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My Insurance Android App – Insurance Returns V1.3

If you have downloaded my Insurance Android App – Insurance Returns, a very big thank you and I hope that the App has provided you some form of benefits in understanding the insurance rate of returns of any regular savings plan and single premium savings plan!

What Can The Insurance Returns App Do For You

But if this is the first time you are reading this… do let me share what the App can do for you especially if you have intentions to promote (as a Financial Planner) or buy a Regular Savings Plan like an Endowment Plan or those Single Premium Plans like a Fixed Deposit Plans.

In Summary, rather than appreciating the final value on maturity, e.g. you save $10,000 in total premiums for 10 years and you are expecting to receive $12,000 in projected maturity at the end of the term, which you have made an extra $2,000 from your $10,000… you get it in the form of compounding rate of return in 3.28% per annum. 

This would mean that this plan is sound and worth venturing into if most of your savings are merely generating around the range of 1% per annum. But if you are one that is concerned about inflation which is an average of 5% per annum, this plan may not be that attractive because the plan is not working hard enough for you to combat against inflation!

And with the Insurance Returns App, it will save you a lot of hassle of doing the calculation! For example, all you need are to key in the annual premium, the projected maturity, the policy term and you get the compounded return! That’s it!

>> Click Here To Download The Insurance Returns App

The Insurance Returns App At Version 1.3

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The Importance Of Having A Personal Accident Plan In Your Insurance Portfolio

Do you have a Personal Accident Plan included in your insurance portfolio? If not, do you know that you may not be adequately covered in certain aspects of your Financial Planning?

Recently I had two prospects coming to me, asking me if I could help them with their recent medical bills resulting from an accident. After looking through their portfolios, one of them have a simple Term Insurance that cover against Death, Total & Permanent Disability and the 30 Critical Illnesses. The other party has a lot of those fixed deposit plans with the banks and certain insurance companies, insurance coverage wise is just on death and total & permanent disability.

The only advice is that I can give is that they will not be able to claim from any of their current insurance plans, neither could they claim from their medishields because they were not warded and most of their treatments came from the clinical sides.

They were disappointed but they were not angry because they told me that they have never thought that they will meet with an accident and have always ditched the idea of getting a Personal Accident Plan because they feel that it’s a waste of money (no benefits until there’s a claim else money spent is down the drain)! They can only live with bearing the full medical costs on their own now!

The Importance Of Having A Personal Accident Plan

So what are the main benefits of getting a Personal Accident Plan? Let’s look at a few:

1. You Can Claim Reimbursements For Your Medical Bills For Conditions Resulted From Accidents

As long as you have suffered some form of injury because of an accident (there’s a proper definition to this so please do check against your product summary) and you have incurred a bill either from a hospital or from a clinic (yes, this is covered and it also include those TCM). You can actually claim from your Personal Accident Plan up to a certain limit depending on your plan type.

If the limits are high enough, you may be entitled to claim for future medical bills (especially follow-ups) for the current injury.

2. You Can Claim Compensation For Some Permanent Injury Suffered Due To Accidents

If, you do suffer from a permanent injury, e.g loss of an arm or an eye, you can also claim some form of compensations from your Personal Accident Plan.

3. You Can Get Some Cash Benefits Because Of Your Temporary Disablement

You may suffer from a broken arm that will result in you having to have a long medical leave and thus you are unable to go back to work. Your income may suffer as a result. Having a Personal Accident Plan may help to lessen the financial impact because most plans out there offer Cash Benefits (will never be high enough to cover your full month’s pay) to help you tide over the situations.

Why A Personal Accident Plan Is A Must-Have In Your Insurance Portfolio

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How My Client Viewed Our Local Private Medical Insurance Plans

I just met up with a Client who came back to Singapore after 10 years of staying and working in the USA.

The purpose of the meet up is to recommend a Private Medical Insurance and any possible Supplementary Benefits that can be added.

How Singapore’s Medical System And the USA’s Medical System Differ

I had a good chance to understand the difference between the medical health system in the USA and Singapore. And what my Client has shared is quite shocking! And here are some of it, though I must still say that the accuracy of what I will be sharing may not be the whole truth:

– The Charge To Call For An Ambulance In The States Is $500 Per Trip

(image courtesy from

Yes, you are reading this right! If there’s any emergency that you really need to call for an ambulance to fetch, be prepared to pay $500!

And if you are thinking that this ambulance will fetch you to the best hospital around, guess again. These ambulance services will still fetch you to the nearest hospital near your residence. If you stay just 30 minutes to the hospital, this $500 is a huge price to pay! This is why my Client says that most people in the States have to think twice before calling an ambulance.

They do have Medical Insurance Plans to cover for the ambulance services but you have to read the second last Pointer to understand that having a medical insurance plan will not make much difference.

– To Call For An Ambulance In Singapore Ranges From $35 to $75 per Trip

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Understanding Your MediShield (Medical Insurance) Plans

Over the last few months, I had met up with a few clients and they shared with me that they see no reasons for them to upgrade their MediShield plans and they are adequately covered.

And I took the initiative to go through with them what they are being covered and conclusion is that most of them do not really know what they are covered.

So instead of promoting why they should upgrade their current coverage, I would rather let them know what they are being covered and let them decide whether to upgrade. If you are one of those who know that you have a MediShield Plan but do not what you are being covered, this post will give you a clearer picture!

Direct Links To Some Of The Common Questions Asked About MediShield

1. What Is MediShield?

2. What Are The Benefits Under MediShield?

3. How Much Is My MediShield Premium?

4. How Do I Know If I Have Already Covered Myself / My Dependents(s) Under MediShield?

Understanding The Benefits Under MediShield In Parts

So what are these Figures? Basically they are the daily limits. Medishield do not really limit you to any hospital type and ward (but in reality, it’s around Ward B2 and C), so if there’s any hospitalization involved, you have to check out with the Hospital the Daily Inpatient and Miscellaneous Charges for your Ward.

If it’s normal ward and $450 per day and below, this amount will be added up with the rest of the charges and summed up against the Deductible.

If it’s more than $450 per day, e.g. $500 per day, you have to take to account that you need to pay the difference of ($500 – $450 = $50 per day) whereas the rest of the $450 fall against the Deductible.

And if there’s a Surgery Involved…

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