I am 25F, currently working. I am looking into buying Life and Health insurance (probably ISP). I read through Seedly and many recommended to look for IFAs. Any IFA recommendations? - Seedly
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Anonymous

Asked on 29 Jun 2020

I am 25F, currently working. I am looking into buying Life and Health insurance (probably ISP). I read through Seedly and many recommended to look for IFAs. Any IFA recommendations?

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Hi Anon,

Life and Health Insurance are quite different. Just to share the differences below

Health insurance is the ISP that you mentioned. This insurance is a policy is for reimbursement of your hospitalisation bills. Do note that there is now a co-payment component in the bills, where we will bear a minimum of 5% of the bills, depending on the policy and the attached riders to the policy.

For Life Insurance, this provides you coverage for the following; Death, Total Permanent Disability, Critical Illness & Early Stage Critical Illness. So in the event if any of these occur, there will be lump sum payout to yourself or your nominees.

Also the main reason IFAs are recommended is because they are able to offer you a wide range of the same kind of products from different insurers and are able to cater to your budget specifically. There are a few here in the Seedly Community and are very active is replying questions. They might reply this question shortly as well.

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Tay WenHao
Tay WenHao
Level 7. Grand Master
Answered on 29 Jun 2020

ISP dont really need to look for IFA. Its all on MOH website already. But if you are not good with words, can get an IFA to compare for you too.

Link to MOH ISP Comparison: https://www.moh.gov.sg/cost-financing/healthcare-schemes-subsidies/medishield-life/comparison-of-integrated-shield-plans

Click on the class ward and yoy can download the pdf for comparison already. Premiums cost also stated.

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