay 15 years, that is why the premium is so high.

Term plan wise, need to quote then will know which is the cheapest.
Most of the time if is with eci rider, TM , aviva or axa is the cheapest but depends on the coverage amount thus only quote then will know. Of course the longer the term period the more expensive it is.

 

[winthony]

I am thinking at least with WL limited pay, I will just need to pay for 15 Years. Instead of paying for term insurance endlessly and at the end of the day if decide to surrender, there is no cash value oh..

Any advice if multiplier should be until 70 or 75 or even longer? Seems like the premium is quite pricy..

Understood! for certain provider, you may choose to go up to 80 but of course, the later it is, the pricier it gets.

For your age bracket, no offense, the premium would definitely work out to be pricy thus I propose going for term instead!

your cash value, say surrendering at age 70, would still not be desirable for the amount of premium you put in

 

[BBCWatcher]

Thanks for your information..yes would prefer cash values in case if anything happens at least can surrender policy if need $ next time haha..

Where do you think the eventual cash value is coming from? Hint: It isn’t coming from the insurance company or its agent. Rather the opposite, actually.

 

[Alexcism94]

Any blind Spots?

Hi guys, am new to insurance and looking to get started after meeting 3 agents from AIA, Pru and GE. Am considering the following 3, but would appreciate if anyone can point out overlaps or blind spots as well? Am I overpaying or underinsured? Any advice would be appreciated!

I am 25 M, non smoker, Class 1 Occupation (Public Servant)
No intention to have dependents, so no need for life insurance.

1. Prushield Premier with Premier Lite Copay Rider
(No claims based pricing and option to downgrade to solid A ward plan in future)
Annual premium payable by cash: $247

2. GE Pay Assure for $2500 coverage
Waiting for agent to get back to me but I'm assuming around $450 annually based on forum posts here.

3. GE Accident Care Plus II
$65.40 for $4000 medical expenses reimbursement

Customizable plan so I don't have to pay for things I don't need like death payout and TPD which is covered by the disability income. As someone who exercises almost daily, chances of injury in future is higher, so having physio, TCM, chiro options are always good. Coverage here can complement my shield plan for things like A&E expenses.

 

[BBCWatcher]

Hi guys, am new to insurance and looking to get started after meeting 3 agents from AIA, Pru and GE. Am considering the following 3, but would appreciate if anyone can point out overlaps or blind spots as well? Am I overpaying or underinsured? Any advice would be appreciated!

I am 25 M, non smoker, Class 1 Occupation (Public Servant)
No intention to have dependents, so no need for life insurance.

OK.

1. Prushield Premier with Premier Lite Copay Rider
(No claims based pricing and option to downgrade to solid A ward plan in future)
Annual premium payable by cash: $247

That's a good one. Great Eastern is also quite competitive with the same idea in mind since they have two "downgrade" steps, including what sure seems to be the best "as charged" public hospital B1 ward plan for citizens. Another possible approach is Raffles Shield A + Raffles Hospital Option + Key Rider which is a little less expensive (in both MediSave and cash terms) if you're OK limiting the full private hospital coverage to Raffles Hospital. (Prudential's private hospital network isn't enormous.)

2. GE Pay Assure for $2500 coverage
Waiting for agent to get back to me but I'm assuming around $450 annually based on forum posts here.

You can keep the premium in check by choosing the longest deferral period (6 months), which I think is sensible.

3. GE Accident Care Plus II
$65.40 for $4000 medical expenses reimbursement

This one looks really dubious to me. The maximum payout is $4,000, which doesn't strike me as a life changing/life fixing amount even in 2020. And it's in a payout area (medical expenses) overlapping your first policy that's rather platinum plated, by Singaporean standards anyway....

Customizable plan so I don't have to pay for things I don't need like death payout and TPD which is covered by the disability income. As someone who exercises almost daily, chances of injury in future is higher, so having physio, TCM, chiro options are always good. Coverage here can complement my shield plan for things like A&E expenses.

....However, I guess the basic idea is that you think you're a bad risk, so your claim(s) will exceed the premiums. Maybe that makes sense! But plenty of people exercise, and it doesn't really make sense on average. Otherwise the insurance company wouldn't cover its overheads and reasonable profit. Check the policy language carefully for exclusions.

Other forms of insurance that sometimes apply include home insurance (such as home contents insurance, which also often includes personal liability insurance), automobile insurance, and travel medical insurance. The last one isn't too exciting at the moment since international travel is basically shut down.

 

[Alexcism94]

OK.


That's a good one. Great Eastern is also quite competitive with the same idea in mind since they have two "downgrade" steps, including what sure seems to be the best "as charged" public hospital B1 ward plan for citizens. Another possible approach is Raffles Shield A + Raffles Hospital Option + Key Rider which is a little less expensive (in both MediSave and cash terms) if you're OK limiting the full private hospital coverage to Raffles Hospital. (Prudential's private hospital network isn't enormous.)

You can keep the premium in check by choosing the longest deferral period (6 months), which I think is sensible.

Thanks for the recommendations! Had a better look at the GE plans and they seemed pretty solid as well, and much more affordable. Agent quoted $327 out of pocket which I assume is for the Elite P rider. But on closer look, am I right to say that it is adequate to get the Classic P rider rather than the Elite P rider as out of pocket loss is capped at $3000 regardless (Not the biggest loss, possibly claimable by medisave anyway)? The Classic P is $100, so that $227 savings can be put elsewhere.

Regarding GE Payassure, apparently the agent got back to me and said that I am Class 2 (teacher lol) while for AIA, I am under class 1 occupation. Hence premiums for GE is slightly higher than AIA here, but should I still stick to GE? Based on what I've read here, GE seems to be the better designed policy.

 

[BBCWatcher]

Agent quoted $327 out of pocket which I assume is for the Elite P rider. But on closer look, am I right to say that it is adequate to get the Classic P rider rather than the Elite P rider as out of pocket loss is capped at $3000 regardless (Not the biggest loss, possibly claimable by medisave anyway)? The Classic P is $100, so that $227 savings can be put elsewhere.

I agree with your logic.

Regarding GE Payassure, apparently the agent got back to me and said that I am Class 2 (teacher lol) while for AIA, I am under class 1 occupation. Hence premiums for GE is slightly higher than AIA here, but should I still stick to GE? Based on what I've read here, GE seems to be the better designed policy.

It seems to be, yes. However, I’d get ahold of the policy documents and compare carefully. You can reduce Great Eastern’s premium to some extent if you choose their 6 month deferral, which isn’t an option AIA offers.

 

[daryl0707]

Dear all, appreciate proposals based on below details
1. Myself ANB 33
2. Wife anb 32
3. Boy 4

As I'm financially super tight(budget 200_300) n Currently I don't have any insurance coverage except for company's. However, irregardless of company's, I plan to get a integrsted shield plan n probably CI (all stage).

Hope all the expert here could advise if the above workable n would like to find out what's the least amt to achieve the biggest coverage (eg, higher coverage with lower duration, n bridge the gap when Financially stable in near future).

I will seriously go through every replies n proposal. Many thanks in advance.

 

[boredboiboi]

Dear all, appreciate proposals based on below details
1. Myself ANB 33
2. Wife anb 32
3. Boy 4

As I'm financially super tight(budget 200_300) n Currently I don't have any insurance coverage except for company's. However, irregardless of company's, I plan to get a integrsted shield plan n probably CI (all stage).

Hope all the expert here could advise if the above workable n would like to find out what's the least amt to achieve the biggest coverage (eg, higher coverage with lower duration, n bridge the gap when Financially stable in near future).

I will seriously go through every replies n proposal. Many thanks in advance.

Who is the main pillar in the family? With that budget its hard to add eci(all stages ci) for whole family. I would say upgrade all then hospital plan first then see what is the balance. Because hospital plan up to gov A ward and up to private premium is a big jump especially with rider.
Remaining amount i would suggest get a 10 years renewable term plan 1st as its the cheapest options. But when renew in 10 years, premium will be base on the age of renew. Its to control budget now.

 

[xtwis7]

Do all of you have any pre-existing conditions? I strongly recommend you getting the integrated shield plan coverage as soon as possible. Don’t need to go for Private coverage in this case so I feel Govt A wards may suit your family more.

Check out the TotalCare Classic-A rider from Great Eastern which is really cost effective solution to provide up to 95% of coverage.

Medisave premiums - $434*2 + $198
Cash premiums - $55*2 + $30

I believe there’s no company that comes close to the Classic rider at this price point. All you need to copay is 5% or higher of deductible that’s all. Since you’re covered till Govt A wards, the $3k cap automatically applies.

If you’re the sole breadwinner, then do make sure you have some form of Death&CI cover to at least take care of your wife and child should you not be around. It’s still very possible to get yourself covered with a term plan. Try not to go for the more gimmicky multi-pay plans since they cost more as well. If it’s a dual-income family, make sure you and your wife are covered at least for 50% of the liabilities so that you won’t be blindsided if the one falling sick is not you.

 

[aabeesee]

hi all,

it was prob abt 5 years ago since i started getting insurance coverage (currently covered with whole life insurance and some CI riders).

now looking into adding coverage given change in income/expenses, and term life (till age 75, m anb 30 now) is one area im looking to add:

1m Death/tpd
ci 500k
eci 200k

any recommendations? or any good agents that can review my portfolio to supplement my coverage?

thank you.

 

[winthony]

Dear all, appreciate proposals based on below details
1. Myself ANB 33
2. Wife anb 32
3. Boy 4

As I'm financially super tight(budget 200_300) n Currently I don't have any insurance coverage except for company's. However, irregardless of company's, I plan to get a integrsted shield plan n probably CI (all stage).

Hope all the expert here could advise if the above workable n would like to find out what's the least amt to achieve the biggest coverage (eg, higher coverage with lower duration, n bridge the gap when Financially stable in near future).

I will seriously go through every replies n proposal. Many thanks in advance.

Hello! I assumed your budget is 200/300 monthly? If you are looking at annually, it might be hard to squeeze everything you are looking out for into that budget.

Nonetheless, I strongly believe in getting you and your family ISP first. Reason being, while you are covered by Medishield Life, there is still a chunk of bills in the event of hospitalisation that you would need to foot. This would put a dent in your financials.

You mentioned CI of all stages, in this case, if budget permits, do get it for yourself or any financial pillar of support of your household(wife) because you will be out of action (employment) in that unfortunate event. However with budget in mind, i think it is wiser to work with the budget rather than coming out with a sum assured

If you are the sole breadwinner of the household, you might want to look at Disability Income Insurance (DII) whereby if you are out of employment due to medical reasons, you are eligible for 75% of your monthly salary payout. This will ensure that there is still a stream of income for your family if they are relying on it

Ultimately, I would say go in this order
1) ISP
2) DII
3) Life coverage

Higher coverage with lower duration -> for example : Term of 500k death/tpd + 200k ECI would be $826.85 annually for 10 years for you
Lower coverage with longer duration -> for example : Term of 200k death/tpd + 100k ECI would be $1787.45 annually for 40 years for you.
Just basing this off 1 provider from my side but roughly you are looking around there in terms of premium

 

[winthony]

hi all,

it was prob abt 5 years ago since i started getting insurance coverage (currently covered with whole life insurance and some CI riders).

now looking into adding coverage given change in income/expenses, and term life (till age 75, m anb 30 now) is one area im looking to add:

1m Death/tpd
ci 500k
eci 200k

any recommendations? or any good agents that can review my portfolio to supplement my coverage?

thank you.

Have replied you in the other thread but here you go!

Hello!
For 1m death/tpd coverage, company A offers 20% perpetual discount if before 25 Aug!

I can quote you 2 of the more popular companies, A and T , who are still on the old CI definition. If you wish for me to review your portfolio, I would be more than willing to do so

Company X is AXA

Based on ANB 30, Male, Term till 75

A: $4347.90/annually (ECI rider non accelerated, premium before 20% discount)
T: $3410/annually (ECI rider accelerated)

 

[luncheonmeat_sg]

before 26/8 CI changes

Hi experts, seeking your inputs for suitable plans and if possible, quotes across all companies,

here goes... profile:
- ANB 36 male, non-smoker, sg citizen
- avg 50k pa income
- big ticket items inc nxt yr---collect key(bto), reno, wedding, family planning(baby)
- medical history--kidney stones
- have recently terminated my ILP(death, tpd) so im basically stripped and only have the medishield plan

Given my budget constraints, i'm generally looking at:
- Life(Term), CI (or ECI), TPD (or maybe DII but i'm still a bit confused about this)
- coverage till 65/70?
- 200/250k?

Many TIA ��������

 

[moejoseph]

Hi experts, seeking your inputs for suitable plans and if possible, quotes across all companies,

here goes... profile:
- ANB 36 male, non-smoker, sg citizen
- avg 50k pa income
- big ticket items inc nxt yr---collect key(bto), reno, wedding, family planning(baby)
- medical history--kidney stones
- have recently terminated my ILP(death, tpd) so im basically stripped and only have the medishield plan

Given my budget constraints, i'm generally looking at:
- Life(Term), CI (or ECI), TPD (or maybe DII but i'm still a bit confused about this)
- coverage till 65/70?
- 200/250k?

Many TIA ************************************************************************

For most cost efficient coverage, definitely term plan, esp with big ticketed items coming up.

Have ur kidney stones been removed? This will need to undergo underwriting btw

Below quotes from AXA Direct, comes with extra 50% coverage for first 3 years as well.

1) $200k Death/TPD/ECI
Till age 65 @ $1235.20/year
Till age 70 @ $1434.24/year

2) $250k Death/TPD/ECI
Till age 65 @ $1544/year
Till age 70 @ $1792.80/year

 

[BBCWatcher]

- big ticket items inc nxt yr---collect key(bto), reno, wedding, family planning(baby)

I just want to point out that if you’re getting a HDB BTO with a HDB concessionary loan then you will be required to have Home Protection Scheme coverage, which is a form of term life insurance. HPS is term to age 65 (or the end of the loan, whichever comes first), and it pays off your remaining share of the mortgage payments. If your share is 100% (homemaker spouse) then it pays off the whole mortgage if you were to predecease her (or qualify for a TPD claim). Take that coverage into account in calculating how much term life insurance you need, and also the DPS and the bit of life insurance with NTUC membership if you have either/both.

Given my budget constraints, i'm generally looking at:
- Life(Term), CI (or ECI), TPD (or maybe DII but i'm still a bit confused about this)

The TPD coverage comes with the term life insurance, bundled, so that’s easy. I would line this up at least no later than actively trying to conceive a child since the child will clearly be dependent on you (and your surviving spouse), above your HPS coverage assuming you have that. You can easily get quotations on direct purchase term life insurance at Comparefirst.sg. Tokio Marine, for example, is pricing $200,000 of direct purchase term life insurance (with TPD coverage) at $210/year (guaranteed level premium) for a nonsmoking male at your age.

DII ranks well ahead of CI and ECI in importance. Aviva would currently charge $430.37/year for $3,000/month of DII coverage assuming a low risk occupation, after their 35% premium discount.

You should probably also consider CareShield Life when it opens in mid-2021. I think you’ll be auto enrolled in CSL at your age, actually, although you can cancel CSL if you insist. I wouldn’t.

- coverage till 65/70?

Age 65 generally works best.

The insurance carriers are going to want to understand the kidney stones, as Moejoseph pointed out.

Any inclination toward getting an Integrated Shield plan (Great Eastern SupremeHealth B Plus for example), if you can get one? If you do get one it’ll probably exclude kidney-related care, except to MediShield Life coverage levels.