Recommendations for medical insurance

[gzbkel]

Hello
I am looking for a good insurance policy for covering serious illness such as cancer.

I am currently subscribed to AIA Life Prime (an ILP) with a critical illness rider. (My parents signed me up 20 years ago, so I don’t know much about it) I heard that the coverage of these ILP is not that good. I tried reading the description of the critical illness rider, but unfortunately I am not medically trained, and I do not know whether the coverage is good or not. For example, there are a few cases of cancer that are not covered, but the description is all Greek to me. Have no idea what % of cancer is covered and what is not. The last thing I want to is come down with some jialat sickness, and be told that my ILP does not cover it.

I want to get some kind of medical insurance with that will cover me while I still have some chance of surviving. I heard that cancer treatment can cost tens of thousands each year, which will wipe out my savings. I am not so concerned about end-stage illness and death, because my parents are sufficiently independent that they do not need me to support them. I am more concerned about the expensive illness that can be survived.
I heard term insurance has better coverage. Is this true? Could someone recommend some policies I can look more into? Or some key words I should look out of.

Thanks in advance!

[Belg]

Hello
I am looking for a good insurance policy for covering serious illness such as cancer.

I am currently subscribed to AIA Life Prime (an ILP) with a critical illness rider. (My parents signed me up 20 years ago, so I don’t know much about it) I heard that the coverage of these ILP is not that good. I tried reading the description of the critical illness rider, but unfortunately I am not medically trained, and I do not know whether the coverage is good or not. For example, there are a few cases of cancer that are not covered, but the description is all Greek to me. Have no idea what % of cancer is covered and what is not. The last thing I want to is come down with some jialat sickness, and be told that my ILP does not cover it.

I want to get some kind of medical insurance with that will cover me while I still have some chance of surviving. I heard that cancer treatment can cost tens of thousands each year, which will wipe out my savings. I am not so concerned about end-stage illness and death, because my parents are sufficiently independent that they do not need me to support them. I am more concerned about the expensive illness that can be survived.
I heard term insurance has better coverage. Is this true? Could someone recommend some policies I can look more into? Or some key words I should look out of.

Thanks in advance!

Hi Bro,

From my minimal understanding of AIA critical life rider, the main payout for anyone who has it, happens when any type of the 20+ crtical illness strikes. Now not sure what your contract entices, but if it is the same as my friend's, the $$$ would be paid out to the insured once the illness strike. Regardless of whether the insured will win the future battle.

Hope it clarifies.

[gzbkel]

Thanks for the reply. My worry is that the condition for the payout is too restrictive. For example, here are the conditions for cancer for my contract. If there are any doctors/experts on this board, would love to hear your opinions on whether these exclusions are reasonable or not!

6)
Major Cancers
(The following are excluded:
• Tumours showing the malignant changes of carcinoma-in-situ and tumours which are histologically
described as pre-malignant or non-invasive, including, but not limited to: Carcinoma-in-Situ of the Breasts,
Cervical Dysplasia CIN-1, CIN-2 and CIN-3;
• Hyperkeratoses, basal cell and squamous skin cancers, and melanomas of less than 1.5mm Breslow
thickness, or less than Clark Level 3, unless there is evidence of metastases;
• Prostate cancers histologically described as TNM Classification T1a or T1b or Prostate cancers of another
equivalent or lesser classification, T1N0M0 Papillary micro-carcinoma of the Thyroid less than 1 cm in
diameter, Papillary micro-carcinoma of the Bladder, and Chronic Lymphocytic Leukaemia less than RAI
Stage 3; and
• All tumours in the presence of HIV infection.)

[Bibi]

If u do not meet the Major cancers requirements, chances are you are able to recover. If u do meet them, the chances of recovery are very slim. I think what you are looking for is early stage critical cancer coverage? These cover you during stage1/2/3 cancers.

I think its pretty standard for most insurers on the terms of cancer coverage for new policies. Very old policies there might be some difference. And old policies are more grey and hence might be to the insured advantage. That was what an independent adviser told me when I told him I want to terminate my old policies.

I only know GE is the only one which never mention exclusion of experimental drugs. Most other insurers mention them. When the chance of surviving is low, u will want to try anything.

[brattzz]

are you NSmen or ex-NSmen? you can buy the AVIVA's SAF term insurance policies, check them out?
http://www.aviva.com.sg/life-and-health/...duals/SAF/

"I think its pretty standard for most insurers on the terms of cancer coverage for new policies. Very old policies there might be some difference. And old policies are more grey and hence might be to the insured advantage. That was what an independent adviser told me when I told him I want to terminate my old policies." - wise words,

New policies are more exacting and cover their bases more than old policies..

Don't cancel ur exisiting ones yet, BUT, look out for new ones which covers ur needs... 1+1 add-on

[CityFarmer]

There was a thread with valuable info on insurance, among others. You might find useful info from there.

http://www.valuebuddies.com/thread-389-page-51.html

[gzbkel]

Hello everyone

Thanks alot for the useful advice and links!
I do have AVIVA but I cannot remember what was my policy. Will check it out.
Yes, I prefer coverage at the stage1/2/3 phase when it is still curable. My policy just says "Major cancers" without stating which phases are covered. Need to ask my agent.
Interesting to hear that old policies are more generous... I will be careful about cancelling.

[orangetea]

Hello everyone

Thanks alot for the useful advice and links!
I do have AVIVA but I cannot remember what was my policy. Will check it out.
Yes, I prefer coverage at the stage1/2/3 phase when it is still curable. My policy just says "Major cancers" without stating which phases are covered. Need to ask my agent.
Interesting to hear that old policies are more generous... I will be careful about cancelling.

CI premiums are expensive.

Unless your earnings are a upper tier, usual average earnings will find it difficult to service.

[gzbkel]

Hi Orangetea

The premium of my policy is quite affordable, 1500+ per year. Signed up about 18 years ago.
It covers 30 critical illness, but my doubt (which I need to find out) is whether early stage cancer is covered.

Just read this article about someone finding out that her "traditional" CI policy does not cover early stage cancer. Perhaps my one is also considered "traditional"
http://www.healthxchange.com.sg/News/Pag...laims.aspx

Are you talking about a better or newer type of CI coverage? What is the typical cost of the premium?

[orangetea]

Hi Orangetea

The premium of my policy is quite affordable, 1500+ per year. Signed up about 18 years ago.
It covers 30 critical illness, but my doubt (which I need to find out) is whether early stage cancer is covered.

Just read this article about someone finding out that her "traditional" CI policy does not cover early stage cancer. Perhaps my one is also considered "traditional"
http://www.healthxchange.com.sg/News/Pag...laims.aspx

Are you talking about a better or newer type of CI coverage? What is the typical cost of the premium?

In general CI cover premium is quite high.
Well, i am looking at it in a way that CI is one of the covers that we can want but there are other policies that are a need. Hence for my case, i give it lower priority.

As an example for myself...
i have a few life policies, a healthshield, a healthside rider, an accident cover

Then when i got older and have kids, i pay for their healthshield and accident policy

And kids are young, i added term policy also to ride through the next 20 years with decreasing payout to cover the famiy's expense should anything happen to me.

As for CI, because the premium is typically high, more so when one ages, i did not pick this up.

Already it weighed quite a bit monthly paying off by working salary.

I found an article by Drizzit which i attach here,
http://www.investmentmoats.com/budgeting...l-illness/