Group Insurnace from MINDEF/Aviva

[EmporioArmani]

Hi All,

Wanna get some answers from some questions that I have in mind and hope that you guys can give some tips!

I am now 24, working. I currently have GROUP Term insurance & GROUP Personal Accident from MINDEF, and is looking to add on riders to it, but not sure whether is it worth it.

Current Insurance Coverage:
Group Term Insurance: $200K
Group Personal Accident Insurance: $100K

My ideal insurance coverage is:
Group Term Insurance: $400K
Group Personal Accident Insurance: $600K
Group Critical Illness: $150K
Group Early Critical Illness: $150K

I'm not looking to "earn" any money from these, just wants to ensure that my parents & fiancee are looked after just in case.
So I'm pretty sure that after 65, I am okay to lapse all of these plans, since by then my parents will be 100 years old(if they are still around).

Was wondering if this will make the cut and ensure that I am fully covered, instead of getting the same kind of insurance policy, but from individual insurance firm as this is way cheaper.

I know there are cons to the group insurance, such as during claims, it will be more troublesome as there isn't any agent to help process it.

I also do have Hospitalization Plan from AXA if you are asking.

Anyone have any comments, on whether this is a good idea to go for, or any reasons why I should still go for a personal insurance for these coverage instead.

Thanks in advance!

 

[xXxJavierxXx]

Post in aviva saf thread please.

 

[BBCWatcher]

The combination of term life insurance (since you have dependents) and the Group Disability Income insurance -- the one rider that you somehow missed! -- is highly likely going to be the best coverage combination in your situation. I think you then drop the personal accident insurance (unless it's free), ignore the rest of the Aviva riders, then just save and invest prudently.

 

[EmporioArmani]

Mind explaining why would you drop both CI and ECI?

I was thinking to get both because they are not exactly expensive as compared to the rates outside, and diseases like cancer really can strike regardless of age.. This actually only hit me up because my friend's mum recently got lung cancer, and she is going thru Oral Chemotherapy(~$1k/Month), which I don't think hospitalization insurance will cover since she is just taking them orally at home, and the lump sum from CI/ECI might help. Correct me if I'm wrong.

Also, for disability, from what I understand, they cover 50% of ur annual income right?
E.g. I am earning annual income of $50k. So the amount disability income will cover me is $25k.
And let's say they charge $4 for every $10k covered, am I right to say that I will be paying $12/month for this rider?

 

[JuniorLion]

Mind explaining why would you drop both CI and ECI?

I was thinking to get both because they are not exactly expensive as compared to the rates outside, and diseases like cancer really can strike regardless of age.. This actually only hit me up because my friend's mum recently got lung cancer, and she is going thru Oral Chemotherapy(~$1k/Month), which I don't think hospitalization insurance will cover since she is just taking them orally at home, and the lump sum from CI/ECI might help. Correct me if I'm wrong.

Also, for disability, from what I understand, they cover 50% of ur annual income right?
E.g. I am earning annual income of $50k. So the amount disability income will cover me is $25k.
And let's say they charge $4 for every $10k covered, am I right to say that I will be paying $12/month for this rider?

I have MINDEF GTL for $1million coverage and $350k CI. I believe these are important, and you will deem it even so if you have family members who had been through illnesses.

ECI is a luxury as it is extremely expensive, and most of the time it is not useful unless you do a comprehensive health checkup yearly.

 

[Handsome_guy]

It's actually the most affordable in the market right now.

Only hope you nv get to claim it cos there is no nomination of beneficiaries so the claim process will take super long.

Anyway, there is now term life which covers up to age 100.