All About Health Insurance

[coolit]

There is one insurance policy that i recently took up. It is a new policy in the market

according to my financial planner. This policy covers you when you are in the beginning
stages of a serious illness. Most policies cover hospitalization or late stages of a critical
illness. But if you are in early stage and you need to still consult a doctor, take medicine,
you have no policy to cover. I thought this was a good policy to have.

I was thinking of getting for my children too but wondering if they are too young for this.

[MadScientist]

coolit:

There is one insurance policy that i recently took up. It is a new policy in the market

according to my financial planner. This policy covers you when you are in the beginning
stages of a serious illness. Most policies cover hospitalization or late stages of a critical
illness. But if you are in early stage and you need to still consult a doctor, take medicine,
you have no policy to cover. I thought this was a good policy to have.

I was thinking of getting for my children too but wondering if they are too young for this.

That's Critical Illness Early Payout... Many didn't know that the conventional CI plans pay out take time and in or partial for some, eg. Not so critical... When in stage I/II/III cancer or something like that.

For children, as they do not have an income, CI is probably more relevant as a rider on the Life policy, or perhaps ILP, IMHO. Again, find out clearly under what circumstances the payouts are activated.
Children have a higher tendency for certain cancers and a few other conditions.

All the best!

[River]

MadScientist:

coolit:

There is one insurance policy that i recently took up. It is a new policy in the market

according to my financial planner. This policy covers you when you are in the beginning
stages of a serious illness. Most policies cover hospitalization or late stages of a critical
illness. But if you are in early stage and you need to still consult a doctor, take medicine,
you have no policy to cover. I thought this was a good policy to have.

I was thinking of getting for my children too but wondering if they are too young for this.

That's Critical Illness Early Payout... Many didn't know that the conventional CI plans pay out take time and in or partial for some, eg. Not so critical... When in stage I/II/III cancer or something like that.

For children, as they do not have an income, CI is probably more relevant as a rider on the Life policy, or perhaps ILP, IMHO. Again, find out clearly under what circumstances the payouts are activated.
Children have a higher tendency for certain cancers and a few other conditions.

All the best!

Critical Illness Early Payout policies may cover early stage illnesses compared to conventional CI policies. Do note that the premiums are much higher too. Whether it is worthwhile or not depends on individual preferences.

[ronseng]

Any advised on the health insurance?


Which is better , term or regular ?

What will be the minimum ?

[River]

ronseng:

Any advised on the health insurance?


Which is better , term or regular ?

What will be the minimum ?

I believe you are comparing term with whole life policies. In my personal opinion, the cost of a term policy is lower if you intend to cover for a pre-determined period of time like 5, 10, 15 or 20 years. If the intention is to cover for a longer period like 30 years, a whole life policy is cheaper (for the insurance portion).

[elderflowertea]

ronseng:

Any advised on the health insurance?


Which is better , term or regular ?

What will be the minimum ?

I think that it depends on your objective and how much coverage you want. Best is to seek the advice of a financial advisor. I got a regular plan as I want some savings too.

[MadScientist]

ronseng:

Any advised on the health insurance?


Which is better , term or regular ?

What will be the minimum ?

Seriously, it depends on what your needs are and what you are looking for in the future.

It needs to be aligned to all your other goals so that you get the most out of your premiums. Speaking to an advisor that you trust would be the most effective way.

All the best!

[elderflowertea]

Hey parents. I just heard that if both parents are covered under the Aviva shield plan 1, your children will be covered for free under plan 2 up to 20 years old. Sounds good

[River]

elderflowertea:

Hey parents. I just heard that if both parents are covered under the Aviva shield plan 1, your children will be covered for free under plan 2 up to 20 years old. Sounds good

Indeed it does. However, from my understanding, the children can only claim for treatment in government or restructured hospitals. In addition, the children will have to go through underwriting again once they reach adulthood.

[elderflowertea]

River:

elderflowertea:

Hey parents. I just heard that if both parents are covered under the Aviva shield plan 1, your children will be covered for free under plan 2 up to 20 years old. Sounds good

Indeed it does. However, from my understanding, the children can only claim for treatment in government or restructured hospitals. In addition, the children will have to go through underwriting again once they reach adulthood.

Hm.. Correct. But I think if children want to be admitted at private hospital, they can do a top-up. Anyway, from my understanding, children can stay in any ward in government/restructured hospital. That is good enough for me.