Insurance & Costs of having and raising a child

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As paysecure, GE has introduced a Disability Income Insurance, named as "Lifesecure".
Insured urself @ $1K to $5K.

LifeSecure

LifeSecure is the first plan of its kind in Singapore that helps to provide for your basic needs with regular monthly benefit payouts for life when disability sets in. The regular monthly benefit payouts can then be used to supplement the cost of treatment and specialised home care, which can set you back by as much as $3,000# a month. With a load off your mind, you and your family can now focus on the road to recovery.

Key Benefits:

Receive regular monthly benefits for life
In the event of a disability, LifeSecure will help to sustain your lifestyle by providing regular monthly benefits. This can help to cover the costs of special aids and equipment, home modifications to aid mobility as well as long term disabled care at home or in the hospital.

LifeSecure complements your existing disability plans by providing monthly benefits for life as long as the disability is total and permanent or a person requires assistance to perform at least two of these Activities of Daily Living (ADLs): bathing, dressing, feeding, mobility, toileting and transferring.

Affordable premiums from as low as $0.25*a day
Whether you are taking up LifeSecure as a stand-alone plan or as a rider attached to your existing Great Eastern whole life plans, our wide range of protection benefits starts from as little as $0.25*a day for monthly benefits of $1,000 and premiums continue to be level throughout your policy term, making it truly affordable.

Out-of-school disability benefit for your school-going child
LifeSecure provides for your child of school-going age between 7-16^ years old who needs to be confined at home or in a hospital due to a disability. You will receive an additional monthly benefit of $500** on top of the monthly benefit insured for your child. This helps to sustain your child's specialised needs, such as the cost of treatment, the hiring of domestic help and even for home tuition fees.

Waiver of future premiums
Future premiums will be waived when you start receiving the monthly benefits payouts, which helps to ease your financial worries as you focus on recuperation.

Receive payback benefit upon a successful claim
Following a deferment~ period, you will receive a lump sum payment of 3 times the monthly benefit or 6 times the monthly benefit insured.

Death benefit of 3X monthly payout for stand-alone plans
A lump sum death benefit of 3 times the monthly payout will be payable if death of the life insured occurs during the coverage term.

Enjoy relief with greater financial support in the event of a disability with LifeSecure!

# Source: www.minghomenursing.com

* Based on a male aged 20 years at next birthday under a LifeSecure Rider plan with coverage and premium payment term up to age 65.

^ All ages stipulated refer to age at next birthday.

** The out-of-school benefit ends when the life assured attains age 16, and is subject to a minimum of 12 monthly installments.

~ Period of 90 days or 180 days starting from the claim date, during which no benefit is payable.
1) Try NOT to LOSE money!
2) Do NOT SELL in BEAR, BUY-BUY-BUY! invest in managements/companies that does the same!
3) CASH in hand is KING in BEAR! 
4) In BULL, SELL-SELL-SELL! 
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I dont think this LifeSecure looks cheap. For 20 years old and working, its better for them to be insured under PaySecure rather than LifeSecure.

I believe the LifeSecure premium for a 40+ years old should be very high.
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To me, this is simply a TPD plan re-packaged. Instead of a lump sum payout, it pays in instalments. This is not similar to paysecure which covers you if you are unable to perform, due to illness or injury, a job that you have been trained to do. Dun let the agent fool you the same way mine tried to. As with all insurance policies, know your need first before finding the policy to insure that need.
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AIA has gone one up and introduced a disability insurance plan too - AIA Premier Disability Cover. Replaces both of GE's Lifesecure and Paysecure plans in that it covers disability for those under employment, as well as for those who are not working. As is AIA's trademark - more bells and whistles to justify the higher premiums.
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(01-04-2012, 11:58 PM)cif5000 Wrote:
(28-03-2012, 09:08 PM)Bibi Wrote: I talk till my mouth dry yet my bro-in-law still went ahead purchase a Investment-link policy from his wife's friend. The agent somehow convince him its cheaper to buy investment link policy then to purchase term and funds separate. Some people just need to learn lesson the hard way.

Disclaimer: I am not an insurance agent.

I bought an ILP when I started working. I wanted to surrender the policy after several years but realized that it is indeed cheaper to maintain the ILP than to switch to a "buy term and invest the rest" plan. The plan that I have gives me $108 credits for every $100 of premium I pay. I channel the $108 credits into "non-volatile" money market funds. A portion of the units purchased then pays for the insurance coverage and that is cheaper than a term insurance. For the remaining units in the money market fund(s), I withdraw them asap (birds in hand).

Now, I am not saying that buying an ILP (i.e. a new policy) is cheaper. You got to do the sums. The premium in the beginning years contributes to the agent fees and leaves little for buying the investment units. My point is that if you have already bought one, it might be worthwhile to restructure it such that you can cash out periodically, making it a quasi-term-insurance, but only cheaper.

I'm one of those that actually surrendered an ILP that I bought when I first started working a few years ago. Lost half everything I paid to date but looking at the coverage, and what more I needed to put in to maintain the policy for the return, I think I made the right choice.

I'm now fully a BTITR.. All with Aviva. Multiples of the coverage at a significantly less fraction of the price.
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The last one (1) week was both rewarding yet horrifying week for me.

My baby had arrived early this week, which was a new and pleasant experience. Big Grin

But my wife was having complication and need a urgent operation. I had to stay calm and with clear mind to make urgent and rational decisions for her. Be open minded to suggestions, asked right questions, yet manage to differentiate noise and valuable advice. I am practically holding my breath, till the moment she is out of operation theater and after i talked to the doctor.

I am blessed, and both of them are OK now.

Cost of raising a child is not only the monetary cost, it should include the risks taken. Tongue

This thread will provide valuable info to new father like me.
“夏则资皮,冬则资纱,旱则资船,水则资车” - 范蠡
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(24-08-2012, 02:09 PM)CityFarmer Wrote: The last one (1) week was both rewarding yet horrifying week for me.

My baby had arrived early this week, which was a new and pleasant experience. Big Grin

But my wife was having complication and need a urgent operation. I had to stay calm and with clear mind to make urgent and rational decisions for her. Be open minded to suggestions, asked right questions, yet manage to differentiate noise and valuable advice. I am practically holding my breath, till the moment she is out of operation theater and after i talked to the doctor.

I am blessed, and both of them are OK now.

Cost of raising a child is not only the monetary cost, it should include the risks taken. Tongue

This thread will provide valuable info to new father like me.

Congratulation!
Can I have the weight of your baby?
Can buy 4D.. Big Grin
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(24-08-2012, 02:19 PM)yeokiwi Wrote:
(24-08-2012, 02:09 PM)CityFarmer Wrote: The last one (1) week was both rewarding yet horrifying week for me.

My baby had arrived early this week, which was a new and pleasant experience. Big Grin

But my wife was having complication and need a urgent operation. I had to stay calm and with clear mind to make urgent and rational decisions for her. Be open minded to suggestions, asked right questions, yet manage to differentiate noise and valuable advice. I am practically holding my breath, till the moment she is out of operation theater and after i talked to the doctor.

I am blessed, and both of them are OK now.

Cost of raising a child is not only the monetary cost, it should include the risks taken. Tongue

This thread will provide valuable info to new father like me.

Congratulation!
Can I have the weight of your baby?
Can buy 4D.. Big Grin

Should I also putting a bet?

2960 is the magic number Tongue
“夏则资皮,冬则资纱,旱则资船,水则资车” - 范蠡
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Congratulations !
Happy baby and wife bonding times ahead.
Enjoy.Smile
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City Framer . Congrats! and I am so so glad everything went well.

I know the stress and the panic and the emotions etc.... as I went through something similar last year, alas mine was not a happy ending.

Please take care of your baby and wife....Money is important as a tool to ensure good care for them. Please make sure to get health insurance as soon as possible for them.

Congrats again!
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