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Should I switch my Integrated Shield Plan? (31M with no pre-existing conditions)?
Currently on NTUC incomeshield preferred with Plus rider. However starting from this year we have been forced to move to a 5% deductible plan. does it make sense to shift to a different provider with cheaper premiums? currently considering AXA shield plan with the rider.
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Pang Zhe Liang
17 Feb 2021
Lead of Research & Solutions at Havend Pte Ltd
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If price is the only consideration, then it may not be worth the switch. This is because the only guarantee is renewability. In other words, any insurer may change its scope of coverage, and its premium with prior notice. Consequently, the cheapest insurer today may not be the cheapest tomorrow. After all, every insurer looks into their profit and loss to determine whether the current premium rates are sustainable.
What's more, you must remember that a switch will mean that you will lose the existing coverage that you have, and this will reset the waiting period as well.
With this in mind, I will suggest for you to review your existing plan to determine whether it is still capable of fulfiling your long-term needs. While cost is a factor, it should not be the only factor for consideration.
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