Insurance & Costs of having and raising a child

(01-11-2012, 01:43 AM)d.o.g. Wrote:

(01-11-2012, 12:25 AM)funman168 Wrote: thanks all for your response. wish there was something like an insurance broker to help compare all the plans by the companies against my needs.
Too much time n effort req if hv to go through one by one.

As it happens there ARE insurance brokers in Singapore. I use one myself, with the result that all my insurance policies are from different insurers. There are 2 insurers that only use tied agents - AIA and Great Eastern - so the insurance broker cannot offer their policies. So if you want a 100% overview you need to talk to 3 people: the broker, an AIA agent and a GE agent.

But even if you only use the broker you can at least avoid getting the worst policy. In my limited experience the best policy is only slightly better than the 2nd best policy. But the worst policy is really bad. So avoiding the worst is more important than getting the absolute best.

The statement comes with hidden assumption that the broker used is professional and with customer interest first. I knew agent who only promotes ILP, to almost all his customers, regardless of the needs.

Thanks D.O.G, possible to share who are the insurance brokers?

(01-11-2012, 01:43 AM)d.o.g. Wrote:

(01-11-2012, 12:25 AM)funman168 Wrote: thanks all for your response. wish there was something like an insurance broker to help compare all the plans by the companies against my needs.
Too much time n effort req if hv to go through one by one.

As it happens there ARE insurance brokers in Singapore. I use one myself, with the result that all my insurance policies are from different insurers. There are 2 insurers that only use tied agents - AIA and Great Eastern - so the insurance broker cannot offer their policies. So if you want a 100% overview you need to talk to 3 people: the broker, an AIA agent and a GE agent.

But even if you only use the broker you can at least avoid getting the worst policy. In my limited experience the best policy is only slightly better than the 2nd best policy. But the worst policy is really bad. So avoiding the worst is more important than getting the absolute best.

(01-11-2012, 08:51 AM)CityFarmer Wrote:

(01-11-2012, 01:43 AM)d.o.g. Wrote:

(01-11-2012, 12:25 AM)funman168 Wrote: thanks all for your response. wish there was something like an insurance broker to help compare all the plans by the companies against my needs.
Too much time n effort req if hv to go through one by one.

As it happens there ARE insurance brokers in Singapore. I use one myself, with the result that all my insurance policies are from different insurers. There are 2 insurers that only use tied agents - AIA and Great Eastern - so the insurance broker cannot offer their policies. So if you want a 100% overview you need to talk to 3 people: the broker, an AIA agent and a GE agent.

But even if you only use the broker you can at least avoid getting the worst policy. In my limited experience the best policy is only slightly better than the 2nd best policy. But the worst policy is really bad. So avoiding the worst is more important than getting the absolute best.

The statement comes with hidden assumption that the broker used is professional and with customer interest first. I knew agent who only promotes ILP, to almost all his customers, regardless of the needs.

Yes, it may be true. When i bought even WL, i will ask two to three insurance companies to give me a quotation. From their quotations, you can usually see which policy gives you better value.
Then from experience and reading, i upgraded myself to use insurance brokers. By letting them know what current "lousy" insurance products i have bought and they usually come up with better insurance products. After all, they know you know you won't just buy any "lousy" insurance product by mistake. You will buy only labour under correct knowledge.
And you know what? My insurance broker has switched to become a full time equity broker. Why? Money not enough?
So i have GE., NTUC., ManuLife, Tokio Insurance. The last two from insurance broker.

(01-11-2012, 09:18 AM)funman168 Wrote: Thanks D.O.G, possible to share who are the insurance brokers?

The one I use is Cornerstone Planners. Other forum members can presumably chime in with the names of their own insurance brokers.

There is a list here, though I don't know how up to date it is:

http://coldfusion.insurancesupermart.com...ectory.cfm

As usual, YMMV. No endorsement given or implied.

Cheapest may not be the best. I agree with d.o.g that optimally is just to avoid the expensive ones. There are other issues like ease and speed of claims

What the CDO crisis taught us is that credit risk is real. The scare of AIA should be enough to persuade rational people to diversify their insurance exposure over various counterparties. In Buffetology it is more important to focus on return of money than return on money. So simple to understand yet so difficult to implement.

I always believe the industry should be heavily regulated. Logic is simple when we look at the incentives of the industry vs the social duty, and the bargaining power of the parties.

I have a friend working for finexis but I am unsure whether they can be considered independent broker.. I can pm you the contact if you want.

(01-11-2012, 08:51 AM)CityFarmer Wrote:

(01-11-2012, 01:43 AM)d.o.g. Wrote:

(01-11-2012, 12:25 AM)funman168 Wrote: thanks all for your response. wish there was something like an insurance broker to help compare all the plans by the companies against my needs.
Too much time n effort req if hv to go through one by one.

As it happens there ARE insurance brokers in Singapore. I use one myself, with the result that all my insurance policies are from different insurers. There are 2 insurers that only use tied agents - AIA and Great Eastern - so the insurance broker cannot offer their policies. So if you want a 100% overview you need to talk to 3 people: the broker, an AIA agent and a GE agent.

But even if you only use the broker you can at least avoid getting the worst policy. In my limited experience the best policy is only slightly better than the 2nd best policy. But the worst policy is really bad. So avoiding the worst is more important than getting the absolute best.

The statement comes with hidden assumption that the broker used is professional and with customer interest first. I knew agent who only promotes ILP, to almost all his customers, regardless of the needs.

My bro in law used a broker and he sold him the most expensive health policy (Aviva), most expensive ILP (manulife).

Thanks d.o.g. & mrEngineer

(01-11-2012, 09:37 PM)Bibi Wrote:

(01-11-2012, 08:51 AM)CityFarmer Wrote:

(01-11-2012, 01:43 AM)d.o.g. Wrote:

(01-11-2012, 12:25 AM)funman168 Wrote: thanks all for your response. wish there was something like an insurance broker to help compare all the plans by the companies against my needs.
Too much time n effort req if hv to go through one by one.

As it happens there ARE insurance brokers in Singapore. I use one myself, with the result that all my insurance policies are from different insurers. There are 2 insurers that only use tied agents - AIA and Great Eastern - so the insurance broker cannot offer their policies. So if you want a 100% overview you need to talk to 3 people: the broker, an AIA agent and a GE agent.

But even if you only use the broker you can at least avoid getting the worst policy. In my limited experience the best policy is only slightly better than the 2nd best policy. But the worst policy is really bad. So avoiding the worst is more important than getting the absolute best.

The statement comes with hidden assumption that the broker used is professional and with customer interest first. I knew agent who only promotes ILP, to almost all his customers, regardless of the needs.

My bro in law used a broker and he sold him the most expensive health policy (Aviva), most expensive ILP (manulife).

Any opinions on the HSBC health plans?

Benefits table
  Plan 1 Plan 2
Principal daily cash benefit, up to 500 days of hospitalisation
• Adult*
S$100/day S$200/day
• Child S$100/day
Double indemnity benefit for ICU stay, up to 90 days
• Adult*
S$200/day S$400/day
• Child S$200/day
Permanent total disability
• Adult*
100% 100%
• Child S$20,000
S$20,000
Indexation benefit for Individual (Adult) plan
Incremental 10% each year on the principal daily cash benefit, up to a maximum of 50% at the end of Year 5. S$150/day from Year 6 onwards S$300/day from Year 6 onwards
N.A. for Child/ren
Hospital/Surgical allowance (reimbursement)
• Adult
Up to S$1,000 Up to S$2,000
• Child Up to S$500
Post-hospitalisation benefit
Per adult/child if hospital stay was a minimum of 10 consecutive days.
• Adult S$500 per policy year S$1,000 per policy year
• Child S$250 per policy year
 

Type of plan and premium
  Age 18 - 40 years
Principal daily cash benefit Self Spouse
Plan 1 - S$100
Monthly Annual S$28.00
S$336.00 S$26.60
S$319.00
Plan 2 - S$200 Monthly Annual S$48.00
S$576.00 S$45.60
S$547.00
  Age 41 - 50 years
Principal daily cash benefit Self Spouse
Plan 1 - S$100
Monthly Annual S$40.00
S$480.00 S$38.00
S$456.00
Plan 2 - S$200 Monthly Annual S$70.00
S$840.00 S$66.50
S$798.00
  Age 51 - 60 years
Principal daily cash benefit Self Spouse
Plan 1 - S$100
Monthly Annual S$68.00
S$816.00 S$64.60
S$775.00
Plan 2 - S$200 Monthly Annual S$117.00
S$1,404.00 S$111.15
S$1,333.00
  Child#
S$100
Monthly Annual S$19.00
S$228.00
1. Eligibility age: Adults from 18 to 60 years (renewal will be up to 65 years); Children from 6 months to 18 years, or 23 years if a full-time student.
2. Premiums are subject to the prevailing GST rate.

# Child benefit is S$100 regardless of Adult Plan.
Optional benefits
  Broken Bones coverage Traditional Chinese Medicine coverage
Self or Spouse S$2.00 per month
S$24.00 pa S$8.00 per month
S$96.00 pa
Self and Spouse S$4.00 per month
S$48.00 pa S$16.00 per month
S$192.00 pa
 

Aia products are distributed through brokers. Only pru n ge are tied.

Please do not go for the hsbc plans.

Stick to Ntuc Aviva aia pru n ge which are all Medisave approved unlike hsbc.