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Tan Li Xing

Tan Li Xing

Financial Consultant at Prudential Assurance Company (Singapore)

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Financial Consultant at Prudential Assurance Company (Singapore)

Tan Li Xing

Financial Consultant at Prudential Assurance Company (Singapore)

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Insurance

Family

Health Insurance

Are there any CI or health-related insurance I can get for my dad? I’m worried about affording his medical expenses for when he’s older (maybe 10 years later). Any advice?
Hi Anon, The first thing you should consider is definitely a IP. With your dad's age, in regards to affordability you might be limited to government restructed hospitals but with the option of a Class A ward. But I do need to highlight that his current medical conditions might be excluded from the coverage of the IP, but those conditions will be covered by Medishield Life, but limited to B2/ C ward in the event of hospitalisation. Also for your dad's age and also being a smoker, getting coverage for CI is likely to be costly, that is something you would have to keep in mind when you are looking around for CI coverage.
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Critical Illness (CI)

Insurance

Life Insurance

From what I understand, CI usually comes as a rider on term/whole life insurance. As such, should I wait till I have dependents before buying CI?
Hi Anon, For most plans yes, CI is usually added as a rider, but with the current trends, CI tends to be a part of most Whole Life plans now. If you already have a whole life plan, you could check with your agent if you are able to add in a CI rider after the policy anniversary, I do think this will make it easier for yourself actually. If you want to get a CI plan later, that is also possible however in regards to insurance, it's always better to get it early as premiums are usually more affordable when we are healthy and young. Insurance is paid with cash, but actually bought with our health and youth.
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Insurance

Undergraduate

Life Insurance

I am an undergraduate, thinking of taking over insurance for myself. I understand that the general rule of thumb for life insurance is to get a coverage of around 10-15x one's annual income. May I know the reason for this?
Hi Anon, The guideline of 10 - 15x your annual income is based on the belief that within that 10 - 15 years, your loved ones will be able to figure out what they ought to do to ensure their personal sustainability of life. So yes, you are right on that being able to support your family for 10 - 15 years ideally. In regards to not having an annual income now, what coverages do you have already? If you do already have a life insurance, I think you can hold off the term insurance first. As the current sustenance is of a higher importance now.
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Insurance

Term Life Insurance

Life Insurance

Personal Accident Insurance

I'm 28M non-smoker but recent medical report says I have severe fatty liver. Will I be subject to any exclusions, and should I stick to my existing plan or switch plans?
Hi Anon, In regards to your case, if you change the IP there might a possibility of an exclusion for hospitalisation due to fatty liver. However if you are more concerned abour having more coverage, then yes you could submit your case for preliminary under-writing and see what the insurer says before deciding on the switch. Also if you are okay with the exclusion for fatty liver, you still have medishield life for coverage for your current condition if you choose to be warded in a B2/ C class ward in the government restructured hospital actually. You should consider looking at Critical Illness coverage as well as I think that would provide you and your family protection in that area too.
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Fresh Graduates

Insurance

Healthcare

AIA

Term Life Insurance

Critical Illness (CI)

Disability Insurance

Personal Accident Insurance

Singlife Insurance

At 24 years old, is it recommended to purchase all my insurance (health, term life, critical illness, disability, PA etc) with one agent?
Hi Anon, It's usually a preference thing. Some people prefer to just look for 1 person in the event of any insurance claim as regards to looking for multiple people when making claims. Like what some suggested, it makes sense especially if your agent is an IFA, where they distribute a range of products from different insurers. But of course if your agent is someone your really trust, irregardless of which insurer they are with, you would stick with them because you know that they have your back and that is really the ideal kind of relationship we should have with our agent. Also in regards to what policy you should look at it really depends on your needs, and you could reach out to a couple of AIA agents in the Seedly community to get better advice.
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Critical Illness (CI)

Insurance

Life Insurance

When I was 21, i signed up for a CI plan 100k coverage. 7 years later, my agent asks me to increase coverage. Does it mean i have to forgo the 7 years of premium i have paid as it is a life plan?
Hi Bryan, I think you shouldn't be cancelling the policy that you have already paid to date, as that is actually detrimental for you. If your agent is asking you to increase your coverage for CI, you might want to use the guideline of 5x your annual income to see actually how much more coverage you actually need before discussing with your agent. Also in instances where you are looking to increase coverage, you can actually buy a term plan instead of getting another whole life policy, which is the more affordable and best value option in your case.
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Prudential PRUshield Health Insurance

Health Insurance

Insurance

I am 30 years old with only basic Medishield Life coverage. I have no pre-existing conditions (not that i know of). I intend to sign the PRUshield Plus plan. Any advice?
Hi Anon, In regards to Integrated Shield Plans, there is only 3 conclusions; Accepted at standard life, meaning you are accepted as someone with no health issues Accepted at sub-standard life, meaning that there might be certain conditions that are excluded, like your case the high blood pressure might be excluded Rejected, meaning your case is not accepted by the insurer In regards to those excluded conditions, as Singaporeans we do have Medishield Life which will provide coverage to us as long as we choose to be warded in a B2/ C ward in a government restructed hospital. Also like what Yi Ning said, it is always good to declare your conditions if you do have, because the insurer is able to find out if you have any medical history when you submit claims usually. And also you can always do a premliminary underwriting first to see what the insurer and then decide if you would want to proceed with the plan. Do reach out if you have more questions
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Life Insurance

Health Insurance

Critical Illness (CI)

Personal Accident Insurance

Disability Insurance

Insurance

Beginning as a regular in a uniformed career, what additional insurance policies are recommended?
Hi Anon, The benefits of being a regular is that you are pretty well-covered during your active years in the force. Some things you definitely should consider is that when you are no longer in the force, would you still have the same kind of coverage? Some things you should look into if you haven't; 1) Integrated Shield Plan - This is usually the first priority when you are looking at insurance coverage. This plan is for your reimbursement of hospital bills in the event of hospitalisation, and covers up to 95% of the bills based on the current regulations set by MOH. 2) Whole Life Insurance with Critical Illness & Early Stage Critical Illness Coverage - As Critical Illness is something that can happen to us at any phase of life, I do believe this is important to have. I do believe that the Mindef Aviva Group Term can have this included, but as it's a term policy, it will cover you till 70 years old as long as you choose to continue the plan based on what I last read up. The guideline for Critical Illness and Early Stage Critical Illness is; 5x your Annual Income for Critical Illness 2 - 3x your Annual Income for Early Stage Critical Illness 3) Term Insurance - this is something you already have as a regular, so what you can do is to actually enhance the amount of coverage in regards to your full income protection; so you can use the guideline of 10x your annual income. Or if you want to have full protection during your active period you can use your annual income x the number of years till retirement as a gauge. So for example; 36k annual income x 30 years in the force = potential income of 1.08mil So you can consider having a term insurance of 1 mil actually. 4) Personal Accident Plans - I do believe you would have it with the Aviva Group Plan. This is for coverage in the event of accidents, and would usually reimburse you for visitations due to accidents like sprains, cuts, burns. It might even have coverage for you when you visit a TCM for sprains. Also there might be coverage for dengue and even HFM as well, but it would be better to confirm as I'm not sure sure about the Aviva policy. I think having these 4 would have a holistic coverage. Then the other forms of insurance you will need would car and travel that your will purchase as needed.
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Insurance

Term Life Insurance

Life Insurance

Does it make financial sense to get a term insurance policy for my child (presently 5yo)? 30years, or even 60years?
Hi Anon, I think that really depends on your situation. I know of parents who do buy insurance for their child, but usually it's a whole life insurance as a gift to their child which I do think makes better sense in overall value. Because most whole life insurance have limited pay options, where you can choose to pay for up to 25 years and then the policy would be fully paid up for, with coverage for the whole of their lives. And when they have started working, they can start looking at getting additional coverage as needed.
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Insurance

Critical Illness (CI)

I am 23yo, and just newly entered the workforce. Is it okay if I put off buying CI insurance till I am 30/35? I currently do have a ISP. Any advice?
Hi Anon, I think most of us have spoken and that even though you are young and have a lower probability of getting CI. It is definitely a good idea to have a some form of CI coverage now. If you are concerned about the affordability, you can consider getting a term insurance with CI coverage first, before looking at getting a whole life with CI coverage. Premiums are subjected to age and health, so insurance is one of those things that though you are paying with cash. You are actually paying with your health and youth, so this might be something you want to consider.
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