Getting started with insurance

[boredboiboi]

should I get life insurance for my kids?

Firstly, is yourself being covered enough already? For your kids, upgrade hospital plan first, if budget allows then looking into wholelife plan. =)

 

[ABuNeNe]

have aia healthshield gold max and aviva saf term insurance for myself (group term life - $600k, group living car - $250k and group living plus - $250k)

am I insured enough? probably should get the group disability income as well right? should I get for my wife as well?

believer of BTIR but currently thinking of getting a life plan/endowment as a savings for my kids university fees in the future

 

[exterminazn]

have aia healthshield gold max and aviva saf term insurance for myself (group term life - $600k, group living car - $250k and group living plus - $250k)

am I insured enough? probably should get the group disability income as well right? should I get for my wife as well?

believer of BTIR but currently thinking of getting a life plan/endowment as a savings for my kids university fees in the future

Ya your own coverage is ok

can get hospital plan and then life for kids

if believe btir, then why consider life and endowment?

 

[boredboiboi]

have aia healthshield gold max and aviva saf term insurance for myself (group term life - $600k, group living car - $250k and group living plus - $250k)

am I insured enough? probably should get the group disability income as well right? should I get for my wife as well?

believer of BTIR but currently thinking of getting a life plan/endowment as a savings for my kids university fees in the future

Rule of thump for yourself to guage.

Death/tpd - 10 times of annual income
Eci - 3 to 5 times of annual income
Ci - more than 5 times

to note that saf living care and living care plus number of conditions being covered is way way lesser than the market eci and ci coverage. And their death/tpd doesnt payout 1 lump sum. There will be a 1 payment then follow by 3 years “installment” from what i last read.

getting for your wife, why not?
For DII, saf only covers 50% of income. Market covers up to 75%.

 

[reddevil0728]

Rule of thump for yourself to guage.

Death/tpd - 10 times of annual income
Eci - 3 to 5 times of annual income
Ci - more than 5 times

to note that saf living care and living care plus number of conditions being covered is way way lesser than the market eci and ci coverage. And their death/tpd doesnt payout 1 lump sum. There will be a 1 payment then follow by 3 years “installment” from what i last read.

getting for your wife, why not?
For DII, saf only covers 50% of income. Market covers up to 75%.

technically those market eci and ci coverage, a lot of times are those bell and whistles right. not really important. but included just to justify higher cost.

 

[boredboiboi]

technically those market eci and ci coverage, a lot of times are those bell and whistles right. not really important. but included just to justify higher cost.

Since u wanted to cover more condition then why not the extensive one? What if u got the illness not covered by the mindef eci and ci? Are you ok with it?
Else u can just buy the big 3 ci plan

 

[reddevil0728]

Since u wanted to cover more condition then why not the extensive one? What if u got the illness not covered by the mindef eci and ci? Are you ok with it?
Else u can just buy the big 3 ci plan

i think it's a balance. like you can insure for everything

 

[hisugaya]

Hi everyone, need some help on which insurance to buy. Currently, fresh grad non-smoker office job, looking for insurance to cover CI, hospital and personal accident.

For hospital, looking at private hospital plan, found that AIA seems to be the best with coverage and they don't have increase in premium if a claim is made, although GE and Pru has a 20% off premium is no claims made per year. Of cos, AIA premium is higher as well.

For PA, ,there is quite a lot out there that I'm not sure which one to choose but looking at something that will cover sports accident like cycling and infectious disease.

For CI, saw Prudential offers men specific plan PruMen, which I think might be sufficient.

Anyone got any recommendation for Hospital, PA and CI? Thanks in advance.

 

[boredboiboi]

Hi everyone, need some help on which insurance to buy. Currently, fresh grad non-smoker office job, looking for insurance to cover CI, hospital and personal accident.

For hospital, looking at private hospital plan, found that AIA seems to be the best with coverage and they don't have increase in premium if a claim is made, although GE and Pru has a 20% off premium is no claims made per year. Of cos, AIA premium is higher as well.

For PA, ,there is quite a lot out there that I'm not sure which one to choose but looking at something that will cover sports accident like cycling and infectious disease.

For CI, saw Prudential offers men specific plan PruMen, which I think might be sufficient.

Anyone got any recommendation for Hospital, PA and CI? Thanks in advance.

Men specfic is actually more of gimmick i would say. I would rather u get a comprehensive coverage one than the limited conditions to men.

hospital plan info can get off moh website for the comparison.

pa plan wise, depends if u really needs it as most company have medical benefits which u can claim and dont really need a PA plan.

CI wise u can add on as a rider to a term plan which overall is a better option than a standalone ci plan unless u r looking at multipay ci

 

[hisugaya]

Men specfic is actually more of gimmick i would say. I would rather u get a comprehensive coverage one than the limited conditions to men.

hospital plan info can get off moh website for the comparison.

pa plan wise, depends if u really needs it as most company have medical benefits which u can claim and dont really need a PA plan.

CI wise u can add on as a rider to a term plan which overall is a better option than a standalone ci plan unless u r looking at multipay ci

I actually have the Mindef group term life and personal accident. But maybe want to move away from it. For PA that companies offer is during work time only is it? I'm looking for PA cos I do like cycling and sports stuff. Saw NTUC has a specific one for cycling but want something that covers sports in general as well.

For CI, I'm not sure what's the difference between standalone and multipay but I think I'm looking at something that has high number of illness coverage and also for all stages as well. Does those term life have riders that covers this as well?

 

[exterminazn]

I actually have the Mindef group term life and personal accident. But maybe want to move away from it. For PA that companies offer is during work time only is it? I'm looking for PA cos I do like cycling and sports stuff. Saw NTUC has a specific one for cycling but want something that covers sports in general as well.

For CI, I'm not sure what's the difference between standalone and multipay but I think I'm looking at something that has high number of illness coverage and also for all stages as well. Does those term life have riders that covers this as well?

U can remain Mindef one since the most affordable, but coverage wise for CI not comprehensive and got limit to claim

PA all companies almost the same, see which one suit u better

CI multipay means can claim multiple times, but got waiting period also. Ya term life have riders to cover either late stage CI or all stages CI

 

[hisugaya]

U can remain Mindef one since the most affordable, but coverage wise for CI not comprehensive and got limit to claim

PA all companies almost the same, see which one suit u better

CI multipay means can claim multiple times, but got waiting period also. Ya term life have riders to cover either late stage CI or all stages CI

Oh then for CI is it better to get standalone plans or get another term life and add on CI in this case?

 

[exterminazn]

Oh then for CI is it better to get standalone plans or get another term life and add on CI in this case?

Unless u die die no need death/tpd coverage, then can get standalone

otherwise term with Ci rider better

 

[hisugaya]

Unless u die die no need death/tpd coverage, then can get standalone

otherwise term with Ci rider better

But I can keep the Mindef group term life if I get another term life with CI from another company is it?

 

[boredboiboi]

I actually have the Mindef group term life and personal accident. But maybe want to move away from it. For PA that companies offer is during work time only is it? I'm looking for PA cos I do like cycling and sports stuff. Saw NTUC has a specific one for cycling but want something that covers sports in general as well.

For CI, I'm not sure what's the difference between standalone and multipay but I think I'm looking at something that has high number of illness coverage and also for all stages as well. Does those term life have riders that covers this as well?

Yes term life have rider add on to cover ci that covers all stages.

for pa that your company covers usually is work related but companies do also covers outpatient that does not necessarily covers only accidents but also sickness thus not necessarily to get a pa plan of ur companies covers u outpatient(mc).

but if u really wants to get a PA plan, I usually sell one that is around $96 per year which is good enuf for any accident. Is good to move away from mindef pa as mindef pa doesnt covers u any outpatient bills.

 

[boredboiboi]

But I can keep the Mindef group term life if I get another term life with CI from another company is it?

Yes u can keep it. Doesnt limit u to 1 insurer

 

[GordonLiew]

is there any risk taking up Tai-ping insurance since it's relatively new in the market as compared to other insurer? What will be best insurer in term of competitive rate for whole life plan?

Buying insurance from established insurance company is safe. It's not the insurance company, but rather, the purpose of your insurance needs and affordability for you to pay over the long term. Also, it is not the cheapest that is the best, it is how much are you prepared to take the loss when claims happened. You generally pay for what you get.

 

[twinbaby]

Hi there

Now i realised one thing about Claim Based Pricing.
Assuming we are at level 4 this year.
It will take another 3 years to go back to level 0
Next year is 3, then 2, then 1, assuming there is no claim
Didn't realised that until the agent told me that.
I am currently at the highest tier of my prudential plan with 100% coverage, the old plan
Should I cancel, or downgrade?
My company insurance already can cover 90% of the cost for private insurance.

 

[reddevil0728]

Hi there

Now i realised one thing about Claim Based Pricing.
Assuming we are at level 4 this year.
It will take another 3 years to go back to level 0
Next year is 3, then 2, then 1, assuming there is no claim
Didn't realised that until the agent told me that.
I am currently at the highest tier of my prudential plan with 100% coverage, the old plan
Should I cancel, or downgrade?
My company insurance already can cover 90% of the cost for private insurance.

Unless you forever stay with your company and that they don’t change that benefit, I’ll say only treat it as a good to have.

 

[twinbaby]

Unless you forever stay with your company and that they don’t change that benefit, I’ll say only treat it as a good to have.

I see, most likely I am staying with that company for long term.
Should I downgrade so that when I am older, I am not so much of in a rush to see doctor because I am busy with work now. What plans is recommended for downgrade. Cause currently I can combine my own insurance with company one.