I have a new born and my parents are in their 70s now. What kind of insurance do you recommend that can protect my whole family (3 generations) together or do i have to buy them each an insurance separately? - Seedly
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Critical Illness (CI)

ba tim

Asked 3w ago

I have a new born and my parents are in their 70s now. What kind of insurance do you recommend that can protect my whole family (3 generations) together or do i have to buy them each an insurance separately?

I am looking for a health insurance or critical illness plan thanks!

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Hi, you can either choose to insure seperately or together.

There are some policies such as GREAT Family Care that provide coverage for multi-generation. They are great for families with children to look after and parents to care foras it is an all in one single comprehensive critical illness insurance plan.

Do get in touch if you wish to find out more.​​​

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Hey there!

In general, you will want to look at making sure hospitalization plans are in place for your children and yourself. For your parents, in the event a hospitalization plan isnt possible due to a pre-existing, at least there is a Medishield LIFE option for them. Hospitalization and surgical expenses can be hefty; a hospitalization plan reimburses these expenses.

There are many critical illness plans out in the market and there are different strategies you can employ. Either way, the earlier you get it, the better since its usually way cheaper to get it from childhood.

Strategy wise, you can either buy a whole life plan for your children with a ECI rider attached or a standalone multi-pay CI plan. Which strategy to employ depends on your budget and needs and objectives. If you are looking at paying only for a limited time, then go for the WL plan with ECI rider to cover for death, TPD and CI all at one shot. If not, you can look at a standalone CI plan for them.

For young children, you can opt for a WL plan since its a lot cheaper at the start. A 12 year-ish premium payment method to be covered for life will be a great option. Long term wise when they are older, they can opt to top up the coverage themselves :)

Financial planning is an integral part of life. You can reach me here to find out more.

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Buying separely is an option but may cost quite abit. Getting them each covered minimally for hospitalisaiton would be a bigger priority in my opinion. As for critical illness, your life would be much more crucial in terms of getting coveresince your newborn and parents who are in their 70s are unlikely to work and bring home income for the family.

Some policies do cover 3 generations with minimal underwriting on the parents and child. Newer policies usually also provide free child cover up to certain amounts. At the end of the day, its really down to your budget and prioritisation of needs.

Great Family Care could be one of the products that allow you to take care of 3 generations under 1 policy.

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Hi there. Aviva's health insurance plan provides for free child cover up to 4 children if both parents are covered under Aviva. It is the only health insurance plan in the market with a family discount.

Critical illness plan wise, there are no plans in the market with a family option. You will have to purchase separately. It is best you take up the CI plans before the definitions change end August. There are promotions now for Aviva's critical illness plans, which are also widely known to be among the best in the market.

Do feel free to reach me here for a casual chat to find out more)

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Healthcare

As a start, the first priority should always be healthcare. The reason is simple - medical inflation hits 10% in 2019. Consequently, a single medical treatment could potentially wipe out all your savings. Therefore, it is always good to know the healthcare insurance policies available in the market and to evaluate whether you should enhance your coverage.

More Details:

Is MediShield Life enough in Singapore?

Integrated Shield Plan Singapore: A Starter's Guide

Life Insurance

After we have set up the basic foundation, the next step will be your life coverage. This is because you are the biggest asset that you own. Therefore, greater emphasis should be placed on protecting your wealth (before we grow it further).

Generally, most insurance policies in Singapore will cover for pre-mature Death, and Total & Permanent Disability. While optional, one of the crucial coverage to have will be (early) Critical Illness.

There are many options available in the market, thus take your time to learn more about it. Alternatively, speak with your insurance agent or choose an experienced consultant who is capable of guiding you through the process.

More Details:

What is a Term Insurance Policy?

What is a Participating Whole Life Insurance Policy?

Term vs Whole Life Insurance Singapore

How much insurance coverage should You have?

As a general rule,

10% to 20% of your annual income on healthcare insurance and life insurance

Basic Life Cover = 10 times your annual income

Critical Illness Coverage = 5 times your annual income

More Details:

Understanding Your Personal Cash Flow

Having mentioned that, this is a general guideline that may or may not work for you. The best way is always to have an in-depth understanding on your cashflow, current situation and future goals. It is only when we know you well enough, then it is appropriate to give you the best advice or suggestion that fits into your needs.

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

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