Any insurance experts in here?

[Windwaver]

Problem for me and SO is our current CI that covers till age 60 is tagged to our whole life policy and we can't upgrade the CI part beyond 60 years old.

Anybody here has a way around this other than getting a new plan?

 

Thanks!

[Othello]

Problem for me and SO is our current CI that covers till age 60 is tagged to our whole life policy and we can't upgrade the CI part beyond 60 years old.

 

Anybody here has a way around this other than getting a new plan?

 

Thanks!

 

NOPE  prob a term rider.

 

You already said no mah, so i presume you checked. 

[Windwaver]

NOPE  prob a term rider.

 

You already said no mah, so i presume you checked. 

 

Term rider? Or you mean a new term plan?

[Othello]

Term rider? Or you mean a new term plan?

 

no, meaning to say ur CI is a term rider. Usually cannot extend nor change unless its convertible. 

 

What did your insurer say ? 

 

Any reason why not looking at a new plan ? 

Edited August 17, 2016 by Othello

[Nzy]

Problem for me and SO is our current CI that covers till age 60 is tagged to our whole life policy and we can't upgrade the CI part beyond 60 years old.

 

Anybody here has a way around this other than getting a new plan?

 

Thanks!

 

Nope. There is no way to extend it once you sign.

[Watwheels]

I'm not an ins agent but I ever tried to source for policies to cover my company's older workers. The only good solution is to upgrade their existing medishield to the max and help pay for renewal. Most corporate policies covers up to 65-69yo for employees. Which is a headache for companies hiring older workers. We are encouraged to hire older workers but to get ins coverage it's so difficult. Wtf, right?

 

So I consulted ppl in the ins industry. An eg they quoted me will be aia health shield gold max. It is a Medisave-approved medical expense reimbursement plan which combines a MediShield Life component with additional private insurance coverage. The extra coverage gives you more benefits and a choice to stay in private hospitals or Class A/B1 wards in public hospitals.

 

We help them upgrade and pay for the renewal. It's costly but if any happens it will be more costly for the older workers. Govt just talk only.

Edited August 17, 2016 by Watwheels

[Windwaver]

I'm not an ins agent but I ever tried to source for policies to cover my company's older workers. The only good solution is to upgrade their existing medishield to the max and help pay for renewal. Most corporate policies covers up to 65-69yo for employees. Which is a headache for companies hiring older workers. We are encouraged to hire older workers but to get ins coverage it's so difficult. Wtf, right?

 

So I consulted ppl in the ins industry. An eg they quoted me will be aia health shield gold max. It is a Medisave-approved medical expense reimbursement plan which combines a MediShield Life component with additional private insurance coverage. The extra coverage gives you more benefits and a choice to stay in private hospitals or Class A/B1 wards in public hospitals.

 

We help them upgrade and pay for the renewal. It's costly but if any happens it will be more costly for the older workers. Govt just talk only.

 

I share your situation but even the highest of medi-shield cannot resolve the following problems

 

1. Loss of income.

2. Hire extra help to care for patient.

3. Experimental medication.

4. TCM.

 

Mainly problems faced by patient and family after discharging from hospital.

[Windwaver]

no, meaning to say ur CI is a term rider. Usually cannot extend nor change unless its convertible.

 

What did your insurer say ?

 

Any reason why not looking at a new plan ?

Usually riders are cheaper. Is there even a need to get CI coverage beyond 60 years old?

[Othello]

Usually riders are cheaper. Is there even a need to get CI coverage beyond 60 years old?

 

VERY good point to bring up. IMO, have CI up till 65 is good enough. Should have retired by then, and children all grown up. Medical fees covered by H&S. 

[Nzy]

VERY good point to bring up. IMO, have CI up till 65 is good enough. Should have retired by then, and children all grown up. Medical fees covered by H&S. 

 

But there are many other costs that are not covered by the shield plans. Things like follow ups, medication, transport, additional helper at home and all that. If can afford, better to get the coverage. Not as important as H&S but still good to have if can afford.

[Windwaver]

But there are many other costs that are not covered by the shield plans. Things like follow ups, medication, transport, additional helper at home and all that. If can afford, better to get the coverage. Not as important as H&S but still good to have if can afford.

 

That's the portion largely not covered by shield. That's why I am interested in how people deal with that beyond the age of 60 because most old CI plans cover up to 60 only.

[Nzy]

That's the portion largely not covered by shield. That's why I am interested in how people deal with that beyond the age of 60 because most old CI plans cover up to 60 only.

 

Most people would have bought new plans along the way. I do a review at least every 6 months to 1 year. See if there are new products and if I have any shortfall.

Edited August 17, 2016 by Nzy

[Windwaver]

Most people would have bought new plans along the way. I do a review at least every 6 months to 1 year. See if there are new products and if I have any shortfall.

 

I see, most probably that's what I need to do. My old CI plan only covers up to 60 years old.

 

I guess from the comments in this thread, it seems that I'll need to get a new plan.

 

Now I got to decide to go for term or life plan with CI.

 

Any good ones in the market now that covers CI beyond 80?

[Windwaver]

I see, most probably that's what I need to do. My old CI plan only covers up to 60 years old.

 

I guess from the comments in this thread, it seems that I'll need to get a new plan.

 

Now I got to decide to go for term or life plan with CI.

 

Any good ones in the market now that covers CI beyond 80?

 

 

Any good CI plans?

[Nzy]

Any good CI plans?

 

I know that prudential has a term plan that can add CI as rider up to 100 years old. They just revised their pricing yesterday. If you have a prudential agent, you can ask.

[Windwaver]

I know that prudential has a term plan that can add CI as rider up to 100 years old. They just revised their pricing yesterday. If you have a prudential agent, you can ask.

 

That sounds good, thanks.

[Windwaver]

I know that prudential has a term plan that can add CI as rider up to 100 years old. They just revised their pricing yesterday. If you have a prudential agent, you can ask.

 

Got it, it's PRUTerm Vantage

[Nzy]

Got it, it's PRUTerm Vantage

 

Yup. That is the one. With the revised pricing, seems alot cheaper for most people now.