Group insurance for KSP SAHM

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Group insurance for KSP SAHM

Postby ngl2010 » Wed Aug 14, 2013 4:22 pm

I wish there is insurance company that offers Group insurance to KSP members especially SAHM. I think a lot of SAHM has no health insurance (me included) except the basic Healthshield.

Anybody knows where to get Group health insurance? I remember SAFRA used to have but I couldn't find it anymore. Group insurance is cheaper than individual insurance so it is attractive.

ngl2010
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Re: Group insurance for KSP SAHM

Postby TheAnswer » Fri Aug 16, 2013 11:38 am

ngl2010 wrote:I wish there is insurance company that offers Group insurance to KSP members especially SAHM. I think a lot of SAHM has no health insurance (me included) except the basic Healthshield.

Anybody knows where to get Group health insurance? I remember SAFRA used to have but I couldn't find it anymore. Group insurance is cheaper than individual insurance so it is attractive.


No group insurance also need to get individual insurance. Even if with company, group insurance terminates when you leave the job.
Didn't you get your hubby to buy health insurance like permanent disability, death, critical illness or other forms of health insurance? :sweat:
I think health insurance is an absolute necessity. Otherwise, I'm afraid its not easy to handle the medical bills as we age.

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Re: Group insurance for KSP SAHM

Postby ngl2010 » Fri Aug 16, 2013 2:12 pm

We have Term insurance policies. DH has health insurance from his company. I don't have health insurance other than HealthShield (Medishield). I was from insurance industry so I am actually disgusted on how profitable the insurance industry is :rotflmao: so I have been having very very basic insurance policies :wink:

Group insurance is usually much cheaper than individual insurance. That is why I am looking for one :wink: Maybe anybody here that works for insurance companies can propose a plan to Chief? It is all win win :wink:

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Re: Group insurance for KSP SAHM

Postby sleepy » Fri Aug 16, 2013 9:50 pm

ngl2010 wrote:We have Term insurance policies.


Which are the ones you purchased?

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Re: Group insurance for KSP SAHM

Postby ngl2010 » Sat Aug 17, 2013 10:44 am

sleepy wrote:
ngl2010 wrote:We have Term insurance policies.


Which are the ones you purchased?

I have from Prudential, NTUC Income and Tokio Marine (when I purchased it was still under Asia Life).

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Re: Group insurance for KSP SAHM

Postby sleepy » Sat Aug 17, 2013 10:46 am

ngl2010 wrote:
sleepy wrote:
ngl2010 wrote:We have Term insurance policies.


Which are the ones you purchased?

I have from Prudential, NTUC Income and Tokio Marine (when I purchased it was still under Asia Life).


I mean is yours PA, critical illness, etc? Which type is essential in your opinion?

Received a quote for term critical illness insurance from a prudential agent recently. Premium :yikes: even for term insurance

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Re: Group insurance for KSP SAHM

Postby ngl2010 » Sat Aug 17, 2013 10:57 am

sleepy wrote:
ngl2010 wrote:I have from Prudential, NTUC Income and Tokio Marine (when I purchased it was still under Asia Life).


I mean is it PA, critical illness, etc? Which type is essential?

Hmmmm.... I am worried to give this kind of advice because those in insurance industry will :torchme: me. Maybe you can check Tan Kin Lian's blog. I wasn't from NTUC Income but I really respect Mr Tan. His advice are sound and really value for money. He doesn't give advice just to profit insurance industry. It is the opposite actually. I was quite upset when he stepped down from his NTUC Income's CEO position :cry:

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Re: Group insurance for KSP SAHM

Postby ngl2010 » Sat Aug 17, 2013 11:11 am

Sleepy, it is better to shop around from a few insurance companies and ask them how their plan is compared to plans from company X, company Y, etc. You also need to check their coverage, exclusion and renewability. There are companies that once you claim, they will not renew you or will increase your premium.

When you buy a policy, you have a Freelook period. Please read your policy carefully within this period and terminate it if you are not comfortable with it.

Also, please don't trust agents' words if there is no document from the insurance company to support it. The one processing the claim is the insurance company, not the agent. By that time the agent may not even be in the insurance company anymore.

Oh yah... Some agents like to bring their customers from one company to another if she/he moves to another company. This is detrimental to some insurance policies.

Sorry I am a bit luo soh here. Insurance is a topic that I love so sometimes I got carried away :smile:

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Re: Group insurance for KSP SAHM

Postby insider » Sat Aug 17, 2013 8:39 pm

ngl2010 wrote:I wish there is insurance company that offers Group insurance to KSP members especially SAHM. I think a lot of SAHM has no health insurance (me included) except the basic Healthshield.

Anybody knows where to get Group health insurance? I remember SAFRA used to have but I couldn't find it anymore. Group insurance is cheaper than individual insurance so it is attractive.


why don't you just upgrade your basic shield to Plan A complete with riders?

I always feel this is the only right thing to do (if financially you are ok).

Not only you need to cover yourself with Plan A, you should cover your kids too when they are young. Being someone from the industry, you should know the moment any of you kena 'something', that 'something' may equate 'exclusion' forever and worst, render someone uninsurable. Example, the recent hernia operation of my child. I have him cover with medical Plan A with riders and some other critical illnesses policies oredi. So, in future if he were to get some more for himself / his family, at least if kena exclusion, he still has the basic to fall onto.

Is you husband's medical cover a portable one? If not portable = he also needs to pick up a Plan A asap coz by the time he resigned / retired may mean he will have to face insurability test/issues.

I recently reviewed all my insurance needs. So far, apple to apple comparison, NTUC seems offer the best for medical insurance.

I always avoid AIA and Prudential coz so far, every comparison also find them very very expensive (but they may give very positive claim experiences).

PS:
Medical insurance must get as young as possible. Don't wait. My recent cervix cancer scare after failing my papsmear = I will likely to kena exclusion of cervix cancer for all subsequent policies that I maybe interested in.

PS2:
AA used to offer very attractive group term insurance for their members (when I first looked at it, I went into 'wow!' mode). You may check it out if your spouse is an AA member.

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Re: Group insurance for KSP SAHM

Postby ngl2010 » Sat Aug 17, 2013 9:47 pm

insider wrote:
ngl2010 wrote:I wish there is insurance company that offers Group insurance to KSP members especially SAHM. I think a lot of SAHM has no health insurance (me included) except the basic Healthshield.

Anybody knows where to get Group health insurance? I remember SAFRA used to have but I couldn't find it anymore. Group insurance is cheaper than individual insurance so it is attractive.


why don't you just upgrade your basic shield to Plan A complete with riders?

I always feel this is the only right thing to do (if financially you are ok).

Not only you need to cover yourself with Plan A, you should cover your kids too when they are young. Being someone from the industry, you should know the moment any of you kena 'something', that 'something' may equate 'exclusion' forever and worst, render someone uninsurable. Example, the recent hernia operation of my child. I have him cover with medical Plan A with riders and some other critical illnesses policies oredi. So, in future if he were to get some more for himself / his family, at least if kena exclusion, he still has the basic to fall onto.

Is you husband's medical cover a portable one? If not portable = he also needs to pick up a Plan A asap coz by the time he resigned / retired may mean he will have to face insurability test/issues.

I recently reviewed all my insurance needs. So far, apple to apple comparison, NTUC seems offer the best for medical insurance.

I always avoid AIA and Prudential coz so far, every comparison also find them very very expensive (but they may give very positive claim experiences).

PS:
Medical insurance must get as young as possible. Don't wait. My recent cervix cancer scare after failing my papsmear = I will likely to kena exclusion of cervix cancer for all subsequent policies that I maybe interested in.

PS2:
AA used to offer very attractive group term insurance for their members (when I first looked at it, I went into 'wow!' mode). You may check it out if your spouse is an AA member.

I have Plan A with riders on it but now I don't feel it is adequate. DH has Plan A too. DS has Plan B.

Prudential and AIA policies are generally expensive but they are more creative in creating new insurance plans. For example, Prudential had a decreasing term policy that is suitable to protect mortgage loan because housing loan amount decreases over time. At the time I bought that plan, Prudential's rate was even cheaper than NTUC Income. Of course such a good deal won't last long. Once they calculate their actual profit and it doesn't meet their target, they either increase the rate or discontinue the plan or modify the plan. By that time more insurance companies would already copy their product and those companies will offer cheaper premium in order to enter the market :laugh:

So, last time when I was working in insurance industry, I always look out for 'interesting' products. I got some that are 'interesting' and feel they are really good value for money although they came from so-called expensive insurance companies :smile: The last time I checked, those plans are either already discontinued or became so expensive. Now I am out of touch already with new insurance products :wink:

Thank you for the AA tips.

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