Insurance

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Insurance
  • Asked by Anonymous

    Nicholes Wong
    Nicholes Wong, Diploma in Business Management at Nanyang Polytechnic

    Top Contributor (Jan)

    278 Answers, 395 Upvotes
    Answered 2d ago
    Just normal poly student here. Health, CI, ECI and life insurance are all good to have but you seem to have 2 whole life insurance, is there any reason why you bought 2? Another important thing is to tell us how much each of them cover, number of dependents and your income so that we can tell you more specific if you are over insured or under insured.
  • Asked by Anonymous

    Luke Ho
    Luke Ho, Money Maverick at Money Maverick
    160 Answers, 265 Upvotes
    Answered 2d ago
    Plenty of good can come out of this. America loses billions of dollars to illegal immigration every year. Now imagine even a fraction of that money focused on the economy, and then a fraction of that ending up in your pocket (since we almost always inevitably use US currency or invest in some US Equities, which affect the global market, and then...)...
  • Asked by Anonymous

    Christopher Tan
    Christopher Tan, Executive Director at MoneyOwl Private limited

    Top Contributor (Jan)

    48 Answers, 93 Upvotes
    Answered on 23 Jan 2019
    Hi Anonymous, thanks for asking the question., And well done for paying down your student debt. I have high respect for people who pay for their own education fees. With regard to your question, many of the participants here have jumped in to give you their answers. I will say that I generally agree with them. So just to summarize it for you and to share my thoughts on this: 1. The first policy you MUST buy is a hospitalization plan. All of us are current covered with MediShield Life. MediShield Life is meant for big bills incurred in public hospital’s B2/C ward. It has an annual claim limit of $100K and also not every expenses incurred is fully claimable. There is also no claim for pre and post hospitalization charges. You also cannot buy riders to lower the payable amount due to deductible and co-payments. In short, the claim amount is much lower than an IP plan. If you can accept that, there is no need to upgrade to an IP. 2. If you want to have the option to pay for alternative treatment in the event you suffer a dread dread disease that cannot be paid by hospitalization plans, consider buying a critical illness plan. A coverage of $50K-$100K should suffice. 3. If you have no dependents, the above should suffice. There is no need to really buy other insurance. However, if you have dependents that will suffer financially upon your unfortunate demise, you can consider buying the MHA/Mindef Group Term Plan. It is probably the cheapest insurance in Singapore. The above 3 plans should suffice for now. Treat insurance as an expense. Buy as much as you need but pay as little as you can,.
  • Asked by Anonymous

    Josh Tan Jian Liang
    Josh Tan Jian Liang, Co-founder https://theastuteparent.com at Promiseland Independent Pte Ltd
    27 Answers, 39 Upvotes
    Answered 6d ago
    Hi Anonymous, what if you look to manage cost from your rider choice instead of choosing between private and Class A ward. There are certainly benefits with have a coverage of up to private hospital especially when you can afford it. Anyway, medisave can be used to cover most of the base plan premiums and its the rider that will cost you cashflow. NTUC has a 10% co-payment rider. AIA and Pru have a rider with restricted benefits. These are some examples. I've an analysis on how to save on shield plan that could help you understand your choices. https://www.theastuteparent.com/2019/01/am-i-paying-too-much-for-my-ntuc-incomeshield-enhanced/ Good luck and take care!
  • Asked by Anonymous

    Josh Tan Jian Liang
    Josh Tan Jian Liang
    27 Answers, 39 Upvotes
    Answered 6d ago
    Hi anonymous, I saw your reply below. If delivery was in a private hospital and a pregnancy complication happens that is within your ISP, a proration factor would kick in. This means a large part of your bill cannot be claimed. Hence, it is a valid concern for upgrading for possible pregnancy complication needs. There is a waiting period of 10months usually before pregnancy complications can be covered. If you would like to upgrade, most insurers have at present moment launched their new 5% co-payment rider plans. Understand your current ISP for its pregnancy coverage. I've a summary here for you https://www.theastuteparent.com/2017/05/pregnancy-complications-integrated-shield-plan/ Good luck and take care
  • Asked by Anonymous

    Yixiong Chang
    Yixiong Chang
    192 Answers, 250 Upvotes
    Answered 6d ago
    Just look at the premium compared to other age groups. That will give u an idea how 'rare' it is. It will be hard to find statistic for all the 'critical illnesses', not even to mention claims experience from any of the insurers. If u want more narrow stats like children cancer, it will be easier. According to KKH, Children (under 15yo) makes up about 1% of all cancer cases in Singapore, about 90-100 new cases are detected each year. The cancers for children being: - Leukaemia 35% - Brain tumour 20% - Lymphoma 10% - Eye tumour 7% - Kidney tumour 6% - Adrenal tumour 5% - Bone tumour 5% - Germ cell tumour 5%
  • Asked by Anonymous

    Christopher Tan
    Christopher Tan

    Top Contributor (Jan)

    48 Answers, 93 Upvotes
    Answered 2w ago
    Dear Anonymous, thanks for the question and sorry for the late reply. As you might know, MoneyOwl is a bionic financial adviser. To be Bionic means to have the best of both worlds – humans and technology. Technology integrates complex financial models into your financial plan with ease and precision. But we understand that money is very personal and involves emotions, aspirations and life decisions. That’s why both our dedicated client advisers and our technology platforms come together to journey with clients throught their stages in life. One more thing about the importance of the human element in advice. While it is easy to design and recommend an investment portfolio using technology, what is tough is when the markets becomes very volatile, or when the markets tank, or even when the markets become exuberantly bullish, machines cannot help us stay invested or prevent us from making silly decisions. This is when human intervention is necessary, to do the risk/investment coaching to help us make sensible decisions. So I don't think that machines will replace humans. But it is really up to humans to work with machines. Hope this helps.
  • Asked by Anonymous

    Hariz Arthur Maloy
    Hariz Arthur Maloy, Independent Financial Advisor at Promiseland Independent

    Top Contributor (Jan)

    295 Answers, 494 Upvotes
    Answered 2w ago
    Don't think there is any. Our local Shield Plans have a last entry age of 75, plus not many seniors would be of pink of health at that age either.
  • Asked by Anonymous

    Luke Ho
    Luke Ho, Money Maverick at Money Maverick
    160 Answers, 265 Upvotes
    Answered 2w ago
    I got a whole life plan with 300k ECI and a term CI for 200k, which is just under the amount I make a year (you get 5 years CI). I also have 1 mil in death coverage, which is excessive, but I want my people to have something in the event I have an unexpected death. Basically practice what I preach to clients, at least. It would be bad to be hypocritical, no ?
  • Asked by Anonymous

    Luke Ho
    Luke Ho, Money Maverick at Money Maverick
    160 Answers, 265 Upvotes
    Answered 2w ago
    Basically 100% possibility its yes. Why would you though? It's not a 100% for upgrading.
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