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Elijah Lee
10 Apr 2022
Senior Financial Services Manager at Phillip Securities (Jurong East)
Hi anon,
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You can look at it this way. There are really only two options.
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(A) You choose not to buy the careshield life (CSL) supplement.
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Life goes on. Two things happen.
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(B) You choose to buy the CSL supplement.
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Again, life goes on. Two things happen.
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The risk of not buying, is just that if you have to claim, you will only have CSL to fall back on.
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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. That's how it works anyway.
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You have to decide which you prefer.
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And personally, I would rather have the knowledge that if something happens, my family will have resources available to cope with the expected care of long term costs. While we may never know how much it truly costs, having $2000 or $3000 a mth is better than $1000 a month, and it probably isn't going to cost a bomb, premiums wise. So I have upgraded my own careshield coverage as part of being responsible to me and my wife (and maybe my kids in future if I start a family).
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Aven
05 Apr 2022
Treasury Associate at MP
I am assuming "careshield plus" is the supplementary policies that insurance company pays? Different...
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Yes, i think itโs important especially if you think that the payout from careshield life wonโt be sufficient enough to meet your future needs (especially since life expectancy is increasing nowadays). this article explains some of it + shares more about careshield life supplement schemes