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Insurance

Term Life Insurance

Personal Accident Insurance

AVIVA Personal Accident Insurance

Life Insurance

Disability Insurance

Health Insurance

Should I get other insurance on top of Aviva MINDEF/MHA Insurance?
Tay WenHao
Tay WenHao
Level 6. Master
Answered 1d ago
As many have suggested, yes go for additional coverage. For your info, depending on your age, private insurance plans may be cheaper than the MINDEF sponsored ones. I took up the following policy at age 21 and it was cheaper as compared below. 1. Term Life $750k for 30 years. MINDEF GROUP TERM LIFE Total cost for 30 years = $369/ yr AVIVA MyProtector Term Plan Total cost for 30 years = $334.55/ yr 2. Critical Illness $300k for 30 years. Living Care premium increases every 5 year. For more info can check out on Aviva website. Age 21 to 25: 8.4 x 12 = 100.80 Age 26 to 30: 12.3 x 12 = 147.60 Age 31 to 35: 18 x 12 = 216 Age 36 to 40: 29.7 x 12 = 356.40 Age 41 to 45: 29.7 x 12 = 356.40 Age 46 to 50: 82.5 x 12 = 990 Total cost over 30 years = $10836 Average per year = $361.20 As for Aviva CI Advance Cover Plus II, a rider for the above mentioned Aviva MyProtector Term Plan, the yearly premium cost for 300k CI is ONLY $172.60. Only MINDEF Personal Accident plan is worth it in my opinion as the premium cost is cheap and doesn't increase over time. I got the max coverage of 600k for Personal Accident from MINDEF Group Term Plan.
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Insurance

Fresh Graduates

Career

Health Insurance

Personal Accident Insurance

Life Insurance

I am a fresh grad starting work soon. Should I buy insurance through agents from GE, AIA or Prudential? How do I know which is the most suitable?
Hi KK, The most important thing as Hariz has already mentioned is that you need to find someone you are comfortable with and you can work with. You will be sharing a lot of confidential information so that the advisor can plan properly for you. You might even share information that you do not want anyone else to know, not even your spouse (which I have seen happen) Insurance products are very competitively priced, and while there were some type of plans that had quite a big gap in pricing between different companies in the past, that gap has now come down considerably. Take it from me, bad advice can kill your finances. I've been on the receiving end of that many years ago (and from an IFA too) before I joined this industry. The competency of the person matters more than than the types of products he can distribute. Don't be afraid to ask questions till you get the answers you need. Any competent advisor must be able to answer your questions and justify his advice.
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Insurance

Health Insurance

Healthcare

I want to get health insurance for my parents (62 & 67 years) on LTVP. My father had history of stroke and mother has diabetes/high BP. What health insurance providers do you recommend in this case?
EDIT: Hi Anon, LTVP holders in Singapore can get a local Medisave approved Integrated Shield Plan as foreigners. I would recommend Raffles Shield due to your mother's health conditions. However for your dad, stroke patients have extreme difficulty in getting themselves insured. So do manage your expectation there. I would also suggest you to consider global health insurance policies. Medical insurers like Cigna, Aetna, Bupa, AXA Global, are some options. I'd suggest speaking to an Independent Financial Advisor or an Insurance Broker for a comparison and quotes. Some of these plans may also cover pre existing conditions after a certain period of time, but this is not guaranteed and subjected to medical underwriting.
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Health Insurance

Cigna Individual Health Insurance

AIG PROHealth

AVIVA MyShield

DBS MyShield Insurance Plan

Liberty MyHEALTH

Manulife Global Medical

Manulife Health Protection

MSIG Hospital CashPlus

MSIG Prestige Healthcare

Raffles Health Insurance Raffles Shield

AIA Hospital Income

AVIVA MyProtector

Prudential PRUshield

Tokio Marine TM Multicare

NTUC Income IncomeShield

AXA Shield

What are some questions I should be asking myself when deciding which health insurance plan to get and which company's plan will suit you best?
The terms of coverage spelt out by each insurer tend to change on a yearly basis. Features and benefits are usually just copied from the other insurer that comes out with the most latest policy. The best questions to ask would be: 1) How sustainable is each company's health insurance premiums? Would you prefer a very cheap premium at the beginning, but a sudden spike in preiums because the company had trouble containing the outflows? Or would you prefer a company that was previously considered more expensive, but never actually wavered and suddenly became one of the most affordable around without compromising on its benefits? 2) How strict is the company's underwriting process during the health declaration section? If you are pooled with the healthier group, chances are they would be unlikely to raise premiums in the future or change their policy terms. 3) Do you feel comfortable with your advisor? Is he/she able to answer your questions honestly and competently? At the end of the day, there are so many companies and so many agents within each company providing the same product. But only 1 particular agent will be handling your claims when the time comes. Rather than focus on whcih company gives you the best value, find someone that places you first! Hope it helps!
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Health Insurance

Life Insurance

Insurance

Early Critical Illness (ECI)

Hospitalisation Insurance (H&S)

Critical Illness (CI)

I am a female turning 26 this year and new to insurance. Should I get myself a hospitalisation plan now? What else should I look into?
Definitely! However when you say fully covered, does it mean "As charged" policy and the annual limit on the policy is Unlimited? While its great that you company covers you, the company won't keep you forever if you had left the company. The least you should do is to upgrade your medishield life if you haven't already done so with medisave. Supposedly your health changes in your current company, your new company may not cover you at the standard health. Similarly, should you decide to wait until you leave your current company, the private insurer may not cover you as well. Having your own hospitalisation plan should be the main plan, not as a back up in case your company doesn't have enough. The company should be secondary. Other "basics" you should consider is 1) personal accident - very frequently claimed for outpatient minor accidents and illnesses (that could not be paid out from the hospitalisation policy) 2) disability income - pays you your income if you're unable to work for a certain number of days 3) critical Illness - to pay for 5 years of living expenses and treatment costs when unable to work 4) life insurance - if you have to financally support someone else (eg. Parents, siblings) The reason why adults entering the workforce usually buy their insurance policies is because they are reliant on their income now, rather than being dependent on someone before (like your parents). The amount of insurance you buy really depends on how much you value your income as an asset and understand how much this asset could bring you and your family for the many years to come. At the end of the day, make an informed choice before doing anything with someone you're comfortable with. Cheers! :)
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Insurance

General

Whole Life Insurance

Term Life Insurance

Life Insurance

Health Insurance

Disability Insurance

Critical Illness (CI)

Personal Accident Insurance

For someone in their 20s, what insurance do you recommend one buying?
Hi Summer, In order of importance, here is what you should be looking at: 1. Hospitalization plan. This covers any hospital bills and associated pre/post hospitalization costs. This would be from an integrated shield plan, with a rider to take care of the deductible/co-insurance and limit your out of pocket costs. Depending on your budget, you can take a private hospital plan and downgrade later, or just go for Goverment A ward. 2. Critical Illness coverage. This provides a sum of money for you to cover your expenses and other out of pocket costs should you fall critically ill and are not able to work. Usually recommended to cover at least 5 years of expenses and an additional sum to cover out of pocket. This is usually via a limited payment life plan, or a term plan, depending on your budget/needs 3. Death coverage. This provides a lump sum of money should something happen to you. Not mandatory if you have no dependents or liabilities. Usually takes the form of a term plan. For the coverage amount, you could use a multiple such as 10 x of your current income, or calculate based on your current liabilities. 4. Personal Accident. For the minor stuff like TCM claims, etc. In my view, the first two are a must have. Death coverage is not strictly compulsory if you don't have dependents or liabilities. Personal accident is good to have. Generally, you should not have to spend more than 10% of your income on coverage. Work with an independent financial advisor who can provide multiple options and explain in detail what you will need to know before coming to a decision, especially with respect to cost effectiveness as well as the minor differences between the plans.
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Raffles Health Insurance Raffles Shield

Healthcare

Insurance

Health Insurance

Does Raffles Health insurance shield plans only cover hospitalization claims for Raffles Medical? Can I get this plan even if I don't go to raffles medical in case I get hospitalized?
Hi Anon, Raffles Shield covers all Singaporean Hospitals. Based on your benefit chosen you can either be covered up to 100% (less deductible and co-insurance) for all private hospitals, 100% all Govt Restructured Hospitals A ward + Raffles Hospital, 100% all Govt Restructured Hospitals A Ward without Raffles Hospital, or 100% Govt Restructured Hospital B1 Ward. So decide first if you want private hospital benefit. If yes, you can save some money by making it exclusive to Raffles Hospital only or pay full price for all private hospitals.
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Cigna Individual Health Insurance

Insurance

Health Insurance

Healthcare

What are the different types of Cigna Individual Health Insurance available? Are there add ons or ways I can customize my policy?
Hi Anon, Cigna Individual Health Insurance is a global medical plan which covers you worldwide, which is comparable to plans such as AXA Global Care or QBE Globalis. What you need to note are: - There are 3 level of plan: Silver, Gold, Platinum Customization options include - Area of Cover (2 types) - Optional modules (as shared by Kathlyn) - Deductible or cost share or out of pocket maximum Underwriting is required and premiums vary based on options chosen. This is NOT the same as an integrated shield plan, which will allow the use of Medisave to pay for the premiums. If you are based in Singapore and only travel overseas occasionally, an integrated shield plan would probably be a better fit for you.
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AIG PROHealth

Healthcare

Health Insurance

Insurance

Would you get the AIG PROHealth prestige plus A or B? Is there a very big difference?
Hey there! They indicated from their website that they will temporarily cease accepting applications for Prohealth policies. You might want to give it a check. Financial planning is an integral part of life. You can reach me here to find out more.
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DBS MyShield Insurance Plan

AVIVA MyShield

Insurance

Healthcare

Health Insurance

DBS MyShield vs AVIVA MyShield - What is the difference and which would you say is better?
Hey there! MyShield Aviva has a higher claim limit of $2million compared to DBS Myshield of $1.25million. Also, MyShield Aviva also has longer coverage for pre and post-hospitalization benefits as well. You might want to contact a consultants from both sides to explain the products in detail to you to make a cross comparison to see which meets your needs better. Financial planning is an integral part of life. You can reach me here to find out more.
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