What insurance do I need?

[fighting]

Hi guys,

I'm a 33 old single person with my Mom as my only dependant (66 years old). I've about $400k (liquid + CPF) save up, so I didn't much buy much term insurance. Plus I've brothers taking care of her if **** happens.

So my question is

1. Should I take up more term insurance to cover for my Mom?
2. Should I take up rider for AIA healthshield Gold Max B?
3. Should I be looking at CI illness plans to cover myself since I don't have kids.

S/N Insurance Coverage Premium
1 Great Eastern Dependants Protection Scheme 46,000 $ CPF
2 Aviva Group Term Life 62,000 $
3 Aviva Group Personal Accident 100,000
4 AIA Healthshield Gold Max B CPF

Thanks.

 

[ronronleelee]

Don’t look at the premium only; what do u need as a person?

 

[TabascoSauce]

get ur mom healthshield if u have not already done so. share the cost with your siblings

 

[mSnooze]

Hi guys,

I'm a 33 old single person with my Mom as my only dependant (66 years old). I've about $400k (liquid + CPF) save up, so I didn't much buy much term insurance. Plus I've brothers taking care of her if **** happens.

So my question is

1. Should I take up more term insurance to cover for my Mom?
2. Should I take up rider for AIA healthshield Gold Max B?
3. Should I be looking at CI illness plans to cover myself since I don't have kids.

S/N Insurance Coverage Premium
1 Great Eastern Dependants Protection Scheme 46,000 $ CPF
2 Aviva Group Term Life 62,000 $
3 Aviva Group Personal Accident 100,000
4 AIA Healthshield Gold Max B CPF

Thanks.

To answer anything one need to know you and your purpose for insurance first.

 

[boredboiboi]

Hi guys,

I'm a 33 old single person with my Mom as my only dependant (66 years old). I've about $400k (liquid + CPF) save up, so I didn't much buy much term insurance. Plus I've brothers taking care of her if **** happens.

So my question is

1. Should I take up more term insurance to cover for my Mom?
2. Should I take up rider for AIA healthshield Gold Max B?
3. Should I be looking at CI illness plans to cover myself since I don't have kids.

S/N Insurance Coverage Premium
1 Great Eastern Dependants Protection Scheme 46,000 $ CPF
2 Aviva Group Term Life 62,000 $
3 Aviva Group Personal Accident 100,000
4 AIA Healthshield Gold Max B CPF

Thanks.

I would think of this
1) hospital plan upgrad
2) disabilty
3) critical illness

As this 2 will cause u to lost of income and i believe you want your siblings and parents to fork out money for this 2 events.

 

[fighting]

To answer anything one need to know you and your purpose for insurance first.

cover one self of hefty hospital bills? I don't really understand deeply about insurance, hence i'm asking.

 

[moejoseph]

Will say cover ur mom for Medishield first, and u may consider if it is worth it to upgrade her Eldershield. Term for her age is gonna be very expensive, wouldn't really recommend it.

I have the same concern for my parents as well, as shld anything happen to them, if the medical bill is huge it will be stressful for me and my brother financially. A basic shield plan should at least do the job. Other aspect, really nothing much we can do given their age now


For yourself, u will have to see what is ur goal/priorities currently and in time to come. Will be a good time to start planning for retirement (not necessary thru insurance plan), if u are sufficiently covered

 

[fighting]

Will say cover ur mom for Medishield first, and u may consider if it is worth it to upgrade her Eldershield. Term for her age is gonna be very expensive, wouldn't really recommend it.

I have the same concern for my parents as well, as shld anything happen to them, if the medical bill is huge it will be stressful for me and my brother financially. A basic shield plan should at least do the job. Other aspect, really nothing much we can do given their age now


For yourself, u will have to see what is ur goal/priorities currently and in time to come. Will be a good time to start planning for retirement (not necessary thru insurance plan), if u are sufficiently covered

Yes she is covered under Medishield and I'm looking at IP plans for here now.

As for Eldershield, i think the maximum age to be covered is 65 and she passed it? Anyone can confirm?

 

[boredboiboi]

Yes she is covered under Medishield and I'm looking at IP plans for here now.

As for Eldershield, i think the maximum age to be covered is 65 and she passed it? Anyone can confirm?

Yes correct maximum age before turn 65

 

[BBCWatcher]

Yes she is covered under Medishield and I'm looking at IP plans for here now.

*The* answer: Great Eastern Supreme Health B Plus, with the TotalCare Classic rider if you can afford it. That’ll get her covered well in public hospital B1 ward and below — KKH has a nice B2+ air conditioned ward available — assuming she doesn’t have pre-existing conditions that’d spoil the claim, and that she is a citizen.

Why that one? It’s currently, clearly the best-in-class (for citizens only) among public hospital B1 ward plans, the next available step up from MediShield Life.

As for Eldershield, i think the maximum age to be covered is 65 and she passed it? Anyone can confirm?

That’s correct, too late. When CareShield Life debuts (soon) you can take another look, but it’ll probably be the same age limit.

I'm a 33 old single person with my Mom as my only dependant (66 years old). I've about $400k (liquid + CPF) save up, so I didn't much buy much term insurance. Plus I've brothers taking care of her if **** happens.

So my question is

1. Should I take up more term insurance to cover for my Mom?

How do your mother’s housing situation and CPF LIFE retirement income look? If, for example, she has a paid up HDB unit with plenty of leasehold remaining to keep her sheltered and a decent or better CPF LIFE income stream (with some defense against inflation, either via CPF LIFE itself or other, secure savings — other CPF savings, for example), then she’s in pretty good shape.

2. Should I take up rider for AIA healthshield Gold Max B?

As a second priority to Disability Income Insurance, I recommend. And probably not if you have some employer-provided medical insurance that would help pay co-pays at least reasonably well.

3. Should I be looking at CI illness plans to cover myself since I don't have kids.

DII should be top of your shopping list.

S/N Insurance Coverage Premium
1 Great Eastern Dependants Protection Scheme 46,000 $ CPF
2 Aviva Group Term Life 62,000 $
3 Aviva Group Personal Accident 100,000
4 AIA Healthshield Gold Max B CPF

I don’t think the PA is all that important. Take a look and see if you can get the Aviva Group DII, and prioritize that over CI, PA, and the Integrated Shield rider. Compare the Aviva Group DII (and Aviva non-group DII) with Great Eastern’s and AIA’s, including both premiums and policy terms.

 

[fighting]

*The* answer: Great Eastern Supreme Health B Plus, with the TotalCare Classic rider if you can afford it. That’ll get her covered well in public hospital B1 ward and below — KKH has a nice B2+ air conditioned ward available — assuming she doesn’t have pre-existing conditions that’d spoil the claim, and that she is a citizen.

Why that one? It’s currently, clearly the best-in-class (for citizens only) among public hospital B1 ward plans, the next available step up from MediShield Life.

Unfortunately she have some pre-existing conditions and I'm having it check with my agent to see if she qualify. On a side note, I saw that there is a elite-b rider with higher premiums than classic b. Is it necessary to get that?

How do your mother’s housing situation and CPF LIFE retirement income look? If, for example, she has a paid up HDB unit with plenty of leasehold remaining to keep her sheltered and a decent or better CPF LIFE income stream (with some defense against inflation, either via CPF LIFE itself or other, secure savings — other CPF savings, for example), then she’s in pretty good shape.

she have a paid up HDB and some savings but i'm practically paying for her day to day expenses.

As a second priority to Disability Income Insurance, I recommend. And probably not if you have some employer-provided medical insurance that would help pay co-pays at least reasonably well.


DII should be top of your shopping list.


I don’t think the PA is all that important. Take a look and see if you can get the Aviva Group DII, and prioritize that over CI, PA, and the Integrated Shield rider. Compare the Aviva Group DII (and Aviva non-group DII) with Great Eastern’s and AIA’s, including both premiums and policy terms.

How do you qualify to claim for DII? You just need a doctor's letter saying you can't work for x number of months?

Thxs for your responses. Very insightful.

 

[BBCWatcher]

On a side note, I saw that there is a elite-b rider with higher premiums than classic b. Is it necessary to get that?

Necessary, no. Generally speaking, I don't think the Elite rider variant is a wise use of precious premium dollars.

she have a paid up HDB and some savings but i'm practically paying for her day to day expenses.

If you can bolster her CPF Retirement Account -- with tax relief? -- that's probably a better approach overall.

How do you qualify to claim for DII? You just need a doctor's letter saying you can't work for x number of months?

Great Eastern, one of the three carriers in Singapore that offers DII, happens to list the documents required to file a DII claim here. You need somewhat more than a doctor's letter, but you need that too.

There's a waiting period in all DII policies, so there's plenty of time for someone you trust -- it typically works that way -- to gather and submit the claim documents in order to start payouts on time.