Return Home ★ You are viewing blog posts categorised under Insurance.

Types of Life/Health Insurance Coverage

It may be a little overwhelming for someone who has little to no experience in insurance to start figuring out what kinds of insurance coverage are available and more importantly – what are the ones really essential to him or her. I hope to highlight the more important forms of coverage and their intended purposes so that people have a better idea on where to start thinking about their insurance portfolio.

While not exhaustive, here are some of the more important forms of coverage.

Read More ↵

Are You Going to Burn $30,000 on Medical Insurance?

What is your answer to the question I pose to you in the title? It is the one burning question (pun intended) a person should ask him/herself before committing to a Shield policy.

Does this mean I am against hospitalisation Shield policies? If you have been following my blog from my regrettable experience with my dad to the example of our Health Minister’s surgery, it is clear that I am a strong proponent of such medical insurance. So what do I mean by “burning $30,000 on medical insurance”?

Read More ↵

How Did Minister Khaw Pay Only $8 For His Surgery?

In October 2010, it was reported that Minister for Health Khaw Boon Wan paid only $8 in cash for a heart bypass surgery he underwent in May that year. There is quite a bit of anti-government sentiment online and this renewed unhappiness amongst many who were upset with the relentless rise of the cost of living in Singapore, particularly healthcare.

I’m not going into the politics of it as this is a financial blog, but from a financial planning perspective I disagree with some of the views that were expressed on various sociopolitical websites.

Read More ↵

What is Disability Income Insurance?

Disability Income Insurance (DII) is a very specific type of policy with the intended purpose of insuring one’s ability to work. Much like the Aesopian goose, most Singaporeans produce their own “golden eggs” in form of the monthly salaries they receive for working. DII steps in to replace the lost monthly income when a person is unable to work due to accident or illness.

Income replacement is possibly one of the top most priority for working class Singaporeans after a hospitalisation plan, and many insurance policies are sold on this premise. However, as cliché as the proverbial goose analogy is in the world of insurance sales, many agents are not recommending DII policies, pitching life coverage in form of Critical Illness and Total & Permanent Disability as income replacement solutions instead. Let’s take a look at what DII does and why so many Singaporeans are under-insured in this regard.

Read More ↵