life-long premium commitment?

when i received the insurers' letters notifying me of the premium due date to keep my policies in-force, i was literally shell-shocked to learn i have entered into a new age band and with it, the escalation of the premiums payable for another year of coverage.

note: i will be 61 years old (or young) this year.

i have 3 h&s policies and 1 hospital income plan covering my family (my significant other half, our only son and myself) and because i live by my own example of not only prescribing to others but taking the medicine myself as a financial adviser.

but 4 policies?

yah lor, pretty kiasu, isn't it?

my comments:

of the 4 policies, let's just take my aviva myshield/myshield plus plan 1 premiums for example:

myshield plan 1
myself: $1,224.97 ($800.00)
wife: $800.00 ($717.42)
son: $158.55 (same)

myshield plus plan 1 (option a)
myself: $465.75 ($326.40)
wife: $326.40 ($237.05)
son: $52.00 (same)

note: figure in brackets based on previous year's premiums

total premiums: $3,028.00 ($2,291.42)/and if aviva myshield plus plan 1 option b is included, premiums = $3,767.30

as can be seen, there is an absolute increase of $736.58 or >32% in premiums payable this time around and it will only get worse in the higher age bands.

what's my point?

let's face it, can anyone 'afford' to be uninsured or stay uninsured with regard to hedging present and future healthcare costs?

and we must also bear in mind that the payment of premiums of a h&s plan remains a life long commitment insofar as to be covered continually.

therefore, in wealth protection planning, do bear in mind the tenet of ultra long-term payment of premiums vis-a-vis the future affordability of paying premiums, especially in one's golden years.

and last but not least, the pricing of premiums in any h&s plan remains reviewable and non-guaranteed and i will not be caught by surprise if current premiums do not stay the same for very long.