Insurance

[jedamum]

just spoken to my financial planner yesterday.
she advise to go for investment link policy instead of endowment cos although endowment policy guarantees a fixed lump sum, but due to some 'dollar-cost-averaging', investment link policy is likely to generate better returns.
any comments?
then again, dh's first policy is some life policy that is not investment link...i ask him why he bought that initially, he also blur blur.....any idea whats the diff?

 

[daberdew]

just spoken to my financial planner yesterday.
she advise to go for investment link policy instead of endowment cos although endowment policy guarantees a fixed lump sum, but due to some 'dollar-cost-averaging', investment link policy is likely to generate better returns.
any comments?
then again, dh's first policy is some life policy that is not investment link...i ask him why he bought that initially, he also blur blur.....any idea whats the diff?

Hi mummies,

I am a new mother and am also in the insurance industry. Due to my new status, I am also analysing insurance plans for my little one so would like to share and help to answer some of the doubts anyone of u may have.

With regards to the above, the main objective of buying life policy is to insure our littles against any mishaps (touch wood) they may encounter in their lives. The normal break-even period is about 18 to 22 years depending on the insurer. But parents should not be too concern with the break-even period as life policies are not meant to make money as in surrender and get cash. Parents buying such policies is for their little ones to have high coverage at lower premiums because of our little ones' age. i.e. the older your chile buy, the more expensive life policy is.

For investment-linked policies, they are more aimed at getting better returns given a same period of time as compared to endowment. Hence, parents may have a larger sum of money for child's education or business. However, investment are subject to risks, thus not suitable for low-risk takers.

Hope I manage to answer the above.

 

[annedrew]

To me I think the most impt policy is the hospitalisation. Bot medishield policy for my 2 kids using medisave. Tot better to buy rider to cover full hospitalisation fees in case they kanna hospitalised. My first, i bot from AIA, second from NTUC. However, realised that ntuc does not have extra rider to cover full hospitalisation fees. Now my third one dunno buy from which company. any recommendations?

 

[Jane_Mummy]

hospitalization n life not together one meh? turn 1yrs old then can buy ah?

Dh n me aso intend to get sum insurance for ds like education or saving n health type n still duno go for which company~. Normally mummies will buy wat insurance for their dd/ds?

mine is under aia i tink aia is gd lor i dunno y ppl said not gd lei i bough and health and hosptalised wan.

 

[watodo]

anyone paying less than $1000 per annum for education, life and hospitalisation policies? is it possible?

 

[FITRI]

Hi.. i brought several policies n now wonderin if im overdoin/overbuyin.. coz nw like regret ler..
i bot prushield (if i get d name rite) where it covers me hospitalisation, from prudential for me, hubi n 3 mth old son.. yrly deduct fr medisave.. then i gt endowment plan for 21 yrs fr ocbc, coverage fr great eastern.. pay mthly 100.. cover death n tpd (tht use for our retirement)..on top of tat me n hubi gt PruCash where mthly we payin 100 each for next 25 yrs.. (tis one get b4 marriage) then recently i itchy backside brought fr ocbc aGAIN! for my son d School Plan.. annually abt 2500 like tat... its savings for 1st 6 yrs then let it egg for next 6 yrs so in total 12 yrs in bank.. interest rate 2.8%..
m i stupid to hv so many ladies? shd i terminate any? any comments?? sigh :bmad:

 

[FITRI]

i dun like aviva as they gives lower returns.. my uncle invested $10k w them for 5 yrs n return only $1k plus... wat a shock! waste of time i tink other co gt better returns..

 

[Ah Cheng]

HI.
Actually what are the common Insurance package which is available and popular now? There are so many types now and very confusing on what to buy leh.

1) Life Insurance = should be the common one or basic insurance right?
2) Investment Plan = my agent is saying that should put under my name instead of muy baby. So that this "fund" can used for my 2nd child also (no need to buy another new insurance for 2nd one)
3) Education Investment = when can we start buying? Too early to buy now right where baby is not even 1 yr old. when is a good time to buy or should buy earlier?

 

[SH74]

i find that it's more impt to get health insurance n start education fund for bb 1st. life insurance can wait.

 

[Ah Cheng]

Hi daberdew,
Are there any website which we can log in to see more information on the insurance plans for children?

 

[mummymag]

Mine is NTUC switched from Aviva.

My advisor showed me NTUC, Aviva, GE, Prudential and AIA for comparision. With all the facts, I choose NTUC. He is giving me a one-stop shopping experience which I most appreciate. ancing_wub:

 

[mummymag]

Always ask your advisor to show you the return on investment for at least two products for your comparison.

 

[zhiz22]

I got a copy of the health shield comparison with inputs from MOH data. Anyone keen i can email you the document.

Do be wary when insurance agent start to promote their ILP as ILP offer a much higher commission as compared to endowment/savings plan or whole life plans.

 

[sal]

"Do be wary when insurance agent start to promote their ILP as ILP offer a much higher commission as compared to endowment/savings plan or whole life plans."

I should think that we should find out more before making such a comment.

 

[instantoats]

agree that hosp. plans are the most impt. i took up Great Eastern's plan coz it covers for congenital issues if it's discovered 2 yrs after the policy's in force, covers me for pregnancy complications, and covers stem cell treatments and experimental drugs, which some companies don't

 

[mummymag]

agree that hosp. plans are the most impt. i took up Great Eastern's plan coz it covers for congenital issues if it's discovered 2 yrs after the policy's in force, covers me for pregnancy complications, and covers stem cell treatments and experimental drugs, which some companies don't

NTUC is covering congenital issues and pregnancy complications recently. You may like to compare the premium for NTUC and GE. Did not choose GE because the premium is higher. :001_302:

 

[bbjan]

Prudential also has one health plan - Prushield that covers pregnancy complications, congenitial problems too.

Am thinking of switching from my health shield Gold Plan to this prushield, any comments on this move?

 

[veronica]

Prudential also has one health plan - Prushield that covers pregnancy complications, congenitial problems too.

Am thinking of switching from my health shield Gold Plan to this prushield, any comments on this move?

Do read their terms and clauses carefully. If you plan to switch because you are planning to have bb, they always have "window" period..

 

[January84]

Prudential also has one health plan - Prushield that covers pregnancy complications, congenitial problems too.

Am thinking of switching from my health shield Gold Plan to this prushield, any comments on this move?

I actually switched from Prushield to AvivaShield, better coverage, better benefits. My and my DH both under Avivia and so our children will be covered free till 15 or 21 yrs old.

 

[mummymag]

I actually switched from Prushield to AvivaShield, better coverage, better benefits. My and my DH both under Avivia and so our children will be covered free till 15 or 21 yrs old.

Check your insurance policy doucment, do you sum using these cases:
1. What if the bill is between $1k and $3k, how much can you claim from Aviva?
2. What if unexpected critial illness happen to your children when they are young, can they still buy any medical insurance after age 15 or 21?


Went thru these thoughts previously and will share with you if you want.