I've AIA essential max (no rider). Was told that I can switch AIA to Pru (with rider). If no pre-existing conditions, ok to chg & coverage will nt affected? true? Considering Term (ECI + CI): 250K SA, till age 65.. Premium range? - Seedly

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Asked by Anonymous

Asked on 14 Aug 2018

I've AIA essential max (no rider). Was told that I can switch AIA to Pru (with rider). If no pre-existing conditions, ok to chg & coverage will nt affected? true? Considering Term (ECI + CI): 250K SA, till age 65.. Premium range?

Am 33F, Income 48k.. Advice appreciated!

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Eric Chia
Eric Chia, Senior Financial Consultant at Prudential
Level 4. Prodigy
Answered on 16 Aug 2018

Hello, not sure if you got the name of your policy right. If you have AIA essential max, that's the rider. If you signed the rider before 7 March 2018, please stick to it to retain full coverage after 2021. Otherwise, you'll have to transit to a copayment plan after 2021 when you switch now. So even if you do not have pre-existing conditions it's not recommended to change.

Term coverage until 65yo for $250k ci and $100k eci can be about $100/month. The earlier you take, the cheaper it is! Rates also differ whether you are smoker or non smoker.

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Gabriel Tan Jun Wei
Gabriel Tan Jun Wei
Level 3. Wonderkid
Answered on 17 Aug 2018
  1. Be aware of the 90 days waiting period

  2. Existing policyholders of AIA Healthshield Gold Max are still not affected by the changes in the integrated Shield Plan in 2020. If you switch, I believe that you would be part of the new scheme which have to bear the 5% cost

  3. From my understanding, Prudential has a claim structure which increases premiums of claimants and discounts for non-claimants.

I would suggest not to replace your existing coverage. If you think premiums are expensive, consider AIA Healthshield Gold Max A Essential Saver

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Hi Anon,

AIA's ISP is called the HealthShield Gold Max. The rider is called Max Essential.

If you do have the rider, you'll be penalised with the new 5% co-pay since the March announcement on changes to ISP Riders.

If you don't and sure that 100% healthy, you can do a switch. But honestly AIA HSG Max is pretty good and one of my recommendations to my clients.

Now for your life insurance.

The rule of thumb for death cover is 10 X your Annual Income, so you should looks at 480k of cover. ~ round up to 500k because got discount.

For CI cover 3-5 X your annual income is the rule of thumb. So that's 150k - 250k.

Whole life or term you can discuss with your advisor. I would suggest a mix of both.

On top of this you may be interested to get a Female Illness cover as well which will allow you to go for a full screening at a private clinic for free every 2 years and a reimbursement for skin grafting or masectomy. You can check out this page for more information. facebook.com/SGWomanInsurance/

Now, have you shopped around to get quotes from multiple insurers? You want to speak to an Independent FA for an unbiased comparison.

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Brandan Chen
Brandan Chen, Financial Planner at Manulife Singapore
Level 5. Genius
Answered on 15 Aug 2018

Let me address it based on 2 parts.

1) Replacement of AIA Health Insurance

  • I'm not an AIA advisor but I think that AIA Max Essential is the rider itself. -Is there a particular reason for switching? Are you aware of the risks of switching?
  • If you are switching into Prudential, assuming you are looking at private hospital coverage, are you aware of Prudential's premium structure which is different from other insurers?
  • If you indeed have the rider with AIA, and had purchased this plan with AIA before Mar 2018, are you also aware that switching to Pru will result in you losing the opportunity to have 100% hospitalisation coverage?

As for the difference, Seedly had done up an article previously highlighting the key features of various Shield plans. Perhaps you may explore the blog?

2) Critical Illness Coverage

-250k seems like a suitable amount to start off with since your annual income is ~48k

  • Any particular reasons as to why you selected Term for CI coverage?

  • Have you spoke to an advisor regarding your entire portfolio before deciding on the amount to insure and the type of plans suitable for you?

Do take some time to think over all these questions before making a decision. If there is anything you feel that I can further assist you in, feel free to drop me an email at [email protected] and I'll be happy to help.

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