Asked on 04 Nov 2019
They are 61 and 66 respectively. Which ones should be of the highest priority?
Hi Hai Ngee,
At that age, it's usually a hospitalization policy with a rider to minimize out of pocket expenses. Personal accident if you can afford it. And if possible, for the parent who is aged 61, there will still be avenues to get on board Eldershield as well as the supplement to boost payouts in event of severe disability.
Feel free to reply to my post if you have any further question.
Should turn the question into what is the need for insurances that your parents would have at those ages.
Definitely should look into a hospitalization plan - medical expenses can be very high and while the premiums will be a cost, it would mean certain over the outgo to remove the risk of adverse outcomes.
Aside from that, it really depends on what is situation with loans/dependents for your parents - if they are debt-free and kids out of the nest, it could be nothing else needed (other extreme if they still working and income supporting people/loans then maybe need quite comprehensive cover). Perhaps share more details and the FAs from the various insurance companies can comment futher.