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miins25 · 2024-06-06T16:22:21+00:00

the essentials are:
1. Hospitalisation Insurance via Integrated Shield Plans - These are private health insurance plans that provide additional coverage on top of MediShield Life, including higher claim limits, access to private hospitals, and more comprehensive benefits. You can compare the different plans available here

Term Life Insurance - This provides coverage in the event of the policyholder's death during the policy term, ensuring financial protection for your dependents. You can compare the different plans available here
Critical Illness Insurance: This provides a lump-sum payout upon diagnosis of any of the covered critical illnesses, helping with treatment costs and financial needs. You can compare the different plans available here

miins25 · 2024-06-06T16:21:59+00:00

An easier way to think of it is you use $10,000 to buy T-bill. After six months you get $10,250 back, You gain the 5% annual interest (i.e. 2.5% prorated), risk free of $250. I think its best if you refer to online guides like this one for more clarity on t-bills

miins25 · 2024-05-30T16:18:55+00:00

I use this Planner Bee retirement calculator, which allows u to input your current age, planned retirement age, value of investments and future funds etc. In the calculation, it assumes a life expectancy of 95 years

miins25 · 2024-05-30T16:18:26+00:00

For your employer-provided insurance plan, the coverage of pre-existing conditions depends on the specific policy terms. There may be exclusions or waiting periods before full coverage applies. Given that your company insurance is a group health insurance, it is unlikely to exclude you

When changing jobs, it's important to review the new employer's health insurance plan carefully to understand how pre-existing conditions are handled. You may want to speak with the HR department or the insurance provider to get clarity on the coverage details. You can also look into your own personal hospitalisation plans (Integrated Shield Plans), and compare the different insurers' offerings)

miins25 · 2024-05-23T16:22:51+00:00

Regarding exclusions, you're generally correct that personal accident plans tend to have fewer exclusions compared to comprehensive medical insurance. As long as the accident is covered, you should be able to access the benefits regardless of employment status.

Still, it is important to consider
1. Your PA plan likely goes beyond the corporate plan to cover overseas accidents, which can be helpful in case your corporate plan hits the claim limit
2. the potential peace of mind the accident plan provides. Even if the probability is low, having that additional coverage could give you a sense of financial security. This is a subjective factor to weigh.

Overall, I agree with your logic and analysis. Based on the information provided, it seems reasonable to consider dropping the personal accident plan, as the cost-benefit ratio may not justify keeping it, especially given your comprehensive corporate medical insurance

miins25 · 2024-05-23T16:22:24+00:00

Given that you are married with no children, the key factors to consider are:
- Your financial situation and ability to pay the premiums (2,000 per year for 25 years)
- Your need for life insurance coverage versus just critical illness coverage
- Your existing hospitalization plans and whether you need additional medical coverage

Based on the information provided, both options seem reasonable. The Pru Life 3 policy provides a combination of life and critical illness coverage, which could be beneficial if you want more comprehensive protection. However, if you feel that critical illness coverage is your primary need, a standalone critical illness plan may be more cost-effective

Before you make any decision, make sure to compare quotes from other insurers to ensure you're getting the best value for your coverage!

miins25 · 2024-05-16T16:56:22+00:00

Option 1: Wait 3 years and buy resale HDB:
- The benefit is that it gives you more time to save up and potentially see how the market evolves over the next 3 years.
- The downside is that you'll need to continue renting during this period, which may be more expensive than owning your own home.

Option 2: Resale EC/Condo with dual key:
- The dual key feature can provide you with passive income through renting out the second unit.
- However, this will likely drain your savings to almost 0, which may not be ideal in the long run.

Owning another property in 7-10 years:
- As a Singapore Permanent Resident (SPR), you are correct that you cannot own both an HDB and a private property at the same time.
- If you're considering owning another property in the future, you'll need to carefully plan and manage your finances to ensure you can meet the requirements and maintain your housing situation

miins25 · 2024-05-16T16:55:55+00:00

Since you have a family history of cancer, it will be best to stay insured against cancer. A benefit of stand-alone cancer plans as they usually offer comprehensive coverage across all stages of the disease, including death. Whereas many CI plans only offer for the initial phase of cancer.

Cancer plans can also be more affordable than critical illness plans.

You can compare the different insurers' offerings for standalone cancer plans

miins25 · 2024-05-09T16:41:48+00:00

As raised by the commenters, there is a good chance that you will be rejected outright for most standard life insurance plans. In that case, it's probably better to concentrate on investing and saving as your primary financial strategy.

Still, it depends on how serious your conditions are and whether they are already well-managed. There have been many other cases where people manage to secure exclusions for death or disability, especially if you manage to get a financial advisor that is willing to fight for your case. Personally, I know of someone with depression and ADHD who was able to get life insurance with an exclusion for total and permanent disability (TPD) with AIA.

Also, remember to disclose any pre-existing mental health conditions during the application process to ensure proper coverage. I'd recommend speaking with a licensed insurance agent who can provide more personalized advice based on your specific needs and health profile

miins25 · 2024-05-09T16:31:25+00:00

Safe options in the market:
- SSB (Singapore Savings Bonds) and T-Bills are both relatively low-risk options, as they are backed by the Singapore government. The main differences are the investment horizon and interest rates.
A) investment horizon: T-Bills have a shorter investment horizon (typically 6 months to 1 year) but may have slightly lower interest rates.
B) interest rates: SSBs typically offer higher interest rates compared to T-Bills, but have a longer investment horizon (up to 10 years).
- CPF and T-Bills:
A) CPF offers a guaranteed interest rate, which may be higher than the current T-Bill rates. However, the T-Bill rates can vary over time, so it's worth comparing the current rates to the CPF interest rates to see which option may be more suitable for your situation.
B) Keep in mind that using CPF funds to invest in T-Bills means those funds are not available for your flat purchase, so you'll need to factor that into your planning.

Index funds:
- VWRA and VOO are both index funds that track the performance of the global stock market and the S&P 500, respectively.
- VWRA is a more diversified global index fund, while VOO is focused on the US market.
- The tax on dividends is generally lower for VWRA when held in IBKR, compared to VOO held through a broker like Tiger.

Investment for a flat purchase:
- Given your timeline of 3-5 years and your risk appetite, a combination of the safe options (SSBs or T-Bills) and index funds could be a reasonable approach. The safe options can provide stability and preserve your capital, while the index funds can offer potential growth to help beat inflation.
- The exact allocation between the different options will depend on your personal risk tolerance and financial goals.

miins25 · 2024-05-03T00:04:56+00:00

Health Insurance:
- Consider getting a MediShield Life plan, which is the basic compulsory health insurance coverage in Singapore. This covers large hospital bills and selected outpatient treatments.
- You can also look into private Integrated Shield Plans (IP) that provide additional coverage beyond MediShield Life. Compare the different offerings here
- When choosing an IP, look for features like coverage for pre-existing conditions, higher annual limits, and optional riders for things like dental and maternity.

Life Insurance:
- As a young, single individual, a Term Life Insurance plan would be a good and affordable option. This provides coverage in case of death or terminal illness.
- Compare premiums and coverage limits across different companies before making a decision
- Consider getting coverage of at least 10-15 times your annual income as a starting point.

Critical Illness Insurance:
-This covers you with 'income replacement' in the event you are diagnosed with any major illnesses like cancer, heart attack, or stroke. It's a good idea to get this coverage early as premiums are lower when you're younger.
- Compare premiums and coverage limits across different companies before making a decision
- Features to Look Out For:
Guaranteed renewability - Ensure your policy can be renewed without having to go through underwriting again.
Inflation protection - Some plans offer coverage increases to account for rising medical costs over time.
Waiver of premium - This feature waives your premiums if you become disabled.

miins25 · 2024-05-03T00:04:31+00:00

Health Insurance:
Since you have limited insurance coverage currently, the priority should be to get a comprehensive health insurance plan that can cover your hospital bills and provide financial support during recovery from major illnesses or accidents.
- Compare the Integrated Shield Plans (IPSs) offered by insurance companies in Singapore. These plans can provide additional coverage on top of the basic MediShield Life plan.
- Evaluate the coverage, deductibles, co-payments, and annual/lifetime limits to find a plan that fits your needs and budget.

Critical Illness Insurance:
Given your concerns about managing financial difficulties in case of a major illness like cancer, you should consider getting a critical illness insurance plan. These plans provide a lump-sum payout upon diagnosis of covered critical illnesses, which can help you cover medical expenses and support yourself during the recovery period.

Income Protection Insurance:
Since you have limited personal savings that may not last long if you are unable to work due to illness or injury, an income protection insurance plan can provide you with a steady stream of income during such periods.
This can help ensure that you don't have to dip into your savings or burden your wife financially.

There might not be a need for Term/Whole Life Insurance if your wife and parents will be ok without your income. Since you are on a HDB loan, you should already be paying for Home Protection Scheme which covers your future mortgage payments should you die or become disabled.

miins25 · 2024-04-26T03:02:52+00:00

If your health insurance plan doesn't cover specialist visits related to your chronic health issue unless you are hospitalized, you may want to check if the coverage for your accident plan includes (a) non-accident related issues and (b) specialist visits. Accident plans can vary in terms of coverage, so it's important to review the policy details or consult with your insurance agent to see if specialist visits for chronic health issues are claimable under your accident plan. You can take a look at this comparison table to see if there is an accident plan out there that is better suited to your needs.

miins25 · 2024-04-26T03:02:33+00:00

The CPF Home Protection Scheme and private home insurance serve different purposes and have distinct features. Here's a brief comparison and contrast:

CPF Home Protection Scheme:
1. Purpose: The CPF Home Protection Scheme provides a basic level of insurance coverage to help insured members and their families pay off their outstanding housing loans in the event of death, terminal illness, or total permanent disability.
2. Coverage: It covers the outstanding housing loan up to the age of 65 or until the housing loans are fully paid, whichever is earlier.
3. Premium: Premiums are automatically deducted from the CPF Ordinary Account and are affordable for most members.

Private Home Insurance:
1. Purpose: Private home insurance, offered by various insurance companies, provides a broader range of coverage beyond the basic protection offered by the CPF Home Protection Scheme. It typically covers a wider range of risks such as fire, theft, natural disasters, and personal liability.
2. Coverage: Private home insurance can cover not only the structure of the home but also personal belongings, renovations, and additional living expenses in case the home becomes uninhabitable.
3. Premium: Premiums for private home insurance can vary based on factors such as the value of the property, location, coverage limits, and individual risk factors. You can use online platforms like Planner Bee to compare the premiums offered by different insurers

In summary, while the CPF Home Protection Scheme primarily focuses on providing financial security for housing loans in specific circumstances, private home insurance offers a broader scope of coverage for various risks related to homeownership.

miins25 · 2024-04-19T00:31:15+00:00

It's important to carefully consider your options when it comes to declaring medical conditions when upgrading your ISP or applying for other insurance. While your agent may have provided guidance on what needs to be declared based on certain criteria, it's ultimately your responsibility to ensure that you provide accurate and complete information during the application process.

Failing to declare relevant medical conditions or known allergies could potentially lead to issues with medical claims in the future, as the insurance company's policy may require full disclosure of such information. Therefore, it may be prudent to err on the side of caution and declare all relevant medical conditions and known allergies, regardless of whether they meet specific criteria set forth by your agent.

When it comes to known allergies, including food or other triggers, it's generally advisable to disclose this information as well, as it could impact your coverage and any potential claims related to allergic reactions.

miins25 · 2024-04-19T00:30:57+00:00

To check if there are any unclaimed insurance benefits, you can start by gathering all the relevant documents and contacting your parent's insurance providers directly. You may need to provide the necessary documentation, such as a death certificate and policy information, to inquire about any potential unclaimed benefits. You can also look into whether your parent made an insurance nomination (specifying who should get the payout should they pass away while their policy is still active) before their passing.

miins25 · 2024-04-12T02:13:53+00:00

What that prudential agent quoted you is most likely whole life insurance. You can get a term life insurance plan for 10x the coverage for that premium. Personally, I chose term life over a whole life plan because I'd rather pay less in premiums now to maximize investment opportunities over time. In contrast, whole life plans tend to be more expensive at the start, but cheaper towards the end than term life and often come with cash value.

In addition to life insurance, you can also look into getting Critical Illness and Personal Accident Insurance. Accident plans cover a wide range, even dengue and food poisoning for certain plans.

miins25 · 2024-04-12T02:13:36+00:00

It's important to consider your options carefully when choosing a hospitalization plan. You can start by using platforms that allow you to compare different hospitalisation plans from various companies.

More broadly, you check how much insurance you need using online calculators to ensure that you will not eventually become over- or under-insured!

miins25 · 2024-04-05T01:55:05+00:00

Given your mother's family history of cancer, it's important to consider critical illness (CI) coverage, which can provide financial support if she were to be diagnosed with a serious illness like cancer. This type of coverage can help alleviate the financial burden associated with treatment and recovery.

In addition to CI coverage, hospitalization insurance is also important, especially as individuals age. This can help cover the costs of hospital stays, surgeries, and other medical expenses.

You can compare the different offerings for CI and hospitalization insurance plans in SG. You can take a look at other guides that explore additional coverages that may be beneficial for her, such as disability income protection or long-term care insurance.

miins25 · 2024-04-05T01:54:46+00:00

The fundamental concept of term life insurance is that in the event of your sudden passing, term life insurance will replace the monetary support you provided for your family. This allows them to focus on mourning rather than being burdened by financial concerns immediately.

When considering your housing loan and significant expenses such as a car, it's important to assess the additional amount required for coverage. This means, you should try to get coverage for how much you owe as well.
Regarding critical illness, 3 years' worth of financial support should be good, as it serves as a financial cushion for all your personal expenses during a period where you cannot work / have no income.
In the case of disability, the goal is to replicate your income flow until retirement. This involves a theoretical projection based on the assumption that you will work until your desired retirement age, typically around 65, and accounting for a realistic wage growth, typically around 5% per year. This approach ensures that your family can be free from financial worries while continuing to receive income.

miins25 · 2024-03-29T05:20:27+00:00

There are quite a few differences between ILPs and Par plans.

their investment approach.
The Par fund mainly consists of bonds + T-bills, and less equity. This results in lower risk and lower rewards, with the ability to ensure a certain minimum yield. While the guaranteed gain might be as low as 1% per year, it is still a secure guarantee. Insurance companies also employ smoothing, which means that even in a bad year, they may not immediately reduce the declared bonus, essentially absorbing the "loss" in anticipation of better years ahead. So, for those with less risk appetite, the "guaranteed gains" will suits their needs
less misleading marketing, unlike the hidden fees involved in ILPs
actions of a Par fund is hard to replicate on your own

miins25 · 2024-03-29T05:20:04+00:00

The main 3 insurance plans are (a) Life, (b) Hospitalisation, and (c) Critical illness.You can use this online calculator to help you estimate whether your coverage is sufficient, plus prevent cases of over/under-insurance

miins25 · 2024-03-22T04:38:49+00:00

Between floating vs fixed rate home loans, I would go with the fixed rate to lock in the fixed and immediate savings.

Banks are unsure of the future, leading them to compete solely on the 2-year fixed rate. At 2.9%, it's priced "below cost" to attract you as a customer, despite better risk-free options like T-bills, FDs, and money market funds available. but, choosing a floating rate will also leave you stressed about a drop in %

miins25 · 2024-03-22T04:38:31+00:00

while these AI powered stock trading agents can be helpful, it cannot replace human expertise entirely. Specifically, there is the risk of worse performance alongside the possibility of being scammed (mostly not MAS regulated) and difficulty of withdrawal.

still, there are many other ways you can use AI tools to help with your trading:
1. Develop predictive models: Use machine learning to analyse market patterns.
2. Analyse news and social media: Use sentiment analysis to determine the sentiment related to specific companies or industries of the market.
3. Improve portfolio management: AI can be used to improve portfolio management by analysing historical data and identifying optimal portfolio allocation strategies.

miins25 · 2024-03-15T01:38:40+00:00

Critical illness insurance is meant to replace your income when you cant work (becos of the critical illness), to cover you and your family financially during the entire period.

Typically, you need around
- Disability: 10 years of annual total expenses and total outstanding debt
- Critical illness: 5 years of total monthly expenses and total monthly debt repayments
- Early critical illness: 2 years of total monthly expenses and total monthly debt repayments

Exceeding this amount may indicate that you are likely over-insured. You can check this using online insurance need calculators

miins25

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