Here is a forum letter I wrote which was published just today: Many people with mental illness are not willing to come forward for treatment because of the stigma associated with such conditions ("Mental illnesses 'not all in the mind'"; 8 Oct 2015 ). However, those who wish to seek treatment may find the cost of treatment unaffordable. Also, the loss of a job due to the illness further … [Read more...]
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Premium Shock for Medishield Life
Ministry of Health wrote a letter to me in response to this article. The letter can be found at this link HERE. I just received the first batch of clients’ renewal notices for integrated shield plans from one insurer. For those who are not aware, Medishield Life will take effect from 1 November 2015 onwards. Thus, existing policyholders of integrated shield plans renewing on 1 November 2015 … [Read more...]
Food poisoning ends up with amputation of hands and feet
Mr. Tan Whee Boon ate raw fish, commonly known as yusheng, but ends up having food poisoning due to the bacterial in the fish. His hands and feet have to be amputated (source: Father-of-two has hands and feet amputated after severe bout of food poisoning .) Mr. Tan, who is 50 years old, incurred a medical bill of $30,000 and has lost his income. Prior to this incident, he was working as a … [Read more...]
Aviva SAF Group Term Life has become so expensive!
Question: I am coming to 25 years old this year. What do you think of Aviva SAF Group Term Life? Answer: For $400,000 sum assured, it is better not to buy the Aviva SAF Group Term Life. Using comparefirst.sg, you can see that DIRECT – AXA Term Life cost $431 (guaranteed) a year covering death/TPD until 65 years old. On the other hand, the Aviva SAF Group Term Life of the same sum assured … [Read more...]
5 years old girl’s hospital bill is a whopping $300,000 every year!
Did anyone read a Sunday Times article in which it was reported that a girl by the name of Chloe incurs $300,000 a year of hospitalisation bill (“Buy insurance for children when they're born”, Sunday Times 28 June 2015)? I almost fainted when I read that. Apparently Chloe was diagnosed with Pompe disease, an inherited neuro-muscular disorder that is progressive, debilitating and often fatal at … [Read more...]
Analysis of the new Additional Withdrawal Limits for Integrated Shield Plans (IP)
It was announced that there will be a new Additional Withdrawal Limits for Integrated Shield Plan. While there will be no cap as to how much Medisave one can use for Medishield Life, there will be revised limits as to how much Medisave can be used to pay for the ‘enhanced’ portion. Current Situation Take for instance, a 71 years old person who is insured with Prudential’s PruShield A Premier. … [Read more...]
No bed in B2 ward, so patient slept in corridor for 4 days!
Ms. Kaw Jik Hoon complained to the Straits Times forum page (24 June 2015) that her 73 years old mother slept for 4 days by the corridor because there was no bed in Tan Tock Seng’s B2 ward. For those who are not aware, B2 and C class wards are subsidised wards. A1, A2 and B1 wards are non-subsidised ward. It was only when Ms Kaw request to have her mother discharge to go to a private hospital, … [Read more...]
Don’t faint: Too many layers of fees in investment-linked policies (ILPs)
Recently, MAS issue a consultation paper with the purpose of greater disclosure of investment-linked policies. Although the consultation paper is technical in nature, everybody should read. In one of its proposal is to standardise the disclosure of fees. there are 4 layers of fees to be disclosed and I reproduced the graphic to highlight these layers: Another proposal is to combine the … [Read more...]
How Financial Advisers Can Earn MUCH more by using the Direct Insurance Purchase
As many already know, the Direct Insurance Purchase was officially launched on 7 April 2015 today. Many financial advisers are unhappy that the government mandate that insurers sell insurance directly to consumer and bypassing their agents. After doing some analysis, I found that financial advisers can actually earn even more if they tell their customers to buy direct. Here was what I … [Read more...]
Direct Purchase Insurance – a must read before your purchase
Today is the official launch of the Direct Purchase Insurance. This means you can buy insurance directly from the insurance company without financial advice. More importantly it means there is no commission and hence premiums should be cheaper. This is suitable for those who are financially savvy and makes their own decisions. What you can buy are term insurance and whole life insurance. The … [Read more...]
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