Insurance Archives | Page 2 of 10

Ask Your Insurance Agent These 4 Important Questions

Life is full of uncertainties. We are not aware of what will happen in the next hour or the next day. Despite this, we try our best to plan out our lives as best as we can. As you plan for the future, you may consider getting an insurance. Insurance is a means to cushion against financial losses and unexpected events.

Complete your financial plan by finding a suitable insurance policy that will cover your hospital bills, critical illnesses, and other needs. Do your research and ask your insurance providers for guidance to find the most suitable insurance plan for you.

On that note, here are four important questions that you may ask to your insurance agent.

#1: WHICH TYPE OF INSURANCE DO I NEED?

The distribution of insurance is regulated by the Insurance Act. Under this act, no one is allowed to establish an insurance business unless licensed or authorized by the Government. It also entails the duties and responsibilities of the insurance agents such as arranging contracts of insurance and collecting or receiving premiums on policies in Singapore. The insurance agent helps customize your insurance policy to best suit your needs.

There are many types of insurance policies. While endowment policies focus on savings, protection-type policies protect you from unforeseen circumstances. Do your research prior to meeting your insurance agent. As you become transparent with your financial circumstance, you may ask more questions surrounding the differences in their insurance policies. For instance, you may ask your agent to elaborate on the specifications of both their health and life insurance policies. With so many types of insurance around, you cannot blame a person for getting confused at first!

#2: IS IT ESSENTIAL TO PAY MORE WHEN MAKING A CLAIM?

Let us put a spotlight on health insurance. Although insurance policies help cover most of your hefty hospital bills, you can expect to pay some portion in form of deductibles and co-payments. Deductible is the initial amount that you need to pay for claim/s made in a policy year. You need to pay the deductible before you can get a payout from your insurance. On the other hand, co-payments are crucial principle in the design of health insurance. Co-payment is the amount that you need to split with the insurer after paying your deductibles.

Depending on your insurance provider, some health insurance policies may not cover certain illnesses or procedures. For instance, many health insurance policies will not pay for your cosmetic procedures. Ask your insurance agent about this. Know the scope and limitations of a policy before committing to one.

#3: HOW MUCH DOES THE INSURANCE COST?

Whether you are getting a car insurance or a life insurance, it is vital to scan your options in order to find a policy that fits your financial capabilities. The cost of life insurance, health insurance, car insurance, etc., will vary.

From a general perspective, the price of insurance depends on the risks. People who are working in high-risk jobs (e.g., factory workers or construction foremen) may be subjected to higher premiums. The insurance practice of charging higher premiums for certain occupational classes is called occupational loading. This practice is most commonly found in personal accident insurance. Do note that the premiums will also be affected by other factors such as the number of years that you need to have the policy in place.

Ask your insurance agent about this. If you feel that you cannot afford all the insurance coverage available, you do not need to worry. Your insurance agent will help you to prioritize your needs.

#4: HOW OFTEN SHOULD YOU UPDATE YOUR INSURANCE POLICY?

Throughout our lives, our goals and needs will change. This is why experts suggest to review your insurance policies every year. You may ask an insurance agent or a financial advisor for advice regarding the possibility of increasing your insurance coverage as years pass.

Image Credits: unsplash.com

Gradual increase in your insurance coverage may help prepare for the unexpected health problems that might come as you age.

Sources: 1 & 2

There’s a new insurance savings plan called “Dash PET” that is not for your pet

Are you looking for a new insurance savings plan that allows you to Protect, Earn, and Transact (PET)? Then you might be interested in a project called Dash PET. If you’ve read the title and clicked in, you would have known that this policy is not for your pet.

The insurance savings plan is part of a product offered by Etiqa Insurance in collaboration with Singtel Dash. Etiqa Insurance is a licensed life and general insurance company registered in Singapore. They want you to think of Dash PET as the PET that takes care of you.

“We saw a gap we could fill amid the uncertain climate to help our customers grow their money smarter and faster. Using insights gleaned from the success of Dash EasyEarn, our first insurance savings plan, Dash PET is a new product with greater flexibility and a lower entry point,” Singtel’s International Group CEO Arthur Lang said.

To that, Etiqa Insurance Singapore’s CEO Raymond Ong added that they had designed Dash PET to be an innovative all-in-one insurance plan with a savings component and on-demand protection for the end consumer.

Peeps searching for an insurance savings plan where they can take full control of their finances, look no further! We will guide you through what Dash PET can offer you.

What Is Dash PET?

Dash PET is as cute and as useful as it sounds. It helps you maximise your money with savings at high returns, gives you guaranteed capital, and full flexibility of funds. As you invest more money into your savings account, your Dash PET will grow and provide a desirable incentive in the long run.

A comprehensive insurance plan focused on achieving simplicity for you; there are no unnoticed loopholes that could cause you problems later. Keep reading to find out the gains of Dash PET.

How can I benefit from it?

Dash PET has an eclectic range of benefits that are solely focused on bettering your financial health. It also provides you with the support you may need through the pandemic. Worry not about a thing if you face challenging times.

Here’s a breakdown of the main benefits:

High returns: It allows you to earn up to 1.7% interest every year* on your savings. As such, Dash PET makes a great plan to have as you continue to accrue your savings.
Easy starting requirements: Whether you start with S$50 or S$10,000, Dash PET allows you to begin small and build your savings up to S$30,000.
Flexibility: The fear of a lock-in period should not stop you. With Dash PET, there is no lock-in period. This means you can withdraw and top up funds anytime you like without the threat of a penalty.

*First S$10,000: 1.7% p.a. for the first year. Above S$10,000: 1.2% p.a. for the first year.

Is it still not enough to sway you towards the multitude of benefits Dash PET can provide you? Maybe the fact that the policy is administered by the Singapore Deposit Insurance Corporation (SDIC) might give you peace of mind.

Everything else is automatic upon sign-up, so you’re covered without having to take any further action (except for the management of your account).

How do I sign up?

Are you a Singtel Dash user?

Great! If you’re aged between 17 and 75 and have a valid Singapore NRIC or residency/work pass, then you are easily eligible to sign up for Dash PET. You can also check against the eligibility rules set by Etiqa Insurance.

Download the Singtel Dash app right now or click here to kickstart your savings journey today!

What you need to know about protecting yourself if you encounter an accident in a public space like a cinema or mall

Slightly more than a week ago, we read in the news that two people got injured after a ventilation duct collapsed during a movie at Shaw Theatres in NEX shopping mall. In all honesty, this incident could have happened to anyone.

It got many people thinking about insurance claims, the legality of personal and protection claims, and what one has to do if they were to encounter such an unfortunate accident. If that is you, here’s what you need to know about protecting yourself should you encounter an accident in a public space.

#1: Make an insurance claim immediately

Justin Chan, Head of Dispute Resolution at Tito Isaac and Co, shares that as soon as an accident in a public space happens, an individual should inform their insurer(s) immediately. Also, it’s advisable to engage a solicitor who can point you and your claims in the right direction.

In the case of the injured cinema patrons, lawyers would most probably advise the affected parties to inform the mall. This way, the mall can then inform their respective insurers. Mr Chan adds that a similar letter will be written to the cinema operator, where they would have some sort of policy which would cover accidents within the cinema for their patrons.

#2: Know where accountability lies

Police and SCDF at Shaw Theatres in NEX shopping mall

Image Credits: AsiaOne

A question to consider is the location where you got the injury. Mr Chan said that in this particular case of the injured cinema patrons, the cinema is the occupier of that particular space. “The occupier owes a duty of care to their cinema-goers,” he adds.

But if you’re at a common public space in the mall like staircases, corridors, or open waiting areas, the responsibility will fall back on the mall.

Mr Chan also stated that every able-bodied person should have insurance at this point in time. “But if you don’t have your own personal insurance, then you would leverage on the occupier’s insurance.”

#3: Other useful actions to take

If you do not need to make a trip to the hospital immediately, Mr Chan advises the public to take pictures of the accident site. Also, see if you can spot any closed-circuit televisions (CCTVs) on the premises.

“Last but not least, get medical attention,” he said. Mr Chan reveals a personal experience where a simple headache experienced by his client grew into a multitude of physical ailments. While you may not feel the health effects immediately, there may be underlying issues so seek advice from a medical professional.

Key takeaways

Inform your insurers, contact the public space’s management, and engage a lawyer.

About Tito Isaac and Co

Image Credits: Tito Isaac and Co

Tito Isaac & Co is a homegrown, Singapore law practice founded in 1999. The law firm advises, plans, and executes legal solutions to help individuals and enterprises preserve, protect, and build on their strategic interests and business positions.

They provide a full suite of services ranging from litigation, arbitration and dispute resolution, specialist & private client interests to corporate advisory and transactional work.

If you need legal advice, phone them at +65 6533 0288 or drop them an email via info@titoisaaclaw.com.

Great Eastern’s GREAT Comprehensive Care insurance for freelancers

Freelancers, rejoice! Great Eastern has rolled out an insurance just for you. Coined as the ‘GREAT Comprehensive Care‘, it allows you to enjoy the healthcare support you need for lower than a dollar a day. Now, you can continue the flexibility you’ve always fancied without worrying about coverage.

The insurance is a policy in partnership with Doctor Anywhere. Doctor Anywhere is one of the telemedicine providers we’ve previously covered in one of our articles. Carry on reading if you’re keen to know more about the key benefits and more information about the insurance plan.

#1: KEY BENEFITS

There are three main benefits of the GREAT Comprehensive Care insurance. They are convenient outpatient care, personal accident coverage, and daily hospital cash.

Convenient outpatient care

This refers to the online video consultations with a doctor. You can benefit from up to 12 consultations via Doctor Anywhere. Say goodbye to physical queues and hello to convenience from the comfort of home, wherever that might be.

Personal accident coverage

Get the protection you need against death and Total and Permanent Disability (TPD) in the case of an accident. First up, for deaths and TPD due to an accident, you will get 100% of the sum assured as stated in your Certificate of Insurance. Next, for deaths in Singapore due to COVID-19, you will be assured 10,000 SGD.

Daily hospital cash

In short, you will receive a daily hospital allowance if required to stay in a hospital in Singapore. This only applies if you’re warded for at least 12 hours with the reason being an illness or accident that has happened within 36 hours. There’s also additional daily cash allowance if you’re admitted to the Intensive Care Unit (ICU).

Exclusions may apply.

#2: BASIC AND DELUXE PLANS

There are two plans to choose from – basic and deluxe. The key difference is in the maximum payout amount should you submit a claim. Thus, do expect to pay a different price under each plan.

Price

The basic plan starts from $264 per year while the deluxe plan from $446 per year.

Outpatient care

The basic plan allows up to six video consultations. The deluxe plan at twice the amount, at 12 video consultations. This benefit is transferable to your friends and family members. You can do so via the UPGREAT mobile app.

Hospital and surgical benefits

Under the basic plan, you will obtain a daily hospital cash amount of 100 SGD. In addition to that, if warded in the ICU, you will receive another 100 SGD per day. While for the deluxe plan, both amounts are at 150 SGD respectively.

Personal accident benefits

For deaths and TPD due to an accident under the basic plan, you will get a lump sum payout of 100,000 SGD. As for the deluxe plan, you will secure 150,000 SGD instead. Both plans provide a payout of 10,000 SGD if the death is caused by COVID-19.

#3: SCENARIO

Great Eastern has done a great job with this infographic. Take a look at the scenario created to have a better idea of how the GREAT Comprehensive Care insurance works.

Image Credits: greateasternlife.com

Check out the FAQs here. If you have more questions, contact their customer service via 6248 2112. You may also email them at groupcso-sg@greateasternlife.com.

6 Things To Consider Before Panic Buying For Insurance

When the news broke about the Circuit Breaker period and its extension, essential items started flying out of the shelves. The common items hoarded by Singaporeans were face masks, hand sanitizers, instant noodles, and toilet papers. This scenario was played in various parts of the world too. This is why the Government imposed rules regarding purchasing of goods.

Panic buying is brewed by fear. Moreover, it may not lead you to strategic results. Beyond expanding their essential supplies, some people started to buy more insurance coverage. These people are concerned about their hospital bills, if they catch the virus.

Buying the right insurance policies for you and your family is vital at this time. However, panic buying may cause unnecessary waste of time and money. You need an insurance that will cover you when the need arises. Consider these things before signing-up for one.

#1: READ THE FINE PRINT

With the global pandemic, it is up to you to go ahead and pursue your travel plans despite the official travel advisory of postponing it. To safeguard your health, you decided to take a travel insurance. You must understand that not travel insurance insurers are providing coverage in the present moment. Any exclusions can affect you. Check the travel insurance policy!

The same goes for health insurance. You may be supported by a Critical Illness policy that can cover your hospitalization bills, but it may not be for your COVID-19 claim. A CI plan offers a lump-sum cash payment if you are diagnosed with any of the illnesses covered in your plan. Look at the specifications first.

#2: REVIEW YOUR EXISTING POLICIES

Do not buy insurance policies that mimic your previous coverage. Set aside some time to review your previous insurance policies and access your protection needs. Your needs change as you age. You need to ensure that what you are buying is still relevant, especially at this time.

Milestones such as getting married or having a baby can affect your insurance needs. If you can review your insurance portfolio with your Wealth Planning Manager at least once a year, then your needs will be met.

#3: ESTABLISH A ROBUST FINANCIAL PLAN

Incorporate financial protection to your financial plan to ensure that you are covered during the pandemic. You may start with having a realistic budget, putting adequate emergency savings, optimizing your home loan, and maximizing your streams of income.

Do not forget about your financial wellness and estate planning. You will need it!

#4: TAKE MEASURES TO MINIMIZE YOUR HEALTH RISKS

Prevention is better than cure. Risk management goes a long way to help you stay protected. Start by performing seasonal maintenance checks and regular sanitation procedures at home and at your office. If you have a home-based business, consider adding digital shields to protect you from cyber crime.

Lastly, do not forget to sanitize and wear a mask whenever you are out for your grocery trips. Minimize face-to-face interactions whenever possible.

#5: KNOW WHAT THE POLICY DOES NOT COVER

By reading the fine prints, you will be able to read what the insurance covers. The next step is to ask your insurance provider what the policy does not cover. The exclusions may not be explained upfront.

Image Credits: unsplash.com

Do not hesitate to ask. It will save you the stress of discovering additional fees or losses.

#6: ASK IF THEY ALLOW DOUBLE-CLAIMS

Having a hospitalization plan is highly recommended as a basic coverage for many Singaporeans. Hospitalization fees quickly add up, especially if there is a major surgery involved. As such, some people take up more than one hospitalization plans. However, not all institutions allow double-claiming. For hospitalization plans, you can usually claim up to the actual amount spent on your medical treatment. In some cases, you will not be able to claim from another insurer to reimburse each medical expense.

An exception to the rule is life insurance. You can get multiple life insurance policies.

What Is Dash PET?

How can I benefit from it?

How do I sign up?

#1: Make an insurance claim immediately

#2: Know where accountability lies

#3: Other useful actions to take

Key takeaways

About Tito Isaac and Co

#1: KEY BENEFITS

#2: BASIC AND DELUXE PLANS

#3: SCENARIO

Search the site