About Insurance,pls advise!

[Ramseth]

really too bad if that happen, 100K is my own self valuation,if need more money,i will go jump MRT.

Your $50k living policy will pay out $50k (+ bonus if any) if you're diagnosed of any one of the critical illnesses scheduled in the policy.

Your $50k life policy will pay out $50k (+ bonus if any) if you're permanently and totally disabled, or upon your death.

These two policies are based on sum assured and not medical costs. That is, regardless of the medical costs incurred in case of critical illness or disability, they still pay the sum assured in the policy only.

Medishield is medical insurance based on hospitalisation (and certain outpatient) costs. That is, it will pay out a certain percentage of your hospital bills after deductible and co-insurance according to the class you're insured for. The balance will be billed to your Medisave.

If Medishield and Medisave are still not enough to foot the bill, then you have to pay cash. Your savings and whatever other insurance claimable are your cash. So it looks quite sufficient coverage you have, provided that you also have Medishield and Medisave.

 

[Leongsam]

Your savings and whatever other insurance claimable are your cash. So it looks quite sufficient coverage you have, provided that you also have Medishield and Medisave.

If a person is earning $60k per year at age 30, life insurance coverage should be sufficient to maintain a similar standard of living for life should the insured no longer be able to work.

In Singapore, any policy that does not provide 6 figure coverage is insufficient.

 

[krafty]

thank you,btw, my the other policy that I mentioned covered at 50k is those 10 dollars per mth bought from Ntuc. No check up needed,do you think it's good?

Your $50k living policy will pay out $50k (+ bonus if any) if you're diagnosed of any one of the critical illnesses scheduled in the policy.

Your $50k life policy will pay out $50k (+ bonus if any) if you're permanently and totally disabled, or upon your death.

These two policies are based on sum assured and not medical costs. That is, regardless of the medical costs incurred in case of critical illness or disability, they still pay the sum assured in the policy only.

Medishield is medical insurance based on hospitalisation (and certain outpatient) costs. That is, it will pay out a certain percentage of your hospital bills after deductible and co-insurance according to the class you're insured for. The balance will be billed to your Medisave.

If Medishield and Medisave are still not enough to foot the bill, then you have to pay cash. Your savings and whatever other insurance claimable are your cash. So it looks quite sufficient coverage you have, provided that you also have Medishield and Medisave.

 

[Ramseth]

thank you,btw, my the other policy that I mentioned covered at 50k is those 10 dollars per mth bought from Ntuc. No check up needed,do you think it's good?

Check if it says term life policy or personal accident policy. If personal accident, it will only be claimable if the cause of injury or death is by accident.

 

[SneeringTree]

even if you don't smoke you still can get cancer...

do you believe?

There are non-smokers who get cancer, just as there are smokers who never get cancer. I am just telling the guy that insurance is more expensive if you are a smoker.

What is your point?

 

[balajii]

There are non-smokers who get cancer, just as there are smokers who never get cancer. I am just telling the guy that insurance is more expensive if you are a smoker.

What is your point?

his point is ' if you pray hard enough, your cancer will go away.'

 

[Ramseth]

There are non-smokers who get cancer, just as there are smokers who never get cancer. I am just telling the guy that insurance is more expensive if you are a smoker.

What is your point?

Insurance actuarial is about probability over a large sampling. Smokers are usually rated 3 years above non-smokers. That's all. For example, a 30-year-old smoker would be rated as if he's a 33-year-old non-smoker. Slight premium increase surely less than GST.

 

[wrcboi]

The best insurance policy is one you signed with Jesus Christ...

That's why I dun have life policy....He who created...He taketh!

are u f*** retard??? that bloke is either a myth or a conman....so do u want to have cannon laws in sg just like ancient days???

 

[Unrepented]

If you really want answers, call up the insurance company(the insurer) to ask. Majority of insurance agents are not very clear on the policies which is thick and full of legal wordings, trust me. I used to create insurance products, work with the corporate lawyers to create policies in simple english. Yet agents still don't really bother or cant really understand. In part, there are too many products on their hands to sell. So you should present your specific questions to staff handling insurance claims in the claims department. I leave it to your own devises to reach that source. Then talk to your insurance agent with reference to the information provided by the staff in the claims department.

By the way if a person kanna cancer, don't expect to live long unless you have millions to spend or am very lucky. For common folks, just wait out your time and spend at hotpice at the end stages. It is a very painful death, with all the vital organs breaking down when the cancer spreads.

Anyway, chemo is only one of the avenues of treatment. Quite a few patients do not choose chemo because it breaks down the good cells as well. Most aged patients just take medication to alleviate the pain and wait their time.

Smoking breaks down the body resistance, therefore, high blood, kidney failure, high cholestrol etc. may set in. So you may want to explore a wider coverage, so best to talk to your insurer.

Some old ppl just go like that; a friend's father heart just stop and went peacefully without much complications and with not much aliments when he was alive. So SGD 50 thousand is enough... varies from situations.

Some kanna hit by fallen branch or knock down by foreign diplomat, so SGD 50 thousand also enough. But remember to make sure Personal Accident PA, is included which is most if not all the case in "life" insurance policies.

One can also buy "general" insurance policy for PA if one devise to vandalise by scattering ones " brain matter and blood" at the foot of high rise buildings or train tracks. In such cases, SGD 50 thousand medical coverage is not required.

Hope this helps.

Lung cancer strikes 1 in 2 men. If you have tumour at stage 3, at Mt E, you probably need 6 cycles of chemo - 3before and 3 after suregery. Each cycle costs $7000. So total: $42000 exc GST etc. Yr $50K is bad news.
If you kena relapse, no more money!

 

[Ramseth]

I used to create insurance products, work with the corporate lawyers to create policies in simple english.

---

One can also buy "general" insurance policy for PA if one devise to vandalise by scattering ones " brain matter and blood" at the foot of high rise buildings or train tracks. In such cases, SGD 50 thousand medical coverage is not required.

General insurance PA has never covered suicide. Suicide is not accident. How did you create such a product and with which company?

 

[Unrepented]

You are right that suicide is not an accident and cannot be insured.

Take this as my failed attempt at humor Sometimes, we don't have to show the internal organs in a picture depicting the human form. Not all unnatural deaths are classified as suicide.

Good of you to highlight this exclusion, incase readers cannot decifer the dark humor.

General insurance PA has never covered suicide. Suicide is not accident. How did you create such a product and with which company?

 

[Ramseth]

You are right that suicide is not an accident and cannot be insured.

Take this as my failed attempt at humor Sometimes, we don't have to show the internal organs in a picture depicting the human form. Not all unnatural deaths are classified as suicide.

Good of you to highlight this exclusion, incase readers cannot decifer the dark humor.

No failed attempt at all my friend. I like your humor and style in that vandalism by splattering brains and blood on the foot of highrise buildings and train tracks - medical insurance not required. LOL!

 

[Cestbon]

Want to calim money from suicide easy. Normally insurance only allow you to buy insurance up to certain limit anual pay. Maybe about 10 year pay(salary).
Easy buy insurance and insured up to maximun. Then apply job in construction side that nearly complete build more than 20 storey high. Wear safety belt and safety cap and jump when no one notice. Sure claim under accident because wearing all safety equipment. At the same time still can sue company for money because of the accident. Kill 2 bird with one stone.

 

[Unrepented]

U da Man!

Battery water from car batteries also helps to weaken material...you can age and fray jeans with it Pour on harness, wash harness, dirty the harness, tear the harness and airbone.....

But hope the taxi driver don't get any funny ideas. He once wrote he thought of suiciding. Pls don't do it ah.

Want to calim money from suicide easy. Normally insurance only allow you to buy insurance up to certain limit anual pay. Maybe about 10 year pay(salary).
Easy buy insurance and insured up to maximun. Then apply job in construction side that nearly complete build more than 20 storey high. Wear safety belt and safety cap and jump when no one notice. Sure claim under accident because wearing all safety equipment. At the same time still can sue company for money because of the accident. Kill 2 bird with one stone.

 

[krafty]

Thank you guys! I have been worrying about whether I will have enough coverage in the event if i strike cancer. My useless agent seems to have lost intouch with me. I feel more convincing now after reading all your posts. But I will have the least to confirm with my agent and checking my other policy again.thanks again!

 

[kingrant]

You might want to recheck that. There are life policies I have seen that covers death by suicide as long as it is not in the first year.

General insurance PA has never covered suicide. Suicide is not accident. How did you create such a product and with which company?

 

[Ramseth]

You might want to recheck that. There are life policies I have seen that covers death by suicide as long as it is not in the first year.

That is life policy, not accident policy.

 

[kingrant]

Yes, you're right.

That is life policy, not accident policy.

 

[Cestbon]

Thank you guys! I have been worrying about whether I will have enough coverage in the event if i strike cancer. My useless agent seems to have lost intouch with me. I feel more convincing now after reading all your posts. But I will have the least to confirm with my agent and checking my other policy again.thanks again!

50~70% insurance agent will quit less than 7 year. Only those really responsible and good service will success.
Your agent maybe already quit or because after few year no more commission from your policy that why bochap lu liao.
Maybe you can call up your insurance company ask them to that you want to speak to the agent. Ask them for those work in the line more than 5 year.

 

[krafty]

This is the other plan that I am talking about:

http://www.ntuc.org.sg/ntuc_insurance/luv.htm