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I have bought AIA triple care with coverage of 200k and 6k premium annually. My total CI coverage is 4 times of annual income. Should I terminate it and replace with power critical with term plan up to 75?
Hey there! Power Critical Cover allows for higher number of payouts for different critical illnesses compared to AIA Triple Care and it also covers for a more comprehensive range of conditions too such as pre-early conditions so plan wise, it's definitely better. But the choice to terminate it and go for a reduced coverage will require more in-depth look into your needs to see your budget and life stage etc. You might want to consider consulting an AIA Financial Consultant to explore your options. Financial planning is an integral part of life. You can reach me here to find out more.

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I'm 21, getting out of NS and into university. I currently have a whole life plan and ILP. Should I consider canceling the ILP, switching to term life and getting health insurance? What type of insurance should I get?
Hi, hospitalization, left and accident plan are the most basic protection plans we should have. Need to see your total life coverage first before you cancel your ILP. Is the life plan coverage enough in the even of any critical illness. If not, can consider to top up the coverage with term plan. There are tern plans later can be converted to life plan.

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I’m 21 this year, serving NS. I currently have the AXA Shield Plan A. Should I downgrade to another IP plan?
I think better not. Now you may feel private hospital is not in your list. But no one can predict tomorrow. A lot of people choose to go to private because they do not want to wait, especially when they need to do surgery. So why not just keep your current plan and keep the private hospital coverage options.

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Is it worth keeping the NTUC Private ISP and Full Rider (old scheme) for a 29 year old male?
Hi there, It Helps to understand how hospital riders work. Hospital riders covers different costs such as the deductibles (ward associated costs) and co-insurance (a kind of cost that payee makes which is 10% of their total bill less deductibles). As the rider covers these costs, it means it also covers the entire hospital bill since the ISP alone covers the surgical/hospitalisation costs. The different riders, of course, covers different extent of the different costs. If you feel that financially its a stretch, you can think of downgrading it. Do note that after downgrading it, you will have to make a mandatory 5% co-payment (different from co-insurance) For your hospital bills. Regarding the costs to pay for insurance, the total costs of insurance really Should not take up more than 10% of your annual income (including health, life/CI insurance etc). Health plans are typically a flat out rate given so there is little control over that, unless you downgrade your ISP to public hospital coverage or the rider itself. So it boils down to what is your financial Status, comfort level and preference. Ultimately do seek out the advice of a financial advisor to explore your options. Financial planning is an integral part of life. You can reach me here to find out more. .

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Should I downgrade my insurance plan due to rising rider costs?
Before you downgrade, i'll just share some stuff w you. Like other countries, the problem of an ageing population will only get bigger and bigger as standard of living gets better. When people live longer, it will only mean the healthcare budget has to increase to cope with it. Unlike normal inflation of 2%, medical inflation is around 10% which results in the increase in premium every year. If one expects the gov to subsidise more, where do you think the money will have to come from? For me, if the increasing costs becomes an issue, i'll just have to find other ways to supplement it through eg extra hours, invesments... I'm okay with sharing ward with others but i dont want to delay treatment just because there isnt enough beds/equipment available in the public hospitals. Just remember upgrading back is more complicated than downgrading. At the end of the day, its up to you to decide, give some time and consider. :)

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Anyone has made a comparison to the 3 different insurers' Careshield life supplementary plans? Which one is more worth it in terms of premium and coverage and still within the $600 budget?
Hi, If you're looking at the benefits for coverage of 3 ADLs, I'd go for Great Careshield / Aviva MyLongTermCare. If you're more inclined towards coverage of 2 ADLs, I'd suggest NTUC Care Secure. You should talk to one or few advisors to determine which one suits your circumstances better. Hope this helps.

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Pre-existing Condition clarification (Health Insurance)?
Yes, you will have to declare all your past conditions even those that you have recovered from. You don't want to be paying premiums for nothing.

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What is your current insurance portfolio (Health, Term Life/Whole Life, Critical Illness, Disability, PA)?
1. Hospitalisation plan for B ward 2. Term life insurance with death/TPD coverage at 9x annual income and CI rider at 4.5x annual income 3. Disability income insurance covered for 50% base salary with MINDEF Aviva 4. Personal accident insurance covered for 100k with MINDEF Aviva 5. CPF DPS 6. Company term life insurance at approx 2x annual income No ECI. No CareShield yet (I'm too young).

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Do you choose your employer's provided health insurance or your own Integrated Shield Plan?
It is always advisable to have your own plan to supplant/complement any employer provided plans. It is not either or. Please consider it very carefully. The employer plan usually terminates at the end of employment. So to protect yourself in case of retrenchment or in between job searches, you will need to have your own plan. In terms of claims, claim from the employer plan first if possible then claim from your own plan.

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Will I be refunded a portion of my premium for a new timeline for ISP starting April 2021?
Hi anon, In general, if you are not changing your plan, then there's typically no refund once you paid the premium and a whole year has passed.

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