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Should You Buy These 5 Common Insurance Plans?

27 September 2016 By admin Leave a Comment

5commoninsuranceplans

Death and Total Permanent Disability Insurance

A policy that pays out a large sum when you die or are severely and permanently disabled.

High Priority: If you have dependents (for example, a spouse, children or parents). “This type of policy is especially important if you are the sole provider in your family,” suggests Joy Chia, an associate financial consultant with Harold Ng & Associates. “The payout from this policy will provide for them if something happens to you.”

Low Priority: If you’re single and have no dependents. You may not need to be insured for death, but buy a policy that covers you for disability.

Disability Income Insurance

A policy that compensates you for your loss of income due to illness or injury.

High Priority: If you’re a professional with a specialised and high-income job (such as medical professionals). “As this type of insurance is one of the most expensive, you should make your decision based on how much you earn and the likelihood that you’ll lose your income due to illness or injury,” advises Ahmad Faris, associate manager with Manulife Singapore.

Low Priority: If your income is below $2,000, or if you have less money to dedicate to monthly premium payments.

Accident Insurance Plan

A policy that pays out if you are injured in an accident.

High Priority: If you’re in your 20s and at the beginning of your career. “Accident plans are also a great first step towards becoming insured,” advises Chia, “as the premiums are low and they cover accidents, which can happen to anyone at anytime.”

Getting it as a separate policy, and not as a rider (a provision that is added onto the main policy) on a life policy, is usually more economical.

Low Priority: If you’re already adequately covered by your company’s accident policy.

See full story at www.menshealth.com.sg

Tips on buying health insurance when starting a family in Singapore

22 September 2016 By admin Leave a Comment

health-insurance

So you’re thinking about starting a family. That’s excellent! Getting married and having children are big steps in life, but ones that can lead to great happiness and fulfillment. Studies have even shown that married people live longer and are more content in general, and that couples with children live longer as well.

However, the decision to have children should not be taken lightly. It’s important that a couple is prepared in order to raise a child properly. All the visits to the pediatrician and hospital each year can cause medical bills to stack up, especially in conjunction with other medical costs incurred by parents. Having quality private medical insurance for your family can offset a good portion of such fees.

While it’s true that Medisave and other programs have been successful in making sure that most of the population is prepared for inevitable healthcare costs, the treatments for which Medisave funds can be used are mostly focused on inpatient treatments, thus expensive outpatient procedures can be costly to patients. Additionally, people with larger incomes have more money to spend under the current Medisave structure. Finally, as with many other government-run healthcare systems, caps and policy restrictions on the use of Medisave funds often increase the amount that Singaporeans spend out of pocket for medical care.

The firsts step in getting quality health insurance for a new family is making sure that the breadwinners in the household are covered. Whether this be you, your spouse or both, it’s not going to do anyone in the family any good if the person who’s bringing home the bacon isn’t able to work, and an insurance plan that includes personal accident protection is always a good idea.

Before a mother-to-be gets pregnant, it is advisable to obtain maternity insurance. Due to waiting periods that normally come attached to maternity insurance, if significant time isn’t allowed before conception of the child, no benefits will be awarded to the parents. This type of plan can provide benefits for normal delivery or complications of delivery, diagnostic tests and medication, pre and post natal consultations, ambulance, accommodations, medically necessary termination, coverage for newborn children and congenital conditions or abnormalities.

See full story at www.expatliving.sg

4 tips on saving your Car Insurance Costs in Singapore

20 September 2016 By admin Leave a Comment

Car Insurance

If left unchecked the costs of getting car insurance in Singapore can get quite expensive, and with coverage rates constantly rising as time goes on, it seems that prices won’t be getting any cheaper anytime soon.

With auto insurance being mandatory in Singapore, having a vehicle at all may seem like an unreasonably expensive goal to some.

Fortunately, there are workarounds to these price tags that can help us get cheap car insurance. Let’s have a look at some of the most common ways to lower your car insurance costs in Singapore.

Drive safely

First and foremost, drive safely. This may sound like a no-brainer; however, we can’t overstate how important this tip actually is. Driving safely can seriously cut down on most of the motor insurance premium.

By actively avoiding accidents, not only are you going to get better rates thanks to a clean driving record, as well as save on the excess fees typically charged when filing a claim, but you’ll also save big by becoming eligible to a variety of discounts.

For instance, by having a claim free record with your insurance company, you are entitled to a No Claims Discount of 10% for every year with no claim on your insurer, up to a maximum of 50% for the full 5 years of holding a good record.

Additionally, if you haven’t had any accidents in the past 3 years, Traffic Police of Singapore will award you with a Certificate of Merit, which translates into a 5% Safe Driver’s discount on the premium.

Just by taking into account these two basic discounts, you can easily save thousands on insurance premiums every year, not to mention your potential savings earned by not raising your insurance rate with an accident.

Skip coverage that you don’t need

Obviously, if you’re driving a luxury vehicle or an expensive sports car, you might not want to skip on comprehensive collision coverage, since getting in an accident could potentially cost thousands on repair bills (or much more if you have to replace the totalled vehicle).

However, if your vehicle is old and expendable, or if you’re simply planning on buying a new car sometime soon, getting more basic third party only coverage may be one of your best bets to getting cheap car insurance rates.

For example, if you bought a second hand 2002 Kia for $5,500, getting third party coverage for $800 may sound a lot better than getting a $2,800 plan, despite the latter being for full coverage, since the price of the premium could easily end up overshadowing the car’s face value.

Also, keep in mind that some additional services and options such as unlimited windscreen coverage and freedom of choice when it comes to repair shops might be end up being an unnecessary luxury that you could easily skip for cheaper options.

Keep your vehicle mod free

Modifying your vehicle in any way is usually a big no-no when comes to car insurance. Although some insurers might overlook LTA approved mods, others might be quick to judge, setting more expensive rates for you vehicle. So, before even considering the option, always ask us first.

See full story at www.hlas.com.sg

Putting the D in Direct: Singapore’s New Direct Insurer

15 September 2016 By admin Leave a Comment

Insurance has long been considered dry, convoluted, and none too user-friendly.

It has been that way for decades, until recently, when a new composite insurer called FWD Singapore entered the market.

Branding itself as “Singapore’s New Direct Insurer”, FWD Singapore wants to “change the way Singapore feels about Insurance”, by making use of technology to provide fast and direct service.

It pledges to provide Insurance products that are well-priced and easy to understand.

Can they actually pull it off, injecting new life into an industry (in)famous for its reluctance to reinvent itself?

Let’s pop the hood and find out.

FWD, who art thou?

Spot the main character

We did a bit of snooping around their website and quote this verbatim:

FWD Group is the insurance business arm of investment group, Pacific Century Group with minority shareholder, Swiss Re. Pacific Century Group (PCG) is an Asia-based private investment group established in 1993.

Ok – we shall agree to internalize it like this: FWD Group is owned by folks who have deep insurance expertise and understand Asia well. Oh, not to mention they have pretty deep pockets. (Always nice)

FWD Singapore is part of the FWD Group.

By Clearly

See full story at www.clearlysurely.com

Read This Before You Buy Travel Insurance

6 September 2016 By admin Leave a Comment

Travelers walk past a poster with information about the Zika virus during a campaign by Peru's Health Ministry at Plaza Norte bus station in Lima, Peru, February 4, 2016. — Travelers walk past a poster with information about the Zika virus during a campaign by Peru’s Health Ministry at Plaza Norte bus station in Lima, Peru, February 4, 2016.

With fears about Zika outbreaks and terrorist incidents on every traveler’s mind, you may be wondering if you should consider buying travel insurance for your next trip.

Before you decide, here’s what you need to know about the options, what you can expect to pay, and what will—and won’t—be covered.

What does travel insurance cover? Ideally, travel insurance will reimburse most (no, not all—we’ll address that below) of your expenses if you or a traveling companion has an illness or injury that prevents you from taking a scheduled trip, if circumstances beyond your control make it impossible for you to take your trip, or if you get sick while traveling.

The key here is understanding the fine print, says Damian Tysdal, founder of TravelInsuranceReview.net. “Travel insurance is a ‘named peril’ insurance policy, in that it specifically states what is covered,” he explains. So if an event or calamity isn’t spelled out in the policy, don’t expect to be covered if it occurs.

For instance, just because your insurance reimburses you if you get sick before your trip and can’t go, don’t assume you’re also covered if you fall ill while you’re traveling, especially if you’re overseas. That’s a different type of coverage, and while insurers may bundle them into packages to make it easier for travelers, it’s not a given that any policy you buy will include both.

What doesn’t it cover? See above—anything not spelled out in the policy falls outside the scope of coverage. Assuming otherwise is a prescription for frustration. Speaking of prescriptions, pre-existing medical conditions are generally excluded, although policies have different stipulations about what qualifies as “pre-existing.” A medical issue you had several years ago that hasn’t resurfaced, for example, might not be considered pre-existing. But, as with other specifics, your particular policy will spell out the length of time your insurance company can “look back” into your medical history.

By Martha C. White

See full story at time.com

5 Simple Steps That Will Tell You How Much You Need To Budget For Insurance

1 September 2016 By admin Leave a Comment

insurance

Income & Budget vs. Insurance Expenditure – Prioritising What’s Important

A big question most Singaporeans have about insurance is this – how much insurance should I have?

To answer this question you need to look at your budget first. Because without factoring your income and expenses to find out how much you can save each month you won’t know what insurance options are available to you (or what expenses you need to cut to make sure you’ve got enough coverage).

Let’s look at how a financial planner would review your situation:

Step #1 Determine Your Priorities

Your financial planner will want to know your financial goals such as retirement, saving for a house, etc.

If you’re saving up to buy a 55’ HD TV, a 2014 BMW 316i and a down payment for a new home, your financial advisor will probably tell you that your home purchase is the financial goal you should prioritise.

For example:

If your financial goal is to save up $50,000 for the down payment to purchase a home and you currently have $10,000 saved up – your financial planner will work with you to come up with a financial plan that’ll help you come up with the other $40,000.

Step #2 Determine Your Current Financial Position

From your answers, your financial planner will review your existing insurance policies and assets to identify any existing “gaps” in your financial plan.

For example:

A father of two only has $50,000 in insurance coverage, which is grossly insufficient if he were to pass away.

Assuming that the father’s average household spending is $1,500 a month, this $50,000 death benefit would only last his family for 33 months!

That’s why your financial planner will help you identify such financial gaps so you can make budget adjustments that free up the cash to fix them.

Step #3 Analyse and Identify Areas for Improvement

From your financial goal(s), your financial planner will help determine different ways for you to reach your goals within your given timeframe.

Your financial planner will help you do a “cashflow analysis” to break down your expenses to look for areas that you can cut down on so you can free up more cash for insurance.

By Jeff Cuellar

See full story at blog.moneysmart.sg

4 Things to Know About Disability Insurance

16 August 2016 By admin Leave a Comment

Disability Insurance

Insurance. There are probably no other financial terms more likely to induce feelings of sleepiness. Or dread. After all, who likes to spend money on something you hope you’ll never have to use? And don’t you have enough types of insurance already?

Well, without wanting to sound like an insurance salesperson, how would you pay your bills if an accident or illness left you unable to work? That’s the risk disability insurance is designed to cover. It would pay a portion of your salary in that situation.

The good news is you may already have adequate protection. And even if you don’t, the cost of coverage may not be as high as you feared. Here’s what you need to know about disability insurance.

1. You Might Need It

When you’re young and healthy, it’s difficult to imagine life might ever be different.

However, the insurance industry is quick to point out that your chances of becoming disabled are higher than your chances of dying prematurely. And the Social Security Administration has a scary-sounding statistic to back that up: Some 25% of 20-year-olds will become disabled before reaching retirement age.

However, not all disabilities are the same. Some are severe and permanent. About 10% of all Americans are now severely disabled, according to the U.S. Census Bureau. Many other disabilities are neither severe nor long-lasting. To put the situation in context, the Council of Disability Awareness says the average length of a long-term disability claim is three years.

2. You Might Already Have Some

Even without buying a disability insurance policy, you might already be at least partly covered.
Workers’ Compensation

This program is administered on a state-by-state basis, and some states do not require companies with fewer than four employees to maintain the coverage. However, if you work for a company that does carry workers’ “comp” and you’re injured on the job or develop a work-related disabling illness, this insurance should cover about two-thirds of your pre-disability income.

Still, the National Safety Council points out that only 27% of long-term disabilities are work-related. Most don’t even come from accidents; they come from cancer, heart disease, and other illnesses.

3. You Might Need More

After reviewing all of the above, if you decide to buy additional coverage, check whether it’s offered through your employer. That will typically be the least expensive option.

By Matt Bell

See full story at time.com

How Much Insurance is Needed in Singapore?

11 August 2016 By admin Leave a Comment

Insurance

Singaporeans are said to be kiasu (fearful of losing out) in almost everything. Looking around at the enrichment classes that a child attends these days for their development and other peripheral expenses that becomes priority makes one wonder if Singaporeans are also spending just as much on protection.

How much protection is enough?

Based on a gap study conducted by Tower Watson for LIA in 2012, a person should have an adequate insurance coverage of 10 times his or her annual income especially if one has dependants¹. Alternatively, a working adult requires an average protection needs of $626,000¹ ! This may just well be a guideline to the amount of insurance coverage required.

So what should I do?

Once you have a simple method to identify your insurance coverage, you may then start to work on your shortfall. With the shortfall, you may fill the gap by simply adding a term plan. Due to the fact that there is no cash value at the end of the coverage also explains why it is one of the cheapest life protection product out there.

Why do I need insurance?

Insurance is a very good tool for managing risks for you and your loved ones.

If you are earning $3,000 a month and need to cover yourself adequately for $500,000, based on a 20% savings each month, it will take you $500,000 / ($3,000*20%) = 833.33 months or 68.4 years just to accumulate that amount. This is where buying insurance to transfer the potential cost, in exchange for a fee known as the premium, for insurance company to take on the risk that you may face.

See full story at secure.fundsupermart.com

4 Types of Insurance Everyone Needs

4 August 2016 By Digital Curator Leave a Comment

insurance everyone needs

There are however, four insurances that most financial experts recommend that all of us have: life, health, auto and long-term disability. Each one of these covers a specific aspect of your life, and each one is very important to your financial future.

Life Insurance
The greatest factor in having life insurance is providing for those you leave behind. This is extremely important if you have a family that is dependent on your salary to pay the bills. Industry experts suggest a life insurance policy should cover “ten times your yearly income.” This sum would provide enough money to cover existing expenses, funeral expenses and give your family a financial cushion. That cushion will help them re-group after your death.

When estimating the amount of life insurance coverage you need, remember to factor in not only funeral expenses, but also mortgage payments and living expenses such as loans, credit cards and taxes, but also child care, and future college costs.

LIMRA, formerly known as the Life Insurance Marketing & Research Association, says that if the primary wage earner dies in a family with dependent children that family will only be able to cover their living expenses for a few months, and four in 10 would have difficulty immediately.

Health Insurance
A recent Harvard study noted that statistically, “your family is just one serious illness away from bankruptcy.” They also concluded that, “62% of all personal bankruptcies in the U.S. in 2007 were caused by health problems and 78% of those filers had medical insurance at the start of their illness.”

Those numbers alone should urge you to obtain health insurance, or increase your current coverage. The key to finding adequate coverage is shopping around. While the best option and the least expensive is participating in your employer’s insurance program, many smaller businesses do not offer this benefit.

Long-Term Disability Coverage

This is the one insurance most us think we will never need, as none of us assumes we will become disabled. Yet, statistics from the Social Security Administration show that three in 10 workers entering the workforce will become disabled, and will be unable to work before they reach the age of retirement. Of the population, 12% are currently disabled in some form, and nearly 50% of those workers are in their working years.

By: Linda McMaken

See full story at www.investopedia.com

5 reasons why insurance is important to an individual in our everyday life

28 July 2016 By Digital Curator Leave a Comment

insurance

With the term “insurance” many people understand only about LIC policies. Actually it is not their fault, as they don’t get much exposure and not able to explore why insurance is important. This is good that Govt. is also encouraging the awareness of insurance by various schemes.

Buy some security in advance and be smart

The major benefit of insurance policy is it will provide you risk coverage. E.g. two wheeler insurancewill cost you some Rs 1000/- every year. With that you can make sure that in case of any damage to your bike you can get enough recovery benefit. Similar to that life insurance, car insurance, health insurance and now a day’s even mobile phone insurance will help you to buy a security in advance. An iPhone user can understand the importance of insurance, as the phone can damage anytime. The interesting thing is you have to spend a little amount to buy that coverage. If you plan accordingly then with this small investment indirectly you can be tension free.

Be tension free and take risk as much as you want

Just imagine how much we are planning every day for our future. Child education, marriage,retirement planning, travel plan and many things. What if the earning member of the family died suddenly? These plans for rest of the family should not impact. In that case a term insurance plancan simply save your family’s life. Now those who really understand the importance of insurance would have already buy a term plan. And for others don’t wait till it is very late. Just imagine a minimum amount of 10,000 – 15,000 can buy a life cover of 1 crore. Now you can take risks, don’t have to feel the pressure of doing something out of your box. Enjoy every day life with your family, as everything is planned now.

By: Santanu

See full story at www.mydailylifetips.com

Insurance Agency Singapore | Commercial Insurance and Personal Insurance