Category: nonMed_bx

AIA FFS$1476 policy: #30k ECI

Posted on by tiger40490

Name of policy: “AiaFamilyFirstSecure” aka AIA FFS

It’s possible to stop paying premium, keep the policy at a reduced SumAssured. AIA will deduct $28/M charges by redeeming from the investment portion.

SRS to pay for AIA premium? No

Anna sent me a 6-page benfit summary attached to her email

  • Early-CI 30k; 60k death benefit
  • am paying $1476/Y since we bought it in May 2014
  • “AIA US Eq fund”
  • https://sg.morningstar.com/ap/quicktake/returns.aspx?PerformanceId=0P00008T6U&activetab=TotalReturn has longest price chart
  • https://www.bloomberg.com/quote/AIAUEQU:SP

##death benefits #接触过的Sgp insurers

Posted on by tiger40490

See also ## tanbin’s secret bank accounts 

This list can help me keep track of my past and present policies. Let’s not spend too much time.

  1. FWD .. home insurance. Renewed in 2023?
  2. AIA .. for wife
  3. Aviva .. MyShield
  4. Aviva .. ADL/MyCarePlus
    • Singlife FLI2 .. more investment than protection. Bought in 2023.
  5. NTUC  .. shield for dabao
  6. NUTC-GIFT.. union membership fee includes a $20k plan for me and wife
  7. Prudential .. $380/27k prudential Early CI till 65
  8. AXA PrimeCare #surgery+ward
  9. GEL CareShieldSupplement
  10. — currently no protection
  11. Manulife .. studied Universal life and ReadyIncomeLife
  12. MSIG .. PA plan paying out cash, not reimbursement-based
  13. Sompo .. PA plan paying out cash, not reimbursement-based
  14. TokyoMarine .. only the mosquito insurance

— my “death benefits” that should pay out to dependents. Ranked by “forgetability”

  1. (Assuming policy is in force) NTUC Income GIFT (see above) has a SGD 20k death benefit. There’s no policy number. Claim procedure — family members send death certificate to NtucUnion.
  2. (Assuming policy is in force) AXA PrimeCare [# 102-3331489] has a tiny SGD 1000 death benefit.
  3. (Assuming policy is in force) GEL GreatEasternLife [# 6004647642] CareShield  has no death benefit as far as I know, but better check with agent
  4. (Assuming policy is in force) Singlife MyShield [# 27055265] has no death benefit
  5. (Assuming policy is in force) Singlife ElderSheldPlus [# E8566804] ADL insurance has a small death benefit, presumably SGD 15k
  6. (Assuming policy is in force) Prudential EarlyCriticalIllness [# 60763874] has a SGD 3k death benefit, until age 65
  7. Singlife FLI2 [# 82769230] has a death benefit. Hopefully hard to miss due to annual payout
  8. CPF DPS [dependent protection scheme #0228382569] could pay out SGD 70k
  9. my employer’s group-critical-illness is late-stage-37CI, covers 37 critical illnesses
  10. my employer’s group life policy has a large death benefit — 2x annual salary, confirmed 26/12/2023. This item is hard to miss because my employer would surely know about an employee’s departure. Payout amount follows the same formula across all employeess.

— insurance bought for ZLH

  1. AIA plans .. you should review those periodic letters AIA send to you
  2. NTUC-GIFT .. covers you and me. This is part of my NTUC membership.
  3. Aviva MyCarePlus .. you are paying mostly from CPF. This is an upgrade from ElderShield
  4. Aviva MyShield ..  is an upgrade from MediShield

BGC fire insurance: 2tough choices #chipaway

Posted on by tiger40490

I need to accept the (/unpleasant/) reality —

  • On one hand, we receive constant reminders about the importance of insurance.
  • On the other hand, the quotes we get from Aleris are always unreasonable. Maybe Aleris only works with a small number of insurers?

— Those “constant reminders” are unwelcome. I think they are like “PC health scan” scares. Good to receive once a decade but not every year. I would say that the risk of fire is relatively low, and a fact of life. I myself constantly live under the threats of … (half-ranked by likelihood)

  • health disasters,
  • traffic accidents,
  • financial woes,
  • natural disasters,
  • kidnap risks,
  • ^^ [19]random derailers@ffree has other threats beyond my *recent* worries.

— option: legwork: I could take on the legwork and contact the insurers by myself
— option: call Aleris to explain the situation
— option (default): do nothing and stay uninsured.

HDB fire insurance #FWD^BGC

Posted on by tiger40490

Cooking can burn down the house. Fire insurance has some intrinsic complexities, perhaps less in Singapore than elsewhere. Learning takes time and absorbency.. including Dram refresh.

FWD Basic fire insurance is extremely cost effective but covers only building damage.

During a claim, FWD assessor would determine the amount of building damage ($BD) + fixture damage ($FD).

  • If $BD < 82k, then basic fire insurance would pay $BD only.
  • If $BD > 82k, then the remaining amount can be covered by the additional insurance, which also covers (part of) $FD.

Basic fire insurance is 5Y. 9-1169 covered till Jul 2028. FWD hotline can check the coverage period. (6820 8888 Monday to Friday 9am – 10pm; Sat 9 – 1pm)

Q: can you buy a simple protection, and then top up with a second protection?
AA: no. One property cannot have two protections from FWD.

— past purchases.. early 2020 I bought the lowest “additional insurance” to cover fixtures, at $42/Y. FWD Home Insurance Policy PNHM2020-00003237. I renewed by phone in 2021, expired in early 2022.

On 22 Dec 2023, I bought 3Y protection PNHM2023-00037909 for $119/3Y.

Minimum coverage is $95/3Y [$20k home content + $0 renovation protection]. My purchase includes $40k renovation.

I feel 3Y is much cheaper than 1Y.

— payment by … ccard usually pays $0 cashback for insurance premiums. I tried SCB card
I chose SCB card for 1) convenient online payment 2) email record from SCB

— basic 5Y insurance is heavily subsidized : SGD 5.94/5Y
Government appoints one insurer only, for the 5Y insurance. Can be purchased online.

I think government gives 90% subsidy. They make HDB home owners pay a small fraction as a reminder to take fire insurance seriously.

too old2work #earliest show-stopper

Posted on by tiger40490

My dad has some first-hand observations.

Exception — He pointed out doctors can indeed work till very old age. But this is the exception that proves the rule. The rule is, most professions won’t let us work till very old age.

He has many friends in this category i.e. Old teachers are not sought-after by employers beyond 65. Supply and demand. He agreed that if there’s demand, these older teachers would probably accept, perhaps at a reduced workload. Therefore, they are in fact too old to be in-demand, not too old to work.

For his type of research work, there’s no employer needed. He can work a few hours a day. Ill health can limit workload but won’t completely stop him working.

  • Q: what’s my earliest show-stopper i.e. the event that will prevent me from working full time any more? (Your first love is typically one person, not 2 individuals!) Is it supply/demand, health or something else?
  • A: I feel health is a low-chance show stopper
  • A: In whatever domain I could possibly choose for myself, supply/demand is the most likely show-stopper. US is significantly better in terms of supply/demand, and for fundamental reasons.

Having said that, my dad feels the most important factor for my late retirement plan is health. He’s speaking from experience.

Imagine you are unable to sleep more than 4 hours a day for months. Can you handle the job duty, the demand on Sys2? 

I guess good health gives inner strength/fortitude — endurance at crunch times, confidence and competitiveness to take on challenges. How important is this fortitude?

Q: Which is more effective protection for health, CI or a less stressful job?

If I’m unhealthy/weak at age 65, even though there are still some (lower-paying) jobs I can take up, they could possibly require some physical stamina and fitness that I don’t have. This could happen at 58 or 85. It’s called aging.

  • Q: what (be specific) can help us cope with the show-stopper? Note most of the learning aren’t relevant, because at my current learning capacity, I will be relevant till age 65.
  • A: a research/teaching career shift.
    • PhD in an area I believe in. See https://bintanvictor.wordpress.com/2017/01/25/what-domain-to-specialize-over-30y/
    • Improvement in written communication and analysis skills
  • A: healthy (often more expensive) food
  • A: weight management products
  • A: fitness classes
  • A: perhaps a relaxed job to provide more time for workout. Note a relaxed job per se is irrelevant because we will end up spending the extra time in low-leverage activities.

ADL-bx: GEL+Aviva #wife

Posted on by tiger40490

Best CareShield Life Supplements: Should You Upsize Your CareShield Life With Aviva, Great Eastern or NTUC Income? (seedly.sg) is detailed.

== GEL 9858 9752 Johnathan Tan, Policy #6004647642 (ElderShield category in AXS, )
— GEL documents .. can log in with singpass. The “GEL account” needs to be maintained but not needed for auth. When you log in (singpass), you can click on the “health” circle to see the Careshield policy
— independent plans.. https://www.greateasternlife.com/sg/en/personal-insurance/our-products/health-insurance/great-careshield.html shows that (for me)

Score = the number of ADL’s identified by the assessor.

  • when I score 1 ADL, then I get $2.5k/m, from GEL
  • when I score 2 ADL, then I get $5k/m from GEL + $Y from Aviva
  • .. $Y is $5000/m after 6 years, but $4600 for the first 6 years.
  • when I score 3 ADL, then I get $612++ form CSL + $5k from GEL + $5k from MyCarePlus

Premium is also “independent” as in probability theory. CSL premium by CPF doesn’t use up the $600/Y quota.

For wife, relying on her existing $1000/M MyCarePlus, then

* if she hits 1 ADL, no payout
* if she hits 2 ADL, Aviva will pay some amount $X
* if she hits 3 ADL, then on top of $612++ from CSL, Aviva will pay some amount $X
My  prediction: $X is $1000/M after 6 years, but $600 (i.e. 1000-400) for the first 6 years.  In this prediction, total payout is still very competitive (superior?) to the GEL case.
— J4 high payout (5k/m), based on imagination not evidence. I feel I would need lots of unknown “resources” and “support” at least during the initial years of Adjustment.
  • training
  • treatment
  • aids
  • things to keep me engaged i.e. meaningfully busy

Even with hospital bills covered by shield plans, my family would take on a heavy burden. We would need a full time caretaker. Each family member may need to change their personal plans to take care of me. Therefore, I would say compared to hospitalization, long-term care is heavier on family members and more disruptive.

Premium represents a $200/M burn rate (excl medisave) .. a bit too high in my involuntary non-working phase. Risk of over-protection. Sizing should be done based on needs.. as we aren’t affluent.

Even though I am very healthy now, I feel this health is so /precious/…

Beware the risk of overestimating the probability of hit and probability of payout.

— Having $5k/M income would provide a motivation to live longer. (In additional, cpfLife is another $2k/month for every month I’m alive). See living for decades with a condition[disability++]

— level non-guaranteed premium: I guess there are three types of schemes in terms of year-on-year changes. MyCarePlus and GEL plan are Type 2

  1. Type 1: fixed at $4000 forever
  2. Type 2: level premium, but non-guaranteed, subject to change by Aviva, based on future claim experience. If there are too many claims by other MyCare members, Aviva would need to collect more premium from other members (like me) to avoid running a loss.
  3. Type 3: non-level premium — jumps higher every few years.

occupational disability bx #PayAssure

Posted on by tiger40490

emails to be included here

Q: after I find myself unable to perform my SWE job, will I feel good or bad about the prospect of filing a claim? I might worry about potential disappointment “After paying for so many years, when I need this payout, they reject my claim.”
A: I think I would feel hopeful. I think this is an attitude/perception problem, more than an expectation problem. I choose to trust that the insurer has guidelines to follow, as mentioned in the Causal_Link section

The Causal_Link .. I discussed this issue with Colin Lim. When I’m in a “situation” [unable to perform my SWE job], and there is a certified medical condition, I submit a claim. Will insurer accept the link between the condition and the situation? I assume the insurance industry has guidelines for it, but to me it’s a blackbox. Transparency is needed.

Given the uncertainty over the Causal_Link, I would go for the lowest-cost plan, keep it for a few years and decide to terminate or keep it.

risk@missed payment for SG shield plans

Posted on by tiger40490
  • MyCarePlus
  • MyShield
  • NUTC incomeShield

Each requires annual premium payment. Insufficient fund and missed payment would terminate the policy 🙁

Insurers send reminder letters, but I may miss them just as NCT and Raymond missed the Megaworld letter.

Colin Lim said we can request insurers to send email. I will also request for longer grace period.

[19] Singlife ElderShieldPlus #MyCarePLus

Posted on by tiger40490

Q: what if I emigrate? Yes can claim from overseas. CSL[CareShieldLife] is explicit about it.
Q Can I downgrade to a smaller amount? Colin confirmed on my sign-up day that yes payout and premium would be reduced according to the original entry age.

— coexist with CareShield supplement .. https://www.careshieldlife.gov.sg/supplements.html says one can claim from both supplements. But I think it’s too much trouble maintaining both plans after I leave SG.

Termination: Better inform Aviva (68279933 Option 3) by 23 Jan 2022, though premium deduction (CPF or Giro) happens in Feb 2022.

Numerical projection is in another blogpost.

— payment schedule for Contract-E8566804
Warning — if you default on payment the plan can expire quickly.

  • $600/Y CPF deduction around 19 Jan
  • $2454/Y DBS-108 deduction in Jan ($100 one-time discount for 2020). Before I relocate to U.S. I would need to put something like $10k in this account
  • Need to keep paying for 30 years until we cancel

— There’s no need to compare other plans (and lose focus) until we are comfortable with…

j4: My earning capacity lasts till 70. During this period, this income stream needs protection, as my family and (more crucially) my own quality of life would benefit from this income stream.

j4: similar to Personal Accidental insurance … disability insurance is close to my heart. Whenever I read stories like “Broken Column” of TBD due to accidents, I flinch and long for protection (non-existent) and emotional support.

j4: shield plan covers hospitalization only. CSL fills in the gap. Peace of mind. Note it’s impossible to cover all gaps.

— J4 lifetime payout: Chance of survival beyond 12Y? If I put in the healing effort I will increase my chance. I can still be of value to my loved ones including my grandchildren.

I guess most of the “coping” expenses are incurred in the first N years, but if I survive longer, then aging would increase burn rate.