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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?
Lee John

Lee John

Level 8. Wizard

Answered 15h ago

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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PolicyPal

Personal Accident Insurance

Insurance

Why is the price different for different occupations classes in Personal accident insurance?
Hi anon, While accidents, by nature, are unintentional and not premeditated, there are some types of occupation, by their very nature, expose the person to a higher frequency or possibility of getting into an accident. A desk bound job is relatively safe and you might just have a normal risk of say, tripping and spraining an ankle when walking around the office. A person regularly working at height such as a painter, although having the same risk of tripping, might be subject to more severe injuries if the trip leads to him falling from height. Much more likely to have a fracture than just a mere sprain. Then you have some occupations that are just not insurable, such as shipyard manual workers, where the risk is just too high for even insurers to evaluate and manage.
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Insurance

Critical Illness (CI)

Should I be applying for a cancer standalone plan without medical underwriting if I got rejected for a multipay CI?
It depends on your needs. There exists cancer coverage plans with simple underwriting. Accordingly, it is easier to get insured to that end. For example, you only need to answer 3 questions for AIA Multi-Stage Cancer Cover. Thereupon, the digital underwriter will determine your eligiblity. I share quality content on estate planning and financial planning here.
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Insurance

Upgrading Eldershield or Careshield Life?
Hi Caleb, At the age of 62, your father is not able to get on board Careshield Life yet. This will only be possible later on. Careshield Life as of this moment is only available for people aged 30 to 40. Depending on which Eldershield plan he has, it is still possible to upgrade his coverage in terms of increasing both the payout, and the payout duration (depending on his Medisave funds - we would probably want to limit cash outlay here). What is more of a worry is whether he is able to upgrade in the first place, his health needs to be good. When his cohort is able to join Careshield Life, he should also probably upgrade; I say probably because details are not fully known yet. If government subsidies make it worth, then definitely consider the upgrade. For reference, my mom was in her early 60s when she upgraded her Eldershield (cashless). She's eligible for a $600/mth payout for 12 years, which is a lot better than $300/mth for 5 years. My dad was not able to due to health issues. If you're using Medisave to do the upgrade, you won't put a strain on your cashflow. Due to the fact that Medisave monies can't generally be taken out, you might as well utilize them for insurance such as shield plans and eldershield/careshield supplements.
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Insurance

Term Life Insurance

Policies

8 Reasons Why I Switched From My MINDEF Group Term Life To A Personal Term Plan

Most guys in Singapore are on this Group term plan, here are the differences that you need to be wary of.

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1 more comments

Kenneth Lou
Kenneth Lou

3w ago

Hey Just_Saying yup its' totally ok if you don't switch. I just listed my reasons on why I want to switch! Also my Multipay CI policy is linked to my new personal term policy as well, which I cannot opt in if I was linked to the generic group term policy.
Kenneth Lou
Kenneth Lou

3w ago

The CI policy with the group term one is simply not enough, restrictive as well.
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Insurance

Life Insurance

AIA

I have an AIA Prime Life policy that I bought from a relative who's no longer in the business.?
Hi there, From what i know, prime life is a perpetual paying policy. Meaning you pay until age 99. If you have currently stopped paying for the premiums, your policy might have gone into what we call, automatic premium loan(APL) , where the premiums are deducted from your policies value. Depending on your age, and date of purchase, the surrender value is very low based on my personal experience. You should contact customer service at AIA, to find out what is going on exactly with your current policy. Should you choose to continue on the policy, you might need to pay the outstanding arrears, to continue full coverage of the policy. If you wait it out, and should there be an incidence of premature death, disability or terminal illness, your sum assured will payout less what is owed to the company. Hope i was able to shed some insight, but you will need to contact AIA to get the full picture.
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Insurance

My agent advised me to buy their signature policy aka legacy policy. Anyone has any idea how it works and if it’s worth it? Thank you. I need the advice and your collective wisdom. I am 45, 2 kids?
We need more information pertaining to the technicals of the policy in order to share our thoughts on whether it is worth it. This is because there are many variations of such policy. Therefore, its worth lies in how it fits into your current planning and long-term life planning. For this purpose, it will be a good start to look into your existing portfolio and have a complete understanding on what you have. And the best way to do this is to have an insurance policy summary. Through this process, it allows us to understand the coverage that we have, any financial gap, as well as to find out whether we are overpaying for our insurance policies. Key Reasons Why: Why Every Client needs an Insurance Policy Summary From there, we can determine whether this legacy policy fits into your profile and needs. I share quality content on estate planning and financial planning here.
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Insurance

Should I upgrade my Careshield plan?
Hi anon, I would highly encourage you to get the enhancement for Careshield Life (CSL). The coverage provided by your term plan/CI plan is very different. It is meant to cover death/TPD and CI, and thus protects your liabilities and dependents in any unfortunate event, or provides a sum of money to meet your bills and expenses in the event you are unable to work due to CI. The definition for TPD nowadays tend to include being unable to work for an income due to a permanent incapacitation. The coverage only lasts as long as the plan's duration, which ideally should be long enough to cover liabilities till they are paid off and dependents until they are independent. However, CSL is meant to provide for your long term care needs, especially in old age . 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. However, I must caution one thing which the agent might have missed out. CSL and CSL supplement plan premiums include GST . We know that GST is already 7% now and will rise in future. When GST hits 9%, CSL premiums are still fully payable from CPF MA, but your CSL supplement plan premiums of $593/yr will be come roughly $604/yr. If you strictly don't want to pay cash, this will be a minor bugbear ($4/yr is really not the issue here), but more importantly, if you didn't pay this $4/yr by accident or otherwise, your policy might lapse. So I hope this was brought to your attention. Another thing to note is that statistically, 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. A 3/6 ADL plan, for the same amount of coverage would be cheaper than a 2/6 ADL plan. So if you intent to keep below the MA limit of $600/yr, you might have a higher payout for a 3/6 ADL compared to a 2/6 ADL plan. In conclusion, you should exercise your option to increase your payout now, when you are still young and healthy. However, do note the caveat regarding GST increase, as well as claim likelihood for 2/6 ADL.
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