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Insurance

AIA

Healthcare

Health Insurance

Currently using AIA Healthshield Gold Max as integrated shield plan but thinking of changing due to change that requires pre-authorisation and for only panel doctors. Any insurers with same policy?
As a matter of fact, there is a 85% pro-ration factor if and only if the treatment fulfils all the following four conditions, 1) Treatment is for non-emergency admission / day surgery; 2) Treatment is sought at non-AIA Preferred Providers; 3) Certificate of Pre-Authorisation is not obtained; 4) Not any of the exempted minor surgical procedures. The lack of any one or more of the above mentioned four points means that the 85% pro-ration factor will not apply. Of course, the above is subject to the relevant policy's terms and conditions, e.g. treatment falls under the eligible expenses, is medical necessary, and reasonable and customary. More Details: What does Integrated Shield Plan cover in Singapore As to whether you should keep or switch your existing integrated shield plan, you should speak with your agent for a professional evaluation, rather than personal opinions here. Finally, insurers are shifting their focus towards the use of panel doctors in an attempt to control medical costs and stop errant practices. Therefore, it may not be a totally bad thing altogether. I share quality content on estate planning and financial planning here.
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Insurance

Financial Planners

It's usually true that the cost of insurance is higher the older you get - but are there scenarios, where it actually make financial sense to buy your insurance later?
Generally, insurance is a tool that is used to fill in the financial gaps based on a needs-based approach. Accordingly, if you only need insurance for a certain period of time, e.g. from age 40 to age 50, then it may not make a lot of sense to be covered since young. However, this is based on the assumption that you will always remain healthy throughout the entire period that you are not insured for. That being said, will this always be true in reality? Therefore buying an insurance policy goes beyond just dollar and cents alone. I share quality content on estate planning and financial planning here.
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AMEX True Cashback Card

Insurance

Cashback

GrabPay Card

Can I earn cashback for insurance pymt with AMEX true cashback card? seems possible in Amex exclusion list but just want to confirm. if not,do you use top up grabpay MC with amex and use GPMC to pay?
Yes you can. You can read more here https://www.valuechampion.sg/best-credit-cards-insurance-premium-payment
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Healthcare

Health Insurance

Insurance

Should I use $600 MediSave to buy a CareShield Life supplement plan just because I can? Are there any risks of doing so?
Hi anon, I would highly encourage you to get the enhancement for Careshield Life (CSL). CSL is meant to provide for your long term care needs. These range from your nursing home costs to specialized care settings, etc, in a scenario where you cannot do 3 or more out of the 6 activities of daily living. The coverage is for life and it also makes sense as it is more likely that in retirement and old age, one suffers from some kind of disability that greatly interferes with your daily life. CSL, while providing a lifetime payout, only pays $600/mth. If you feel that is enough today, then you don't have to do anything. But in today's context, that is barely enough for a maid, let alone nursing home care. Even with the 2% escalation in payouts, we're looking at maybe a $1200/mth payout after age 67, 37 years from now. By then, costs would have increased from today as well. We're really just playing catch up. Thus, getting your CSL payout increased with a supplement plan (say, another $1000/mth extra on top of CSL) will ensure that you at least have $2200/mth if something happens after age 67. While that may not be enough by then, it is definitely a step up from $1200/mth. More importantly, if you are young and healthy now, you won't have any issues getting the suppplement plan, because you are still insurable. When chronic conditions like diabetes sets in, you won't be able to get any supplementary coverage at all. The risk of not buying , is just that if you have to claim, you will only have CSL to fall back on. The risk of buying , is that if you don't claim, the premiums will just go to the insurer's risk pool to pay out to those who have to claim, which is how insurance works in the first place. In conclusion, you should exercise your option to increase your payout now, when you are still young and healthy. Medisave can be used for this (up to $600/yr) which won't impact your cashflow, even if finances are tight. Medisave money cannot really be withdrawn, and there are caps on what it can be used for. CSL and supplement payouts are in cash , which gives you flexibility on how you want to deploy it.
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Tiq GIGANTIQ

Insurance

Singlife Insurance

Singtel

Singtel Dash EasyEarn

SeedlySOS

Recently found out about the GIGANTIQ insurance savings plan but I think it's quite similar to Singlife and Singtel Dash Easyearn. But which is better?
Hello Anon, Thank you for the question. You are right in saying that these three Insurance Savings Plan are similar but there are a few differences. I also think that there is no better one but I am sure you can find something that is best for your needs. In terms of liquidity, Singlife is best as you can take your money in and out of the account freely without having to pay any withdrawal fee. But, the drawback for this account is that the 2% rate of returns is not guaranteed and might fluctuate in the future. There is also a $10,000 cap on the amount that receives 2% interest. To maximise your returns, you might want to put any excess money you have over $10,000 that you would not need to move much into Gigantiq first. This is because the rate of returns for Gigantiq for the first year is 2% (1% guaranteed and 1% bonus) for the first $10,000; which is higher than Singtel Dash EasyEarn's 1.8% (1.5% guaranteed + 0.3% bonus) rate of returns. For a more thorough look at these plans, please take a look at this article I wrote: https://blog.seedly.sg/insurance-savings-plan-singapore/ Hope this helps!
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Insurance

Investment Linked Policies (ILP)

Investments

Why do so many people discriminate against ILP? Do they have no benefits at all?
Are there a lot of people who discriminate against ILP? Given the size of the insurance industry, I think it's probably a vocal minority. Nonetheless, I personally do not intend to buy ILP for a few reasons. 1. Cost. Many ILPs pay high commissions to the agents who sold them. Who do you think pays these agents? The fund manager? Insurance companies? Ultimately, these commissions come out of your pocket. These can be as high as 5-10% of the amount you put in. Imagine investing in the market and taking a 10% loss on day 1. It doesn't make sense. On top of that, the fund managers typically charge a hefty management fees as well. While 1%-2% don't sound like much, it compounds over time. You can be looking at 30-40% lower returns over 20 years. 2. Complexity. Linking investments and insurance tends to complicate things. Do you know how much protection you are getting from the policy? Dunno, it's tied to performance of the investments. That doesn't sound reassuring. 3. Alternatives. Above all, there are much better means of investing and getting protection at the same time. You can try sign up for an account with a discount brokerage, or invest with one of the roboadvisors. Their costs are typically much much lower. That said, there is a reason why ILPs are still a thing. I do see a few advantages of using ILPs. 1. Discipline. Most ILPs either require a lump-sum or recurring premium payment and has a lock-in period. It helps with people who has no discipline to invest systematically. On a related note, the underlying investments are usually much more opaque. During market downturns, people are less likely to touch the investments that are invested, and realise losses from those investments.
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Insurance

Hi, I am 32 years old, keen to get supplement for Careshield life. I read that Aviva mylongtermcare (unable to do 3 out of 6 severe disability) VS mylongtermcarePlus (2 out of 6- similar premium but this has lower payout). Any thoughts? Thanks!?
Hi anon, Statistically speaking, precisely 2/6 ADLs is very rare, on the order of single digit percentage. I do not have full stats for every claim in Singapore, but one set of statistics from one insurer for long term care shows that exactly 2/6 ADL claims accounted for 1% of claims in 2018, with majority being 5/6 or 6/6 ADL claims. This figure was 0% for 2019 and 1H2020. Thus, a 3/6 ADL plan, for the same amount of coverage would be cheaper than a 2/6 ADL plan. I personally feel that with such statistics, the chances of 2/6 ADL is really low. Furthermore, note that if you recover from 3/6 to 2/6 ADL, Mylongtermcare will still pay you half of the monthly benefit (the "rehabilitation benefit") whereas Careshield payout stops. So you still get some form of financial support. Thus it depends on whether you would want to have the absolute certainity of claim in the event that you are that 1% or 2% that you are diagnosed with exactly 2/6 ADL, or you would just want to maximize the payout.
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Insurance

Health Insurance

Undergraduate

I need some recommendations of which travel/student insurance to get for students studying abroad?
There are a variety of plans you can buy on your own. Some schools let you opt out of their school plan to buy a more affordable, and sometimes better, private plan. Athough the school plan may be your best option - check rates and benefits of both. Companies offering international insurance for students include HCC (Student Secure Plan), Seven Corners, IMG, InternationalStudentInsurance.com and many others.
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Insurance

Property

Just thinking hypothetically, if there is a rating system for insurance agents, would that give you more assurance or trust your agent more since you know how they are being rated?
The rating system also have to be credible. If anyone can just rate an agent then it can be manipulated.
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Insurance

Health Insurance

Life Insurance

Retirement

National Service (NS)

Will be ORD-ing soon, what insurance should I get?
Healthcare As a start, the first priority should always be healthcare. The reason is simple - medical inflation hits 10% in 2019. Consequently, a single medical treatment could potentially wipe out all your savings. Therefore, it is always good to know the healthcare insurance policies available in the market and to evaluate whether you should enhance your coverage. More Details: Is MediShield Life enough in Singapore? Integrated Shield Plan Singapore: A Starter's Guide Life Insurance After we have set up the basic foundation, the next step will be your life coverage. This is because you are the biggest asset that you own. Therefore, greater emphasis should be placed on protecting your wealth (before we grow it further). Generally, most insurance policies in Singapore will cover for pre-mature Death, and Total & Permanent Disability. While optional, one of the crucial coverage to have will be (early) Critical Illness. There are many options available in the market, thus take your time to learn more about it. Alternatively, speak with your insurance agent or choose an experienced consultant who is capable of guiding you through the process. More Details: What is a Term Insurance Policy? What is a Participating Whole Life Insurance Policy? Term vs Whole Life Insurance Singapore How much insurance coverage should You have? As a general rule, 10% to 20% of your annual income on healthcare insurance and life insurance Basic Life Cover = 10 times your annual income Critical Illness Coverage = 5 times your annual income More Details: Understanding Your Personal Cash Flow Having mentioned that, this is a general guideline that may or may not work for you. The best way is always to have an in-depth understanding on your cashflow, current situation and future goals. It is only when we know you well enough, then it is appropriate to give you the best advice or suggestion that fits into your needs. I share quality content on estate planning and financial planning here.
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