I am a smoker, aged 30. I only have a prushield plus 392 premium and a pru extra plus plan 23/mth. I am thinking of getting a critical illness plan and others. There are too many kind of plans, any advice?

I wanted to upgrade my plan to a premium plan that covers private ward as well. I thinking whether to switch to aia or just leave my plan as it is and buy others plan. It’s rather confusing.

Discussion (7)

What are your thoughts?

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Pang Zhe Liang

15 Jul 2020

Fee-Based Financial Advisory Manager at Financial Alliance Pte Ltd (IFA Firm)

I believe what you need at this point is responsibel financial advice. Here is how I will prefer to do it:

Insurance Portfolio Summary

Firstly, one of the most important things to do is to have a complete understanding of your existing insurance portfolio. Through this process, it allows us to understand the coverage that we have, any financial gap, as well as to find out whether we are overpaying for our insurance policies.

Key Reasons Why:

Why Every Client needs an Insurance Policy Summary

Next, we will spend quality time to understand your needs, concerns, and how you intend to plan for the long-term. Through an hour (or two) brainstorming session, it helps us to bring forward a clearer picture for your future.

Thereafter, insurance is merely a tool to help you cover your financial gaps. By then it will be clear on the type of plans that will best suit your needs.

I share quality content on estate planning and financial planning here.

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Tan Li Xing

14 Jul 2020

Financial Consultant at Prudential Assurance Company (Singapore)

Hi Anon,

When did you get your shield plan? If it's recent, yes it's most likely the one with co-insurance with reimbursement of up to 95% and as it's on a reimbursement basis, you have to pay first, then claim from the insurer. Also, the plan allows you to be warded up to a Class A ward in a Government Restructed Hospital. You could check with your agent on whether you could upgrade, but I would like to highlight that it will need to go through an under-writing process again as it's an upgrade of plan, not downgrade.

In regards to Critical Illness (CI), I personally would recommend looking into getting a Whole Life Plan as CI is one of those things that can occur at any point of our life time and we should have coverage for it. Prudential does have policies that can offer that to you as well, the latest product, PruActive Life is something that would address your need in regards to CI, you could speak to your agent for more information as well.

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