Insurance

Should You Keep Your Dependent Protection Scheme (DPS)?

by FinancialDex
April 24, 2009June 3, 2009
2 Comments

This month is one of the few times in the year whereby some PolicyHolders get the letter from our company to notify that their Dependent Protection Scheme or DPS is due for renewal and that they should make sure that their CPF-Ordinary and/or Special account still has sufficient fund to pay for the premiums.

The Issue With People Whom Understand The Plan

Sometimes I feel that Ignorance is Bliss is a better choice because after most PolicyHolders know what is the Dependent Protection Scheme all about, most of them decide to opt-up for the plan… citing the two common reasons like:

Premium paid is down the drain
Nothing will happen to me before age 60

Without ever considering the positive side – a low premium for a high sum assured or how useful this lump sum of money is to the family in times of need.

What Is Dependent Protection Scheme All About Then?

Do You Need To Get Both A Medical/Hospitalization And A Critical Illness Plan?

by FinancialDex
April 3, 2009June 3, 2009

It’s good to notice the increased level of knowledge for insurance products (in this case – Hospitalization Plan and Critical Illness Plan) from Singaporeans. They are asking very good questions nowadays!

The Concern And The Questions

Singaporeans are starting to know the real importance of having both a Hospitalization Plan and A Critical Illness Plan as these two plans form the basis of financial planning.

But with the recent exposure in the media that one may find it hard to make a claim for cancer (during the initial stages or does not fit the definition of Major Cancers as listed in most Critical Illness Plan in the market) – Singaporeans are wondering if they should ever consider having a Critical Illness Plan in the first place!

That’s the question that they are asking themselves or me when I explain the importance of getting a Hospitalization Plan and a Critical Illness Plan together.

What You Can Learn From Actual Statistics (Ministry Of Health)

1. Top 10 Conditions of Hospitalization

Understanding Your Private Health/Medical Insurance Scheme

by FinancialDex
March 28, 2009June 23, 2010

For the last few days, there have been quite a few Clients who have been asking me about the idea of getting a Private Health Insurance Plan and if it’s feasible to do so.

I appreciate their interest in getting a health insurance plan and as I have shared in my previous post on the basic fundamentals of Financial Planning – getting a health insurance plan is a must-must to take care of huge medical bills, on top of a Critical Illness Protection Plan.

Why Is A Health/Medical Insurance Scheme So Important?

To put in simple terms to understand, if there’s a hospital bill of $100,000 today right in front of you, would you

Want to take care of this bill 100% on your own accord or
Split this bill among your family members (in equal shares and hurt each other feelings…) or
Have a Health Insurance Plan that require you to pay out only $12,700 (assuming $3,000 deductible and 10% co-insurance) and have the rest of $87,300 taken care of by the Plan?

If I am you, I would rather have a Health Insurance Plan to take care and even if I do have to split the $12,700 among my family members, it’s easier to do so now!

But Hey Hold On… Does This Medical Bill Of $100,000 Really Exist?

You Are Unhealthy For Your Insurance… What Happen Now? Part 1 of 2

by FinancialDex
February 19, 2009June 3, 2009

Congratulations on making that “big” decision to purchase your life and health insurance (after much budgeting and persuasion)!

But… You have became unhealthy for the application so what may happen…

After 4 years of being in this industry, I have came across a wide range of clients who have such health issues, and as their servicing agent, sometimes, its my duty and obligation to help negotiate for better terms so that they can go ahead and get the coverage needed!

Anyway the purpose of this post is not to comment on the negotiations that I have gone through (if you like to know for your own purposes, you can comment here and I will put up on the next post) but to let you have a rough feel that if you have became unhealthy, what will normally happen to your life insurance application when you really need to get one.

And if there is a need to go for a medical check, I will be offering a short guide on how to ace (not really 100% effective) the checks.