Insurance & Costs of having and raising a child

[Traumfanger]

Anyone have any comments on this recent developments? An article I came about at investment moat.

"Fundsupermart sells insurance now! Rebates 50% of commission back to you" http://feedly.com/k/1037aBc

[Satchmo]

Took me a while to read through all 44 pages of this thread, but I have gained quite a bit of knowledge, so a big thank you to the all the contributors!

Most of the thread, rightly so, focused on insurance needs in a family unit with children.
But what about (a)singles with aging parents or (b)family units without children?

1) What types of insurance should these groups of people get?
2) Should we get hospitalisation insurance for aging parents, even with the high premiums, assuming the insurance companies agree to underwrite such policies.


For myself(currently 33yrs old), I currently belong to the former(singles) group. After gaining some insight from the thread, I have recently gotten myself a hospitalisation policy, with high coverage.

And I am considering a disability income policy, though I was offered only up till age 55(max. is 65), due to a pre-existing condition. Should I still take it up? I have yet to get quotations from other insurance companies offering such policies.

And also offered $150k CI term for 40 years, at about 1k per annum, not sure if I should take this up.

Thanks for reading, and hope all of us don't ever get to utilise such policies ever

[NTL]

Fe

Took me a while to read through all 44 pages of this thread, but I have gained quite a bit of knowledge, so a big thank you to the all the contributors!

Most of the thread, rightly so, focused on insurance needs in a family unit with children.
But what about (a)singles with aging parents or (b)family units without children?

1) What types of insurance should these groups of people get?
2) Should we get hospitalisation insurance for aging parents, even with the high premiums, assuming the insurance companies agree to underwrite such policies.


For myself(currently 33yrs old), I currently belong to the former(singles) group. After gaining some insight from the thread, I have recently gotten myself a hospitalisation policy, with high coverage.

And I am considering a disability income policy, though I was offered only up till age 55(max. is 65), due to a pre-existing condition. Should I still take it up? I have yet to get quotations from other insurance companies offering such policies.

And also offered $150k CI term for 40 years, at about 1k per annum, not sure if I should take this up.

Thanks for reading, and hope all of us don't ever get to utilise such policies ever

My small part to your questions:

1. Do your parents need you to sustain their future? If not, you don't need any life policy (term or whole).

2. Can your parents afford the hospitalisation insurance till say 90, even for a B1 ward plan? If so, take it up.

3. Take care of yourself. Get the disability plan, get eldershield, get annuity. CI, errr... shouldn't be a priority. Just make sure that you can pay for all of it. Of coz, the premium must be reasonable, else might as well self-insured.

[safetyfirst]

Took me a while to read through all 44 pages of this thread, but I have gained quite a bit of knowledge, so a big thank you to the all the contributors!

Most of the thread, rightly so, focused on insurance needs in a family unit with children.
But what about (a)singles with aging parents or (b)family units without children?

1) What types of insurance should these groups of people get?
2) Should we get hospitalisation insurance for aging parents, even with the high premiums, assuming the insurance companies agree to underwrite such policies.


For myself(currently 33yrs old), I currently belong to the former(singles) group. After gaining some insight from the thread, I have recently gotten myself a hospitalisation policy, with high coverage.

And I am considering a disability income policy, though I was offered only up till age 55(max. is 65), due to a pre-existing condition. Should I still take it up? I have yet to get quotations from other insurance companies offering such policies.

And also offered $150k CI term for 40 years, at about 1k per annum, not sure if I should take this up.

Thanks for reading, and hope all of us don't ever get to utilise such policies ever

Consider the aviva SAF group insurance for death/tpd and also CI... i think it is one of the cheapest ones around... hospitalisation can get from the ntuc one

[Temperament]

And if you want to know about Annuity go and read this thread:- "Annuities-How we can use them? Or something like that.

Took me a while to read through all 44 pages of this thread, but I have gained quite a bit of knowledge, so a big thank you to the all the contributors!

Most of the thread, rightly so, focused on insurance needs in a family unit with children.
But what about (a)singles with aging parents or (b)family units without children?

1) What types of insurance should these groups of people get?
2) Should we get hospitalisation insurance for aging parents, even with the high premiums, assuming the insurance companies agree to underwrite such policies.


For myself(currently 33yrs old), I currently belong to the former(singles) group. After gaining some insight from the thread, I have recently gotten myself a hospitalisation policy, with high coverage.

And I am considering a disability income policy, though I was offered only up till age 55(max. is 65), due to a pre-existing condition. Should I still take it up? I have yet to get quotations from other insurance companies offering such policies.

And also offered $150k CI term for 40 years, at about 1k per annum, not sure if I should take this up.

Thanks for reading, and hope all of us don't ever get to utilise such policies ever

Consider the aviva SAF group insurance for death/tpd and also CI... i think it is one of the cheapest ones around... hospitalisation can get from the ntuc one

[finnfinn]

Consider the aviva SAF group insurance for death/tpd and also CI... i think it is one of the cheapest ones around... hospitalisation can get from the ntuc one
[/quote]


I got the SAF NTUC one about 10 years ago. any idea which has better coverage?

[Satchmo]

Fe

Took me a while to read through all 44 pages of this thread, but I have gained quite a bit of knowledge, so a big thank you to the all the contributors!

Most of the thread, rightly so, focused on insurance needs in a family unit with children.
But what about (a)singles with aging parents or (b)family units without children?

1) What types of insurance should these groups of people get?
2) Should we get hospitalisation insurance for aging parents, even with the high premiums, assuming the insurance companies agree to underwrite such policies.


For myself(currently 33yrs old), I currently belong to the former(singles) group. After gaining some insight from the thread, I have recently gotten myself a hospitalisation policy, with high coverage.

And I am considering a disability income policy, though I was offered only up till age 55(max. is 65), due to a pre-existing condition. Should I still take it up? I have yet to get quotations from other insurance companies offering such policies.

And also offered $150k CI term for 40 years, at about 1k per annum, not sure if I should take this up.

Thanks for reading, and hope all of us don't ever get to utilise such policies ever

My small part to your questions:

1. Do your parents need you to sustain their future? If not, you don't need any life policy (term or whole).

2. Can your parents afford the hospitalisation insurance till say 90, even for a B1 ward plan? If so, take it up.

3. Take care of yourself. Get the disability plan, get eldershield, get annuity. CI, errr... shouldn't be a priority. Just make sure that you can pay for all of it. Of coz, the premium must be reasonable, else might as well self-insured.

Thanks for the prompt replies!

1) In a way, yes, as they both have little savings. Although I have 2 other siblings to help support them. I think best way is to have life policy(I have one Death&TPD, annual premium about $200++) until they have passed on.

2) They probably cannot afford the premiums, so I was thinking maybe me and my siblings pay for them, if the premiums are not out of our reach.

3) Haha, I am pretty fit at present, so at least I am still keeping the common chronic diseases at bay. Cannot say the same for diseases like cancer though. Will definitely take up a income disability policy in due time. If I skip CI, can probably use the premiums to help pay part of my parents' hospitialisation policies. Is annuities for singles like me advisable?


Thanks for highlighting SAF's group insurance, probably the CI portion will interest me at this point.

[dtane]

Hi Satchmo,

Please take note that for Disability Income policies, there are two form of wordings.

1. It will pay out if you cannot work in the current job you are trained for.

2. It will pay out only if you cannot work in any job.

The former is definitely better than the latter.

Took me a while to read through all 44 pages of this thread, but I have gained quite a bit of knowledge, so a big thank you to the all the contributors!

Most of the thread, rightly so, focused on insurance needs in a family unit with children.
But what about (a)singles with aging parents or (b)family units without children?

1) What types of insurance should these groups of people get?
2) Should we get hospitalisation insurance for aging parents, even with the high premiums, assuming the insurance companies agree to underwrite such policies.


For myself(currently 33yrs old), I currently belong to the former(singles) group. After gaining some insight from the thread, I have recently gotten myself a hospitalisation policy, with high coverage.

And I am considering a disability income policy, though I was offered only up till age 55(max. is 65), due to a pre-existing condition. Should I still take it up? I have yet to get quotations from other insurance companies offering such policies.

And also offered $150k CI term for 40 years, at about 1k per annum, not sure if I should take this up.

Thanks for reading, and hope all of us don't ever get to utilise such policies ever

[Satchmo]

This is part of the clauses of the income disability plan I am considering, maybe it will be of use to some of you:

(A)
{"Working Disability" means that:
• During the Pre−benefit Period and the following 24 months of any one period of disability, the Life Assured is totally unable by
reason of sickness or injury to perform the material duties of his or her own occupation; or

• Beyond the Pre−benefit Period and the following 24 months of any one period of disability, the Life Assured is unable to
perform any gainful occupation to which he or she is reasonably fitted by virtue of training, experience or education and for
which the normal salary would be 75% or more of the Life Assured's Pre−disability Earnings.}

(I)Full Disability Benefit
If the Life Assured:
(a) first satisfies the definition of Working Disability in:
(i) a Working Period; or
(ii) the first 180 days of a Non−Working Period; and

(b) is not engaged in any gainful occupation,

the Company will, at the end of each calendar month of Working Disability suffered by the Life Assured following the expiry of the
Pre−Benefit Period, pay the Amount of Benefits.

(II)Partial Disability Benefit
If the Life Assured:
(a) first satisfies the definition of Working Disability in:
(i) a Working Period; or
(ii) the first 180 days of a Non−Working Period; and

(b) is not engaged in any gainful occupation for the first 60 days of the Working Disability; and

© has Present Earnings which are 85% or less of his Pre−Disability Earnings,

the Company will, at the end of each calendar month of Working Disability suffered by the Life Assured following the expiry of the
Pre−Benefit Period, pay the following reduced monthly benefit amount:
[(Pre−Disability Earnings − Present Earnings)/Pre−Disability Earnings] X Amount of Benefits


(B)
{"Non−Working Disability" means that by reason of sickness or injury, the Life Assured is unable to perform at least 3 of the
following Activities of Daily Living without the continual physical assistance of another person:

• Dressing − the ability to dress and undress and to put on and take off any medical appliances usually worn
• Bathing − the ability to wash in the bath or shower or by other means so as to maintain personal cleanliness
• Feeding − the ability to ingest any form of nourishment once it has been prepared and made available
• Continence − the ability to manage bowel and bladder function with or without the use of catheters, incontinence pads or other
artificial aids so that personal hygiene is maintained
• Mobility − the ability to move indoors from room to room on level surfaces
• Transferring − the ability to move from a bed to an upright chair or wheelchair and vice versa}

If the Life Assured:
(a) first satisfies the definition of Non−Working Disability after the first 180 days of a Non− Working Period; and

(b) is not engaged in any gainful occupation,
the Company will, at the end of each calendar month of the Non−Working Disability following the expiry of the Pre−Benefit Period, pay
a monthly benefit which is either:
(i) 50% of the Amount of Benefits; or
(ii) SGD 4,000,
whichever is the lower amount.

[NTL]

Fe

Took me a while to read through all 44 pages of this thread, but I have gained quite a bit of knowledge, so a big thank you to the all the contributors!

Most of the thread, rightly so, focused on insurance needs in a family unit with children.
But what about (a)singles with aging parents or (b)family units without children?

1) What types of insurance should these groups of people get?
2) Should we get hospitalisation insurance for aging parents, even with the high premiums, assuming the insurance companies agree to underwrite such policies.


For myself(currently 33yrs old), I currently belong to the former(singles) group. After gaining some insight from the thread, I have recently gotten myself a hospitalisation policy, with high coverage.

And I am considering a disability income policy, though I was offered only up till age 55(max. is 65), due to a pre-existing condition. Should I still take it up? I have yet to get quotations from other insurance companies offering such policies.

And also offered $150k CI term for 40 years, at about 1k per annum, not sure if I should take this up.

Thanks for reading, and hope all of us don't ever get to utilise such policies ever

My small part to your questions:

1. Do your parents need you to sustain their future? If not, you don't need any life policy (term or whole).

2. Can your parents afford the hospitalisation insurance till say 90, even for a B1 ward plan? If so, take it up.

3. Take care of yourself. Get the disability plan, get eldershield, get annuity. CI, errr... shouldn't be a priority. Just make sure that you can pay for all of it. Of coz, the premium must be reasonable, else might as well self-insured.

Thanks for the prompt replies!

1) In a way, yes, as they both have little savings. Although I have 2 other siblings to help support them. I think best way is to have life policy(I have one Death&TPD, annual premium about $200++) until they have passed on.

2) They probably cannot afford the premiums, so I was thinking maybe me and my siblings pay for them, if the premiums are not out of our reach.

3) Haha, I am pretty fit at present, so at least I am still keeping the common chronic diseases at bay. Cannot say the same for diseases like cancer though. Will definitely take up a income disability policy in due time. If I skip CI, can probably use the premiums to help pay part of my parents' hospitialisation policies. Is annuities for singles like me advisable?


Thanks for highlighting SAF's group insurance, probably the CI portion will interest me at this point.

In my opinion, (we are not talking about investments here) annuities are design for higher payout by sacrificing insurance at old age. At least you get an income till your last day. Think there is no other plan that will guarantee that. But I don't think there is any good one out there now. You can refer to the thread Uncle Temperament points to. He had brought up a long discussion about it.

If you are looking at Death&TPD, maybe you can look at Zurich's. They have the best definition for TPD, I think.

---

Consider the aviva SAF group insurance for death/tpd and also CI... i think it is one of the cheapest ones around... hospitalisation can get from the ntuc one

I got the SAF NTUC one about 10 years ago. any idea which has better coverage?
[/quote]

Think Aviva's one is better. I could be wrong...

---

Consider the aviva SAF group insurance for death/tpd and also CI... i think it is one of the cheapest ones around... hospitalisation can get from the ntuc one

I got the SAF NTUC one about 10 years ago. any idea which has better coverage?
[/quote]

Think Aviva's one is better. I could be wrong...