Term Life Insurance
Asked on 08 Nov 2019
Asking on behalf of a friend as both of his parents do not have any health insurances and his dad recently had heart surgery and it amounts up to 50k... Is it still worth it for his parents to buy insurance? If yes, what kind of coverage should he be looking at and how much would it cost roughly for each parent? Thanks!
Hey Anon, in Singapore we all have the Medishield Life to cover medical bills in B2/C wards in a government hospital. It has sub limits for different types of claims and a yearly limit of 100k.
On top of Medishield Life we can get ourselves an integrated shield plan that gives us the option stay at higher wards, an as charged benefit that doesn't limit each claim amount, and a higher yearly limit of up to $2m (that's currently the highest available).
However, with most type of insurance plans, you need to be healthy to purchase them. Any pre existing conditions would almost always be excluded and you cannot claim for those conditions other than from Medishield Life.
So your friend's parents can get an integrated shield plan, but his dad would likely get excluded for heart related conditions.
Another protection you can consider would be against personal accidents and disability. There are senior specific personal accident plans from a few insurers and of course Eldershield and its supplementary plans that will pay a monthly amount for a period of time or lifetime depending on the benefit you choose. The oldest age to enter is 65 so you have to make sure if your friend wants this protection, they need to act fast.