You must have receive a SMS stating that your Eldershield got terminated. Do not panic. It is not a scam. Neither is there anything to be concern about. I just received this message moments ago too. The message stated that “Dear XXX, your Eldershield policy will be/has been terminated. Log in to careshieldlife.gov.sg/notifications with your Singpass for more details.” When you attempt … [Read more...]
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Cancer patient ends up with $33,000 bill after insurer refuses to pay for drug & what you must do to avoid this situation
Recently there was a case in which the newspaper reported an individual who could not claim her medical bill from Great Eastern's integrated shield plan due to the drug used not approved by the regulator. She is saddled by an unpaid medical bill $33,197 which she could not afford to pay. She said: But with the insurer not paying for the costly treatment, she and her doctors decided to skip … [Read more...]
AIA Smart Wealth Builder (II) – is it a good recommendation?
Recently I recommended the AIA Smart Wealth Builder (II) to someone who was looking to purchase an endowment plan for his new born child for the purpose of paying university tuition fee. When he came to me for advice, he already has a quotation for NTUC Income Gro Saver Flex. That quotation stated that for $40,000 of one-time premium (i.e. single premium), the maturity value at the end of 20 … [Read more...]
Why buying life insurance for children is important
Why would my baby need life insurance? Which is the best life insurance? Shouldn’t I buy term insurance for my baby since it is the cheapest? This article will address these questions. Why would my child need life insurance? The general purpose of insurance is to reduce the potential financial lost if the insured event occurs. An integrated shield plan is sufficient to reimburse the … [Read more...]
Why some of your insurances may have become obsolete?
This webinar is over. To avoid disappointment and not to miss the next webinar, we will contact you if you indicate your interest using this form HERE. Date, time & venue 1 Oct 2020, 7:30PM (Singapore time) (2 hours) Webinar style (Zoom Webinar) Agenda In this Webinar, you will learn: How to buy the right type of insurances. How the recent CI definitions may have … [Read more...]
What is meant by utmost good faith (uberrima fides)?
When applying for insurance, the principal of utmost good faith applies. The Latin equivalent of 'utmost good faith' is uberrima fides. The principal of utmost good faith or Uberrima fides means you have to declare all material information – those you know and ought to know. If in doubt, just declare it. You cannot go wrong “over declaring” it but you can go very wrong if you do not declare it. … [Read more...]
If an insurance company pays claims that are much less than the premium collected, does it mean the product is priced too expensive?
I saw this Facebook post the other day and I felt it is one of the most common misconception about insurance. The Eldershield is meant for old age but the pool is young and so the claims are low. However, an insurance product should not be judge based on cash flows but based on its liability. For instance, you are 40 years old and if the claim is expected to occur at 70 and ends at 80 and … [Read more...]
Question on Manulife InvestReady
Q: Wilfred, I bought the Manulife InvestReady last year. I was given 10% Capitavouchers of the annualized premium. The premium I am paying is $12,000 for 3 years. Thereafter, I was told I could surrender at no charge or simply continue with the policy without the need to pay premium. There is an administrative charge of 0.7% per year throughout the policy period and supplementary charge of 1.8% … [Read more...]
Analysis of Swiss Life Alpha and Alpha Plus – read before you buy
Swiss Life Alpha and Alpha Plus are Variable Universal Life targeted at high networth individuals who would like to have a high amount of insurance. The insurance is to be funded by any investments of their choice. In fact, it is possible to use existing investments to fund the insurance. Here is how the Swiss Life Alpha works: Let’s say the death benefit (or sum assured) required is … [Read more...]
High cost of premium waiver
Question: My adviser advised me not to include the premium waiver due to high cost. What do you think? Answer: Premium waivers are riders attached to a life policy so that upon certain insured event happening, the premium of the remaining premium period is waived. And yes, premium waivers are generally expensive. The premium waiver is actually a decreasing term. Here is an example to … [Read more...]
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