caydendaddy
Alpha Male
I got mine from Income. Term is every 25 years or something and riders are renewable upto age 75. guaranteed renewal without any further underwriting unless you or your son/daughter choose not to renew after 25 years.
Insurance
- Thread starter CynCyn
- Start date
M
^Mami_Jazz^
Guest
Yup, my dh shares the same view of yours.
Thanks for the info on term insur :wong19:
caydendaddy
Alpha Male
Your welcome.
By the way, forgotten to add that after every 25 years, the premium will change based on their age every 25 years even thought it is guaranteed renewable. hence premium will keep going up.
But 25 years is a long time, so for me $30 per month is a good deal hahaha:tlaugh:
M
^Mami_Jazz^
Guest
yup understand that, $30 for 25 yrs is gd enuf :001_302:
Premium sure go up, insur coy dun do LUGI business one :001_302::001_302:
Thanks:tlaugh:
sal
Member
did yr agent inform you abt a policy called the Prulink Protection Account? Abt $100 a month.
$100k for death, total and permenant disability as well as $100k for critical illness.
If u add in another $50, u might be able to get more returns when the child turns 21yo.
1 plans that gives u the coverage u want, the savings u want, and it's a life policy. So when the child turns 21yo, give him as a present, either he can continue paying the $100 premium or he can terminate the policy and take out all the moni.
$100k for death, total and permenant disability as well as $100k for critical illness.
If u add in another $50, u might be able to get more returns when the child turns 21yo.
1 plans that gives u the coverage u want, the savings u want, and it's a life policy. So when the child turns 21yo, give him as a present, either he can continue paying the $100 premium or he can terminate the policy and take out all the moni.
personal experiences n advise fm my agent frens tell me not to buy fm them....
my own experience was tryin to claim hospital bill, took them ages to approve n i had to produce alot of paperwork to claim (alot of detailed medical reports which we need to pay for!!)....
Even claim travel insurance for lost luggage was a nightmare!!! Our whole entire travel group's luggages were stolen during our transfer fm airport to hotel.....got police report, got receipts also took them almost 1.5yrs to settle n give us our money....
i had better experiences claiming fm AIA n Great Eastern....
imagine at a time u need e $$, last thing u want is having tonnes of trouble claiming fm insurance....
actualli, i beg to differ lei....
u see now every1 'must' have degree...by e time our kids study, most likely 'must' have masters....
if go JC route, 19yo go NS, 21yo go uni study 3-4 yrs....then after tt get masters, by tt time, maybe 26-27?
how to be self-sustainable by 25? v hard lei....unless like my hb onli got diploma lor....
n wot abt children who might be slower? maybe take N level route? or ITE route?
me n hb plan to 'support' my boi till he is 30.....but of cos if he not e study study type n nvr study all e way till degree or masters, i expect him to come out to work n earn his own keep la....but i'm prepared to have to pay for his education n living expenses all e way till degree at least.....
but v stress cos gotta plan for our own retirement also....cos dun wanna depend on my boi la...imagine if now i gotta 100% support my parents while support family, will be v shiong lei....thankfully my parents planned very well for their own retirement with enuf funds to play share n go holiday....must learn fm them, i wanna reture early n have time to go holiday also....
CynCyn
Active Member
Sal what type of insurance policy is tt when u gotta pay premium evry mth . Then until DS turns 21yr old can tk out money 1 ?
Btw , for health/hospital policy ( I dunno what is it exactly called . )
Is it neccessary ?
I wanted to get 1 . Was talking to Dh just nw abt this policy bt he told me tt FIL say not neccessary no use one . How true is this ?
Btw , for health/hospital policy ( I dunno what is it exactly called . )
Is it neccessary ?
I wanted to get 1 . Was talking to Dh just nw abt this policy bt he told me tt FIL say not neccessary no use one . How true is this ?
sal
Member
Hi, the policy u mentioned is an endowment policy. It's a savings policy..so by the end of the term, u get back the moni + interest earned. This type of policy are costlier.
As for the shield plan..hospitalisation plan, most older ppl dun see the need in it. They are either cash rich or they are not enlighted abt the fundamentals of the plan.
IMHO, It is a MUST to cover yourself with at least, the medishield plan by CPF. Medishield helps to subsidise the hospital bill, if u want a plan that helps to cover more, u have to buy from a private insurer..etc Prudential, NTUC, Aviva..
Dun forget that medical cost are increasing and lastest reports shows inflation for medical cost at ard 6%.
Would u rather use yr cash to pay the medical cost or someone else to pay for you?
CynCyn
Active Member
Thk u Sal , I've finally a better understanding on this issue . I was telling Dh u nvr know if Ds falls sick hospitalisation fee all this sure very ex. He and his father only know how to say no need one no need one .
But what if every month pay for the hospital insurance but for a few yrs nvr use yet . Will it be a waste ?
i agree HOSPITALISATION cover is MUST....i actualli shopped ard for policies b4 delivery....n appointed agent b4 delivery....once delivered, agent help me settle everything....but certain policy onli when bb is 1mth old then can buy....
children tend to fall ill more easily.....n their hospital bills r higher than adults (YES!! SO SHOCKING!)....
n when ur child falls ill, i tink last thing u wanna worry abt is whether u can afford treatment or not....
like my sis had to be hospitalised when she was 3yo due to some gastrointestinal virus....my parents had bought insurance, so my sis had luxury of staying single bed ward with aircon (at tt time this was a BIG deal!)....
n my mum told me she din have to pay alot in cash bcos insurance covered most of it....wotever they pay in cash is for e 'luxury' of upgrading to better ward....
it doesnt cost alot, so y not
at least u have peace of mind knowing ur precious baby is covered
forking out $$ for insurance is like buying peace of mind....
if ur bb dun fall sick, isnt it better than having to 'make ur money worth' n claim insurance??
i rather pay for insurance n dun get use it cos it means my bb nvr fall ill
children tend to fall ill more easily.....n their hospital bills r higher than adults (YES!! SO SHOCKING!)....
n when ur child falls ill, i tink last thing u wanna worry abt is whether u can afford treatment or not....
like my sis had to be hospitalised when she was 3yo due to some gastrointestinal virus....my parents had bought insurance, so my sis had luxury of staying single bed ward with aircon (at tt time this was a BIG deal!)....
n my mum told me she din have to pay alot in cash bcos insurance covered most of it....wotever they pay in cash is for e 'luxury' of upgrading to better ward....
it doesnt cost alot, so y not
at least u have peace of mind knowing ur precious baby is covered forking out $$ for insurance is like buying peace of mind....
if ur bb dun fall sick, isnt it better than having to 'make ur money worth' n claim insurance??
i rather pay for insurance n dun get use it cos it means my bb nvr fall ill
CynCyn
Active Member
U've made a very good point here Stonston . I was thinking of the same too . Rather buy now then start frettign over the hospital bills in time to come . Bt Dh doesn't sees the need . *Shrugs*
Gonna show him this thread to make him change his mind . :001_302::001_302::001_302:
Gonna show him this thread to make him change his mind . :001_302::001_302::001_302:
sal
Member
They may not have understand the fundamental of the policy like i say..so dun blame them.
Buying insurance is for a peace of mind...
caydendaddy
Alpha Male
If your DH is not keen, you can use your own medisave account to get coverage for your son. It is a yearly premium and for a toddler until around 19 years old is quite affordable. go and have your son covered atleast under the shield plan.
cyncyn, they will onli see e need for insurance when something happens....
my hb also like tt...he onli saw e need after he saw how 1 of my fren struggled with hospital bills bcos their bb always fall ill....
n it uses ur medisave $, does not cost alot too....but me n hb top up in cash (ard $25 per mth i tink) to get e better policy cos we prefer private hospital for my boi, paying cash every mth will have more coverage if we choose to go private hospital
my hb also like tt...he onli saw e need after he saw how 1 of my fren struggled with hospital bills bcos their bb always fall ill....
n it uses ur medisave $, does not cost alot too....but me n hb top up in cash (ard $25 per mth i tink) to get e better policy cos we prefer private hospital for my boi, paying cash every mth will have more coverage if we choose to go private hospital
LoVeS
Well-Known Member
such insurance i dun tink can get back $$ rite, if no hospitalized isnt it waste $$?
loves, cannot tink like tt lei...as i said, buy insurance is buy peace of mind in case anything happens....
example i fall sick, all i would want is my hb's attention....i wont want my family having to worry abt me feeling sick, n worry abt e hospital bill also....
similarly if my boi fall sick, all i wanna do is take leave n be with him even if it has to be unpaid leave....i dun wanna worry whether we can afford to pay, whether a particular treatment is too costly for us jus cos we did not get insurance....
i rather buy, have peace of mind....n pray hard i will nvr need to use e policy....cos y need to 'make ur $$ worth' when it means ur darling will be sick n hospitalised?
as said before, buying insurance is abt buying peace of mind....
spend tt little bit of $$ to make me feel secure....i sleep better knowing i'm covered if anything happens....
as long as u buy within ur budget, insurance should not be abt burning a hole in ur pocket....
for me i lay out my budget v frankly to my insurance agent n she help me find a suitable policy to meet my needs n budget....
to me it is money well-spent even though cannot get $ back....
CynCyn
Active Member
- If buy the hospital policy how long must I pay until ? What age for my DS ?
- If I nv get to use the policy and i'm continueing paying evry month , am I able to use it if DS 4-5 yrs old fall sicks etc ?
- So is it the longer u pay for the policy , the more things they cover in hospital ? At least I can give my DS the best medical attention and ward etc ?