Life or term insurance?

[Kheetat]

i just can't understand why anyone would choose to pay through their noses to enjoy $10-20K coverage. better to save up the monthly premium and self insure yourself. $10-20K will take how long to save really?!

Most of the time, the insurance payout will be much higher than the said $10k-20k. I find it very difficult to propose a $10k-20k sum assured solution.

From your statement, I am curious about what type of insurance you have already owned.

 

[Kheetat]

will there be other conditions?

Are there conditions or situation whereby the claim will be rejected?

What is covered is clearly written in the policy wordings. Specific exclusions are also indicated at the end of the each section.

If it fulfills, it will be a sure claim. If it is something out of the line, but not specifically excluded, it will be processed on a case by case basis. And if it is fair to pay, insurers may pay based on good will.

If is specifically excluded, then the case if clear.

 

[devilish_me]

From your statement, I am curious about what type of insurance you have already owned.

i'm curious why you are curious about what i own?!

but just for your benefit:

- one small whole life (first policy bought when i just graduated and started work) that covers death/TPD/CI
- 1 big term plan that covers death/TPD/CI
- 1 big reducing term plan that covers death/TPD/CI
- 1 disability income plan (terminated when i stopped work recently)
- 1 medisave-approved H&S plan
- 1 hospital cash plan (terminated recently when i don't fulfil the min days in SG)
- 1 PA plan
- 1 overseas medical plan that covers outpatient/inpatient/pharmaceutical prescriptions

for the short term:

- one single premium endowment (5yr)

anything else you wish to know about me?

oh wait....actually, i also have the term plan (covers death/TPD) that i pay using CPF....what is it called....dependent policy or something?

 

[devilish_me]

I'm a layperson who understands exactly how insurance works because I read & analyse insurance contracts, and read up on bombastic jargons and terminologies.

And in-situ is not confined to the breast, if you know what in-situ means.

Any posting here by insurance agents or FAs are read by many.
Such careless postings, without regard to correctness, if read by females who own CI policies and who take them at face value, will lead to many implications.
Not that I care, but it's simply unacceptable.

i didn't say in-situ is only for breasts....i was giving certain breasts related medical conditions as an example. in the first place.....people aren't supposed to just read stuffs online and then buy whatever insurance policies that had been recommended online. if they do...they are idiots and only have themselves to blame for not being careful. by the way, i'm NOT an agent/FA/FARs or what not.....

 

[Mecisteus]

for a late 30s guy, which is more appropriate?

Life or term insurance?

did you read the message that PM Goh is trying to reach to Singaporeans regarding insurance?

term insurance is the way to go

 

[audiovideo]

did you read the message that PM Goh is trying to reach to Singaporeans regarding insurance?

term insurance is the way to go

who is PM Goh???

 

[audiovideo]

What is covered is clearly written in the policy wordings. Specific exclusions are also indicated at the end of the each section.

If it fulfills, it will be a sure claim. If it is something out of the line, but not specifically excluded, it will be processed on a case by case basis. And if it is fair to pay, insurers may pay based on good will.

If is specifically excluded, then the case if clear.

So far I only see AXA has the policy wordings online available to the public. That's very nice. As for the rest... I only get to read them if I sign on the dotted line. That's why there are so many questions posted here.

Those who say the insured should do their due diligence to read the policy ... or insured are idiots because they are not careful ... so, to these people, do you always get to read the policies that you intend to buy first before signing?? which policy? What company??

Those who are not telling the truth then dont talk loud loud here, dont give false impression, dont tell LIES!

Back to the payout ... just a thought..... out of good will is not good enough. I wana get what I pay for. Good will is at the mercy of the insurance company... I'm not assured! .. hence what insurance am I getting?

 

[devilish_me]

So far I only see AXA has the policy wordings online available to the public. That's very nice. As for the rest... I only get to read them if I sign on the dotted line. That's why there are so many questions posted here.

Those who say the insured should do their due diligence to read the policy ... or insured are idiots because they are not careful ... so, to these people, do you always get to read the policies that you intend to buy first before signing?? which policy? What company??

you can ask to read the policy wordings from the actual policy. if your agent is kind....he/she would be able to show you using someone else's policy if not copies of it.

otherwise, he/she will tell you that you can read the policy wordings in GREAT DETAILS after you've rec'd your policy document (which i agree is quite irritating if he/she tells me that i can only read it after i've signed up...so it's up to you if you can accept that). and if you aren't happy with it.....there's a 14day freelook period to cancel the policy without charge.

 

[audiovideo]

A good example will be certain personal accident plan that wont payout if the insured is not "gainfully employed". So if I dont get to read the policy first, there is no way I know about that clause. Will there ever be a good agent that is kind enough to alert us on that? And if the policy is not online then I will only know it after I sign it. Will I be pissed? You bet!

So who never do due diligence? Who is the idiot who hide the truth?

 

[devilish_me]

A good example will be certain personal accident plan that wont payout if the insured is not "gainfully employed". So if I dont get to read the policy first, there is no way I know about that clause. Will there ever be a good agent that is kind enough to alert us on that? And if the policy is not online then I will only know it after I sign it. Will I be pissed? You bet!

So who never do due diligence? Who is the idiot who hide the truth?

of course an agent should tell you if there are certain clauses that are pertinent to you/your situation. if he/she doesn't.....then he/she sucks and you can complain to MAS of their non-disclosure esp if you've specifically told them your situation and they still sold you some crap plan which doesn't apply to you!

but we on our part must read the policy documents carefully after receiving it too. if we don't.....then we need to share the blame if something happens too.

the coverage is very SPECIFIC to the policy details as stated in the policy document....so if really like what you've said, the plan doesn't cover periods when you aren't gainfully employed...it will be listed in the policy wordings as so. go check your policy documents.

i'm not sure if you are actually referring to disability income plans (instead of PA plans?) that'd only cover you during periods of gainful employment?

again...i emphasize....you are free to exercise the 14-day FREE LOOK period after reading your policy document IN GREAT DETAILS...even if your idiot agent didn't inform you of certain important things. then you know now that your agent is an idiot and you should never do business with him/her again.

 

[devilish_me]

Those who say the insured should do their due diligence to read the policy ... or insured are idiots because they are not careful ... so, to these people, do you always get to read the policies that you intend to buy first before signing?? which policy? What company??

Those who are not telling the truth then dont talk loud loud here, dont give false impression, dont tell LIES!

YES I ALWAYS READ all my policy wordings/benefit illustrations/policy summary/exclusions before buying them (no matter how small the policy, even for a hundred over dollars PA plan or couple tens of dollars travel policy!!).

some agents will tell me that they can't give me the documents for whatever crap reasons.....then I WILL REFUSE to deal with them 'cos i know i obviously can't trust them. find those agents who are upfront with you and can provide all the documents that you ask for. you do have a choice whom you choose as an agent you know.

typically....agents/brokers who represent multiple insurers or who are truly independent/fee based would be more upfront with the shortcomings of certain policies ('cos they've plans to compare with). tied agents who sell only a single such plan might/might not highlight certain shortcomings else they might lose the sale 'cos they have nothing else to sell you.

 

[Accesscode]

Then, it should be e.g. and not i.e.

No excuses for not knowing the contract T&C.
Either they are available online, or we're given 14-days free look for all insurance contracts posted to us. There's no such thing as no time to read through. Only laziness and careless attitudes.

Even if there aren't any sample contracts available in insurers' websites, can always request for them from agents or their customer service.

 

[Mecisteus]

who is PM Goh???

Who are you? I think you must be one of them who will pack and go one day

 

[Konnichiwa]

Who are you? I think you must be one of them who will pack and go one day

I only know who is SM Goh... PM Lee and MM Lee.... hahahaha

 

[youwill]

It really depends on your situation. Your past, current and future income. Your responsiblity to your family. I recommend you a good insurance agent. I say good because she is very unique in insurance area as she is also an expert in health care(nursing mangement master). You can send SMS to 98376532. It is no harm to have a discussion before you make a decision.

 

[audiovideo]

I only know who is SM Goh... PM Lee and MM Lee.... hahahaha

lucky got ppl know

 

[Mecisteus]

lucky got ppl know

okoklah let you win

 

[audiovideo]

okoklah let you win

Dont dare to win you ... I scare...you so big mouth make mistake still dare to say "let you win"... like if you are force to admit a fact as mistake after being expose by neutral third party ... later I gana force to send for packing because I dont know who is PM Goh

 

[iAdvisor]

like what devilish_me mention, its gd to get a IFA, and ask for multiple quotes from different insurer, and compare them.

Many people read the terms and conditions of the contract, but without being able to compare them, they are just information. Example, some TPD is define as complete severance of the limbs. Reading this, means nothing, but compare with another who define TPD as lost of effective use of limbs, will mean big difference.

Cancer is define in multiple stages. benign cancer also have stages, classified as in situ in 3 stages, then malignant can have have 4 i think. those are invasive. Insurance CI will cover the malignant cancer (invasive).

Some people like to buy the early stage caner (benign). Such plan are costly simply becos, the risk of such claim is much higher compare to malignant. The high premium paid, does not mean full payout as well. Its a percentage of the sum assured depending on the illness. I wonder how many times of benign you wish to contract in order to claim all the sum assured (touch wood). In term of cost, its not worth, as benign medical cost are not that huge compare to malignant. Alot of people only have a fraction of the major CI, and waste $ to buy early stage. But they forget which is the one that really cost $ in the real case.

Such early cancer plan will be suitable if the individual has already sufficient CI coverage, and with more budget to cover the early stage.

 

[audiovideo]

need to compare diff in Early CI premium vs standard CI premium

too bad premium are not listed openly like enhanced medishield

perhaps is business secret or wat but at least a range will be good to give the public an idea which plan they can afford and save the trouble to engage multiple agents to find out the cost.