Child's first insurance policy

[La estrella]

Dear Mummies,

I intend to buy the first insurance plan for my gal who's now 7mths old. Any advice on what will be the first insurance I should consider ? Should it be a Life or Education plan ? And Is there any good value insurance coverage or insurance company to recommend ?

Anyone knows about AIA Guaranteed 8 for life ? Is this a good policy for children ?

Appreciate all inputs on this matter.

Cheers,
La estrella

 

[ochklk]

Dear Mummies,

I intend to buy the first insurance plan for my gal who's now 7mths old. Any advice on what will be the first insurance I should consider ? Should it be a Life or Education plan ? And Is there any good value insurance coverage or insurance company to recommend ?

Anyone knows about AIA Guaranteed 8 for life ? Is this a good policy for children ?

Appreciate all inputs on this matter.

Cheers,
La estrella

Hi, we have bought AIA Star Shield Policy, premium is about 1 year $200plus, this is include critical illness, education and accident, at the end of the policy there is no surrender value, just for protection. In case, if there is any mishap on me, my BB will immediately get the 20K for his education, if (touch wood), any illness or accident to BB, it will be cover too. And we also bought the Medishield and also purchase a Shield Plan from AIA for hospitalisation and treatments for BB too.

For life and education plan,, we are still planning, but don't intend to buy so early.

We find that illness and accident policy are still the most important cover for BB up to his 21 yrs old. Until he can work and earn himself for a better policy.

Even for ourselves, we also bought extra shield plan for illness, hospitisation and treatments(yearly premium around 100plus to 400plus, depends on age and can pay by medisave) as we don't want to end up in huge bills if anything happen to us(touch wood) and bring headache to our family.

 

[Jo'an]

I'm considering Prushield from Prudential for medical coverage. I think it's more important to get medical fees cover 1st.

 

[wave1909]

i brought from great eastern... but i brought 2 insurance. saving and medical insurance...
medical is cheap buy when young... saving for his education or other uses... quite worth it.. i brought a low type amount save.. $101.10 per month.. if i have anything happened.. i dun need pay.. the extra $1.10 is for that.. then my friend calculate i save 20 yrs around $24k... but my bb get back around $35k at least.. as every years when the company earn.. they give out some money to him.. anyway, it's good for saving.. even few yr down the road.. u need the money.. u can take half of the balance in it out.. the most u can take half out so by 20 yr at least got some money for ur bb.. if nv take out.. of course the interested is higher... but to me.. saving is better for education insurance.. if can really study, use it for education but if he can't .. maybe can use it for some other use like open a shop. up to him...

 

[zhiz22]

Dear Mummies,

I intend to buy the first insurance plan for my gal who's now 7mths old. Any advice on what will be the first insurance I should consider ? Should it be a Life or Education plan ? And Is there any good value insurance coverage or insurance company to recommend ?

Anyone knows about AIA Guaranteed 8 for life ? Is this a good policy for children ?

Appreciate all inputs on this matter.

Cheers,
La estrella

Hi

Do not fall into the trap of those savings plans recommended by insurance agents. Usually when i show clients how the actual figures and percentage returns, they would decide not to get it as they agree that its not cost effective.

Certain plans in the market also bundle a few things together and its not cost effective.

In fact its possible to get free medical and accident coverage if you mix and match policies from the right companies.

Based on what I observed was posted in this thread, I believe that each member's cost savings in to get the same coverage would be between a few hundred to a few thousands. This is by planning through an independent advisor.

 

[zhiz22]

i brought from great eastern... but i brought 2 insurance. saving and medical insurance...
medical is cheap buy when young... saving for his education or other uses... quite worth it.. i brought a low type amount save.. $101.10 per month.. if i have anything happened.. i dun need pay.. the extra $1.10 is for that.. then my friend calculate i save 20 yrs around $24k... but my bb get back around $35k at least.. as every years when the company earn.. they give out some money to him.. anyway, it's good for saving.. even few yr down the road.. u need the money.. u can take half of the balance in it out.. the most u can take half out so by 20 yr at least got some money for ur bb.. if nv take out.. of course the interested is higher... but to me.. saving is better for education insurance.. if can really study, use it for education but if he can't .. maybe can use it for some other use like open a shop. up to him...

I believe that the 35k that your friend showed you are the projected numbers. It is non guaranteed. Do not overly believe those figures. A lot of ppl have been sold on those high numbers which are not achievable.

Ask for recent years returns to know the truth, especially last year.

 

[zhiz22]

I'm considering Prushield from Prudential for medical coverage. I think it's more important to get medical fees cover 1st.

Do consider the need to have Letter of guarantee provided by the insurer. Also the premiums, which can double or triple of other insurers with same coverage

 

[zhiz22]

Hi, we have bought AIA Star Shield Policy, premium is about 1 year $200plus, this is include critical illness, education and accident, at the end of the policy there is no surrender value, just for protection. In case, if there is any mishap on me, my BB will immediately get the 20K for his education, if (touch wood), any illness or accident to BB, it will be cover too. And we also bought the Medishield and also purchase a Shield Plan from AIA for hospitalisation and treatments for BB too.

For life and education plan,, we are still planning, but don't intend to buy so early.

We find that illness and accident policy are still the most important cover for BB up to his 21 yrs old. Until he can work and earn himself for a better policy.

Even for ourselves, we also bought extra shield plan for illness, hospitisation and treatments(yearly premium around 100plus to 400plus, depends on age and can pay by medisave) as we don't want to end up in huge bills if anything happen to us(touch wood) and bring headache to our family.

If you select a better shield plan that is more affordable from other insurers for the whole family, my calculation is that your cost savings can give you a free star shield policy.

There are concerns about aia shield policy due to it being the slowest claims rate in the market. (based on MOH statistics)

 

[lynnie85]

Personally, I think it's important to get the child protected with hospitalization coverage as well as accident.. as child usually are more prone to fall sick easily as well as being curious in nature to climb here and there...When you have more budget, probably then invest in life policy for them as it's usually cheaper when they buy at a younger age.

But most impt is that we parents must also be well covered just in case something happen to us and no one is able to take care of our bb.

Hope these info helps =)

 

[ochklk]

Personally, I think it's important to get the child protected with hospitalization coverage as well as accident.. as child usually are more prone to fall sick easily as well as being curious in nature to climb here and there...When you have more budget, probably then invest in life policy for them as it's usually cheaper when they buy at a younger age.

But most impt is that we parents must also be well covered just in case something happen to us and no one is able to take care of our bb.

Hope these info helps =)

Same thinking...

 

[deelady]

How you parents covered your child?

 

[pepperphibs]

Hi, I got a investment linked plan for my daughter for her education funds a month after she was born.

She also has a enhanced shield plan for her medical expenses should she be warded. This is with Aviva as they give free coverage for child till Age 20 if both parents are covered under the plan.

I plan to get her a whole life plan soon as the premiums are very low at her age.

I feel that for children, if budget is not available, start with a medical plan followed by education funding coz for whole life, more important to ensure parents are covered sufficiently first, as mentioned in the above posts.

I hope this helps.

 

[diymummy]

I got an accident and hospitalisation plan for my boy from AIA.

 

[cmeilim]

If you select a better shield plan that is more affordable from other insurers for the whole family, my calculation is that your cost savings can give you a free star shield policy.

There are concerns about aia shield policy due to it being the slowest claims rate in the market. (based on MOH statistics)

Hi, you sound very knowledgeable in the area of insurance? Are you an insurance agent or financial planner yourself?

In your opinion, which company offers a 'better shield plan that is more affordable....for the whole family' and why?

Which insurer processes the fastest claims in the market?

 

[jean1986]

Hi, you sound very knowledgeable in the area of insurance? Are you an insurance agent or financial planner yourself?

In your opinion, which company offers a 'better shield plan that is more affordable....for the whole family' and why?

Which insurer processes the fastest claims in the market?

Hi, don't mind me responding to your post.
I'm a Prudential agent myself. Currently, if you check out the MOH website, only AIA, GE and Pru covers 100% of your hospitalisation costs if you take up the medisave plan + rider.

I disagree AIA is the slowest in terms of claim in the market. I have heard of claims in AIA done within a week's time. It really depends on the backend processing by the hospital and the insurance company.

PM me if you're interested to find out how much would it costs to cover for your whole family and what does it cover.

 

[cmeilim]

Hi

Do not fall into the trap of those savings plans recommended by insurance agents. Usually when i show clients how the actual figures and percentage returns, they would decide not to get it as they agree that its not cost effective.

Certain plans in the market also bundle a few things together and its not cost effective.

In fact its possible to get free medical and accident coverage if you mix and match policies from the right companies.

Based on what I observed was posted in this thread, I believe that each member's cost savings in to get the same coverage would be between a few hundred to a few thousands. This is by planning through an independent advisor.

how is this posssible? what mix of policies from which companies will provide this?

 

[stonston]

Hi, dont't mind me responding to your post.
I'm a Prudential agent myself. Currently, if you check out the MOH website, only AIA, GE and Pru covers 100% of your hospitalisation costs if you take up the medisave plan + rider.

I disagree AIA is the slowest in terms of claim in the market. I have heard of claims in AIA done within a week's time. It really depends on the backend processing by the hospital and the insurance company.

PM me if you're interested to find out how much would it costs to cover for your whole family and what does it cover.

I agree AIA claim processes very fast. I think it goes back to documents submitted & how efficient your agent is. My agent is very good and she will compile all the documents for us to submit. If anything incomplete or missing, she'll actually call up the hospital on my behalf to request for it, then prepare a letter for us to sign to authorise her to get the information on our behalf.

So far we have had very pleasant experience with AIA because this agent makes it very smooth on everything. She even helped me with my maid's renewal of work permit cos we bought the maid insurance from her.

Based on my experience, the slowest and most inflexible one is NTUC Insurance. Followed by Great Eastern.

 

[cmeilim]

ya, my AIA agent also very good, so my claims have been quite fuss-free. honestly, rate of claims often depends on the agent.

i find GE expensive compared to the other insurers. not sure if i am completely right or looking at the latest premiums.

 

[diymummy]

I have a plan with GE but I didn't buy directly from them. I bought from OAC and then OAC got bought over by GE.

I find GE's customer service very slow.

My AIA agent also processes my claims very quickly. No questions asked too. Once she forgot to submit the date of accident for my claims and she quickly re-submitted the claim for me again.

 

[Ting]

but how u pay for the unsurance? thru cash?? what abt those tt can be paid by CPF mthly??