Regarding Basic Insurance (first policy)

[BBCWatcher]

after doing some research i am still kinda lost, pardon me for the poor english/ format
1) Hospitalisation downgrade path
- currently to choose Private + cheapest rider = Prudential

Not true, as noted upthread. Raffles Shield A+Raffles Hospital Option+Key Rider is the lowest cost Integrated Shield plan (and rider) designed to cover private hospital care. (At Raffles Hospital in this particular case.) If you insist on an Integrated Shield plan designed for private hospital care then that's your lowest cost option.

- eventually downgrade to Govt Class A + cheapest rider at age 40/50

What's the logic here? If you're prepared to "downgrade" in ~15 years why would you pay extra now?

- problem = lack of Class B1, however can be mitigated by choosing GE instead, however, GE is too expensive for Private, and Class A is more expensive compared to Prudential Class A

Raffles Shield has an "as charged" public hospital B1 ward plan. So does Singlife, and theirs is quite excellent.

- only at age 82 GE class A will be cheaper (cumulatively) compared to Prudential Class A

That just doesn't matter. Premiums aren't guaranteed, will definitely change, and that's 50+ years from now. You can ignore that bit.

2) Disability Income
- GE Pay assure = 75% of salary, assuming 3k, but i am afraid if i changed job will reduce salary, so should i just buy 3k now or the currently salary, else if would i be overpaying? e.g. say i am drawing 5k now.
- problem = 180 days or 90days? agent mentioned that very little ppl claimed before for 180days

Insure to the level you think you'll need to have a decent, basic (non-lavish) lifestyle, bearing in mind the payout will not be increased to account for inflation. Pick the longest waiting period the carrier offers since your emergency reserve funds should "bridge" to payout start.

3) 1M Term Insurance (standalone) + 100k Multi pay Critical Illness or should i go with
4) 1M Term insurance (rider) + 100k Early CI + 300k CI

A couple questions here...

Does your dependent need (an extra) $1 million if you were to die tomorrow? Bear in mind all your net assets would (presumably) become your dependent's assets? Also take into account inflation, the fact your parent isn't getting any younger (lifespan), and the presumed growth in your personal wealth. $1M is still a lot, actually, hence my questions.

Can you afford the CI, or that much CI? If you can't, worry about it later.

-looking at singlife as it is cheaper, not sure if should go via moneyowl

If Moneyowl offers the same product that you decide to buy, sure, you might as well get a few (it'll be a very few) dollars back.

- currently = age 70 Multi CI + age 70 Term (total = $72k) , should i go up to age 75 Multi CI + age 70 term (92k). Is the 20k extra justified for 5 years?

Generally not. Remember who you're trying to protect: your dependent parent. How old will your dependent parent be 39 (or 44) years from now, and what will be the genuine insurable need? You're going to be retired by then (one would assume) and with a pile of wealth that's bigger in part because you didn't buy insurance you don't actually need. So what's all this for?

5) Accident Plans (necessity? or not? )

Necessity, no. Cover the basics first. However, if you must purchase a PA policy take a look at the MINDEF/MHA group PA rider (if you qualify).

6) Careshield life (necessity? or not? )

You're required to have CareShield Life in your age bracket, so that question is settled.

I think you're asking about a CareShield Life supplement. Same advice: cover higher priority needs first. If you still have some budget then take another look.

 

[xtwis7]

after doing some research i am still kinda lost, pardon me for the poor english/ format

1) Hospitalisation downgrade path
- currently to choose Private + cheapest rider = Prudential
- eventually downgrade to Govt Class A + cheapest rider at age 40/50
- problem = lack of Class B1, however can be mitigated by choosing GE instead, however, GE is too expensive for Private, and Class A is more expensive compared to Prudential Class A
- only at age 82 GE class A will be cheaper (cumulatively) compared to Prudential Class A
- some rough maths GE A = $72k untill age 100 vs Prudential A = $101k untill age 100

Do note that switching providers at age 50 is never a guarantee due to medical underwriting. Have you looked at GE’s Classic rider for TotalCare? I don’t think they’re more expensive than Pru’s unless you were only comparing the higher tier Elite rider. IMO, Classic rider is really good enough for one if private care is desired because there’s essentially no difference when you go to Govt or panel specialists and you’re saving close to 50-60% premiums from Elite. I believe GE’s co-payment is also the most straight forward at 5% and the claims based system resets back to the base rate after 1 year of no claims.

It wouldn’t do you much good by extrapolating the future premiums because MOH is certainly trying to address medical inflation as we’ve seen in the past few years eg. Removal of 100% as-charged plans and also cap on outpatient cancer drug treatment with the drug list.

2) Disability Income
- GE Pay assure = 75% of salary, assuming 3k, but i am afraid if i changed job will reduce salary, so should i just buy 3k now or the currently salary, else if would i be overpaying? e.g. say i am drawing 5k now.
- problem = 180 days or 90days? agent mentioned that very little ppl claimed before for 180days

If you subsequently get a reduced salary in a new job, you can choose to inform GE to reduce the coverage. Lowering the insured benefit is not a problem anytime but you can only increase the benefit within the first year if you want it done within the same policy. Claims assessment is based on the point of disability anyway and that is when GE will request for supporting income documents.