<![CDATA[Insurance protection]]>Dear All,


Does anyone has $600k to a million insurance coverage for Death, total and permanent diability and critical illness?

Insurance coverage is very important especially when we have young kids and parents to rely on us. In the event of any occurence of the above, at least our dependent has a piece of mind of $$.

I happened to see a site, a man, non smoker, age 33 gets a million term plan for TPD + Death for 25 years policy term, with only $128.50 p.m.

My friend, female age 33yo, non smoker bought a term plan of $100k coverage (TPD+DEATH+TI+CI) from Aviva for $45 p.m which i think it is a bit expensive.

I have a whole life policy but it is not sufficient. I am looking for a term plan to get as much coverage as i can. Anyone has good recommendation of term plan?

]]>https://forum.kiasuparents.com/topic/11883/insurance-protectionRSS for NodeTue, 05 May 2026 23:37:12 GMTThu, 24 Jun 2010 02:03:28 GMT60<![CDATA[Reply to Insurance protection on Wed, 22 Dec 2010 16:10:10 GMT]]>

baobei:
Anyone can advice the best insurance coverage for critical illness in town now?

The current hot trend for critical illness coverage is those plans that provide early-stage critical illness claims & those that allow multiple claims

Happy hunting šŸ˜„

]]>https://forum.kiasuparents.com/post/318500https://forum.kiasuparents.com/post/318500Wed, 22 Dec 2010 16:10:10 GMT<![CDATA[Reply to Insurance protection on Wed, 22 Dec 2010 04:59:57 GMT]]>Anyone can advice the best insurance coverage for critical illness in town now?

]]>https://forum.kiasuparents.com/post/317878https://forum.kiasuparents.com/post/317878Wed, 22 Dec 2010 04:59:57 GMT<![CDATA[Reply to Insurance protection on Mon, 01 Nov 2010 04:06:28 GMT]]>Yap thatā€™s right. is based on everyoneā€™s needs and then planning is done.

]]>https://forum.kiasuparents.com/post/286652https://forum.kiasuparents.com/post/286652Mon, 01 Nov 2010 04:06:28 GMT<![CDATA[Reply to Insurance protection on Fri, 29 Oct 2010 06:15:10 GMT]]>Think ultimately is what you require vs what you can afford


Everyone would like to be well-covered for all events, have the highest payout and lowest monthly cost

Personally I try to mix and match accordingly to what I think I would need ā€¦ started with a life policy whereby to pay for 25yrs (I think) ā€¦ then covered for life till death

then some investment/insurance policies as income increases over the years ā€¦

although most company would provide some form of hospitalisation and medical coverage, would advise to get some persoanlly as well so that when we do retire ā€¦ at least we have some form of coverage ā€¦ else would be very difficult if we start having medical issues along the way

my 2 cents

]]>https://forum.kiasuparents.com/post/285359https://forum.kiasuparents.com/post/285359Fri, 29 Oct 2010 06:15:10 GMT<![CDATA[Reply to Insurance protection on Fri, 22 Oct 2010 03:08:44 GMT]]>Hi all, if you are looking for term plans and $1m coverage, u can private message me to share further too.

]]>https://forum.kiasuparents.com/post/280459https://forum.kiasuparents.com/post/280459Fri, 22 Oct 2010 03:08:44 GMT<![CDATA[Reply to Insurance protection on Mon, 16 Aug 2010 01:10:43 GMT]]>Hi all,


For sharing purposes.

I have found out that Life policy from Tokio Marine offers the best.
Eg: For a life protection of S$100k sum assured for 2yo. The child gets protection for S$250k in the event of death, TPD and Illness till age 65. Premium is about $100-110. I coudnā€™t recall.

Tokio Marine provides the best life policy thus far whereas for hospital and surgical plan, NTUC has the best plan. Policy holders need to pay 10% of the bill up to S$3k per policy year. Example if the bill is $3k, policy holders bears for $300 medical cost. For Aviva H&S that i am currrently insurred. The first 3k has to be borned by policy holder. They have just launched a rider to cover $3k but premium is pretty high.

For Childrenā€™s education, Tokio Marine offers the highest guarantee sum but heard that they no longer provide such plans.

This is my findings so far.

]]>https://forum.kiasuparents.com/post/240516https://forum.kiasuparents.com/post/240516Mon, 16 Aug 2010 01:10:43 GMT<![CDATA[Reply to Insurance protection on Sun, 15 Aug 2010 11:13:22 GMT]]>Yeah it's very important to have insurance.... Wish I could have applied for a million dollar insurance ;)...

]]>https://forum.kiasuparents.com/post/240331https://forum.kiasuparents.com/post/240331Sun, 15 Aug 2010 11:13:22 GMT<![CDATA[Reply to Insurance protection on Fri, 25 Jun 2010 05:19:05 GMT]]>

Charmaine_chong:
Hi All,


In order to get good advise from licenced financial advisor, i find that usually fee based financial advisor does better job. Commission based financial adviser sells to meet target, sell products with high commission components, that is how they earn, instead of focus on clients needs. This is what i encountered so far.

I have ever called up a firm who provide fee based advise, they charge $100 per hour.

It takes about 2-4 hours to seek advise for insurance protection. nothing else.

If you need advise for financial planning for a family, it easily cost 3k plus.

Tree nymph,
Term plan is usually cover for TPD+CI+TI+Death for up to 30 years. I knew UOB life (now taken over buy prudential) has term plan that covers till age 99 or 100 with money return. If i am not wrong, HSBC has such plan too.

You need to get a H&S as charged feature, this is a must for everyone. Aside of this, we can buy LONG TERM CARE to take care of us in the event that one can't even perform daily activities eg: changing clothes on her own...

On top of getting insurance to get protection, we need a good habit to save cash regularly and do some investment.
In my younger days, i've bought like 2 or 3 life-policies, so for that area, i'm fine. i have little medical and hospital coverage i think, of course there are riders in the life-policies, but i think i should look into a term life policy as well...

Thanks for the recommendaton, hquek and Charmaine. I will go look and see and try to sniff out one that suits my needs and my wallet.

]]>https://forum.kiasuparents.com/post/209083https://forum.kiasuparents.com/post/209083Fri, 25 Jun 2010 05:19:05 GMT<![CDATA[Reply to Insurance protection on Fri, 25 Jun 2010 03:03:07 GMT]]>Dear All,


I find an arcticle that is worth sharing with you guys. It was published in the Magazine Invest Jun/Jul2008.

Top 10 Common Mistakes in Protection Planning

Making a mistake in buying an insurance product can result in huge financial consequences.

In ocean navigation, lighthouses and buoys serve as important reference points and indicate hazardous spots to avoid. Similarly, this second article on Proper Protection Planning will attempt to serve as a lighthouse or buoy in the navigation to financial wellā€“being by having a discussion
on the main class of insurance polices available in Singapore and the common mistakes and misconceptions to avoid.

Due to the complexity of the different class of products, consumers often use the incorrect type of policy to meet their needs or purchased them with the wrong concept. Making such mistakes can result in huge
financial consequences.

The following is a brief discussion. Consumers have a common misconception that premiums paid for insurance policies
are ā€œwastedā€ if there is no claim. As such, withā€“profits or participating plans As discuss ed above, withā€“profits or are very attractive as the premiums can be ā€œrecoveredā€ with profits. Under the 4W of financial planning, namely; Wealth Protection, Wealth Accumulation, Wealth
Preservation and Wealth Distribution, Protection is the primary consideration.

In the case of Whole Life Plans (WL), it is incorrect to view the policy as a form of savings/investment vehicle and to surrender the plan at retirement for the cash value. Probability of claim increases with
age. Surrendering the plan at retirement age would mean letting go of the plan when you need it most. WL should be viewed as a form of Wealth Protection. The returns generated should be viewed as a way of keeping pace with inflation. For Term plans, the premium paid is for pure protection without any returns and thus, cheaper than WL or Endowment plans.

participating plans are very attractive to consumers. Thus, endowment plans are favored when getting an insurance policy. Endowment plans are essentially saving plans (Wealth Accumulation) with some protection. They are not meant to provide a good protection as the coverage is low
compared to a WL or Term plan.

A lot of consumers still do not see the need to start preparation for coverage in retirement years early. The thought of reaping a return after a fixed number of years is very appealing to them. So, instead of getting a WL or Term plan, many go for an endowment plan. Similar to using endowment plans for life protection, using PA plans as the primary protection is also rather common.

PA plans can provide a big coverage at very low premiums. However, such plansā€™ coverage is only valid when it is due to accidents only. That is why the premiums can be so low at such a high coverage. Consumers might get
the impression that they are well covered when in fact they are not.

Mistake No. 1
Thinking that premiums are ā€œwastedā€ if there is no claim

Please read on from here.
http://www.ifa-sg.com/wp-content/uploads/2008/07/2008_06_01_top_10_common_mistakes_in_protection_planning.pdf

]]>https://forum.kiasuparents.com/post/209042https://forum.kiasuparents.com/post/209042Fri, 25 Jun 2010 03:03:07 GMT<![CDATA[Reply to Insurance protection on Fri, 25 Jun 2010 02:17:41 GMT]]>Hi All,


In order to get good advise from licenced financial advisor, i find that usually fee based financial advisor does better job. Commission based financial adviser sells to meet target, sell products with high commission components, that is how they earn, instead of focus on clients needs. This is what i encountered so far.

I have ever called up a firm who provide fee based advise, they charge $100 per hour.

It takes about 2-4 hours to seek advise for insurance protection. nothing else.

If you need advise for financial planning for a family, it easily cost 3k plus.

Tree nymph,
Term plan is usually cover for TPD+CI+TI+Death for up to 30 years. I knew UOB life (now taken over buy prudential) has term plan that covers till age 99 or 100 with money return. If i am not wrong, HSBC has such plan too.

You need to get a H&S as charged feature, this is a must for everyone. Aside of this, we can buy LONG TERM CARE to take care of us in the event that one canā€™t even perform daily activities eg: changing clothes on her ownā€¦

On top of getting insurance to get protection, we need a good habit to save cash regularly and do some investment.

Hi hquek,

For me, i spend quite a fair bit in insurance. Especially afer having 2 young kids, i am very worried if anything happen to me or my hubby, where is the money come from to pay for their daily expenses, education , etc. I hope insurance can lighten the burden should this happen.

Whole life is not for me at this age. It is too expensive and does not meet my objective.

Term life, yes. It helps me to get greater protection with much more affortable premium. The thing is as this is low commission product, usually financial advisor would not be interested to sell it to you.

I know I-term from NTUC, but based on my limited knowledge it is not the cheapest.

]]>https://forum.kiasuparents.com/post/209025https://forum.kiasuparents.com/post/209025Fri, 25 Jun 2010 02:17:41 GMT<![CDATA[Reply to Insurance protection on Fri, 25 Jun 2010 02:05:43 GMT]]>

tree nymph:
Hi hquek,

Me too, have bought insurance in my various stages of life and there are a few policies that I've regretted taking up!

I was thinking more like if there are any term policies that offers medical/hospital up till like 75 or so? I think this kind of policy could be quite expensive.
Yah, I think we all have. Fully intending to share my experience with the kids so they can start on a better footing.

Honestly for medical/hospitalization, it may not be worth to get term up to 75, bearing in mind

1. as we age, more problems crop up. if you need to get a brand new plan, you could find many things being excluded - that's the reason why my 2 kids are on the 2nd most expensive incomeshield plans (downgrade plan don't need to underwrite, upgrade will need).

2. life expectancy is up, so you might find problems cropping up AFTER 75....if your plans expire when you are 76, likely no one is going to insure you. Then any medical bills leh? I have heard enough horror stories (1st/2nd hand) about high medical bills that cost a few apartments and cannot even cure. But you may want to find out from your agent about such plans - there MAY be.

I think I sound a bit like my insurance agent liao, but actually I don't feel I know a thing.

One thing that upsets me no end is their endless definitions of what = TPD, what = cancer. Some insurers I heard are extremely tight with their definitions, so if something does not fall within that, they don't pay.

]]>https://forum.kiasuparents.com/post/209019https://forum.kiasuparents.com/post/209019Fri, 25 Jun 2010 02:05:43 GMT<![CDATA[Reply to Insurance protection on Fri, 25 Jun 2010 01:16:00 GMT]]>Hi hquek,

Me too, have bought insurance in my various stages of life and there are a few policies that Iā€™ve regretted taking up!

I was thinking more like if there are any term policies that offers medical/hospital up till like 75 or so? I think this kind of policy could be quite expensive.

]]>https://forum.kiasuparents.com/post/208981https://forum.kiasuparents.com/post/208981Fri, 25 Jun 2010 01:16:00 GMT<![CDATA[Reply to Insurance protection on Fri, 25 Jun 2010 01:09:57 GMT]]>hi tree_nymph,


Understand that bit about no returns. Just keep in mind that wool comes from the sheep. Itā€™s more a type of forced savings.

I bought insurance at various points in life, at times before I knew what I was doing. So in that sense Iā€™m stuck with those plans.

But given a choice to start on a clean slate, I would:

1. get hospitalization/medical plans (based on as charged)
2. term insurance for life (in event of death, my dependents will be taken care of)
3. some insurance in event of total and permanent disability.

The money saved from not putting it with the insurers, I will choose to invest it elsewhere (buy unit trusts, shares, whatever). At least I have the flexibility to put in/withdraw when needed - now I have to pay month after monthā€¦and the returns not so fantastic. When there was scare I might lose my job, I still had to factor in these monthly payments (at least tong until cannot).

]]>https://forum.kiasuparents.com/post/208973https://forum.kiasuparents.com/post/208973Fri, 25 Jun 2010 01:09:57 GMT<![CDATA[Reply to Insurance protection on Fri, 25 Jun 2010 00:13:20 GMT]]>Hi Charmaine,


Yes, i understand that there is no returns on Term Policy. Once the Term is up, the policy expires, full stop, end of story.

And I agree with you that during this time, we have kids and parents to support. but after that, we will also need protection as well because this is the time we fall sick most easily - or rather we get diagnose with critical illness the most oftenā€¦

That is why i feel that 25 years is too short.

]]>https://forum.kiasuparents.com/post/208961https://forum.kiasuparents.com/post/208961Fri, 25 Jun 2010 00:13:20 GMT<![CDATA[Reply to Insurance protection on Thu, 24 Jun 2010 04:02:03 GMT]]>For Term insurance, you may consider buying the SAF Group Insurance from Aviva. I think this is one of the cheapest Term insurance Iā€™ve came across.


Your hubby (serve NS before) needs to be insured first and you as spouse will enjoy cheaper rate.

For the example above, for 100K Term - hubby will pay $12.80 per mth while spouse will pay only $10.00 per mth. Iā€™m extracting this from an old brochure which I have with me now.

]]>https://forum.kiasuparents.com/post/208427https://forum.kiasuparents.com/post/208427Thu, 24 Jun 2010 04:02:03 GMT<![CDATA[Reply to Insurance protection on Thu, 24 Jun 2010 04:02:01 GMT]]>Dear tree nymph,


You try to read out the blog, i am not his customer. Just happened to see it when i google for insurance. It is self explanatory and i think it will change peopleā€™s mindset on how we look at insurance in the past.

Term plan is good to get extensive coverage with affortable price up to 30 years but the premium is non refundable, it means to say it is an expense. If you turn to whole life plan, the premium is very high and the coverage is far below what is required.

We need term policy especially we have young kids and parents to rely on us.

For me i will choose 25 years as during this period of time, my kids are young, should anything happen to me, this is the time that i need lots of $$ to pay for my kids education, daily expenses, loss in income, maidā€¦

After 25 years later, my children are independant, they can make a living by themselves. I have no worry on this part by then.

I just need to ensure that i have
1.Whole life policy to covers whole life for TPD+death+CI
2.Hospitalisation & surgical plan (as charge feature by medisave approved private integrated plan)
3.cash or investment saving
4.Long term care policy to cover for disability after age 65 ( as Disability Income + Total permanent disability (TPD) coverage usually ends age 65)

For childrenā€™s protection, my priority as follows.
1. Hospitalisation & surgical plan (as charged feature)
2. Life policy (whole life or term plan)
3. Education fund (for my case, i bought TM Asia life as the guarantee portion is higher when i bought it few years back)

Retirement for myself- this is something that i am clueless.

]]>https://forum.kiasuparents.com/post/208426https://forum.kiasuparents.com/post/208426Thu, 24 Jun 2010 04:02:01 GMT<![CDATA[Reply to Insurance protection on Thu, 24 Jun 2010 03:26:22 GMT]]>Dear All,


For those who are interested to find out more about insurance protection,
you may read out the following sites.

A blog by a financial adviser
(i am not his customer, simply find his articles very useful)
http://www.ifa-sg.com/protection-planning/proper-protection-planning-articles/

Moneysense website
http://www.moneysense.gov.sg/publications/guidestier1.html
http://www.moneysense.gov.sg/publications/guides_publications/Consumer_Portal_MoneySense_ConsumerGuides.html

]]>https://forum.kiasuparents.com/post/208393https://forum.kiasuparents.com/post/208393Thu, 24 Jun 2010 03:26:22 GMT<![CDATA[Reply to Insurance protection on Thu, 24 Jun 2010 03:19:04 GMT]]>Hi charmaine,


I agree that the million term plan is cheap at $128.50pm. But this is for 25 years, what happened after that? He is 33 now, so 25years later, he is just 58, where he will need coverage even more?

For your friend, do you know if there's a year limit? I think $100k maybe a little on the low side...

I'm also looking for one. But been the stingy me, i want a value for money one... šŸ˜‰

]]>https://forum.kiasuparents.com/post/208384https://forum.kiasuparents.com/post/208384Thu, 24 Jun 2010 03:19:04 GMT