Getting started with insurance

[Kimberlynghh]

Hi, any expert has opinion of the CareShield supplements like this?
It looks to me similar in nature to disability income in that it does continual payout if something bad happens, except that it's for after 65.

Careshield initiative is a replacement of Eldershield and offers better benefits. Eldershield Comprehensive only covers up till 2 ADLs but for Careshield as long as you can't do 1 ADL they pay you. So depends on whether you need it if its not necessary and you think whatever you have is sufficient then don't bother. As long as you are age between 30 to 40 its compulsory. 30 and below you will automatically be enrolled in it when you hit 30. As for term/whole life, its for different purposes so depends on what you need it for. there's no bad product only agents who don't recommend products to suit your needs.

 

[Mr. Wood]

Careshield initiative is a replacement of Eldershield and offers better benefits. Eldershield Comprehensive only covers up till 2 ADLs but for Careshield as long as you can't do 1 ADL they pay you. So depends on whether you need it if its not necessary and you think whatever you have is sufficient then don't bother. As long as you are age between 30 to 40 its compulsory. 30 and below you will automatically be enrolled in it when you hit 30. As for term/whole life, its for different purposes so depends on what you need it for. there's no bad product only agents who don't recommend products to suit your needs.

huh? 1 ADL? thot is still 3 of 6 for standard careshield and 2 of 6 for enhance?

 

[winthony]

Well you can’t opt out of careshield life, so there is no consideration on our side.

Unless you are referring to the upgraded version

Ya CareShield Life cannot opt out I was referring to the supplements to CareShield Life!

huh? 1 ADL? thot is still 3 of 6 for standard careshield and 2 of 6 for enhance?

I think what she meant is that for supplements to CareShield Life, you have the option to opt in for those that pay out if you fail to perform 1 ADL

 

[Kimberlynghh]

Ya CareShield Life cannot opt out I was referring to the supplements to CareShield Life!



I think what she meant is that for supplements to CareShield Life, you have the option to opt in for those that pay out if you fail to perform 1 ADL

Yeah thats what I meant sorry for not mentioning about that but its an option that isn't available for eldershield. and apparently the first month, they payout three times the amount if you can't do 1 ADL.

 

[recruit]

I am looking to get an ECI plan (multi-pay option). I did a Google search and am quite overwhelmed by the different choices.

Are there any particular plans you guys have chosen for some reasons? Anything I should be aware of when purchasing ECI?

Thanks!

 

[winthony]

I am looking to get an ECI plan (multi-pay option). I did a Google search and am quite overwhelmed by the different choices.

Are there any particular plans you guys have chosen for some reasons? Anything I should be aware of when purchasing ECI?

Thanks!

Hello! Generally what differs from the few companies I represent would be if there is extra payout for late stages, how is the product structured etcetc

Which product are you looking at?

 

[boredboiboi]

I am looking to get an ECI plan (multi-pay option). I did a Google search and am quite overwhelmed by the different choices.

Are there any particular plans you guys have chosen for some reasons? Anything I should be aware of when purchasing ECI?

Thanks!

A few questions.
Why multipay?
Why not term or wholelife?
What research have u gather so far?
What plans do you have currently?

 

[luffymonk3y]

Anyone has experience with FWD health insurance? Looking at the Big-3-Critical-Illness-Insurance. Seems very affordable ...

 

[boredboiboi]

Anyone has experience with FWD health insurance? Looking at the Big-3-Critical-Illness-Insurance. Seems very affordable ...

Experience? Claim before? Fwd is Quite new, doubt u will find the answer.
Its quite affordable because it only covers 3 conditions.

 

[winthony]

Anyone has experience with FWD health insurance? Looking at the Big-3-Critical-Illness-Insurance. Seems very affordable ...

Hello!

Affordable because of the number of illnesses covered thats why

Anyway I did ask some of my clients but most of us have experience with their car insurance rather than health. Car insurance wise relatively alright but they are new to the health insurance biz

 

[duhduhduh]

Hello all

I currently have my Hospitalization Shield (AIA) in place.

However, for my personal accident insurance, I currently only have the NTUC DPS which was paid for my parents previously and now paid from my CPF, and also the Aviva Group Term Insurance (currently PES E).

• I am looking to increase the coverage amount for Aviva, and also possibly add some riders. It can be Aviva or not, and therefore:
• I have 2 QUESTIONS: 1) Which provider can provide a term insurance until 100? 2) Are the riders for Aviva worthwhile? 3) Or consider to get a whole life insurance? Is the premiums really so much compared to term life? I do not need the savings component

 

[winthony]

Hello all

I currently have my Hospitalization Shield (AIA) in place.

However, for my personal accident insurance, I currently only have the NTUC DPS which was paid for my parents previously and now paid from my CPF, and also the Aviva Group Term Insurance (currently PES E).

• I am looking to increase the coverage amount for Aviva, and also possibly add some riders. It can be Aviva or not, and therefore:
• I have 2 QUESTIONS: 1) Which provider can provide a term insurance until 100? 2) Are the riders for Aviva worthwhile? 3) Or consider to get a whole life insurance? Is the premiums really so much compared to term life? I do not need the savings component

Hello there! the NTUC DPS is not considered a personal accident product but more of a term product

I am looking to increase the coverage amount for Aviva, and also possibly add some riders.

Increase coverage in which aspect?

To answer your question:
1) Yes there are providers who does it till age 100 but depending on your age and coverage, if you wish for lifelong coverage, a wholelife might work out better financially

2) Worthwhile in which aspect? I assumed you are asking with regards to the GTL? the ECI coverage has lesser illnesses when compared to policies outside

3) It would really depend on your age + coverage. I can work it out for you to let you take a look!

 

[boredboiboi]

Hello all

I currently have my Hospitalization Shield (AIA) in place.

However, for my personal accident insurance, I currently only have the NTUC DPS which was paid for my parents previously and now paid from my CPF, and also the Aviva Group Term Insurance (currently PES E).

• I am looking to increase the coverage amount for Aviva, and also possibly add some riders. It can be Aviva or not, and therefore:
• I have 2 QUESTIONS: 1) Which provider can provide a term insurance until 100? 2) Are the riders for Aviva worthwhile? 3) Or consider to get a whole life insurance? Is the premiums really so much compared to term life? I do not need the savings component

1) currently left about 2-3 insurers covers term till age 100 only. Which insurer is worth the money depends on ur coverage and after quote then will know which will know which is better

2) what you means by riders is worthwhile? There are alot of riders

3) if coverage till 100, i would totally recommend wholelife plan.

But all this answers have to depends on your age as well. And if you are a smoker or not.

Anw dps is a term plan, not a personal accident plan.

 

[Kimberlynghh]

Hello all

I currently have my Hospitalization Shield (AIA) in place.

However, for my personal accident insurance, I currently only have the NTUC DPS which was paid for my parents previously and now paid from my CPF, and also the Aviva Group Term Insurance (currently PES E).

• I am looking to increase the coverage amount for Aviva, and also possibly add some riders. It can be Aviva or not, and therefore:
• I have 2 QUESTIONS: 1) Which provider can provide a term insurance until 100? 2) Are the riders for Aviva worthwhile? 3) Or consider to get a whole life insurance? Is the premiums really so much compared to term life? I do not need the savings component

DPS isn’t a personal accident insurance, actually just pays out in the event that you pass on or have TPD. For Aviva Group Term, under the army, doesn’t cover you for life and you can’t add any riders on it once you hit a certain age, since it is a group insurance. if I’m not wrong ends by 65.

I know Great Eastern and Prudential provide term insurance till 100. Not too sure about the others. You should get your existing advisor to run through your portfolio with you, or if you want to, feel free to hit me up for a session.

For riders, what do you mean by “worthwhile”. Riders just serve the purpose to make the plan for holistic.

For whole life, it does come with certain benefits that Term doesn’t have. It also really depends on your age, health condition and the coverage that you are looking at. It affects the premium differently.

 

[BBCWatcher]

I know Great Eastern and Prudential provide term insurance till 100.

I really don’t know why these policies exist and why a few people want to buy them. It’s unfortunately not hard to imagine how they might encourage elder abuse and neglect.

 

[BBCWatcher]

For Aviva Group Term, under the army, doesn’t cover you for life and you can’t add any riders on it since it is a group life insurance, if I’m not wrong ends by 65.

You’re wrong.

The Aviva MINDEF/MHA group insurance plan is terrific if you need life insurance and if it’s available to you. It offers quite a few optional riders, and the most interesting one is the Disability Income Insurance (DII) rider. That rider runs to age 70 if you wish.

 

[Kimberlynghh]

You’re wrong.

The Aviva MINDEF/MHA group insurance plan is terrific if you need life insurance and if it’s available to you. It offers quite a few optional riders, and the most interesting one is the Disability Income Insurance (DII) rider. That rider runs to age 70 if you wish.

Hmmm that’s interesting cause one of my clients wanted to add a rider, they didn’t allow him to though, it’s got something to do with the age, and from what I know once you hit a certain age the premiums increase quite significantly at least 14 times the amount, doesn’t exactly cover you for life either. It is a good plan, but at the end of the day, you can't rely solely on it because after 70 you're basically back to square 1 if you dont have other instruments to provide you coverage. DII basically called income disability, only applicable if you have a job otherwise I don't think you can get it.



Term plans exist because it’s meant for temporary issues, or if you can’t afford a whole life plan, then usually people get term.

 

[Aresden]

Term plans exist because it’s meant for temporary issues, or if you can’t afford a whole life plan, then usually people get term.

huh? Meant for temporary issues? Cannot afford life plan then get term plan?
I do not think that is accurate

 

[Okenba]

Not hard to find the info on MINDEF/MHA Group Insurance...

https://www.aviva.com.sg/en/mindef-and-mha/group-term-life/
Riders for: CI, eCI, DII, and Outpatient Medical.

https://www.aviva.com.sg/content/da.../products/group-term-life-product-summary.pdf
Coverage until 65. Can renew until 70.
Yes, premiums rise by a lot from 66 onwards. Hopefully, your dependents would be independent by then. Or you would have used your savings through those years to ensure that insurance is no longer a big deal.

Not everyone feels that they need insurance at such a late age.

 

[Kimberlynghh]

huh? Meant for temporary issues? Cannot afford life plan then get term plan?
I do not think that is accurate

Its just how I feel it is. Generally whole life plans are more costly than term plans. I have a friend who prefers getting term plan over whole life plan even if it means paying throughout their whole life. If someone doesn't mind paying for the term plan throughout their whole life then I guess its fine or if they have money to cover their cost for the term plan in the future and they are okay with it then yes go ahead. I say its for temporary issues its because you can adjust the number of years you want coverage. The flexibility is there, as compared to a whole life. Eg, if you get a house and need to pay for it and during that period of paying for the house you might want additional coverage just in case something happens to you so that your spouse or whoever have money to pay for it. Unless you're telling me for issues like this you would rather get a whole life plan just to cover for the duration of the house, not worth the money imo. There's no right or wrong, each instrument exists for a reason. Thats my take on a term plan. I never said my opinion was right haha.