Insurance coverage Archives

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 [email protected].

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.

Now we can all get Honest and Instant Insurance Advice

The traditional mode of how insurance is sold is a frustrating process for most people. Consumers do not know where to start when it comes to getting insured. In many cases, there is a sales-pitch and high pressure selling from advisers who have a conflict of interest.

To address these needs, Do It Your-way Insurance (DIYInsurance) was launched in 2014 to empower people to make informed decisions about their own insurance purchase and they started Singapore’s 1^st Life Insurance Comparison Web Portal for users to compare insurance products and provide greater transparency. To-date, more than 150,000 users have used DIYInsurance.

Consumers find it difficult to know where to start when it comes to getting insured. To help consumers obtain an assessment of their life insurance needs, they have recently launched Selfcheck, Singapore’s 1^st digital adviser to bring insurance planning to the next high level.

This is like having an insurance adviser help you with your insurance check-up and providing instant advice, but without you feeling the obligation to buy anything.

You can easily uncover:

types of insurance you really need
how much insurance you require
surplus or shortfall in your insurance coverage
recommended policies to meet your needs

Everyone can now perform a Selfcheck and obtain a customised and tailored insurance solution from a place they can trust.

The DIYInsurance Difference

Expert advisers to assist you

When you plan your insurance with DIYInsurance, they assign a dedicated expert insurance adviser to complete your planning process. Simply put, you use Selfcheck to build your own insurance plan and the human insurance adviser act as your guide to complete the process by fine tuning your plan. This is insurance advice at its best.

Honest advice

To avoid conflict of interest, all of their insurance advisers are salaried-based and not remunerated on a commissions-basis hence there is no incentive to hard-sell and push products that reward higher commissions. DIYInsurance wants to provide the most honest, independent and competent advice to their clients.

Dedicated after-sales service

If there are any claims or after-sales service requirements, you not only can approach your adviser, DIYInsurance has an entire team of Client Service Managers who stand ready to assist you. All you need is to contact them and they will do everything for you.

It is critical is that there is a trusted DIYInsurance adviser and a client service team whom you can always go to. DIYInsurance is not just High-Tech, they are High-Touch.

Lower Cost

With Selfcheck, the insurance process is made more efficient and hence they are providing greater cost savings to their clients by increasing their commission rebates from 30% to 50%.

DIYInsurance rebates 50% of the salesperson’s commissions to their clients and retain the remainder of the commissions as their service fees. These rebates to their clients are on top of ongoing policy promotions offered by the insurers and they rebate the commissions for as long as the insurer pays them on a policy which could be over a period of 3-6 years.

Expertise

Started by Providend Ltd, a licensed financial adviser and registered fund management company with the Monetary Authority of Singapore (MAS) since 2003, the key leaders of DIYInsurance are Chief Executive of Providend Ltd Christopher Tan, MBA, CFP® and Head of DIYInsurance, Eddy Cheong, CFP® whom each have almost 2 decades of experience in the wealth management industry. All DIYInsurance advisers are licensed with the MAS.

Summary

When you plan your insurance needs through DIYInsurance, what you get is quality, transparent and conflict free advice at a much lower cost from a trusted place. Best of all, you can do all this at the comfort of your desk, without feeling the pressure that you need to purchase something. In addition, you still get all the help needed when you need to claim against your policies. That is why DIYInsurance is not “Do It Yourself Insurance” but “Do It Your-Way Insurance”. Try Selfcheck today!

#1: KEY BENEFITS

#2: BASIC AND DELUXE PLANS

#3: SCENARIO

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