Getting started with insurance

[bbwinnie1]

Based on a very straight forward coverage that you requested, essentially there’s not much difference between the insurers.

For ECI, some companies may cover a few more conditions but even then, it’s not a deal breaker as it can be one of those really rare conditions.

Will quote you for GE term. I believe the $200k ECI/CI refers to a plain coverage of $200k in event of CI or ECI and not $200k x2 right?

I see. And yup, $200k is referring to a plain coverage. So just ECI of $200k will do!

 

[xtwis7]

Hello!

26 is last birthday since my birthday already passed this year?

For ECI: $200K since it covers all stages

Thank you!!

Backdating is possible if your birthday had just passed so your DOB would be more helpful. Otherwise you’ll just be considered 27ANB.

 

[winthony]

Hi, do you mind sharing the quotations for the term plans?

I'm personally looking at 500k death & TPD, CI/ECI cover at 200k

Female, Non-smoker, am 26 this year. So my term would be either 44/49 following the coverage of age 70/75.

I am more interested in lower premiums however, are any significant differences between higher prices and lower prices considering the same coverage? would it be more worthwhile to consider higher premiums one?

Any help would be greatly appreciated. Thank you all

Significant difference between higher premiums and lower premiums probably not. Some people might not be that premium sensitive and go for companies that they "like" more.

There might be slight variation with the ECI coverages between companies so thats a point to note.

Also, one more quick question. Noticed many of you here are talking about the importance of having Disability Income plans.

Could I also get some quotes on this? Thank you!!!

I think this ultimately have to be dependent on the nature of your job. DII comes in play when you are unable to work due to medical conditions and having DII would allow for a continuous stream of "income" when you are unable to work.

For quotation wise, there is a need to know

• the nature of your job
• the deferred period
• your income
• If you want escalating benefit (3%)

 

[winthony]

Hello!

26 is last birthday since my birthday already passed this year?

For ECI: $200K since it covers all stages

Thank you!!

If you birthday is within the backdating period, you might wish to backdate as well! Though I usually find it more useful for limited premium term kind of products rather than term haha

 

[boredboiboi]

Hello!

26 is last birthday since my birthday already passed this year?

For ECI: $200K since it covers all stages

Thank you!!

Its will be base on age next birthday 27, term will b 43 and 48. When was ur birthday? Maybe a backdate can be done. Will quote for you a wholelife plan for reference too that multiplier ends at age 70 to compare premium and decide a term or wholelife suits u more

term till age 70
Company A - $1454.30/year
Company T - $1495/year
Company C - not available
Company X - $1020/year


term till age 75
Company A - $1631.35/year
Company T - $1588/year
Company C - $1453.50/year
Company X - $1119/year (tpd till age 70 only)

wholelife pay 25 years, multiplier ends at age 70
Company A - $3044.60/year
Company M - $2963.53/year

wholelife pay 25 years, multiplier ends at age 75
Company A - $3351.80/year

 

[xtwis7]

Hi, do you mind sharing the quotations for the term plans?

I'm personally looking at 500k death & TPD, CI/ECI cover at 200k

Female, Non-smoker, am 26 this year. So my term would be either 44/49 following the coverage of age 70/75.

I am more interested in lower premiums however, are any significant differences between higher prices and lower prices considering the same coverage? would it be more worthwhile to consider higher premiums one?

Any help would be greatly appreciated. Thank you all

The following quotes for GE assumes that backdating is not possible so will consider you to be 27ANB. Quotes based on $500k Death/TPD with $200k ECI.

Till 70 - $1,348.35/yr (for 43 years)
Till 75 - $1,580.05/yr (for 48 years)

Do note that TPD for some companies expire at 70.

As for your disability income benefit, adding it as a rider to the term plan would save you a significant proportion of premiums too.

 

[bbwinnie1]

Backdating is possible if your birthday had just passed so your DOB would be more helpful. Otherwise you’ll just be considered 27ANB.

If you birthday is within the backdating period, you might wish to backdate as well! Though I usually find it more useful for limited premium term kind of products rather than term haha

Its will be base on age next birthday 27, term will b 38 and 43. When was ur birthday? Maybe a backdate can be done. Will quote for you a wholelife plan for reference too that multiplier ends at age 70 to compare premium and decide a term or wholelife suits u more

Thank you for the quick response all! My DOB is 16 Jan 1995. And I'm specifically looking for a term plan as well don't have to go through the trouble for generating any wholelife plan!

 

[xtwis7]

Thank you for the quick response all! My DOB is 16 Jan 1995. And I'm specifically looking for a term plan as well don't have to go through the trouble for generating any wholelife plan!

Sure. In that case the quotes stand. If you’d like to explore adding Disability Income to your term plan, you may want to provide details of your occupation and your desired monthly benefit to cover in event of income loss from injury or illness. Note that the most unique feature so far of DI that CI doesn’t cover would be mental illnesses.

We’ve seen first hand a high profile case just yesterday in very unfortunate circumstances and the truth is that mental illness is a silent lurker waiting to pounce.

 

[boredboiboi]

Thank you for the quick response all! My DOB is 16 Jan 1995. And I'm specifically looking for a term plan as well don't have to go through the trouble for generating any wholelife plan!

You are welcome and here you go. Backdating not possible.

term till age 70
Company A - $1454.30/year
Company T - $1495/year
Company C - not available
Company X - $1020/year


term till age 75
Company A - $1631.35/year
Company T - $1588/year
Company C - $1453.50/year
Company X - $1119/year (tpd till age 70 only)

 

[bbwinnie1]

The following quotes for GE assumes that backdating is not possible so will consider you to be 27ANB. Quotes based on $500k Death/TPD with $200k ECI.

Till 70 - $1,348.35/yr (for 43 years)
Till 75 - $1,580.05/yr (for 48 years)

Do note that TPD for some companies expire at 70.

As for your disability income benefit, adding it as a rider to the term plan would save you a significant proportion of premiums too.

Thanks! By any chance, do you also have quotes from Prudential and AIA?

Sure. In that case the quotes stand. If you’d like to explore adding Disability Income to your term plan, you may want to provide details of your occupation and your desired monthly benefit to cover in event of income loss from injury or illness. Note that the most unique feature so far of DI that CI doesn’t cover would be mental illnesses.

We’ve seen first hand a high profile case just yesterday in very unfortunate circumstances and the truth is that mental illness is a silent lurker waiting to pounce.

Alright, let me get back to you on this soon. Have to work this out first! and thank you once again

You are welcome and here you go. Backdating not possible.

term till age 70
Company A - $1454.30/year
Company T - $1495/year
Company C - not available
Company X - $1020/year


term till age 75
Company A - $1631.35/year
Company T - $1588/year
Company C - $1453.50/year
Company X - $1119/year (tpd till age 70 only)

Thanks! May I know what Company X represent? and by any chance, do you also have quotes from Prudential and AIA? Many thanks and appreciate your help with these quotations

 

[xtwis7]

Thanks! By any chance, do you also have quotes from Prudential and AIA?

Sorry, I am a sole representative of GE so I won’t be able to provide you with other quotes.

Company X is AXA while A is Aviva. T is Tokio Marine and C should be China Taiping.

 

[boredboiboi]

Thanks! By any chance, do you also have quotes from Prudential and AIA?

Alright, let me get back to you on this soon. Have to work this out first! and thank you once again

Thanks! May I know what Company X represent? and by any chance, do you also have quotes from Prudential and AIA? Many thanks and appreciate your help with these quotations

You are welcome. Not able to quote for pru. And aia premium is not competitive that i dont even quote and no eci too. X is axa

 

[bbwinnie1]

Sorry, I am a sole representative of GE so I won’t be able to provide you with other quotes.

Company X is AXA while A is Aviva. T is Tokio Marine and C should be China Taiping.

You are welcome. Not able to quote for pru. And aia premium is not competitive that i dont even quote and no eci too. X is axa

Thanks! very informative! Can I check if the ECI coverage is an advance of the death benefit? or is it like additional on top of the $500k coverage?

 

[xtwis7]

Thanks! very informative! Can I check if the ECI coverage is an advance of the death benefit? or is it like additional on top of the $500k coverage?

Yes, the ECI is considered accelerated benefit so it'll be $200k payout and then if subsequently Death/TPD happens, remaining $300k is paid out.

 

[boredboiboi]

Thanks! very informative! Can I check if the ECI coverage is an advance of the death benefit? or is it like additional on top of the $500k coverage?

You are welcome.
Its advance of the benefit, the only insurer that eci does not advance the death benefit is Aviva.

 

[firsttimebuyer]

Hi everybody,

I need some help. I would like to say "Thank you very much" to everyone whom had extended me a helping hand in the past and also to everyone here in the forum whom would be helping me in the future.

I am an insurance idiot and I can't talk frankly to the agent whom represented me, because (1) the agent is a old family friend (2) the agent is no longer in a clear state of mind, even though that agent is still alive and somehow still working. Due to reasons that may seem funny and ridiculous to others but have deadly consequences for me personally, I can't even get rid of my agent.

I bought a few policies from GE sometime in 2009, more than a decade ago. Back then, I didn't know what I was doing, because it was a family friend and I was too burnt out from work, plus I was under family pressure.

But from the documents I kept, this were the policies:

- Dependents' protection Scheme; Annual Premium - $36.00, Basic Sum Assured- $46,000
- Supreme Health; Annual Premium: $157.96
- Total Shield Platinum, Annual Premium: $272.80

Fast forward 13 years later, my policies have evolved into this format, based on logging into "e-connect" at GE's website :

Life Protection Policies
-DEPENDANTS' PROTECTION SCHEME

Health Protection
-GREAT TOTALCARE (ELITE-P)
- GREAT SUPREMEHEALTH P PLUS

I have a couple of questions:

1) What is the difference between Supreme Health and Total Shield Platinum? Is one a rider, and if so, what exactly is a rider? (pls forgive me for my amateurish questions)
2) What is the difference between GREAT TOTALCARE (ELITE-P) & GREAT SUPREMEHEALTH P PLUS, and how did my old policies (Supreme Health and Total Shield Platinum) evolve into these new policies?
3) is there a way for me to find out, if in between 2009 and now, had I done any upgrades to my policies?

Thank you very much for your help.

 

[xtwis7]

Hi everybody,

I am an insurance idiot and I can't talk frankly to the agent whom represented me, because (1) the agent is a old family friend (2) the agent is no longer in a clear state of mind, even though that agent is still alive and somehow still working. Due to reasons that may seem funny and ridiculous to others but have deadly consequences for me personally, I can't even get rid of my agent.

Life Protection Policies
-DEPENDANTS' PROTECTION SCHEME

Health Protection
-GREAT TOTALCARE (ELITE-P)
- GREAT SUPREMEHEALTH P PLUS

I have a couple of questions:

1) What is the difference between Supreme Health and Total Shield Platinum? Is one a rider, and if so, what exactly is a rider? (pls forgive me for my amateurish questions)
2) What is the difference between GREAT TOTALCARE (ELITE-P) & GREAT SUPREMEHEALTH P PLUS, and how did my old policies (Supreme Health and Total Shield Platinum) evolve into these new policies?
3) is there a way for me to find out, if in between 2009 and now, had I done any upgrades to my policies?

Thank you very much for your help.

Sorry to hear of the unfortunate circumstances that you're being put in. Sometimes working with family friend or relatives can be tricky if things don't turn out well. Unless your family literally cuts you off for deciding to do something of your own free will, I still don't see why you can't request a transfer to another agent. Anyway this is secondary.

To answer your 3 questions:

1. Currently GREAT SupremeHealth (GSH) as what it's known is the Integrated Shield Policy which enhances your default MediShield Life coverage. The GREAT TotalCare (GTC) that you have right now is very commonly termed as a "Rider" because it's a additional policy on top of GSH to give you up to 95% coverage. The letter P means that you're covered up to the highest tier possible which is Private hospitals.

2. To simplify for you, GSH is what we use our Medisave to pay for while GTC can only be paid by cash. GTC is also an optional component though it's usually recommended to take both together. Since the integrated shield policies are renewable on a yearly basis, yours have changed to the current plan and so have everyone else.

3. What do you wish to find out from this upgrade because it's a default process? Whether were you asked to upgrade by your agent or did you voluntarily upgrade? TotalShield was a earlier iteration of the hospitalisation rider which has since been changed to TotalCare. In between there was also TotalHealth.

I'm a representative of GE so of course if you have further questions, you may continue to add them here or a conversation privately.

 

[soneat]

Sorry to hear of the unfortunate circumstances that you're being put in. Sometimes working with family friend or relatives can be tricky if things don't turn out well. Unless your family literally cuts you off for deciding to do something of your own free will, I still don't see why you can't request a transfer to another agent. Anyway this is secondary.

To answer your 3 questions:

1. Currently GREAT SupremeHealth (GSH) as what it's known is the Integrated Shield Policy which enhances your default MediShield Life coverage. The GREAT TotalCare (GTC) that you have right now is very commonly termed as a "Rider" because it's a additional policy on top of GSH to give you up to 95% coverage. The letter P means that you're covered up to the highest tier possible which is Private hospitals.

2. To simplify for you, GSH is what we use our Medisave to pay for while GTC can only be paid by cash. GTC is also an optional component though it's usually recommended to take both together. Since the integrated shield policies are renewable on a yearly basis, yours have changed to the current plan and so have everyone else.

3. What do you wish to find out from this upgrade because it's a default process? Whether were you asked to upgrade by your agent or did you voluntarily upgrade? TotalShield was a earlier iteration of the hospitalisation rider which has since been changed to TotalCare. In between there was also TotalHealth.

I'm a representative of GE so of course if you have further questions, you may continue to add them here or a conversation privately.

Just to add-on (for clarity sake) as the TS is not familiar with insurance.

In GE's implementation, GTC is technically a standalone plan (not a rider) and there are GTC riders.

With you assisting, TS is in good hands. =)

 

[soneat]

Hi everybody,

I need some help. I would like to say "Thank you very much" to everyone whom had extended me a helping hand in the past and also to everyone here in the forum whom would be helping me in the future.

I am an insurance idiot and I can't talk frankly to the agent whom represented me, because (1) the agent is a old family friend (2) the agent is no longer in a clear state of mind, even though that agent is still alive and somehow still working. Due to reasons that may seem funny and ridiculous to others but have deadly consequences for me personally, I can't even get rid of my agent.

I bought a few policies from GE sometime in 2009, more than a decade ago. Back then, I didn't know what I was doing, because it was a family friend and I was too burnt out from work, plus I was under family pressure.

But from the documents I kept, this were the policies:

- Dependents' protection Scheme; Annual Premium - $36.00, Basic Sum Assured- $46,000
- Supreme Health; Annual Premium: $157.96
- Total Shield Platinum, Annual Premium: $272.80

Fast forward 13 years later, my policies have evolved into this format, based on logging into "e-connect" at GE's website :

Life Protection Policies
-DEPENDANTS' PROTECTION SCHEME

Health Protection
-GREAT TOTALCARE (ELITE-P)
- GREAT SUPREMEHEALTH P PLUS

I have a couple of questions:

1) What is the difference between Supreme Health and Total Shield Platinum? Is one a rider, and if so, what exactly is a rider? (pls forgive me for my amateurish questions)
2) What is the difference between GREAT TOTALCARE (ELITE-P) & GREAT SUPREMEHEALTH P PLUS, and how did my old policies (Supreme Health and Total Shield Platinum) evolve into these new policies?
3) is there a way for me to find out, if in between 2009 and now, had I done any upgrades to my policies?

Thank you very much for your help.

0. Take a closer look at DPS again, the premium and benefits have been adjusted wef 1st Apr 2021.
1. Your GSH premium cannot be 157.96. What you are quoting here is probably the premium for the ISP component after discount. GSH is the ISP(Integrated Shield Plan) which gives you a major upgrade over the basic medishield life. Total Shield is the old series of the supplementary plans which provide benefits to cover the co-insurance, deductible as well as some other stuffs like ambulance fee, TCM etc. Total Care is the current supplementary plan.
2. Read the above. I believe GE (like some other insurers) are forcing policyholders to migrate to the new set of supplementary plan.
3. If you cannot call your agent, contact the customer service folks to find out. They are pretty competent.

 

[firsttimebuyer]

Sorry to hear of the unfortunate circumstances that you're being put in. Sometimes working with family friend or relatives can be tricky if things don't turn out well. Unless your family literally cuts you off for deciding to do something of your own free will, I still don't see why you can't request a transfer to another agent. Anyway this is secondary.

To answer your 3 questions:

1. Currently GREAT SupremeHealth (GSH) as what it's known is the Integrated Shield Policy which enhances your default MediShield Life coverage. The GREAT TotalCare (GTC) that you have right now is very commonly termed as a "Rider" because it's a additional policy on top of GSH to give you up to 95% coverage. The letter P means that you're covered up to the highest tier possible which is Private hospitals.

2. To simplify for you, GSH is what we use our Medisave to pay for while GTC can only be paid by cash. GTC is also an optional component though it's usually recommended to take both together. Since the integrated shield policies are renewable on a yearly basis, yours have changed to the current plan and so have everyone else.

3. What do you wish to find out from this upgrade because it's a default process? Whether were you asked to upgrade by your agent or did you voluntarily upgrade? TotalShield was a earlier iteration of the hospitalisation rider which has since been changed to TotalCare. In between there was also TotalHealth.

I'm a representative of GE so of course if you have further questions, you may continue to add them here or a conversation privately.

Hi xtwis7, Thank you so very much for the explanation, much appreciated!

The reason I am asking is because sometime in 2013, 2014, 2015 and 2017, I had on-and-off treatment for mental health issues but I am fully stable now and even got a discharge letter from the public health institution. I am thinking of plugging the gap in terms of insurance like disability income but am also aware that my past medical treatment is an issue.

As for upgrades, i am worried that because I really had no idea that I actually needed to declare to the insurers until six months ago, because the hospital I went to just kept insisting that they keep all records sealed and deny access to insurers, until I found out that wasn't the case when I digged further.

I did ask this question earlier on this page: https://forums.hardwarezone.com.sg/threads/getting-started-with-insurance.875687/post-135002856 and https://forums.hardwarezone.com.sg/threads/getting-started-with-insurance.875687/post-135006354, very kindly answered by winthony and soneat (thank you very much once again, guys!).

Since I inadvertently did not declare, I am worried that whatever upgrades I did in between 2009 (when I first "bought" the policies) and today will be invalid, if I even did do an upgrade. I actually don't remember because not once did my agent (the old family friend) ever sat down with me to explain what I was buying.