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Anonymous
Am 33F, Income 48k.. Advice appreciated!
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Discussion (3)
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Eric Chia
16 Aug 2018
Senior Financial Consultant at Prudential
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Hariz Arthur Maloy
15 Aug 2018
Independent Financial Advisor at Promiseland Independent
Hi Anon,
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AIA's ISP is called the HealthShield Gold Max. The rider is called Max Essential.
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If you do have the rider, you'll be penalised with the new 5% co-pay since the March announcement on changes to ISP Riders.
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If you don't and sure that 100% healthy, you can do a switch. But honestly AIA HSG Max is pretty good and one of my recommendations to my clients.
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Now for your life insurance.
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The rule of thumb for death cover is 10 X your Annual Income, so you should looks at 480k of cover. ~ round up to 500k because got discount.
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For CI cover 3-5 X your annual income is the rule of thumb. So that's 150k - 250k.
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Whole life or term you can discuss with your advisor. I would suggest a mix of both.
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On top of this you may be interested to get a Female Illness cover as well which will allow you to go for a full screening at a private clinic for free every 2 years and a reimbursement for skin grafting or masectomy. You can check out this page for more information. facebook.com/SGWomanInsurance/
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Now, have you shopped around to get quotes from multiple insurers? You want to speak to an Independent FA for an unbiased comparison.
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Brandan Chen
15 Aug 2018
Financial Planner at Manulife Singapore
Let me address it based on 2 parts.
1) Replacement of AIA Health Insurance
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Hello, not sure if you got the name of your policy right. If you have AIA essential max, that's the rider. If you signed the rider before 7 March 2018, please stick to it to retain full coverage after 2021. Otherwise, you'll have to transit to a copayment plan after 2021 when you switch now. So even if you do not have pre-existing conditions it's not recommended to change.
Term coverage until 65yo for $250k ci and $100k eci can be about $100/month. The earlier you take, the cheaper it is! Rates also differ whether you are smoker or non smoker.