Important to cover the Deductible and Co-insurance gap

All Shield Plans has Deductible and Co-insurance, one should understand the impact of these and takes up appropriate rider to cover the gap.

For those who may have employer medicable benefit, they may not think this is necessary, but if sixth sense tells you some illness is befalling, please consider to have such rider in place.

Incomeshield Plus Rider is one such rider, for Incomeshield Plan.

Other insurers have their own rider plan to be offered as well.

My advice is to cover the gap.

1. Plan Basic that pays for a long stay in KKH

(Double Click on the bill image to get full details of the bill)
This is a case of 44 days stay in KKH hospital for a bone marrow tranplant procedure.

The whole bill of $20,848 was cushioned off and policyholders pays only $2377.42

The Deductible is cumulative over the policy year, and it has been taken care of in earlier hospital bill.

So in event of large bill, and insured that stays in lower ward or the ward of the plan, will be covered well by the Shield Plan.

2.Plan Basic can cushion high bill

(Double Click on the bill image to get full details of the bill)

This bill is an operation due to a traffic accident done at Gleneagles and was insured with Enhanced Incomeshield Plan Basic.

Total operation cost $21,551.48 and Incomeshield Plan Basic pays $7898.17 ( after minusing Deductible $2000 and 10% co-insurance from $10,775.74 )

For large bills, it can cushion off quite a sum.

This policyholder has another H&S plan that pays about $3000.

3.Impact of inappropriate Shield Plan for Private Hospital care

(Double Click on the bill image to get full details of the bill)

I have a client who have an Enhanced Incomeshield Plan Basic but went for a hysterectomy operation at Gleneagles.

Without Plus Rider, the Deductible and Co-insurance will impact on such bill.

My intention to write about this is to let you know that if you did not take the right plan for the right medical care, the bill to be settled can be disappointing.

Whole operation and stay in hospital in Gleneages cost $5001.64

Pro-ration for staying in Private Hospital for Plan Basic is 50%, meaning all items will be computed as 50% of bill.

So the bill is taken as $2500.82.

Plan B Deductible = $2000

Balance = $500.82, 10% co-insurance for this = $50.08

This Incomeshield pays $450.74 for this claim.

If Policyholder has the Incomeshield Plus Rider, the claim will be $2500.82

I would encourage most to take the Incomeshield Plus Rider to make the plan cover the Deductible and Co-insurance if one has no other coverage.

In this case, she has another H&S plan which will pay the bill.

For such private hospital care, it is best to have Plan Prefered with Plus Rider in place to make it a fully paid plan. If this is in placed, the full $5001.64 will be fully paid plus pre & post hospital bills.

No minimum pay needed for new credit card

A RADICALLY new type of credit card with no minimum income requirement and just $500 in credit has arrived in Singapore.

Is this radical or ridiculous?

The Straits Times cartoon depict something that is real and can be quite an issue as students start to live on credit and interest roll over.

Should this be encouraged? Will holding such a credit card be then a trend among the students?

I hope the authority and MOE will look into this.

Should we start to allow our children to start living on credit at such a young age?

Can you afford to stay too low a ward to be given proper care in restructured hospital?

My brother unfortunately, last year had a motor accident and sent to Alexandra Hospital and warded in C ward.

After some weeks was discharged. He went through theraphy but still was in pain.

We thought he was pretending and did not pay attention to him.

Alexandra Hospital doctor told him, his injury cannot be operated on.

After one year of pain, he sought an Orthopaedic surgeon in Gleneagles.

The surgeon discover the injury was actually more than what Alexandra Hospital found.

He had another fracture not discovered and that caused the pain for so long.

He under went the operation and cost $21,000 plus as in earlier posting on the bills.

Is C ward patient so lightly treated, because the patient is seen as poor?

I am quite surprised that AH doctor told him, he cannot be operated on, but when refered to private hospital, more injury was found and he could be operated on.

Is this a lapse on Alexandra Hospital doctor? Or is it because he is a C ward patient?

After the operation, his pain ceased and he could raise the two arms which was not able to be raised before operation at Gleneagles and AH doctor told him his condition cannot be operated on then.

Is this skill of surgeon or money talks?

Withdrawal age of CPF minimum sum may be raised to 65

There is a saying, money is not everything but everything is money.

I may not live to age 65, but at least I know how I will fare before age 65 if I plan. The time line chart I posted earlier will now be useful to plot the retirement path.

Time to re-look at retirement needs.

I have promised to write on the Settlement of my brother's accident operation - his plan is an Enhanced Incomeshield Plan Basic without Plus Rider

I have always felt that Incomeshield or any Shield Plan is an essential basic need for everyone, including child.

Last year, my brother was involved in a motor accident, he had fractured collar bones and was in pain for a year. Restructured hospital doctor told him they are not able to operate on him.

Last month, he found out a private orthopaedic surgeon in Gleneagles who is able to operate to correct the bones for him,

He underwent the 4 surgical operating procedures as in the attached bill (click on it to see the detail and the total cost is $21,551.48.

As his Incomeshield is the Enhanced Incomeshield Plan Basic, there is a pro-ration factor of 50%.

Thus the bill is computed to be $10,775.74 to be paid.

Deductible for Plan Basic is $2000, thus minus $2000 = $8775.74

There is a Co-insurance ( 10% ) = $877.57.

After minusing Deductible and Co-insurance , Incomeshield Plan Basic paid $7898.17

I have done another small H&S plan then to cover the deductible and co-insurance, in earlier days, the Incomeshield Plus Rider is not available. This plan will reimburse another $2410.

If Incomeshield Plus Rider is inforce, the plan should pay in total $10,775.74.

My intention to highlight this real case study is to share with you, that in event of big medical bill, Incomeshield or any private medical shield will be helpful.

If he has Plan Prefered, the bill will be covered more substantially.

My advice is still have a Shield Plan, and have one is better than nothing.

His civil case is pending court settlement, as I have engaged a lawyer to sue the taxi driver who hit him.

Bear a thought for the life of motorcylist

What has happened to road safety in Singapore today?

It is sad to read of the father and daughter on motorcycle, died in accident last Saturday.

Is there attitude problem in driving or has more drivers been having poor judgement on the road?

It is sickening to know that there are some motorists who simply should not be driving at all.

1. Motorist today has poor lane discipline, resulting in many not keeping safety distance between cars.

2. There are many who imagine they are grand prix driver tailing even a car that is moving on at 90km/h.

3. In merging lane condition, such motorist must be ahead.

4. Motorist when tailing behind motorcyclist, will not bother about the speedometer, until they overtook motorcyclist.

5. Motorist who cannot even allow motorcylist riding on lane 4 (extreme left lane) of highway and attempt to over take by the left, squeezing between road shoulder and lane 4 of motorcylist.

.....etc.

There are many other scenarios. In wet weather condition, motorcyclist is even more exposed.

Please be patience and bear a thought for motorcyclist.

Give motorcyclist space to manoeuvre.

Treat that motorcyclist as one of your friend or even your relative.

Insurance will pay for the mistake of a driver,but it will never bring back the life of victim and the lost to their family.

Let's please drive with loving kindness, bearing a thought for the family of each other.

Best Kept Secret

Free Ntuc Fairprice Vouchers promotion for Growth Policy ending on 30th June 2007.

You may use cash, CPF or SRS for the plan.

$200 Fairprice Vouchers for $20,000 cash, placed in Growth Policy.

Maturity re-investment case, enjoys 20% more vouchers.

A client placed $100,000 maturity re-investment and is entitled to $1200 Ntuc Fairprice vouchers. Too good a deal to be missed. Promo up to 30th June 2007.

Hit & Run accident?

Few months back, I shared about a boy rushing across the road, and collide onto my motorcycle carriage box.

This is the first time I met with an injury accident, so to speak.

When the boy collided onto my carriage box, my reaction was his condition. I saw that his forehead was red, indicating he head onto my carriage box.

My concern is if he has head injury. This is a case of his mother rushing across the road with two children and did not hold on to this boy and he just rush ahead without observing traffic, following his mother, dashing across.

I need to do a judgement call, and decided that I have to call an ambulance, with knowledge that is will be a police case.

As long as there is injury, as a motorist, one has to go through the hassle of police investigation, I had gone through that.

But I had peace of mind that I followed correct procedure. So in event of such injury case, call ambulance, and then contact police to send a traffic police officer to clear the case at scene.

I am thankful I had an eye witness willing to give statement on site.

I was requested to report to traffic police headquarter to meet up with investigating officer then, which I did after being cleared from scene.

My experience with this accident is valuable to me.

So my advice is if there is injury case, do not move off, call police to scene to clear accident instead of driving off.

This case the mother concern did not want me to call ambulance and want to move on, but I insist for the child's injury to be looked at and called ambulance.

Moral of my sharing is, if there is injury, lots of hassle, but report accordingly for peace of mind.

In event of injury in motor accident - engage a lawyer

My brother was hit by a taxi while riding his scooter on the road last year.

Then, I thought matter is simple and called the taxi insurer (Not NTUC INCOME)to enquire if they wish to do direct settlement.

As I do not get a reply, I decided to engage a lawyer to handle the claim and good thing I did.

In event of injury case, it is best to engage a lawyer.

It is advisable to look for lawyer who specialise in such accident injury claim.

I was refered to 3 lawyer firms by Ntuc Income and I engaged one of them and so far the case is successful against taxi driver, though the taxi driver reported otherwise.

The case is now pending settlement against taxi insurer.

Review Your Old Policy Riders

I met up with a friend who shown me his life policy taken 31 years ago.

The wholelife policy issued by Company A, has a RCC, a Personal Accident Rider with it.

He was insured $50,000 for accident death and partial disablement and premium is $117.50.

You may think this premium is cheap, but 31 years ago, he has been paying faithfully until today.

Some products are simply cheaper today and coverage is wider.

Ntuc Income Personal Accident Policy with $50,000 for accident death and partial disablement with $1000 medical included is only $35 per year in premium.

Click Personal Accident to take a look.

If you wish to cover 14 infectious disease to include SARS, Bird Flu, Dengue Fever, etc, click PAID

The other rider worth reviewing is Convertible Term and Term riders.

If you have a Hospital & Surgical Rider and has no existing illness now, it is also better to look at Enhanced Incomeshield Plans that covers one wholelife.

Click at the hyperlink and make a comparison.

Report Accident with Integrity and let Insurer take care of Liability

I have always advised my clients to report the facts of an accident.

Report with integrity and let the insurer take care of the liability.

Some motorist simply has no conscience in reporting or even are rude and unreasonable during an accident.

In such case, just report accordingly and leave the liability to insurer to handle, there is no need to headache over the matter.

In some case, the other party is a professional liar and could win the case, no choice, in life we meet some of such devil.

Just bear the injustice.

Drive with Loving Kindness

One of my recent encounter
On 29th November,I rode my motorbike along ECP on lane 3 , and at a slip road from Marina South, I noticed a car coming out into lane four, in between a lorry and a van, and wanting to get into lane 3, where I was coming from, and I know such driver will not see me as I am in his blind spot.

I horned to sound a warning of my approaching, this ridiclous driver instead of not coming out, squeezed out and almost knocked me off. I believe he was agitated with my horning and purposely drove out.

As a matured rider, I know how to move more to the right and let him out and he sped off at high speed, thinking he has threatened me and able to speed off.

This rascal thought he could speed off and get away, but he was wrong because ahead at the Rochor exit then, it was a massive jam across all lanes. I rode to his front and was fuming that this crazy fella nearly knocked me off.

He is a middle age skinny man, wanted to pull him out of his car and whack him, he would have no chance. I wanted to take my helmet off, whack his car and get him out and whack him off, but I knew too much that I will be charged if I do it, as a road rage instead.

I can imagine why some motorist fight and got charged in court.

The law will make me a criminal instead if I whacked him for nearly killing me.

I have wanted to make a police report, but what will the police do?

This could be almost everyday happening on the road.

Some motorcyclists died in an accident probably because of such rascals.

Insurance will pay for the accident, but will never bring back the live of the victim. Such driver may live with a shadow but some simply do not have a conscience.

Involved in accident - Report with integrity

I just visited my brother in hospital.

He was involved in a motor accident with a taxi.

A taxi came from a minor road and collided onto my brother's scooter.

It has been a year and he suffer permanent collar bone dislocation which government hospital told him cannot be operated on.

He sought the doctor at Gleneages and is due to be operated on today as the private orthopaedic surgeon examined him and is confident to correct his injury that will cost $20,000 to operate on. His bill will be cushion off by Enhanced Incomeshield and claim against the taxi's insurer.

The taxi driver in his report, reported that my brother sped and hit his taxi.

I cannot imagine there are such people who injured some one and dare report otherwise. Of course the police investigator is not stupid to believe him and he was found guilty.

I have engaged a lawyer to help him to claim against the taxi driver.

I cannot imagine such fellow human who almost killed a motorcyclist dare make such a report.

So you can imagine, there are such human being exist who has no concern to be honest when an accident happens.

As a trained person, I have guided and handed the matter to the lawyer to settle.

Such case takes more than a year to settle,which is still in the process of settlement.

It is important to find lawyer who specialise in such claim. I was refered a lawyer in NTUC INCOME's panel and find this lawyer very good in handling this claim so far.

Plan with family in mind - a claim story

(I wrote this on April 2005)
One of my client is dying of 4th stage nasal cancer. I am not capitalising on this episode to tell you what to do.

In year 2000, I was refered to him because he has a daughter and wish to buy an Education Policy. My concern for such family will always be to check on the parents' coverage first. I asked him how well is he covered and he told me very well. I pressed him for an answer and he told me $30,000.

I advised him that he should look into his family needs and roughly told him that should anything happen and if his family depend on him for $20,000 a year, he has to be prepared for next 20 years for a cover of $400,000.

Refused to talk to him on Education Policy and find ways to up his coverage with his CPF and his budget from intended Education Policy.

He took my advice, and his coverage was improved to almost $200,000 with policies using his CPF as well.

One and half year later 2001, with another daughter borned, called me for education policy again.

His dread disease cover was low and my advice was to look at this cover first. Gave him another Living Policy with term rider.

2003, Feb, received a call from him that he contracted 3rd stage nasal cancer. Well, I have done my part with peace of mind. Back in my mind then was if he wanted another Education Policy? But I was shell shocked to hear the bad news.I submitted the claim for him and Income paid out the Living Policy, and the Term rider has a waiver for dread disease, thus no premium need to be paid further for the Term rider.

Paid him the two Living Policy, $50,000 term rider continue with waiver of premiums and other policies remain inforce.

Yesterday, the wife rang me to say he is critical in hospital. Two weeks ago when I visited him, I saw his condition to be very bad and do not expect him to past beyond this year. I just message that I want to vist and his wife repled "I've brgt him bk 2 die @home.he wanted 2 come home."
It is sad but that is the reality of life.

We plan what we can appropriately, so that our family will not go through financial hardship though emotionally, it is painful.

End of the day, we all wish we live to complete our family obligation without having to depend on insurance payout, but when things happened, what we plan for, will at least cushion off some financial worries.

Look into our NEEDS and not our WANTS, as I have been saying this since 1988 when I stepped into this industry.

It is painful for my client's wife, but it is comforting what I have recommended and advised have been taken up and now they understand why I do not sell them what they want, Education Policy, but what they need.

He left behind his wife, and two young children age 3 & 5.

Sad story, but comfort is in that the family can move on without being caught in financial setback.

I took comfort in that the deceased client agreed with me in my recommendation because I am also a family man with a wife and three children. I appreciated him for his open mind to accept that family takes priority in insurance planning.

Stay with your existing servicing agent

Some of you came to my blog via Mr Tan Kin Lian's blog.

Thank you very much for reading my blog.

I stay committed to provide my clients the advice and service needed.

If you ask me for advice, I will give you a reply,but if you have an existing servicing agent, I would normally encourage you to stay with your agent.

I have received some email enquiry and I have given the answer, those I notice have an existing agent, I normally will refer them to their own agent, please do not be offended.

There is no regulation that one cannot seek other agent within same company, unless you have not been served well,I would normally prefer you stay with existing agent.

But for some reason, you wish to seek me, I would be happy to attend to you.

Why pay more? Pay only 20 years for a wholelife Living Policy

Ntuc Income has just soft launched a NEW limited payment premium Living Policy on Jan 2007.

One can choose to pay premium for 20 years or up to age 64 and policy will continue to cover wholelife without further premiums to be paid.

Many realise the reality of covering the 30 critical illness when one reach latter years. Some realise the importance of such policy after a family member or friend contracted the disease, eg, heart attack, cancer, stroke, etc.

You can read the term and condition of cover for the Limited Payment Living Policy by clicking the link to LPLP.

For young children

This LPLP policy is good for the young child. Why? Let me explain.

Many parents today like to start insurance coverage early for their children to hand over the policy to them when they reached their adulthood and thinking that premium is low when taken up at young age, yes true.

This 20 years Limited Premium Living Policy, when the baby reached adulthood, premium is FULLY paid, and policy will continue to cover the child wholelife without having to pay premiums after 20 years.

This is as good as letting the insurer carry the baby.

The child will also be thankful that the parent did not hand over a burden for him to continue to pay insurance premium after 20 years. This grown up child will enjoy wholelife coverage thanking the parents for having started it for them.

Young working adults may also want to consider this plan as it is limited payment covering wholelife. Refer to the link to Limited Premium Living Policy

In event of an Accident - Do not confront

Read the ST report of an incident between a taxi driver and a motorist today, ending with motorist having serious injury.

I ride a motorcycle and drives, and I am aware of how some arrogant people drives on the road.

As a matured person, we do not challenge them, younger person challenge them and ended up dead. I suspect some young motorcyclist challenged such motorist and ended dead, I have been young once (err...still not too old now ), and cocky young rider before. Thank God I survived to tell the story. Even as an older or rather matured person now, everyday I meet with arrogant driver. One that nearly knock me off the road last year.

In event of an accident, CAR REGISTRATION NUMBER is sufficient for reporting, so if the other party fail to co-operate, it is fine, take down car number and report, Insurer will trace them.

Let the insurer do the dirty job of fighting such accident dispute.

Do not confront, keep COOL !

Review your old policy RIDERS.

Review the Riders that is in your old policies.

Do you have riders known as ADB/RCC or Hospital & Surgical Riders?

Many of us have riders in our old policy that cost quite a hefty premium because it was taken when we were younger and from then premiums are not changed or rather along the way new products are introduced with better coverage and lower premiums?

Look especially at Accident Death Benefit rider, if you have one and compare a Personal Accident plan that covers other than accidental death, also partial disablement and medical expenses. You will be surprised.

A few types of riders you may want to take note of.

1. 5YRT - this is basically a 5 year convertible term that will have premiums changed every 5 years, at a point in time, the premiums will be high because of age, and many are not aware. Will a level Term premium be better and more cost effective for you? There are many new Term Plan that has low premium today, example, i-Term.

i-Term

2. ADB - Accidental Death Benefit, Personal Accident Plans today have wider scope of cover and much lower premium today.( one company issued the PA long ago, and premium is not cheap, though it may be monthly $15 or so for $30,000 Personal Accident and still inforce, but yearly $35 premium can get one a $50,000 PA policy with $1000 medical today with a few other insurers)

PA - Personal Accident Insurance
PAID - Personal Accident + Infectious Disease Plan

3. H&S - Hospital and Surgical Benefit - Shield Plans are much cheaper today and again scope of cover wider. And premium paid via Medisave.

New - Enhanced Incomeshield Plan

Ask yourself what are the riders for and do you need them? Many have bought policies much earlier in the 90's and file the document away have not really bothered about the riders.

I have personally reviewed with a few of my friends and there are some savings that one can derive from adjusting the riders.

But a few will not need adjustment, so very much depend on what riders you have.

Take a look and talk to your trusted agent or seek second opinion.

I think it is good to look into the few things mentioned above. I can only say I have reviewed with a few of my policyholders their other policies and this is what I can tell you, review the riders.

Time Line Planning - Leap frog forward

Have you ever plot your assets and insurance maturity along a time line to give yourself a picture of your financial standing forward? If you click on the above image, you will see the time line chart in better detail.

I have refined, the excel spreadsheet to include this couple's children's education needs. You will find that this couple has three teen children and one is now in University. If the other two children can survive the education, the projected year ahead will be the year the other two children enters university and their graduation years.

It is good to plan ahead to have insurance savings plans to leap frog ahead towards retirement. Ntuc Income has single premium endowment plan, Growth Policy, that gives good yield over the years. This couple also has investment linked funds and other insurance coverage as well, not shown in this time line.

You may want to click on this line for Growth Policy

Cactus Flower

Cactus Flower Full Bloom

The cactus flower blooms over midnight and is very beautiful. Share the joy.

Cactus Flower

The cactus flower has finally bloom from an ugly bud, and it is almost mid-night.

It is interesting to see how a small little bud, grow with ugly hairy stem.

Now it is blooming. Hope to catch it at its full bloom.

In event of an Accident - Do not confront

Read the ST report of an incident between a taxi driver and a motorist today, ending with motorist having serious injury.

I ride a motorcycle and drives, and I am aware of how some arrogant people drives on the road.

As a matured person, we do not challenge them, younger person challenge them and ended up dead. I suspect some young motorcyclist challenged such motorist and ended dead, I have been young once (err...still not too old now ), and cocky young rider before. Thank God I survived to tell the story. Even as an older or rather matured person now, everyday I meet with arrogant driver. One that nearly knock me off the road last year.

Whenever I switch lane, I will lead forward, whether in my car or riding my bike, to clear my blind spot. I am sure not many do this, except for the more careful and experienced drivers.

In event of an accident, CAR REGISTRATION NUMBER is sufficient for reporting, so if the other party fail to co-operate, it is fine, take down car number and report, Insurer will trace them.

Let the insurer do the dirty job of fighting such accident dispute.

Some time end of the day, the other party is so skillful in reporting, you still lost the case, it is okie. Just too bad, the crooks wins. This is why some people thought insurer pays for fun, it is actually skill of the other party's lies.

(For my client)
But for me, if you tell me the truth, I will handle for you with my claims officer. I am always here to resolve as much as I can for you, but I only ask you for one thing, report with integrity. I have assisted in cases where the insured is not very truthful in his reporting.

For the truthful once, I will go all out for you.

So in event of an accident, one must remain COOL, though it can be stressful.

Even if you lost the case, I will try to fight back the NCD for you with my office.

There is no need to confront the other party if that party do not co-operate, REMEMBER there is such thing known as MOTOR INSURANCE and ME !

I have written about what one should do in event of an accident, and I am copying it below this email again.

In event of an accident, some motorist will not want to admit fault, even
if they are at fault, as many do not want to lost their NCD. This is very
selfish and irresponsible.

My advice to my clients that in event of an accident, just take down the
vehicle number and report to IDAC and Ntuc Income will take over the
matter. If that party is willing to co-operate is good.

There is no need to wrestle with the other party if the other party do not
wish to co-operate to give their particulars, just take down car
registration number is enough to make a report at IDAC.

Who say IDAC is not good? This is GOOD.

Leave the liability contest to the insurer, especially when one meet with
unreasonable third party. Do not waste your breath over such people.

They can report the accident from BLACK to WHITE and WHITE to BLACK, this
is immaterial, Ntuc Income will stand by their policyholder to handle the
claim. If our insured is not at fault, Income will defend.

But I always tell my client to report accordingly and I will handle the
matter with my claims officer.

There is no necessity to risk one's life with a road rage.

Subject: Claim Procedure ( What I have written before )

Thank you for insuring with Ntuc Income.

Just to keep you updated if I happen to be not able to respond promptly.

In case of any accident, first, stay COOL. Send car to the Independent
Accessment Center ( IDAC ).

If you are able to have the third party to sign a note of liability, by all means do it, if third party is at fault.

But if yourself is at fault, unless u are 100% sure and asked to do the
same, use your WISDOM.

Especially when case is 50-50, and third party is unreasonable, leave the
matter to Income and ask them to initiate claim action.

Following are few situations you may want to take note. Though in all
situations, we prefer that you leave the claim to NTUC Income to handle.

If it is third party at fault, we can refer our panel of workshop to assist you to claim against third party. Just send car to IDAC .

If you are at fault, proceed to IDAC by calling 67886616.

Summary

1. If it is your fault.
Your job is just to send the car IDAC for accident reporting and Income will refer a workshop to repair for you.Leave the claim to Income.Call our hotline 67886616 for assistance

2. If it is third party fault.
Again send car to IDAC and we will refer our panel workshop to assist in claim or you can find a workshop of your choice to file a third party claim for you.

3. Unsure of liability, meaning do not know who's fault it is.
Contact our hotline 67886616 and proceed to IDAC and leave the matter to Income to handle.

4. Met with unreasonable driver.
Sometime you may think that the matter is low in cost to settle and if it is your fault and wish to compensate third party.

IMPORTANT - PRIVATE SETTLEMENT, ask third party to sign the private settlement note provided to void you of liability and fax me a copy to be filed with Income,after both agree on private settlement. This is to prevent third party to bite back unscrupulously again later. With the agreement signed, Income will not entertain the claim.

For unreasonable, high demanding client, leave him to claim your insurance and inform Income of possible fraudulent claim, this you can send me an email and I will liaise with my claims officer and we will await third party claim. And if claim is inflated, we may need your assistance to dispute the claim by showing your photos of damage claims submitted.

Any other complication, please do not hesitate to contact me.

This is just some information as many were quite worried in such situation.In every situation, there is always a solution, so stay COOL and remember ME.

5. For third party claim against YOU, sometime a WRIT OF SUMMON is hand
delivered to your home as if third party is sueing you in court, DO NOT
PANIC, this is to be submitted to Income General Insurance Claims
Department, and we will engage our lawyer to handle if it is not your fault.Send such writ of summons to us and stay COOL.

Happy Driving.

Cactus bud - interesting progress

Like I mentioned before, many of us see little small flowers on cactus being sold, those small flowers are big bluff. One of my cactus is budding and the flower will bloom during the night and fade off the next day.

I hope to catch it to share it with you. The bud stem is growing longer now and should bloom in a week's time. Hopefully I do not fall asleep waiting.

Appropriate Shield Plan ( PMI ) for appropriate medical care

Many have Basic Medishield (click this link to have a better understanding), Incomeshield, or other insurer's PMI ( Private Medical Insurance, hospital & surgical plan paid with medisave )

Many also confuse themselves between Medisave and Medishield. Click the respective link to have a better understanding.

Whatever one has, the basic need is still any of the H&S plan paid by medisave account.

One can use their medisave to pay for the premium of such plan for their immediate family including the parents.

Problem arises normally when one has no clear understanding of the features or term and condition of the plan.

1. What is the Plan Type
Example, is the plan covering B1, A ward care of restructured hospital or Private Hospital care.

This has been misunderstood by some one who wrote to ST forum about his mother having a Basic Medshield and when hospitalised in a Private Hospital with a bill of $50,000 the shield plan covers only $1,500.

A clear understanding of the plan type, DEDUCTIBLE AND CO-INSURANCE is beneficial to the understanding in event of claim.

2. Deductible and Co-insurance
**Co-insurance and deductible payments are mandated by the Ministry of Health
Example Plan Basic has a Deductible of $2000 and 10% co-insurance.
If one is hospitalised, the first $2000 of the bill will have to be paid by insured, and any bill beyond $2000, has a further co-pay of 10%.

Ntuc Income's Enhanced Incomeshield maintain a 24 hour hotline 63321133 to advise policyholder on claims matter, policyholder is encouraged to call the hotline prior to any hospitalisation.

Don't treat the maid like a dog.

It is sad that some employers do not provide proper food for their maids and some has to resort to begging.

Today's Straits Times has a write up on the process of the maid in their resolve to break out from poverty, leaving their husband, children and family to work in Singapore.

Maids are employed to help families in their chores and to take care of our family.

They sacrified their love for their family to come and help to take care of our family, we should learn to appreciate them.

I had our maid 13 years ago, and when she came to us, she was a widow. I told her that she can be slow, but she need to be honest and hardworking, that's all I ask for and I asked for a malay colleague to help me to write down in Malay to read to her. She came at age 39 and is now age 52. Do not be fooled by older worker, she has been a good companion to my mum now.

She is allowed to rest and take afternoon nap when work is done since with us, as she wakes up early in the morning each day to start the day. She basically does household chores and keep my mum company today as all my kids are quite big.

Everyone wish that our employer appreciates our work and takes care of us in our employment, and I think it is only fair, we treat the maid with respect and appreciates them the same.

Can you depend on Employer Medical Plan?

I always believe that Shield Plan (or PMI ) is an important backup, even if one is provided with benefit from the employer.

I received a call last week for advice about a claim for some one (not my client) whose father was warded in TTSH with Stroke.

He has Enchanced Incomeshield Plan Basic with Plus Rider, and a company medical insurance benefit.

On Monday, I was contacted again that the company forget to renew the policy and unfortunately this man suffered a stroke.

It is fortunate that the daughter has insured him under Enhanced Incomeshield Plan Basic with Plus Rider two months back.

Imagine if this person has no Incomeshield, the impact will be huge. Stroke patient needs long stay to stabilise condition and if bad enough, may be a month or two months in hospital and then after, transfer to community hospital for rehabilitation treatment.

My advice is look at Shield Plan ( PMI ) as a backup because reason is more obvious now.

1. Small company or if the administrator forget to renew, insurer will stay by that and policy lapse. In this case, Policy is only one day late in renewal and this man is excluded. Which insurer? Not Ntuc Income. But his Incomeshield now covers his stay.

2. If one is down with serious illness, after some time, if there is no recovery or lost the capacity to work, one may be medically board out from employment, does one has a plan to back up? It will be too late then to consider any plan as insurer will not take in such substandard case by then. I always say that if we are healthy, which we all wish to be, we just pay donation to this plan.

All I can advice and advice is please have a Shield Plan in place.

Anti-Smoking Campaign - Why Smoke?

The anti-smoking campaign is not new.

But why smoke? In all respect to my younger colleague whenever I pass by them when they are having their puff, I will alway tell them, friend,save the cigarette money and buy Living Policy.

Though I speak in a jest, I mean to tell them the truth.

One pack of cigarette is about $7?

If one smokes away $5 a day, one month is $150.

Friend, give up smoking and channel this $150 to buy a Living Policy is far better.

I can say as much for so many years, that whenever I pass them by, before I rattle my words, my friends will now always tell me back before I open my mouth "okie, okie, stop smoking and buy Living Policy ".

It is a habit that is not easy to give up, but I encourage you to do so for the sake of health and your family.

Do not smoke your life away.

Cactus Blooming

I have some cactus, and one of them has bloom a flower before.

Many shop sold cactus with small little flowers on the cactus, those are small flowers but big bluff.

Cactus budding is very interesting, it starts with a very tiny small little bud and start to grow bigger and a long stem will grow bring the bud forward and one of the night the flower will bloom and open at night and fade off.

The flower is very beautiful, I hope to capture the growing process of this flower and place here to share it with you.

IDAC reporting

Some insurer require their insured to report to IDAC in event of an accident.

Ntuc Income is one of them.

Some say IDAC is troublesome.

Infact, I think IDAC provides customer convenience and hassle free way to handle claim.

1.In event of accident, if car cannot move, it will be towed to IDAC
2.If car can move, policyholder need to go IDAC to do a reporting
3.Ntuc Income will then contact owner to take over the car for repair
4.Courtesy car will be provided at IDAC,if the policy has courtesy car benefit added
5.When car is repaired, owner will drive the courtesy car to IDAC to exchange for the repaired car.

This is simple and convenient.

Ntuc Income provides a 24 hour hotline 67886616 to assist policyholder in event of any accident.

Pedestrians today are taking road safety for granted

Today's pedestrian are really taking safety for granted, talking over mobile , SMSing, KISSING, TALKING, DANCING across the road. There is no sense of urgency in crossing the road.

Just this morning when I was driving along Ang Mo Kio, a lady just walk across the road irregardless of my approaching, while her husband stood on the dividing white line.

There are also some drivers who are inpatience, and some no conscience or bad judgement, this pedestrian will get it. Verdict - Accident. Who lose out? Stupid pedestrian of course.

Why are some pedestrians crossing with such disregard, having a "dare the motorist to hit them" attitude?

Many think motorist will slow down for them, but they may meet a driver that are not paying attention in car or one with slower physo-motor skill or inexperience and accident will happen.

Let's not take road safety for granted.

Insurance can compensate for accident, but why suffer the pain and the lost of live?

Pedestrian head onto my motorbike

I just came back from Ubi Traffic Police station.

At 1835hr, on 9th March 2007, while travelling Lavender Street I was involved in an accident.

One boy head onto rear of my motorcycle.

The mother and two boys rush across the road, and one of the boy straight straight run and crashed into back of my motorcycle box. I wobbled and controlled the bike and came to immediate stop and realised that boy head onto my rear box.

I immediately went to check him. He had bruise on his forehead.

He was stable and but I was worried for his head and told the mum I will call the ambulance, but his mum refused, but I insisted and call 999 ambulance came and send them to KKH.

I waited for traffic police to arrive to clear me and after investigation, left scene at 8.30 pm.I was then asked to report to Ubi at 10 pm for investigation. I have done that and police report done.

I am thankful, the boy is okie, but I do not want to take chance since his head head onto my bike.

Also thank God, the shop owner stand witness for me and gave his statement to traffic police at scene that it was the boy not attended to by his mum rushed out and hit rear of my bike.

I hope pedestrians, especially those with young children, please do not to take road safety for granted.

Automatic Medishield Coverage for New Born

New Born will automatically be insured under Medishield or once registered in Primary 1 according to today's ST report.

I applaud the Minister for making this opt out for Children.

Many parents are ignorant or could not be bothered with shield plans, this is a good move to help this group of people.

Shield Plan is also such low premium plan that many advisers do not wish to undertake, sorry for my comment on this, and this will indeed be helpful for the poorer and ignorant fellow citizens.

No more cherry picking and all children will be insured. This is indeed a very good move.

Sudden Death

The only certainty in life is DEATH.

Lately, there are so many reports on young students, national serviceman, sportsman and ordinary folks just collapsed of heart attack or sudden death.

Naturally back in our mind will be how well are they covered.

It is not that in this profession as Insurance Advisor we wish to capitalise on the misfortune of others, but again how can we educate the public on the importance of life insurance.

Some time it is not how expensive the insurance premium is, but how well have one planned for the financial security of their own family.

Sudden death is painful to the family, but if a family lost the financial security, it is double whammy.

I always like to take the example of buying a car.

Many people are willing to pay faithfully each month about $500 for the instalment of a car, but so unwilling to put $200 aside each month for the financial security of one's family.

A car will be scrapped with no much value at the end of 10 years, but what is put in to plan for financial security of the family can go a long way for the family as they bear the lost of the loved ones, in lesser financial hardship.

Strike a balance between cost of a car and cost of financial security for the family.

Confusion over Eldershield, DPS and Shield Plans

Shield Plans are important.

Some of you may be confused with so many Shields and worst, mixed up with Eldershield and DPS all lump into one and cannot differentiate them, only knowing some go to Great Eastern and some to Ntuc Income.

I can understand the confusion, but it is quite tedious to write to differentiate them for you as it may then become even more confusing, but let me try.

1. Eldershield - ElderShield is an insurance scheme introduced by the Ministry of Health (MOH) to provide financial help to those who are unable to take care of themselves because of severe disabilities.

2. DPS - Dependant's Protection Scheme
DPS is a low cost term-life, opt-out insurance scheme that provides a basic coverage of up to $46,000. It aims to provide the insured and their families with some money to tide them over the first few years in the event of death or permanent incapacity.

Click on above hyperlink to read in more details on the Eldershield and DPS.

I shall write about the Incomeshield in the next topic later.

Time Line Planning

Have you ever plot your assets and insurance maturity along a time line to give yourself a picture of your financial standing forward? If you click on the above image, you will see the time line chart in better detail.

I have refined, the excel spreadsheet to include this couple's children's education needs. You will find that this couple has three teen children and one is now in University. If the other two children can survive the education, the projected year ahead will be the year the other two children enters university and their graduation years.

It is good to plan ahead to have insurance savings plans to leap frog ahead towards retirement. Ntuc Income has single premium endowment plan, Growth Policy, that gives good yield over the years. This couple also has investment linked funds and other insurance coverage as well, not shown in this time line.

You may want to click on this line for Growth Policy

Review your old policy Riders

Review the Riders that is in your old policies.

Do you have riders known as ADB/RCC or Hospital & Surgical Riders?

Many of us have riders in our old policy that cost quite a hefty premium because it was taken when we were younger and from then premiums are not changed or rather along the way new products are introduced with better coverage and lower premiums?

Look especially at Accident Death Benefit rider, if you have one and compare a Personal Accident plan that covers other than accidental death, also partial disablement and medical expenses. You will be surprised.

A few types of riders you may want to take note of.

1. 5YRT - this is basically a 5 year convertible term that will have premiums changed every 5 years, at a point in time, the premiums will be high because of age, and many are not aware. Will a level Term premium be better and more cost effective for you? There are many new Term Plan that has low premium today, example, i-Term.

i-Term

2. ADB - Accidental Death Benefit, Personal Accident Plans today have wider scope of cover and much lower premium today.( one company issued the PA long ago, and premium is not cheap, though it may be monthly $15 or so for $30,000 Personal Accident and still inforce, but yearly $35 premium can get one a $50,000 PA policy with $1000 medical today with a few other insurers)

PA - Personal Accident Insurance
PAID - Personal Accident + Infectious Disease Plan

3. H&S - Hospital and Surgical Benefit - Shield Plans are much cheaper today and again scope of cover wider. And premium paid via Medisave.

New - Enhanced Incomeshield Plan

Ask yourself what are the riders for and do you need them? Many have bought policies much earlier in the 90's and file the document away have not really bothered about the riders.

I have personally reviewed with a few of my friends and there are some savings that one can derive from adjusting the riders.

But a few will not need adjustment, so very much depend on what riders you have.

Take a look and talk to your trusted agent or seek second opinion.

I think it is good to look into the few things mentioned above. I can only say I have reviewed with a few of my policyholders their other policies and this is what I can tell you, review the riders.

Time Line Planning - milestones in life towards retirement

Hi,
I have a client, with his permission, I will share with you how he has planned towards retirement. If you click on the image on the left, you will see a better picture.

Whenever he has spare cash, or CPF or SRS, he will set aside to plans to mature in the future. Following is the time line for mostly the traditional, Growth Policy, I-Gift, Capital Plus, Harvest Policy and even Endowment Plan. They have many investment linked policies as well.

The maturity is well placed for the future.

Some time we procastinate and time and time again, no action is taken and funds are left in the bank for low interest, and in the CPF and SRS not used.

Such placement over the years will also provide additional insurance coverage which will be useful for insurance protection as well.

Should you wish to plan along the way, it may be good to consider. This couple also has investment linked Plan ( Combined Funds - Growth & Balanced Funds ) which I have not asked for permission to show. This will be in addition to the time line, which can be quite useful in between when there is no maturity.

Unknowingly, they have set aside spares for the future retirement needs and for the children's education as well.

The discipline starts quite far back. If one puts $10,000 the maturity in 10 years is about $14,800. When it matures, one can roll over for re-investment.

Example their Capital Plus would mature on May 2007, they will re-invest $20,000 each and keep the balance for maturity at the next stage is 2017. This will give them a projected return of $29,600 then. Start planning early to have a better retirement and to meet contingency needs in between.

Have you drawn a time line for yourself to target towards retirement?

Promotion is on next month forward from 1st February, with $200 Ntuc Fairprice vouchers for cash placed and 1% additional bonus for CPF Funds for $20,000. Additional $100 voucher per block of $10,000 will be given. Meaning if one place $50,000 cash, voucher of $500 will be given, offer is for limited period only.

Some one's sister had lung cancer.

This is a very common phrase.

You will hear so and so's sister, brother, mother has cancer.

What comes to mind? I am sure it is not how long more will they live but how much will be needed for the treatment.

If we honestly think so, are we ourselves adequately covered?

My recommendation will always be any Shield Plan and dread disease Living Policy should form the basic coverage.

I said any Shield, because it is not point to compare and contrast until it is too late. There wouldn't be too much of a difference between all Shield Plans except that the premium may be lower and a little bit of benefit one company has and the other company does not have.

It is important to go with an insurer with good base, so that the premium will be stable over the years to come. Also look for a more compassionate insurer and not one that sticks to term and condition so strictly that there is no compassion shown.

Any dread disease needs funds for treatment and in worst case scenario, one may lost the capacity to work.

Many people are willing to pay $500 a month for instalment payment of a car that will be scrapped in 10 years, but $100 or two a month to plan for the financial security of one's family, one will think and consider so much.

I hope we can have better sense in this. Sorry for my frank view.

S'pore's Top 5 Killers - Are you prepared?

S'pore's Top 5 Killers

In affluent Singapore, cancer, heart disease and stroke remain the top killers.

Cancer accounted for almost one in three of the 16,392 deaths last year. Coming a close second was heart disease, which resulted in about 23 per cent of deaths.

Lung cancer remained the deadliest of all cancers in men, and breast cancer was the no. 1 killer for women.

While the number of deaths caused! by cancer and heart diseases increased by 8.6 per cent and 3.7 per cent respectively from the year before, death caused by stroke fell from 1,617 in 2005 to 1,457 last year.

Male Deaths in 2006

Cancer 2584
Heart Diseases 2254
Pneumonia 1141
Stroke 640
Accidents 255

Female Deaths in 2006

Cancer 2118
Heart Diseases 1536
Pneumonia 1087
Stroke 817
Diabetes 312

Source: Singapore Registry of Births and Deaths

Time Line Planning - Towards Education needs of children, contingency & Retirement

Hi,
I have a client, with his permission, I will share with you how he has planned towards retirement. If you click on the image on the left, you will see a better picture.

Whenever he has spare cash, or CPF or SRS, he will set aside to plans to mature in the future. Following is the time line for mostly the traditional, Growth Policy, I-Gift, Capital Plus, Harvest Policy and even Endowment Plan. They have many investment linked policies as well.

The maturity is well placed for the future.

Some time we procastinate and time and time again, no action is taken and funds are left in the bank for low interest, and in the CPF and SRS not used.

Such placement over the years will also provide additional insurance coverage which will be useful for insurance protection as well.

Should you wish to plan along the way, it may be good to consider. This couple also has investment linked Plan ( Combined Funds - Growth & Balanced Funds ) which I have not asked for permission to show. This will be in addition to the time line, which can be quite useful in between when there is no maturity.

Unknowingly, they have set aside spares for the future retirement needs and for the children's education as well.

The discipline starts quite far back. If one puts $10,000 the maturity in 10 years is about $14,800. When it matures, one can roll over for re-investment.

Example their Capital Plus would mature on May 2007, they will re-invest $20,000 each and keep the balance for maturity at the next stage is 2017. This will give them a projected return of $29,600 then. Start planning early to have a better retirement and to meet contingency needs in between.

Have you drawn a time line for yourself to target towards retirement?

Promotion is on next month forward from 1st February, with $200 Ntuc Fairprice vouchers for cash placed and 1% additional bonus for CPF Funds for $20,000. Additional $100 voucher per block of $10,000 will be given. Meaning if one place $50,000 cash, voucher of $500 will be given, offer is for limited period only.

Drive with Loving Kindness

"Live honestly, with integrity, with loving kindness and charity for your fellow beings. "

Live with loving kindness, this is a message I hope all motorist will keep in mind.

Few days ago, two young ladies were killed in a head on motorcyclist accident with a lorry, one of them left behind a 5 year old boy.

I hope all motorist will bear a thought for the motorcyclist.

Irrespective of right or wrong, please give way to motorcyclist and do not challenge them.

It is a misconception that motorcyclist needs lesser space on the road, infact, motorcyclist need as much space as motorist to maneouvre.

I have been on the road long enough to say this.I rode a motorcycle too and I encountered many incidents too, and some that nearly caused my live with some very inconsiderate drivers.

I came out of it because of maturity, but I am not too sure if I can come out of it when I am a younger person.Or I will survive the next inconsiderate driver's attitude and temper in driving.

My appeal to all motorist is to drive with Loving Kindness towards motorcyclist.

It is very sad, to read of accidents that take away the lives of motorcyclist.

Insurance will pay for the poor judgement of the driver, but it will not bring back the live of the victim.

One of my recent encounter
On 29th November,I rode my motorbike along ECP on lane 3 , and at a slip road from Marina South, I noticed a car coming out into lane four, in between a lorry and a van, and wanting to get into lane 3, where I was coming from, and I know such driver will not see me as I am in his blind spot.

I horned to sound a warning of my approaching, this bloody ridiclous, driver instead of not coming out, squeezed out and almost knocked me off. I believe he was agitated with my horning and purposely drove out.

As a matured rider, I know how to move more to the right and let him out and he sped off at high speed, thinking he has threatened me and able to speed off.

This rascal thought he could speed off and get away, but he was wrong because ahead at the Rochor exit then, it was a massive jam across all lanes. I rode to his front and was fuming that this crazy fella nearly knocked me off.

He is a middle age skinny man, if I am going to pull him out of his car and whack him, he would have no chance. I wanted to take my helmet off, whack his car and get him out and whack him off, but I knew too much that I will be charged if I do it.

I can imagine why some motorist fight and got charged in court.

The law will make me a criminal instead if I whacked him for nearly killing me.

I have wanted to make a police report, but what will the police do?

This could be almost everyday happening on the road.

Some motorcyclists died in an accident probably because of such rascals.

Insurance will pay for the accident, but will never bring back the live of the victim. Such driver may live with a shadow but some simply do not have a conscience.

i-Gift , attractive instalment draw down plan ( Closing on 29th December 2006 )

The i-Gift sells very well. The results are much better than expected. Over 100 policies are sold each week.

i-Gift is a product that offers a guaranteed income for a fixed term. It is actually an annuity certain.

The average investment is about $50,000. 80% of the investors choose 5 year term, while the other 20% choose 10 and 15 year term.

i-Gift

It is popular as it offers a guaranteed return of more than 3%.

The current tranche will be withdrawn soon. The next tranche will offer a lower return, as interest rates have declined recently.
Basically is a plan that guarantees payout annually over 5 years.

This plan is good for people with spare cash seating in the bank or no plans for CPFOA

Example, if one place $100,000 each year, draw down will be $22,125 annually as attached. This is like $20,000 principle payout and interest of $2,125

This is like escalating interest.

Example

Year 1 - $100,000 Payout $22,125 - Interest = 2.125%
Year 2 - $80,000 Payout $22,125 - Interest = 2.656%
Year 3 - $60,000 Payout $22,125 - Interest = 3.541%
Year 4 - $40,000 Payout $22,125 - Interest = 5.312%
Year 5 - $20,000 Payout $22,125 - Interest = 10.625%

We may hit target of $100 million this week and will stop this plan, as it is a guaranteed payment plan. As of yesterday the co-operative already colleced $72 million.

Plainly for people with spare cash but not getting good interest in the bank.

If you are keen, please do not hesitate to contact me soon before we close in a few days' time for this tranche.

Steps to take when involved in an accident

Anyone involve in a road accident, will be stressed. It is even more stressful when one faced a motorist of no integrity. In all situation, just report the truth and leave it to Income to handle the matter. We always believe our insured are people of integirty.

Just to keep you updated if I happen to be not able to respond promptly.

In case of any accident, first, stay COOL.

Send car to the Independent Accessment Center ( IDAC ).

If you are able to have the third party to sign a note of liability, by all means do it, if third party is at fault. But if yourself is at fault, unless u are 100% sure and asked to do the same, use your WISDOM. Especially when case is 50-50, and third party is unreasonable, leave the matter to Income and ask them to initiate claim action. DO NOT SIGN OVER ANY LIABILITY, IT IS NOT COMPULSORY TO SIGN THE FORM ON THE SPOT.

Following are few situations you may want to take note. Though in all situations, we prefer that you leave the claim to NTUC Income to handle.

If it is third party at fault, we can refer our panel of workshop to assist you to claim against third party. Just send car to IDAC . If you are at fault, proceed to IDAC by calling 67886616.

Summary
1. Your Fault. Don't worry about lost of NCD, sometime if repair claim is low, can reimburse and keep the NCD, this I can help you later after the case is settled.
Just send the car to IDAC for accident reporting and Income will refer a workshop to repair for you.Leave the claim to Income.Call our hotline 67886616 for assistance

2. If it is third party fault. Again send car to IDAC and we will refer our panel workshop to assist in claim or you can find a workshop of your choice to file a third party claim for you. Unless you have friend who can claim for you and 100% not at fault, you may want to use your prefered workshop to handle the claim against third party.

3. Unsure of liability, meaning do not know who's fault it is. Contact our hotline 67886616 and proceed to IDAC and leave the matter to Income to handle.

4. Met with unreasonable driver. Sometime you may think that the matter is low in cost to settle and if it is your fault and wish to compensate third party.
IMPORTANT - PRIVATE SETTLEMENT, ask third party to sign the private settlement note provided to void you of liability and fax me a copy to be filed with Income,after both agree on private settlement. This is to prevent third party to bite back unscrupulously again later. With the agreement signed, Income will not entertain the claim. If you meet an unreasonable, high demanding road bully,don't talk too much with him/her, leave them to claim your insurance and inform Income of possible fraudulent claim, this you can send me an email and I will liaise with my claims officer and we will await third party claim. And if claim is inflated, we may need your assistance to dispute the claim by showing you photos of damage claims submitted. Any other complication, please do not hesitate to contact me. This is just some information as many were quite worried and stressed in such situation.In every situation, there is always a solution, so stay COOL and remember ME.

5. For third party claim against YOU, sometime a WRIT OF SUMMON is hand delivered to your home as if third party is sueing you in court, DO NOT PANIC, this is to be submitted to Income General Insurance Claims Department, and we will engage our lawyer to handle if it is not your fault.Send such writ of summons to us and stay COOL.

Happy Driving.

Plan with your family in mind

(I wrote this on April 2005)
One of my client is dying of 4th stage nasal cancer. I am not capitalising on this episode to tell you what to do.

In year 2000, I was refered to him because he has a daughter and wish to buy an Education Policy. My concern for such family will always be to check on the parents' coverage first. I asked him how well is he covered and he told me very well. I pressed him for an answer and he told me $30,000.

I advised him that he should look into his family needs and roughly told him that should anything happen and if his family depend on him for $20,000 a year, he has to be prepared for next 20 years for a cover of $400,000.

Refused to talk to him on Education Policy and find ways to up his coverage with his CPF and his budget from intended Education Policy.

He took my advice, and his coverage was improved to almost $200,000 with policies using his CPF as well.

One and half year later 2001, with another daughter borned, called me for education policy again.

His dread disease cover was low and my advice was to look at this cover first. Gave him another Living Policy with term rider.

2003, Feb, received a call from him that he contracted 3rd stage nasal cancer. Well, I have done my part with peace of mind. Back in my mind then was if he wanted another Education Policy? But I was shell shocked to hear the bad news.I submitted the claim for him and Income paid out the Living Policy, and the Term rider has a waiver for dread disease, thus no premium need to be paid further for the Term rider.

Paid him the two Living Policy, $50,000 term rider continue with waiver of premiums and other policies remain inforce.

Yesterday, the wife rang me to say he is critical in hospital. Two weeks ago when I visited him, I saw his condition to be very bad and do not expect him to past beyond this year. I just message that I want to vist and his wife repled "I've brgt him bk 2 die @home.he wanted 2 come home."
It is sad but that is the reality of life.

We plan what we can appropriately, so that our family will not go through financial hardship though emotionally, it is painful.

End of the day, we all wish we live to complete our family obligation without having to depend on insurance payout, but when things happened, what we plan for, will at least cushion off some financial worries.

Look into our NEEDS and not our WANTS, as I have been saying this since 1988 when I stepped into this industry.

It is painful for my client's wife, but it is comforting what I have recommended and advised have been taken up and now they understand why I do not sell them what they want, Education Policy, but what they need.

He left behind his wife, and two young children age 3 & 5.

Sad story, but comfort is in that the family can move on without being caught in financial setback.

I took comfort in that the deceased client agreed with me in my recommendation because I am also a family man with a wife and three children. I appreciated him for his open mind to accept that family takes priority in insurance planning.

Review your old policy Riders

Review the Riders that is in your old policies

Many of us have riders in our old policy that cost quite a hefty premium because it was taken when we were younger and from then premiums are not changed.

1. 5YRT - this is basically a 5 year convertible term that will have premiums changed every 5 years, at a point in time, the premiums will be high because of age, and many are not aware. Will a level Term premium be better and more cost effective for you? There are many new Term Plan that has low premium today, example, i-Term.

i-Term

2. ADB - Accidental Death Benefit, Personal Accident Plans today have wider scope of cover and much lower premium today.( one company issued the PA long ago, and premium is not cheap, though it may be monthly $15 or so for $30,000 Personal Accident and still inforce, but yearly $35 premium can get one a $50,000 PA policy with $1000 medical today with a few other insurers)

PA - Personal Accident Insurance
PAID - Personal Accident + Infectious Disease Plan

3. H&S - Hospital and Surgical Benefit - Shield Plans are much cheaper today and again scope of cover wider. And premium paid via Medisave.

New - Enhanced Incomeshield Plan

Ask yourself what are the riders for and do you need them? Many have bought policies much earlier in the 90's and file the document away have not really bothered about the riders.

I have personally reviewed with a few of my friends and there are some savings that one can derive from adjusting the riders.

But a few will not need adjustment, so very much depend on what riders you have.

Take a look and talk to your trusted agent or seek second opinion.

I think it is good to look into the few things mentioned above. I can only say I have reviewed with a few of my policyholders their other policies and this is what I can tell you, review the riders.

ChoiceLife - Do you have a choice in life now?

There was an article in The Straits Times about AIA Choice Life 10 years and 15 years policy on 7th November 2006.

It is suppose to be limited premium payment for 10 years and 15 years, but now 25,000 policyholders are informed that they have to pay more years for the policy.

Financial Guardian critical years was also in the news some time back and now this.

Many other insurers have also been selling limited payment years policy, as competitions mount, but Ntuc Income is not able to offer. Infact, under intense competition, Income introduced one Protection Policy with limited payment of 15 years but premium is calculated by our actuary on realistic term, and premium compared to other insurers is really much higher.

Imagine buying for a baby, a wholelife policy, pays for 20 years, and the insurer have to carry the baby for the next 80 years?

Traditional policy like Ntuc Income wholelife Living Policy has an automatic premium loan feature that can run a policy into old age after enough years of policy being inforce, perhaps after age 60, which I myself will use when I reach a point that I do not wish to pay the premium but need the coverage forward.

Ntuc Income has just introduced a LIMITED PAYMENT LIVING POLICY.

Premium payable is guaranteed up to 20 years or to age last birthday 64.

Involved in Motor Accident - What to do?

Thank you for insuring with Ntuc Income.

Anyone involve in a road accident, will be stressed. It is even more stressful when one faced a motorist of no integrity. In all situation, just report the truth and leave it to Income to handle the matter. We always believe our insured are people of integirty.

Just to keep you updated if I happen to be not able to respond promptly.

In case of any accident, first, stay COOL.

Send car to the Independent Accessment Center ( IDAC ).

If you are able to have the third party to sign a note of liability, by all means do it, if third party is at fault. But if yourself is at fault, unless u are 100% sure and asked to do the same, use your WISDOM. Especially when case is 50-50, and third party is unreasonable, leave the matter to Income and ask them to initiate claim action. DO NOT SIGN OVER ANY LIABILITY, IT IS NOT COMPULSORY TO SIGN THE FORM ON THE SPOT.

Following are few situations you may want to take note. Though in all situations, we prefer that you leave the claim to NTUC Income to handle.

If it is third party at fault, we can refer our panel of workshop to assist you to claim against third party. Just send car to IDAC . If you are at fault, proceed to IDAC by calling 67886616.

Summary
1. Your Fault. Don't worry about lost of NCD, sometime if repair claim is low, can reimburse and keep the NCD, this I can help you later after the case is settled.
Just send the car to IDAC for accident reporting and Income will refer a workshop to repair for you.Leave the claim to Income.Call our hotline 67886616 for assistance

2. If it is third party fault. Again send car to IDAC and we will refer our panel workshop to assist in claim or you can find a workshop of your choice to file a third party claim for you. Unless you have friend who can claim for you and 100% not at fault, you may want to use your prefered workshop to handle the claim against third party.

3. Unsure of liability, meaning do not know who's fault it is. Contact our hotline 67886616 and proceed to IDAC and leave the matter to Income to handle.

4. Met with unreasonable driver. Sometime you may think that the matter is low in cost to settle and if it is your fault and wish to compensate third party.
IMPORTANT - PRIVATE SETTLEMENT, ask third party to sign the private settlement note provided to void you of liability and fax me a copy to be filed with Income,after both agree on private settlement. This is to prevent third party to bite back unscrupulously again later. With the agreement signed, Income will not entertain the claim. If you meet an unreasonable, high demanding road bully,don't talk too much with him/her, leave them to claim your insurance and inform Income of possible fraudulent claim, this you can send me an email and I will liaise with my claims officer and we will await third party claim. And if claim is inflated, we may need your assistance to dispute the claim by showing you photos of damage claims submitted. Any other complication, please do not hesitate to contact me. This is just some information as many were quite worried and stressed in such situation.In every situation, there is always a solution, so stay COOL and remember ME.

5. For third party claim against YOU, sometime a WRIT OF SUMMON is hand delivered to your home as if third party is sueing you in court, DO NOT PANIC, this is to be submitted to Income General Insurance Claims Department, and we will engage our lawyer to handle if it is not your fault.Send such writ of summons to us and stay COOL.

Happy Driving.