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Insurance

Insurance compaines will not absorb the payouts. The siblings can visit this website to retrieve if there's any unclaimed death proceeds of deceased relations or unclaimed maturity proceeds that have been outstanding for more than 12 motnhs. Link: https://www.lia.org.sg/tools-and-resources/checking-for-unclaimed-proceeds/

Insurance

Hospitalisation Insurance (H&S)

Healthcare

Hi Anon, for outpatient coverage for GP & Specialists, they are usually provided by Employee Benefits or Corporate Insuance which is generally provided by your company. Do check with your HR on what are your entitlements. If you're looking for a standalone to buy for your personal consumption, I don't recall there's any plans in the market now that;s providing that. To answer your 2nd question, most of MediSave Integrated Shield plan covers Pre & Post hospitalisation consultations & treatments. Do take note that the main difference between the different companies are the duration of the pre & post hospitalization benefit coverage.

Insurance

AXA Shield

Hi Anon, Personally, i would not want to have to pay extra for visiting non panel doctors. There might be cases that you want to see a specific specalist doctor that might not be with a panel doctor with your insurer. The main selling point of AXA's shield plan are their low premiums but do take note that there are some differences and therefore thats why they are able to charge lower premiums. You get what you pay for. I have analysed how the hospital plans of each insurers differ in the market, do feel free to contact me through facebook or email me at [email protected] if you want to take a look!

Insurance

Hospitalisation Insurance (H&S)

Hi Anon, you can look at the NTUC Silver series of plans as well as considering upgrading her Eldershield to a supplement plan to provide a lifetime payout in the event of disability for long term care costs. You may also want to consider a lifetime guaranteed annuity policy to provide her with a stream of income for life, there are some policies that would double the payout in the event of disability as well.

Hospitalisation Insurance (H&S)

Insurance

Cheung Jian Hui
Cheung Jian Hui
Level 2. Rookie
Answered 3h ago
Hi for GE hospitalisation riders, for elite rider just understand it as 5% copayment of your bill. For classic rider, it is slightly more complicated. Let's use an example For a bill of 10K With elite rider you pay 5% - $500 With classic rider you pay a deductible of 3K and then 5% of remaining 7K. Hope this clears things up. Do reach out to me if you need more information, I would be glad to help :)

Stocks Discussion

Investments

Insurance

Retirement

Unit Trust

ETF

Hi anon, UTs can definitely be considered as part of a balanced portfolio. The real question, however, is which UT to buy, as well as how much % your UTs should take up in your overall portfolio. While some UTs underperform their benchmarks (usually an ETF), others outperform and it is these that you should be looking to buy. RSP into UT is also zero cost on the right platform and that essentially removes the cost of investing, compared to the brokerage charges on shares, etc. As you are in your mid-30s, you will probably want to take a step back and look at your current portfolio to see if it will be on track to where you intend to be when you retire. You will want to ensure that you have an overall strategy/thesis in place to invest, maintaining a war chest for market opportunity, consistently building your portfolio through RSP (be it ETF or UTs), and ensuring that you have a framework that will serve you in your 40s and 50s and finally when you retire. It is also important to understand that retirement, being your longest holiday, will necessity careful planning in order to ensure that your income assets will be able to provide you with the income stream you need. If you have more specific questions, feel free to reach out and you can get a more detailed answer. For now, based on your post, these general guidelines should help you to stay focused and plan the big picture.

Insurance

Let's take a look at the concept of insurance first. Insurance is really just risk transfer. By way of a contract, insurance allows you to transfer the risk (measured in a quantifiable number) to a party (the insurer) who is able to take on the risk. The risk can be anything such as loss of income, hospital bills, long term care costs etc. In exchange for honouring the contract, the insured party agrees to pay a sum of money determined by the insurer, most of which to the risk pool (after accounting for costs), which is paid out upon the insured event occuring. So with that in mind, when is it that you have too much cover? One could say that if you passed on prematurely at 25, you would have lost 40 years of income. So is the right amount 40 x your annual income? Yes and no. Yes if you believe that you had that potential to earn (not even counting inflation or salary increases) that amount and didn't want to see it disappear . No if you believe that with a lesser payout and some proper management of the payouts, the income generated from the payouts could be used to generate the lost income. Not to mention, the premiums are higher for a greater coverage amount. With that in mind, you can see that there are a lot of ways to determine the 'right' amount of coverage. So to simplify things, we have 'rules of thumb' or guidelines that make it easier to calculate the actual amount of cover needed. For example - Death cover: 10 times of your annual income - Death cover: Your liabilities as well as funds to maintain your family's standard of living - CI cover: 5 times of your income - CI cover: 5 years of expenses plus a baseline for out of pocket costs - CI cover: 5 times of your income each time I am diagnosed (i.e. multi pay) - Long Term Care: Enough funds to have a caregiver come to my home to help me - Long Term Care: Enough funds for me to afford nursing home bills You can see that even with rules of thumb, there is no 'right' or 'wrong' answer. So that is where you need to combine what you need with the affordability factor. As a rule of thumb, you should not be spending more than 10% of your income on essential coverage. (Sometimes it does exceed a little, but 11%-12% is still okay) So in the end, how much is too much? I would very much like to have 10 times annual income as CI payout rather than 5 times, but if that's costing me 10%, you would be better off financially getting 5 times first, and then add on more later. One of the most memorable potential 'overpaying' scenarios I have encountered was with accident plans: Usually these can be bought over the phone from a telemarketer, I once met a hawker with 7 accident plans. No two plans were similar, but there was a lot of overlapping cover. Now that's ok if you can afford it, but if you can't, it doesn't make sense. II recommended that he cut it down to 2 policies with the least amount of overlap. Having said that, insurers also have financial underwriting guidelines, so they will also not allow one to purchase too much. So in summary, ask yourself what you need, and if it is within affordability limits, that will generally be ok. Speak with an advisor whose job is also to point out any gaps that you did not think of. I once had a client who wanted to get a term plan to cover the house mortgage, so he wanted an amount exactly on the mortgage amount. But he also had 2 kids to raise, and he'd completely forgot to count in the costs involved with raising them. So I pointed it out to him. You'll also want to ensure that you get a cost effective policy by comparing across different insurers; this is where an independent advisor distributing multiple insurer products comes into play. If you feel you are already paying too much, a review of your current coverage may be necessary to see what is essential and what is not.

Insurance

Tokio Marine TM Multicare

Critical Illness (CI)

Healthcare

Hi anon, Multi pay CI plans were designed to provide coverage even after a CI/ECI occurs. Usually if someone has CI/ECI, it will likely mean that they cannot get more CI cover in future. The payout is meant to cover daily expenses and out of pocket items such as caregiver costs, etc. Hence, you will probably want to at least ensure that you have a basic CI/ECI cover for life which can be a limited payment life plan. Then, add on a multi-pay plan should you wish to continue to be covered even after CI strikes. Although some multipay plans can cover you till age 100, be aware that you will have to pay premiums throughout the duration of the plan as well, as they are term plans. The longer the coverage, the higher the premiums. You thus need to consider your affordability factor; and thus, whether or not you should get coverage till 75 or 85. I would say that if you have a basic CI/ECI lifetime cover through a life plan, you can consider a standalone multipay till 75, and claim from that first. Thereafter, the life plan will take over and pay out should you make a claim after 75. Another option is to embed a multipay rider into a life plan, this provides you with a lifetime of CI/ECI coverage, plus a multipay feature till a certain age (e.g. 85), after which you will still have the basic coverage to fall back on. The advantage of this is that you will not have to pay premiums through the duration of the plan, but still get both multipay coverage as well as a basic lifetime CI/ECI cover. As all standalone multipay plans have different payout structures, I would suggest speaking to an independent advisor who carries multiple products to understand how the plans work, as well as your options before you commit. I distribute Tokio marine and Aviva along with other insurers. If you'd like more information on these products, you can contact me via email at [email protected]

Insurance

Critical Illness (CI)

Yes, there are. NTUC Income has a range of senior-specific products to cover for personal accidents, senior-specific diseases, as well as critical illnesses. You can check them out here https://www.income.com.sg/life-insurance/silver-protect and https://www.income.com.sg/life-insurance/silver-secure NTUC Income is one of the dozen insurers I distribute. If you'd like quotes on these products and a further explanation of how they would benefit seniors and their families, do drop me a message on Facebook or email me at [email protected]

Insurance

Critical Illness (CI)

Health Insurance

Hi anon, Whether or not the older terms are better than the newer terms can be a subjective one, but we can first address these concerns by examining the current definition vs. the new definitions. Let's take a look at them: 1) Major Cancers: "Major Cancer diagnosed on the basis of finding tumour cells and/or tumour-associated molecules in blood, saliva, faeces, urine or any other bodily fluid in the absence of further definitive and clinically verifiable evidence does not meet the above definition" has been added. I'm no actuary, but it would seem that the requirement for confirming a major cancer is stricter now that you cannot use blood or bodily fluids to positively diagnose cancer. It will probably mean that a biopsy from the suspected cancer site is required. "Skin confined primary cutaneous lymphoma and dermatofibrosarcoma protuberans" is specifically excluded now. The rationale was that it was easy to treat and does not fulfil the intent of severe stage coverage. In other words, if you happen to be diagnosed with this, it will not be claimable as opposed to now. "All bone marrow malignancies which do not require recurrent blood transfusions, chemotherapy, targeted cancer therapies, bone marrow transplant, haematopoietic stem cell transplant or other major interventionist treatment; " are now excluded Same as above, more exclusions My opinion: Getting more specific and hence stricter on the claims. Well, you can definitely say that with fewer grey areas, a positive diagnosis would either lead to a claim or not, instead of having to debate back and forth with the insurer's doctors. 2) Heart Attack The new addition of "Death of heart muscle due to ischaemia" The old wording was "due to obstruction of blood flow". Again, getting more specific here. MyocardiaInfraction type 1 and 2 would be covered very specifically. The term "obstruction of blood flow" is rather vague if you look at it. 3) Stroke "With persisting clinical symptoms" has been removed from the definition. Rationale was that after surgery, a cut out tumour could be bleeding, but this is often as a result of the surgery, rather than the stroke. So it's more specific now. “Secondary haemorrhage within a pre-existing cerebral lesion” added as an exclusion. Hence, slightly lesser things to claim on. 4) Aplastic Anaemia "Irreversible" has been added. Although I'm no doctor, it would seem that it is harder to claim now. Previously, the older definition would mean that although the anaemia due to bone marrow failure is chronic, you could just make a claim once you've proven it's chronic. Now you need to prove it is both chronic and irreversible. 5) Coma "Medically induced coma" now excluded. 6) Deafness (Loss of Hearing) It now has to be "irreversible" to a very specific definition of “cannot be reasonably restored to at least 40 decibels by medical treatment, hearing aid and/or surgical procedures consistent with the current standard of the medical services available in Singapore after a period of 6 months from the date of intervention ”. So if you lost hearing above 80 decibels permanently but could be restored to at least 60 decibels, you won't qualify under the new definition. Stricter in my opinion and harder to claim. 7) HIV Due to Blood Transfusion and Occupationally Acquired HIV " The insured does not suffer from Thalassaemia Major or Haemophilia" has been removed . An improvement , surprisingly. Previously, if you had Thalassaemia Major or Haemophilia, you would be excluded from this even if you had gotten HIV due to blood transfusion. However, Thalassaemia Major usually limited your life expectancy to 30 years unless you are one of the lucky few who can get a marrow transplant. Haemophilia (poor blood clotting) would limit your lifespan too. But at least these people have recourse now, should a blood transfusion cause them to get HIV. An improvement in my view. 8) Benign Brain Tumour 3 exclusions added (Abscess, Angioma, tumors of skull base). Stricter. 9) Viral Encephalitis Well. What a surprise. The older version required "viral infection" as a cause, but now all causes can allow a claim. An improvement. However, they added the requirement of "confirmatory diagnostic tests", which is layman for saying that they need to do more tests on you to confirm the condition. 10) Blindness Added a very specific (and stricter line) "The blindness must not be correctable by surgical procedures, implants or any other means." It's almost future-proofing the definition in case bionic implants are invented in future. Well, we can't do what Thor did in Avengers: Infinity War any more (I hope you watched the movie). Thor would have qualified under the old definition, assuming he lost both eyes to Hela and Rocket Racoon had 2 implants available. 11) Progressive Scleroderma You now need "equivalent confirmatory tests" but you would need it anyway, since under the old definition you needed a biopsy, and you can't do that on your heart or lungs. Another criterion is “confirmed by a consultant rheumatologist”, which would just be a minor issue, although stricter (you specifically need to find a rheumatologist now) 12) Apallic Syndrome It's now called "Persistent Vegetative State". Nothing's changed. Kind of like how Kentucky Fried Chicken (which used the full name previously) rebranded as "KFC". The chicken is still the same 11 herbs and spices. 13) Systemic Lupus Erythematosus with Lupus Nephritis You now need "clinical and laboratory evidence" so it's slightly harder and probably more troublesome? They changed the classification of Lupus from using WHO to RPS/ISN since RPS/ISN is the more relevant body to classify Lupus. It's like benchmarking Singapore's SMRT to Hong Kong's MTR, you probably want to benchmark it to Japan's JR group since they are the gold standard for train service in most people's eyes. 14) Other Serious Coronary Artery Disease Instead of "coronary angiography", you now need "invasive coronary angiography" to confirm it. So that rules out CT or MRI. It's stricter. "The branches of the above coronary arteries are excluded." just means less ambiguity. 15) Poliomyelitis You now need a diagnosis by "a consultant neurologist or specialist in the relevant medical field." Just slightly more requirements but not a major impact. TLDR; A slight negative in my view, stricter conditions make it slightly harder to claim, but clearer definitions make it a definitive yes/no when it comes to claiming. So now, the big question: Should you get a plan now or wait? I would say that you should get a CI plan not because of the definitions becoming stricter, but rather because you need one. If you don't need one because you already have sufficient coverage, that's ok. But if you have not reviewed your CI cover for a while, and you don't have sufficient coverage upon a review, you will want to get additional cover. Between now and 2020, you cannot say for certain that nothing will happen to you in terms of CI, and there's usually a 90 day waiting period for CI claims. You want to ensure that (touchwood) should you ever claim, your policy has already been in force more than 90 days. CI can strike without warning, my own aunt was ok until she had persistent stomach pains for a month in 2017, and then she was diagnosed with stage 4 stomach cancer and passed on in 6 months (she was 80+ and did not have CI cover, so the last 6 months was a bit of a stretch financially as we tried to make things more comfortable for her) In the end, more people are diagnosed with cancer each day in Singapore than people who perish in a car accident (though traffic accidents tend to make the news). Critical illness, especially the big three (Cancer, Stroke, Heart Attack), is really a silent killer, and for those who survive, the funds they have to burn through can be substantial. I'd like to think that everyone has a plan when CI strikes; it's either a plan by default or a plan by design . By default meaning that you live life as normal, should CI strike, you burn through your resources, and have to turn to your loved ones for financial aid. By design meaning you design a strategy and take the right steps to mitigate risk by passing it on to the insurer, and should CI strike, your payout provides you funding and eliminates financial stress on you and your loved ones, and you retain your dignity. Would you prefer a plan by default or a plan by design? I'm sorry if the answer is rather lengthy, but I just felt I needed to put my viewpoint forth in full.
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