Sunday, April 25, 2010

Crtical Insurance

I have always been interested insurance ...... currently found the cheapest insurance in town
http://www.income.com.sg/insurance/safracare/index.asp
Pros :
1)cheapest critical cover .....

Ease your burden with affordable premiums

With premiums starting from as low as $2.50* monthly, this affordable plan provides the necessary coverage and helps put your worries away.

* Insured before 45 years old at sum assured of $10,000.

12.50=50k


2)Receive additional hospitalisation cash benefits

Apart from the distress of seeing a loved one in hospital, the loss of income and high medical costs may add to the financial burden of your family. SAFRA Living Care provides a hospital cash benefit of $50 per day for $50,000 sum assured due to illness or injury, up to a maximum of 365 days per confinement in Singapore.

Cons :
1) Age limit : 65 max :(
2) no cash value but better than ilp

2 comments:

  1. http://www.income.com.sg/insurance/safracare/index.asp

    ReplyDelete
  2. There's a few things I want to comment:

    1. The premiums are not guaranteed. They can decline coverage for you anytime, so it's renewable on a yearly basis. That's bad..very bad.

    2. it's only renewable to age 65 if your coverage is 50k and below. Premium paid jumps up a lot, esp in the 55-60 yrs age banding (almost doubled). Thus, when you most needed the CI coverage as you get older and after your retirement, the premium become costlier and the sum assured is capped at 50k if you want to cover until 65.

    For me, I rather get a 100k whole life with CI cover, limited payment of premium for 15/20 yrs (means that I pay for 15 yrs, thereafter no need to pay). This solves two problems - firstly the premiums are paid way before my retirement. Secondly, the plan covers way after age 65 to age 100 (usually).

    That being said, this is a good and cheap plan for topping up your CI coverage during the period of your life when you have kids and a family to take care of.

    ReplyDelete