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gia - travel insurance guide

the general insurance association of singapore has recently issued a 16 page travel insurance guide to enable consumers to be better informed about travel insurance.

section a covers:

a. why the need for travel insurance
b. where to buy travel insurance
c. types of cover
d. benefits, scope, limitations and exclusions

section b expands on claims and exclusions:

a. travel delay
b. baggage delay
c. trip cancellation and trip curtailment
d. exclusions
e. loss or damage to personal effects
f. claims and
g. disputes

and last but not least, section c is on insurance premiums and specifically, the affordability of premiums.

hyperlink to gia travel insurance guide:

http://www.gia.org.sg/pdfs/GIA_TravelInsurance_FAQ_Guide.pdf

my comments:

as always, the guide is as good as it is but if in doubt, i strongly recommend that u engage a financial adviser prior to purchasing travel insurance.

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7 singapore motor insurance myths busted

Seven S’pore motor insurance myths busted
By Burn Pavement
Fri, Jun 24, 2011


By Joel Tam*


Having your car insured is a necessity in Singapore if you want to get it on the road. However, finding the best coverage at the best price can be a painful task, even more so if you're not clear on how insurance companies calculate your premiums.

This can be especially confusing when you hear fellow drivers recount their differing experiences and stories of their motoring insurance claims.

To help you understand how car insurance works, we asked Mr Andrew Tait, head of general insurance at Aviva Singapore, to shed some light on the common myths and realities of this often mystifying subject.

Myth: Red cars are charged higher premiums than other-coloured vehicles
This myth may have come about because red is associated with danger, and there are many red sports cars on the road. In reality, insurers do not ask for the colour of your car. However, relevant details that influence the premiums of your car insurance policy include the make and model of the vehicle, age of vehicle, use of vehicle, as well as driving experience and claims history of the driver.

Myth: My car insurance policy only covers me in Singapore.
Most car insurance policies actually cover Malaysia and Thailand too. If you frequently drive to neighbouring countries, you will want to pay attention to the different terms of coverage from different insurers to find out which policy works best for you. For example, Aviva's coverage extends to West Malaysia and 80km into Thailand. Moreover, we provide towing services back to Singapore if your car cannot be driven after an accident, at no added cost.

Myth: All car insurance policies are the same. I only have to choose the cheapest one.
That is definitely not true, and not all car insurance policies are the same. The terms and amount of coverage differ significantly from insurer to insurer. For example, some policies only cover damages to the car, but not medical expenses you might incur in the event of an accident. There could also be differences in the deductible or 'excess' of your policy, that is, the amount you bear before your coverage kicks in. (For example, if your deductible is $500, and the bill comes up to $6,000. You will bear $500, and the insurer will pay the remaining $5,500.)

Service level is another aspect that will differentiate insurers from each other. For instance, in the event of an accident, it would be helpful if your insurer is able to arrive on scene to provide advice on next steps, as well as take care of your vehicle if it cannot be driven. Emergency roadside assistance — such as help with a flat tyre — is also a value-added service that some insurers may provide.

While cost is also a factor for consideration for most of us, one should ensure you are comparing costs for the same type and level of coverage.

Myth: If my car is damaged in an accident and cannot be driven, my insurer will provide me with a replacement car while my car is getting repaired.
This is not necessarily the case, as not all insurers include this feature in their policy. Some might provide a transport allowance instead of a replacement car. Additionally, there will also be variants in the maximum number of days that insurers will reimburse you for transport or provide a replacement car, as well as the type of replacement car or amount of reimbursement. You will need to check the terms of coverage of your policy.

Myth: There are now insurers who allow me to buy and manage my car insurance online. But it's too much hassle
The online platform actually offers convenience and efficiency. It is available 24/7. You can browse through the available options and get a quote easily, with no pressure to buy. Moreover, online providers are able to offer significant cost savings because of the low-cost model they are operating on.

However, buying insurance online certainly isn't for everybody. For products that are more complex, or if you prefer guidance, you may find that a financial advisor is a better option.

Myth: If I get into an accident that's not my fault, my NCD can still be affected.
Different insurers differ on this. Aviva, for instance, guarantees that your No-Claims Discount will not be affected if no claim is made against you. You will need to check the terms of coverage in your policy.

Myth: Anyone can drive my car and be covered if I have comprehensive coverage.
You will need to check the terms of coverage of your policy. You may be covered for unnamed drivers, but there may be limitations, such as the age and driving experience of the unnamed driver. For example, some insurers will either not cover, or impose an additional excess, if the unnamed driver is below a certain age or has driving experience below a certain number of years.

*Joel Tam is the managing editor of Burnpavement.com. For the latest in automotive news and car reviews, become a fan on Burnpavement.com's Facebook page.

great eastern life - launch of lifesecure

great eastern life has recently launched their LifeSecure product.

what is LifeSecure?

LifeSecure is the first plan of its kind in Singapore that helps to provide for your basic needs with regular monthly benefit payouts for life when disability sets in.

key benefits:


Receive regular monthly benefits for life
In the event of a disability, LifeSecure will help to sustain your lifestyle by providing regular monthly benefits. This can help to cover the costs of special aids and equipment, home modifications to aid mobility as well as long term disabled care at home or in the hospital.

LifeSecure complements your existing disability plans by providing monthly benefits for life as long as the disability is total and permanent or a person requires assistance to perform at least two of these Activities of Daily Living (ADLs): bathing, dressing, feeding, mobility, toileting and transferring.

Affordable premiums from as low as $0.25*a day
Whether you are taking up LifeSecure as a stand-alone plan or as a rider attached to your existing Great Eastern whole life plans, our wide range of protection benefits starts from as little as $0.25*a day for monthly benefits of $1,000 and premiums continue to be level throughout your policy term, making it truly affordable.


Out-of-school disability benefit for your school-going child
LifeSecure provides for your child of school-going age between 7-16^ years old who needs to be confined at home or in a hospital due to a disability. You will receive an additional monthly benefit of $500** on top of the monthly benefit insured for your child. This helps to sustain your child's specialised needs, such as the cost of treatment, the hiring of domestic help and even for home tuition fees.

Waiver of future premiums
Future premiums will be waived when you start receiving the monthly benefits payouts, which helps to ease your financial worries as you focus on recuperation.

Receive payback benefit upon a successful claim
Following a deferment~ period, you will receive a lump sum payment of 3 times the monthly benefit or 6 times the monthly benefit insured.

Death benefit of 3X monthly payout for stand-alone plans
A lump sum death benefit of 3 times the monthly payout will be payable if death of the life insured occurs during the coverage term.

* Based on a male aged 20 years at next birthday under a LifeSecure Rider plan with coverage and premium payment term up to age 65.

^ All ages stipulated refer to age at next birthday.

** The out-of-school benefit ends when the life assured attains age 16, and is subject to a minimum of 12 monthly installments.

~ Period of 90 days or 180 days starting from the claim date, during which no benefit is payable.

disclaimer:

This blog is for general information only. It is not a contract of insurance. The precise terms and conditions of this insurance plan are specified in the policy contract.

Buying a life insurance policy is a long-term commitment. An early termination of the policy usually involves high costs and the surrender value payable, if any, may be less than the total premiums paid.

It is usually detrimental to replace an existing accident and health policy with a new one. A penalty may be imposed for early policy termination and the new policy may cost more or have less benefits at the same cost.

my comments:

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selling your endowment policy?

just the other day, one of the general inquiry which was directed to me from my office was on the subject of whether to sell an endowment policy. this person saw an ad in the free daily tabloid, today and came across a company which buys endowment policies and was attracted to this proclamation which says:

"Policies which are in force, lapsed, discontinued paying premiums or with outstanding loans have been sold to us for hundreds or thousands above the surrender value."

for ease of reference, u can check out the website at:

http://www.repsholdings.com.sg/selling_policy.html

my comments:

generally, any financial advisor worth his or her salt should never advise his/her propect/client to surrender an existing insurance policy. this is because any early or pre-mature termination will be detrimental to the policyowner.

and the other no-no is to take up a policy loan where the interest payable can be as high as 8% per annum.

but having made these statements, and just like any medical doctor who must see each patient individually, the financial advisor must address each and every case on the same individual basis.

for the record, i made an inquiry and was told the company is not registered with the monetary authority of singapore.

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spanking new hdb flat at $880,000.00?

when i read this piece of news, my first thought was, u gotta be kidding me, right? but no, that's exactly right!

because the prices of the latest flats, centrale 8, released under the hdb's (dbss) or design, build and sell scheme in a central location within a mature estate and in this case, in tampines ranges from $397,000.00 (for a 3 room flat) to the top price of $880,000.00 for a 5 bedroom unit.

for the same price or $750.00 per square ft, the buyer can also consider getting a private property in pasir ris or flora road where the properties are going for approximately $750.00 to $800.00 per square ft.

my comments:

i remember being offered a 4 room hdb flat at bedok in the early 70s at a mere $19,500.00 only.

fast forward to present day, a 4 room flat at centrale 8 going for $531,000.00 to $683,000.00. despite the seriously hefty price tag, i suspect there will still be a beeline to buy the latest hdb dbss units at tampines.

but what i cannot entirely comprehend is; consumers are more than willing to bust their bank to own a piece of property but when it comes to taking up insurance, the 'premium payable' is always too high.

and my point is; isn't any single human life priceless if we compare this to any tangible object, be it property or anything else?

but there is another side of the coin in terms of the choice for the premium payment mode because there are still far too many consumers going the route of taking the monthly premium mode.

this is perhaps the most punitive premium payment mode because there is a hefty penalty of up to 5% more than the annual premium payment mode.

this is not unlike getting a guaranteed 5% yearly return if the consumer has not opted to pay by the monthly premium mode.

is this surprising to me?

to be honest, no, because some of the propects/referrals/clientele i meet in the course of my business is not even aware of this 'penalty'.

readers can do me a favour and disseminate this fact to everyone they know so that many others can now opt to pay premiums by the annual mode.

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aia has notified us that the existing integrated shield plan, aia healthshield gold elite plan will be withdrawn from the market and replaced by the new aia healthshield gold max/max essential plan.

what is aia healthshield gold max/max essential plan?

aia healthshield gold max is an enhanced integrated shield plan offering protection against medical bills for a broad range of hospitalisation, pre and post-hospitalisation treatments and selected outpatient treatments. new benefits include living organ donor transplant, extended post-hospitalisation treatment for 30 critical illnesses and post-hospitalisation psychiatric treatment.

aia healthshield gold max essential plan is an optional add-on that complements the aia healthshield gold max plan by covering the deductible and co-insurance portions of the hospital bill.

my comments:
for the latest aia healthshield gold max plan, there are a total of 3 new benefits and 3 enhancements as compared to the older aia healthshield gold elite plan.

the premiums have been revised to reflect the escalation of healthcare costs or the effect of medical inflation.

generally, if we compute the total premiums payable for aia healthshield gold max plan payable from age 1 to 100 equates to a sum of $193,203.60 or approximately $19,623.00 (rounded off to the nearest dollar) higher than the older aia healthshield gold elite plan.

the highest premium to head north is for the age band of 61 to 65 which saw an increase of 12.2%.

i do not expect enhancements to shield products to end anytime soon and we can expect the other shield providers to do so pretty soon and if my guess is right, aviva should be the next to enhance their myshield portfolio.

aia - launch of hsg max/max essential

aia has notified us that the existing integrated shield plan, aia healthshield gold elite plan will be withdrawn from the market and replaced by the new aia healthshield gold max/max essential plan.

what is aia healthshield gold max/max essential plan?

aia healthshield gold max is an enhanced integrated shield plan offering protection against medical bills for a broad range of hospitalisation, pre and post-hospitalisation treatments and selected outpatient treatments. new benefits include living organ donor transplant, extended post-hospitalisation treatment for 30 critical illnesses and post-hospitalisation psychiatric treatment.

aia healthshield gold max essential plan is an optional add-on that complements the aia healthshield gold max plan by covering the deductible and co-insurance portions of the hospital bill.

my comments:
for the latest aia healthshield gold max plan, there are a total of 3 new benefits and 3 enhancements as compared to the older aia healthshield gold elite plan.

the premiums have been revised to reflect the escalation of healthcare costs or the effect of medical inflation.

generally, if we compute the total premiums payable for aia healthshield gold max plan payable from age 1 to 100 equates to a sum of $193,203.60 or approximately $19,623.00 (rounded off to the nearest dollar) higher than the older aia healthshield gold elite plan.

the highest premium to head north is for the age band of 61 to 65 which saw an increase of 12.2%.

i do not expect enhancements to shield products to end anytime soon and we can expect the other shield providers to do so as well and if my guess is right, aviva should be the next to enhance their myshield portfolio.

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