facebookWhich elderly insurance would you recommend? - Seedly

Rai Hanah M

HR Manager at RHPL

07 Jun 2019

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Insurance

Which elderly insurance would you recommend?

My father just fully retired (he's 74 this Nov). With that, his Co's insurance is cancelled (it covers dependant, ie my mom who has never worked her entire life). On top of Medishield and IPS, is it necessary for them to now take on any other insurance for hospitalisation/health? Thanks in advance.

Discussion (11)

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Lee Jin Fei Andre

07 Jun 2019

Financial Services Consultant at A.I.A Singapore Pte Ltd

Post retirement there are only a few things to look out for.

  1. -Most important- Integrated shield plan (last entry age 75)
  • This is especially important as older folks are very susceptible to chronic illnesses. It is very common that a person will rake up very high bills during the final 5 to 8 years of their life.
  1. Personal Accident plan (last entry age usually 69/74)
  • Good to have, as older folk tend to slip and fall much more easily. Due to a more fragile body, they will also be more susceptible to fractures and injuries. This means more X-rays, MRIs and even prolonged treatment for bruises.
  • However even the longest term should only be till age 85
  1. A small fund to foot for his integrated shield plan and personal accident premiums**
  1. -Least important- Any possible wealth preservation plans to transfer legacy

This 4 are what I would recommend for people reaching retirement or already post-retirement to look out for.

Hope this helps you out!

View 1 replies

Hariz Arthur Maloy

07 Jun 2019

Independent Financial Advisor at Promiseland Independent

You may want to get a Personal Accident plan, last entry age would be 75 for some policies.

You won't be able to purchase any other insurance policy and it wouldn't be necessary as well. Just hold on to the Integrated Shield Plan.

View 3 replies

Colin Lim

07 Jun 2019

Financial Services Consultant at Colin Lim

it is not neccessary...and furthermore not many plans are available for age 70and above..

upvote me...

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