Insurance

[sal]

How lousy do u define yr lousy as ? :wong29:

wat kind of plans will recommend for parents who wanna haf plans for education, health or life type of insurance? Wat else of plans does parents buy for kids? TIA :001_302:

For health type which will cover anything as long as kids hospitalized?

There are so many plans in the market now and it can be packaged to meet your needs and wants.

The plan can be packaged to encompass savings, critical illness, death, total and permenant disability. All in one. But depends on your budget.

As for hospitalisation, there are riders and there is the shield plan u can choose from. Also riders to help u cover all hospitalisation charges.

Difficult to pin point which plan is best here. Have to have the full details to do recommendation.

And mommies and daddies, do not forget abt protecting ourself. Coz our children are dependable on us...for me, if anything happen to me, i want my children to still have moni for education and moni to support them till they are at least 21years old.

 

[jopeck]

after my girl's accident last year, we bought hospitalisation policies for the whole family. My eldest has a education policy under Prudential and a basic life policy under Aviva. My other two... haven't bought anything for them yet... no budget. Sigh.

 

[sal]

I'm glad at least u have your hospitalisation plan in place...

 

[caydendaddy]

Before getting an insurance, be clear of what is it intended for....education or sickness and etc.

I have not started an education policy for my son as I think it is too early. I have gotten him a term policy which cover 100K upon death, TPD and 100K critical illness & 30K for child critical illness. In addition, I added a premium fee waiver should any thing happen to the payor of the premium, in this case, it would be me.

My understanding is that children can be covered up to a certain amount only as they are not a working adult and does not generate income.

Monthy premium is around $30 per month. note I am going for high coverage hence I opted for term policy.

On top of the that, he is under enhanced income shield with rider - migrating to GE Shield plan as they cover congenial illness 2 year after the plan inforced and also PA policy as well.

 

[Leanne]

I've heard Aviva is absorbing how many mths for free.

Not too sure. But DH is definitely getting from Aviva. Be it Life OR Education

 

[CynCyn]

Mine I got the insurance for DS when he's 3months old liao . Bt its not those health etc. one .
I wonder if it can be considered as savings plan ?
Everymonth pay an amount then 21yrs old can take out money liao .
It was my Dh and FIL who went to discuss the insurance with the agent . So not really sure abt it .
I'm contemplating to get other insurance for DS as well but wonder if its neccessary .

 

[stonston]

generalli i covered my boi for:
1. health - PA
2. health - hospital
3. education - i dunno wot e plan is for but we put a lump sum in
4. dealth of parents - got 2-3, some r 'free' fm my relatives who r insurance agents....

 

[CynCyn]

generalli i covered my boi for:
1. health - PA
2. health - hospital
3. education - i dunno wot e plan is for but we put a lump sum in
4. dealth of parents - got 2-3, some r 'free' fm my relatives who r insurance agents....

What's death of parents means ?
What does the policy covers ?:001_302:

 

[tiziana]

im also gettin insurance for my dd soon, will let my mum decide which company she wans as she is expert in all this things

 

[caydendaddy]

What's death of parents means ?
What does the policy covers ?:001_302:

I think it could be
1. The parent themselves have life policy and should something happen, the son / daughter will inherit the sum assured OR
2. Parent purchased insurance for their kid and add in rider that waive the premium for the kid insurance future premium should anything happen to the parent who is paying the kid insurance premium (effectively- the kid is covered for free as the rider will kick in) :001_302:

 

[CynCyn]

I think it could be
1. The parent themselves have life policy and should something happen, the son / daughter will inherit the sum assured OR
2. Parent purchased insurance for their kid and add in rider that waive the premium for the kid insurance future premium should anything happen to the parent who is paying the kid insurance premium (effectively- the kid is covered for free as the rider will kick in) :001_302:

What does it mean by add in RIder ?

 

[^Mami_Jazz^]

Before getting an insurance, be clear of what is it intended for....education or sickness and etc.

I have not started an education policy for my son as I think it is too early. I have gotten him a term policy which cover 100K upon death, TPD and 100K critical illness & 30K for child critical illness. In addition, I added a premium fee waiver should any thing happen to the payor of the premium, in this case, it would be me.

My understanding is that children can be covered up to a certain amount only as they are not a working adult and does not generate income.

Monthy premium is around $30 per month. note I am going for high coverage hence I opted for term policy.

On top of the that, he is under enhanced income shield with rider - migrating to GE Shield plan as they cover congenial illness 2 year after the plan inforced and also PA policy as well.

Hi, may i know term is for how long? U get fm which insurer ?
Thanks

 

[stonston]

caydendaddy is right....
we bought insurance to make sure if me or hb die, my boi will not have to worry abt $$....previous ones who bought is more for our parents n siblings....although can simply change e beneficiary, we prefer to have a seperate one for my boi....

e rider is given 'free' by my relatives who r agents....we bought policy fm them then they say they will throw in e rider for free lor....but my parents say more likely is they r paying for it as a present to us, not tt it is 'free'...
so if we die, his insurance policy is still effective even though no payment for premiums from us lor....

 

[^Mami_Jazz^]

I'm from Prudential..I may be able to answer some of your questions on insurance policies.

Hi Sal,

Can you gv me few quote for my ds2 now 20mths
I really forgotten to buy insurance for him before i read this.

& Term policy for my ds1 5yo smthg like caydendaddy bought.

Pls gv me your recommendations

Thx

 

[stonston]

What does it mean by add in RIder ?

rider is something like u buy a 'top up' to get 'extras'....
something like mac's value meal UPSIZE...must buy value meal first, then u can upsize

 

[CynCyn]

rider is something like u buy a 'top up' to get 'extras'....
something like mac's value meal UPSIZE...must buy value meal first, then u can upsize

Thks Stonston for explaining to me . :001_302:

 

[CynCyn]

Besides life saving what else shld buy for DS ?

When it comes to buying insurance is there any factor to look out for ?

Education insurance hw will it benefit ds ?

 

[stonston]

Education insurance hw will it benefit ds ?

me n hb did look at education policies, but feel tt not necessary yet cos with all e insurance with have so far, can definitely cover his fees plus expenses till he at least get degree....

but me n hb got cash savings for him....hb tinking of doing his own research n buy shares when he got e time to monitor....
my mum now into shares, but small small onli, not greedy...in past 1 week already earn $4k+ fm her investment of $20k....but she got time to monitor on her own la....so hb also interested, maybe when his job less bz...my mum not greedy type....spread her $ on different shares, n onli earn abit here, abit there....so risk is still small

 

[sal]

The rider that covers the parent is called payer security. Tat would mean that if any thing happened to that parent who bought the policy, the premiums will be waived..depends on what kind of policy tat is..for life policy, it's waived till the kid is 25years old.

Education Insurance is a traditional policy, kind of force yourself to save for yr child's education and with coverage and interest of coz.

There are new plans in the market that encompass savings, huge coverage as well as investment.

if you buy a education plan, it will most probably last till yr child is 18yo for gals and 21yo for boys and the covers end then. So it's good to start a life policy for them when they are young coz premiums will be cheaper.

As for Term policy, as the name depicts, it is only for a certain time, there's no returns but it's cheap and gives huge coverage. Suitable for ppl who likes the idea of "Buy term, Invest the rest".

Well..whatever the plan u chose for yr kid, it's very much what u want to achieve.

 

[caydendaddy]

The rider that covers the parent is called payer security. Tat would mean that if any thing happened to that parent who bought the policy, the premiums will be waived..depends on what kind of policy tat is..for life policy, it's waived till the kid is 25years old.

Education Insurance is a traditional policy, kind of force yourself to save for yr child's education and with coverage and interest of coz.

There are new plans in the market that encompass savings, huge coverage as well as investment.

if you buy a education plan, it will most probably last till yr child is 18yo for gals and 21yo for boys and the covers end then. So it's good to start a life policy for them when they are young coz premiums will be cheaper.

As for Term policy, as the name depicts, it is only for a certain time, there's no returns but it's cheap and gives huge coverage. Suitable for ppl who likes the idea of "Buy term, Invest the rest".

Well..whatever the plan u chose for yr kid, it's very much what u want to achieve.

Why I buy term policy is that as what sal said invest the rest.:red:

I also belief that my son by the age of 25 should be self sustainable and a working adult already and hence would have gotten his own policy with his own salary or to carry on the term policy which I gotten for him since young. If my son still depend on me at the age of 25:elvis:. I will kick him out of my house:embarrassed: