Getting started with insurance

[xtwis7]

I don’t disagree that ppl might conflate.

hence isn’t it more important to call out and be clear about the difference instead of just perpetuating the narrative?

I’m all for that. Just in this circumstances I was responding to a simple request where he can be at least . Maybe you’re scrutinising my choice of words more harshly when I said alternatively rather than separately.

I am all for both because like how I tell my clients, DII and CSL don’t overlap because they serve different purposes. If somehow a situation kicks in where you need to claim early below age of 65, be glad that you have both to fall back on.

There is another camp of people who are aware of DII or CSL aka long-term care yet choose to look away from that. These can easily be highly educated professionals in well-paying jobs too.

 

[Okenba]

I’m all for that. Just in this circumstances I was responding to a simple request where he can be at least . Maybe you’re scrutinising my choice of words more harshly when I said alternatively rather than separately.

I am all for both because like how I tell my clients, DII and CSL don’t overlap because they serve different purposes. If somehow a situation kicks in where you need to claim early below age of 65, be glad that you have both to fall back on.

There is another camp of people who are aware of DII or CSL aka long-term care yet choose to look away from that. These can easily be highly educated professionals in well-paying jobs too.

I'm curious, what would be a situation where DII doesn't overlap with CSL and how bad would the situation be?

 

[xtwis7]

I'm curious, what would be a situation where DII doesn't overlap with CSL and how bad would the situation be?

Like @BBCWatcher shared was one example where one’s cognitive ability has been impacted in some way yet physical mobility is totally fine.

Another example that I can possibly think of would be cancer where one may possibly be unable to work due to ongoing treatment yet still hasn’t fulfilled any of the ADLs criteria.

With the current white collared workforce, I see DI carving out a niche of its own to preserve your income from any mental/cognitive disabilities while Careshield protects against physical disabilities.

 

[BBCWatcher]

Like @BBCWatcher shared was one example where one’s cognitive ability has been impacted in some way yet physical mobility is totally fine.

Yes, one of my former colleagues happens to be in this situation. She's long-term disabled, medically unable to work due to frequent enough lapses in her logical reasoning ability. I'm not privvy to her exact diagnosis, but it's some sort of cognitive issue that cropped up in her 40s. My employer can't keep her on the job due to her cognitive issue, but fortunately she's collecting group DII to age 65. I think 2/3rds of her prior salary is insured. Then AFAIK she has good (or better than good) retirement income security thereafter.

With the current white collared workforce, I see DI carving out a niche of its own to preserve your income from any mental/cognitive disabilities while Careshield protects against physical disabilities.

I think of CareShield Life as providing a "boost" if you need someone to help you get dressed, feed yourself, and otherwise perform essential living activities. Atop/alongside DII if you can no longer work due to disability. CareShield Life is really what the industry would call "Long-Term Care" (LTC) insurance, insurance that helps pay for nursing home care or similar at-home care. Granted, base CSL won't buy a lot of help. Maybe it'll pay part of the cost of a full-time live-in domestic helper with the right skills.

Also, I'm kind of puzzled why DII is so often considered a "white collar" type of insurance. I don't understand that at all. The only reason I can think of why that perception exists is because higher income individuals might better understand the value of DII (and negotiate employment contracts with group DII for example) more often than lower wage workers. But in terms of financial vulnerability it's the lower wage workers in any/every profession that should be most vulnerable to disability and associated loss of income.

 

[xtwis7]

Also, I'm kind of puzzled why DII is so often considered a "white collar" type of insurance. I don't understand that at all. The only reason I can think of why that perception exists is because higher income individuals might better understand the value of DII (and negotiate employment contracts with group DII for example) more often than lower wage workers. But in terms of financial vulnerability it's the lower wage workers in any/every profession that should be most vulnerable to disability and associated loss of income.

Financial impact definitely varies and it will hurt harder for those lower income workers because they just have less “spare cash” after essential expenses.

If someone is needed for their manual labour like service staff in f&b, retail etc then that’s equally applicable. Just unfortunate that some occupations are automatically excluded with the more notable one being cabin crew.

 

[BBCWatcher]

If someone is needed for their manual labour like service staff in f&b, retail etc then that’s equally applicable. Just unfortunate that some occupations are automatically excluded with the more notable one being cabin crew.

If airline cabin crew have solid group disability income insurance coverage then they could still be OK. But I don't think they do.

 

[honeyNsugar]

Is a life insurance really important ? Mid 30s here . Only have hospitalisation plan

 

[reddevil0728]

Is a life insurance really important ? Mid 30s here . Only have hospitalisation plan

only if you have financial dependants.

 

[xtwis7]

Is a life insurance really important ? Mid 30s here . Only have hospitalisation plan

Here in Singapore we always have this saying in mandarin “可以死，不可以病”

For anybody young and still needing to work, the main concern isn’t us suddenly passing away but should we not pass away yet still continue to burden our families or loved ones in the form of long term medical care, I don’t think that’s how we want to live.

Life insurance is just a function that can solve that need if someone is adding on a critical illness rider or you can simply get a term insurance with CI.

 

[reddevil0728]

Here in Singapore we always have this saying in mandarin “可以死，不可以病”

For anybody young and still needing to work, the main concern isn’t us suddenly passing away but should we not pass away yet still continue to burden our families or loved ones in the form of long term medical care, I don’t think that’s how we want to live.

Life insurance is just a function that can solve that need if someone is adding on a critical illness rider or you can simply get a term insurance with CI.

if the concern is about long term medical care, then should be looking for insurance relating to that. and not life insurance.

Yes it provides TPD, but is it the best insurance to get to cover this scenario is another qns

 

[xtwis7]

if the concern is about long term medical care, then should be looking for insurance relating to that. and not life insurance.

Yes it provides TPD, but is it the best insurance to get to cover this scenario is another qns

The plan is usually the less important part because that's just one of the ways to solve a problem. Finding out why is the problem important is more crucial.

Whether life or term or even ILP, the saying goes is that a inforced plan is better than a lapsed plan.

 

[reddevil0728]

The plan is usually the less important part because that's just one of the ways to solve a problem. Finding out why is the problem important is more crucial.

Whether life or term or even ILP, the saying goes is that a inforced plan is better than a lapsed plan.

huh dont' get

 

[xtwis7]

huh dont' get

I wasn't saying life insurance was suitable even with a CI rider, that was just one of the many possible outcomes someone can solve a need. As much as term insurance is the most efficient, some who miss out on payment and end up lapsing the policy is not going to benefit from that.

 

[reddevil0728]

I wasn't saying life insurance was suitable even with a CI rider, that was just one of the many possible outcomes someone can solve a need. As much as term insurance is the most efficient, some who miss out on payment and end up lapsing the policy is not going to benefit from that.

was missing out on payment and lapsing the original issue? sorry am confused as to why this suddenly got brought up in relation to what i was talking about

 

[xtwis7]

was missing out on payment and lapsing the original issue? sorry am confused as to why this suddenly got brought up in relation to what i was talking about

It was in reference to your point that other plans would have been more suitable. Anyway my response was meant to be a very generic one because it was a generic question, wasn't even about recommendations.

 

[reddevil0728]

It was in reference to your point that other plans would have been more suitable. Anyway my response was meant to be a very generic one because it was a generic question, wasn't even about recommendations.

ya. i was replying to that. then i got confused as to why you talking about payment and lapsing when it was unrelated to what i was replying to

 

[xtwis7]

ya. i was replying to that. then i got confused as to why you talking about payment and lapsing when it was unrelated to what i was replying to

Nvm let's move on since my point was not related.

 

[DanielRFL]

Anyone can do a quote, preferably from Aviva Singlife? Looking to enhance coverage.

Age 36, Male, Non Smoker

(1) $100k standalone multipay with premium waiver feature
Till Age 75, Age 80 or Age 85.

(2) $1m death/tpd
Till Age 100 (not sure if Singlife has it?)

(3) $1.5m death/tpd
Till Age 100 (not sure if Singlife has it?)

(4) $1m death/tpd (till age 100) + $200k ECI (till age 85)

 

[boredboiboi]

Anyone can do a quote, preferably from Aviva Singlife? Looking to enhance coverage.

Age 36, Male, Non Smoker

(1) $100k standalone multipay with premium waiver feature
Till Age 75, Age 80 or Age 85.

(2) $1m death/tpd
Till Age 100 (not sure if Singlife has it?)

(3) $1.5m death/tpd
Till Age 100 (not sure if Singlife has it?)

(4) $1m death/tpd (till age 100) + $200k ECI (till age 85)

I can and also will quote a few for your comparison.
36 is next or last birthday?
Singlife has it till age 99, no 100
Multipay what premium waiver u wan? Waiver For eci or ci?

 

[DanielRFL]

Yep, Age 36 is next birthday. Alright, to Age 99 for Singlife.

My friend has a multipay from AIA where future premiums are waived on diagnosis of ECI. Something to that effect, if available. If not available its fine too.