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Insurance

Hospitalisation Insurance (H&S)

AXA Shield

Hi anon, The key function of the shield plan is to cover your hospital bills and associated pre and post outpatient costs. With that in mind, all shield plans are largely the same. But once you get into the finer details, they can differ by quite a bit. Now, it won't make a lot of sense to detail everything here, but you can speak with your advisor who should be able to take you through the unique selling points of each plan, and I'd recommend you to do just that.

Insurance

Hospitalisation Insurance (H&S)

Hi Anon, I think if you are able to DIY, definitely go for it. I think with the accessibility we have now due to technology makes things better boundless. I think in regards to whether to go through an FA, I think it really boils down to chemistry. And as you can see the responsed below.. it's been pretty negative as... there is a tendency where agents do not follow up over time sometimes.. But I think we do need to give them some slack as they are also human.. Having a FA is like having a relationship manager between you and the insurer, so just something to think about I think there is no harm actually meeting up with an FA, and see how things go and if you hit it off with the FA, as there are FAs who are committed to their clients as well. Do reach out if you have questions, as both have their pros & cons

Insurance

Retirement

Investments

MoneyOwl

Gabriel Tham
Gabriel Tham, Tag Team Member at Kenichi Tag Team
Level 9. God of Wisdom
Answered 16h ago
Havent attended mine yet but soon. It is free for first time so you can check it out too on the platform. I got my report from the platform and it is definitely very comprehensive and analysed, incorporating CPF schemes too.

Insurance

CH
CH
Level 4. Prodigy
Answered 18h ago
I feel u bro/sis. unfortunately this depends much on the insurer remuneration policy. those scumbags only care about pushing sales. anything happens, they disappear. only appear when they want to push more products. there is probbly nothing we can do about the commissions, but what i did was to complain to MAS about their bad service. and MAS gave contact of their head CS manager, (not the normal CS officer). hopefully enough consumers complain those scums, they get bad records and will never get to harm other people ever again.

Insurance

Disability Insurance

It depends on an individual's measurement of value. Here are some examples: - Price (The cheaper the better) - Coverage (The higher the better) - Definition for Claim (The broader the better) - Effciency (The faster the better) - After-Sales (The more experienced the better) As a consumer myself, I won't mind paying a little more for a premium quality product that comes with excellent customer service. For instance, I don't mind paying more for an Apple product as I know it is a quality product and their after-sales team is top-notch (having experienced it myself first-hand). In the context for the most value disability income insurance, I will prefer to work with an insurance company that adopts a broader definition for claim, and makes the claim process direct and efficient. This is because disability itself is emotionally draining. Accordingly, I don't want further stress because of a delay in submitting or processing of the claim itself. Here is everything about me and what I do best.

Insurance

General

Hi anon, 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. Depending on your budget, you can take a private hospital plan and downgrade later, or just go for Goverment A ward. You already have this so at least that is a start. 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 costs. 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. The first two are essential to have at the very least. 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.

Insurance

AIA

Critical Illness (CI)

Hospitalisation Insurance (H&S)

Hi anon, Probably a little too late, but I hope your meeting went well. Now, on the hospitalization side of things, it's almost impossible to compare apple to apple as all shield plans have distinctively different features. However, you might have a few criteria of your own that matter more to you, and you should look around to see if other shield plans meet your needs better. For Critical Illness: Based on all the numerous quotations I have generated over the years, AIA has not exactly been the cheapest solution out there, regardless of profile of my clients (looking at whole life limited payment plans). Of course, we are talking about like for like comparision first, in terms of the coverage amount, duration, etc, before we talk about the finer details like AIA having slightly more CI coverage compared to the standard definitions by LIA. The question would be, is it worth paying that extra to cover conditions out of the standard scope definied by LIA? Have you considered speaking to an independent financial advisor for an alternate perspective, especially with respect to the other options from other insurers, that are available to you?

Insurance

Investments

Family

Hi anon, At this point, hospitalization cover will be critical should you be warded. As Hariz has pointed out, you can't claim from CI, but should death occur, any plan with death coverage will pay out. I'd watch my hygiene very carefully at this point and only perform essential travel overseas. I'd seek medical attention if I'm unwell, since it's better to be safe than sorry. Financially, I'd make sure that I have the usual 12 months of expenses easily accessible to me. If something really happens, I want to have funds to ensure that I can take some time off work to recover. If you have hospitalization leave, then your company will still pay up to 60 days of salary, which should be enough for you to recover and go back to work, but in the unlikely event your recovery takes much longer, an emergency stash of cash will provide a peace of mind.

Insurance

Investments

Stocks Discussion

Investment Linked Policies (ILP)

AIA

PhillipCapital (POEMS)

Hi anon, I don't recommend investing via an insurance policy. Investments and insurance should be clearly seperated. When you invest via a policy, you become bound by the T&Cs of that policy. Transactional costs aside, I personally feel that the need to liquidate as I wish is important in investing, as long as I can accept the market value at the time of liquidation. There are better ways to invest. You can do so on your own terms, or get an advisor to manage for you (note: this is not the same as commiting to a policy), we are talking about advisory here. You can easily set up an RSP with any brokerage firm to get yourself started, and have the complete freedom to start, stop and restart any time. Naturally, there are many options at this point, but you should take your time to learn about the various asset classes, and then decide what is best for you.

Investments

Insurance

Investment Linked Policies (ILP)

Hi Sora X, I'll just make my stand very clear here, I don't recommend investing via an insurance policy. When you invest via a policy, you become bound by the T&Cs of that policy. Now, I don't know what plan you were shown, but I am pretty certain that the fees will add up and eat into your returns, regardless of any 'start up bonus' or the like. You'll probably also face a lock in period of sorts, but without more details I am unable to comment. Personally, I feel that the need to liquidate as I wish is important in investing, as long as I can accept the market value at the time of liquidation. There are better ways to invest. You can do so on your own terms, or get an advisor to manage for you (note: this is not the same as commiting to a policy) Think about it this way (again, in general terms, since I don't have details): If you're going to be asked to commit $3000/mth, but won't get any committment from the insurer in terms of guarantees, then why are you giving your guarantee to the insurer that you'll commit that amount of premium? Insurance is about guarantees, and promise by the insurer to uphold the guarantee when the time comes.
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