that means you will have paid 2 insurance premiums for that period.. perhaps 2 years of contestability period?

This post has been edited by MUM: Jan 11 2024, 12:03 AM

Yes that's right. Or if you are brave just cancel the old one and buy new one and use govt hospital while waiting for the new medical insurance to mature and then you will be covered.

Get a deductible plan.

Won't help much. It just help to lower the premium paid but will still be hit with deductible.

To to top it all off, the insurance only insured you up to like 70-80 years? Just when you need it most, they don't want to even insure you. Wise up.
Insurance is a risk calculated business where insurance company always win. How else they can afford a full color centerspread on newspapers announcing the success of their sales managers every now and then. They money comes from you. And when they increase the premium, did you see if they actually increase your coverage value? Or your coverage remains the same while they increase your premium stating higher medical cost but they conveniently did not increase your coverage... points to ponder. Mine did not increase the coverage while increasing the premiums and it's beyond 40% increase.

I had the same issue and I interpolated the increase amount up to age 75 when they stop insuring. The amount is staggering and I decided I am not going to do that.

Set aside funds for self insured. You have to be persistent in topping up that fund.

This post has been edited by Capt. Marble: Jan 11 2024, 07:24 AM

Set aside funds for self insured. You have to be persistent in topping up that fund.
1 month set aside 1k, yearly returns averaged 6% ( conservatively)
1 year = 12k
10 yrs = 120k + app roi 40k = 160k

If got medical need, you only hv 160k to use.

12k per annum insurance premium can get his much medical coverage?

Go for self insured plan if you are sure you will not need medical spendings of more than 150k in the next 10 yrs?

In that 10 yrs, if you had made medical spending of 150k, the money from your self insured plan will hv to start from 0. ...that is the time you may need more medical spendings as you are now 10 yrs older, or needed more medical follow ups.

Also, you will need to have to come out with money for deposit during admission and discharge....well unless your CC has high limits then that is not a concern


This post has been edited by MUM: Jan 11 2024, 08:16 AM

Pot calling kettle black je...

Insurance companies knew all too damn well what is going on. Claim more then they asked customers to pay more.

That is insurance polite way of saying get the f**k out. We don't want to cover you when you are old. We have milk you enough when you are young. You want to be cover, pay up.

That's old insurance. Nowadays all new insurance cover you until age of 99 provided you can pay up the premium. Around 20-30k/year at that age. Can even go higher.

I show you how.
https://singaporeanstocksinvestor.blogspot....n-life.html?m=1
https://singaporeanstocksinvestor.blogspot....-smile.html?m=1

Like I said he is one of the blogger I respect.

It's not like keeping the money in savings account earning nothing. If you put into say mmf, conservatively can earn 3%p.a which will be worth something in the future.

Again I agree with Capt marble. Need discipline for it. Not many can do that.

This post has been edited by Ramjade: Jan 11 2024, 08:27 AM

Passive investment thru stock investing???

Ha ha, ..that is a "good" way to gamble with money for risk mitigations

You haven't read his blog. He have been generating 6 figure SGD income for like 10 years already. He already FIRE a long time and he even have 6 figure of cash buffer sitting in FDs, Sg govt bonds. Lots of people have don't it.(US side). Don't dismiss it.

Like I said earlier I am also on early FIRE. I am one of those people. I can choose not to work if I don't want. I am doing part time cause no need to answer to stupid bosses. No KPIs. Like I said my passive income today can pay for my 80year old premium. So think again.

Let me show you another financial blogger. In fact he posted recently in lowyat too.

This post has been edited by Ramjade: Jan 11 2024, 08:41 AM

When 100% of the insurance companies failed 100% of their projection for decades, it's safe to say that they deliberately overestimating their potential investment return and underestimating future costs to trick the consumers to sign up for their ILP.

This forummer (imaged) had this to says about his "investment" too.

There are also many in forex or stock forums also said making 10-15% per month in their investment activities .

Just a note of concerns: Your money earned in the 1st 10 yrs may not last 1 major surgery and its follow up treatment .....


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I would say, they do it intentionally to slowly increase the premiums and to avoid a sudden big increases that would made customers angry and raises BNM queries.
As they are "allowed" to make periodic increases to suits the "said" medical inflation

Forex, stocks, FDs are just tool. Up to individual to use whatever tool they are most proficient one. Not all tools can be used by everyone with the same proficiency. Kindly see evidence provided and make your own decisions. I have already tagged you in the other thread.

if u have any friends families who are insurance agents. (or just ask them to send a simple SQS)

ask them to breakdown the commission for ILP vs standalone.

see which one do they get more.

Well said, ..as there is no way can get the same proficiency, thus I will definitely not subject my dependent of money for risk mitigations to it.

I think I did read Ramjade posted about the commission rate breakdowns about a year or 2 ago

Which one get more commission?.. I think since the premium for ILP is more, they will get more.

Try buy online ...May bypass the agent commission?

This post has been edited by MUM: Jan 11 2024, 09:15 AM

at max 1 year. actually, the main focus is try not to fall sick and not try to rely on insurance lol


new plans cover up to 100 years old now. time to change plans.

Good one

That's the scammy part. They can do a better and more accurate projection at the beginning so that the customers can anticipate and make better planning for it. But they won't, because if they show the real numbers, the people who willing sign up for their ILP (most profitable product) will reduce significantly.