Chitchat What insurance coverage?

Nowadays I get these calls offering me different kinds of insurance policies like cancer guard & personal accident insurance.
There must be a market out there because Sporeans are not covered by a decent health insurance.

In the past, when I was younger I wouldn't consider taking up insurance policies. However now that I am older I have to consider the possibility of something bad happening:(

So I am curious about what other older Sporeans are doing. What kind of policies are you paying for?
Do you have something like "cancer guard" that will pay you $80k if you get cancer or do you have personal accidental insurance, just in case you have an accident?

johnny333 said:

Nowadays I get these calls offering me different kinds of insurance policies like cancer guard & personal accident insurance.
There must be a market out there because Sporeans are not covered by a decent health insurance.

In the past, when I was younger I wouldn't consider taking up insurance policies. However now that I am older I have to consider the possibility of something bad happening:(

So I am curious about what other older Sporeans are doing. What kind of policies are you paying for?
Do you have something like "cancer guard" that will pay you $80k if you get cancer or do you have personal accidental insurance, just in case you have an accident?

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There is no need to buy fancy insurance like Cancer guard as its just gimmick that only insures against one kind of critical illness.

First off, you don't need critical illness or life insurance if you've no dependents and are already near to retirement or retired.

Next, if you have dependents who still rely on you, you should get a good term insurance plan that covers death, TPD, terminal illness and critical illness. Those above 40 should also obtain an enhanced Eldershield disability plan that covers the loss of 2ADLs or more. You should also get an integrated shield plan because the medishield life plan offered by the government sucks big time in terms of benefits and payout limitations.

You can consider a personal accident plan but its optional for most people as it only covers mishaps arising from accidents and not loss of limb due to critical illness.

In no circumstances should you purchase whole life, endowment, or investment-linked plans. You only need term insurance, and only for the duration of your working life when your dependents are not financially independent. You no longer need insurance when your dependents become independent. However, you may still wish to retain your integrated shield plan so as not to drain your savings in the event that you are hospitalized for a critical illness.

Second that - term and shield plan. Term is what basis of insurance all about. Agents typically will not reveal term insurance so it best to call up directly.

Holdmetight said:

You only need term insurance, and only for the duration of your working life when your dependents are not financially independent. You no longer need insurance when your dependents become independent. However, you may still wish to retain your integrated shield plan so as not to drain your savings in the event that you are hospitalized for a critical illness.

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