Asked by Anonymous

Can someone help list down all the Singapore citizen/PR policies and insurance coverage that we have in Singapore?

Because I'm doing an insurance review before I meet my agent next weekend. I'm want to be very clear what we are already protected before being sold the additional layers on top with all the glitter and sparkles.

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  • Hariz Arthur Maloy
    Hariz Arthur Maloy, Independent Financial Advisor at Promiseland Independent
    Top Contributor

    Top Contributor (Apr)

    Level 7. Grand Master
    Answered on 17 Oct 2018

    Dependent's Protection Scheme: A $46000 Term to 60. Payable with OA.

    Home Protection Scheme: A Mortgage Reducing Term that pays for any outstanding HDB mortgage owed. Payable with OA.

    Medishield Life: A Hospitalization & Surgical Insurance that covers you for life that subsidizes B2/C Ward Stays and certain limits to certain surgical procedures up to $100k/yr. Payable with Medisave.

    Eldershield/Careshield Life (soon): A Long Term Care Insurance plan that covers you for life and pays you for life in the event of the inability to perform 3/6 Activities Of Daily Living starting from $600/m escalating at 2% per annum. Payable with Medisave.

    CPF Life: An Annuity Payout from 65 for life @ 9.5% drawdown payout of the Full Retirement Sum when you turn 55. Payable with your OA + SA.

    These are the most basic of coverage and gives you an idea of what you need to do extra. All of them should be "Upgraded" by getting private plans for yourself.

    Govt care if you die, get disabled, cannot pay for house, need to go hospital, or live too long, but don't care if you get a Critical Illness. There's no provision made for this yet.

    Comments (2)
  • Luke Ho
    Luke Ho, Money Maverick at Money Maverick
    Level 6. Master
    Answered on 15 Oct 2018

    Uh. Sounds like you're starting off pretty wrong - if you don't trust your agent, don't meet them, or at least give them the opportunity to establish trust.

    If you want to be clear of your current protection, bring your policies to the meeting. At the very least, you'll be able to establish your agent's competence.

    If someone has an old policy that doesn't require surrendering in favor of better opportunities (higher returns) or burdens (paying till age 88 for example, where the client has shown frustration), the agent should account for the existing policy and give you recommendations to make up the coverage lacking.

    For the answer to your question, all Singapore citizens can buy (in relation to Life Insurance), not the others.

    Death: And Terminal Illness

    Disability: Eldershield, Eldershield upgrades, Work disability, Total and Permanent Disability Plans

    CI: Early Critical Illness, Intermediate Critical Illness, Late Critical Illness, attached to anything from a Term to a Whole life to an Investment linked policy

    PA: Personal Accident (standalone), Personal accident plans with glitter and sparkles (such as hospital benefits and reimbursements, etc)

    Hospitalization: Shield plans and riders

    You may or may not need all of these, depending on your specific situation and what coverage you already have. I suggest you have that agent reviewing help you categorize your existing policies for you, so you can mark it off like a checklist.

    If you want a second opinion, you can always reach me:

    But honestly, don't go into that meeting with that kind of negativity. You'll likely only compromise yourself. If you're really terrified of being sold something unnecessary, either you find someone more ethical or someone who has no temptation in that area because you've paid them thousands of dollars upfront (eg. Providend).

    Comments (2)
    • Question Poster
      Thank you for listing down. I was thinking of actually asking what kind of policies the government has and what it matches to? For example. Medisave, Medishield etc. as I hear alot of people say that we are already covered sufficiently with those policies and why do we need to get extra coverage?
      15 Oct 2018
    • Luke Ho
      For government you're automatically covered through Medishield Life (hospitalization needs), which is payable by Medisave. It is extremely, extremely basic insurance coverage for when you're hospitalized for any reasons. If you're over 40, you're automatically enrolled into Eldershield (a total and permanent disability insurance) unless you voluntarily opt out. It's unusual that you've said this: I'd say the people you're hanging around with would unlikely be able to distinguish the basic 5 categories that I mentioned above, because aside from the above two I just mentioned you're not covered for any of them. I think extra coverage is really very much about risk transfer in the areas that we typically don't think too much about (that's why insurance is sold, not bought) until something happens to someone close to us and we can see how much they suffer financially from lack of protection. The adequacy of your protection can only be determined by you ultimately, and how much you're willing to sacrifice in order to preserve the bigger piece of the pie (paying a few hundred or thousand a year in order to provide hundred of thousands or even millions in the event of a mishap) - but there are some favorable rule of thumb that have worked for people in similar situations. I hope that helps.
      16 Oct 2018
  • Brandan Chen
    Brandan Chen, Financial Planner at Manulife Singapore
    Level 5. Genius
    Answered on 15 Oct 2018

    Luke has already done a pretty good summary of the type of insurance.

    If you would like to understand what you are covered for, why not list the policies you have so that we are able to better advise further.

    If you feel that it's confidential, feel free to email me the policies, and I'll do up a summary for you so that you have an idea of what you are covered for. I can be reached at [email protected]

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