FAQ Category: Financial
How much health insurance do I need?
[Extracted from Life Insurance Association of Singapore’s website] When deciding the amount of health insurance to purchase, you should consider the quality of healthcare service and the level of income protection that you would want should you fall ill or become disabled. If you have a family, you should also consider how much your spouse…
My company provides health insurance coverage for all its employees. Should I still buy my own health insurance policy?
[Extracted from Life Insurance Association of Singapore’s website] While most companies provide health, disability and accident coverage for their employees, the level of coverage is usually very basic. It is therefore advisable for you to have your own individual health insurance policy where you have more control over the amount of coverage for yourself and…
I already own several health insurance policies. What should I look out for if I would like to purchase more?
[Extracted from Life Insurance Association of Singapore’s website] If you have previously purchased health insurance policies, you should note the following before buying another one:
I’ve heard of people who have been excluded from coverage and hence were not able to claim when illness struck them. How do I ensure that the same does not happen to me?
[Extracted from Life Insurance Association of Singapore’s website] There are several scenarios in which policyholders have been unable to claim for events which they thought they were covered for. Two common ones relate to exclusions in policies, and disclosure procedures.
Does a health insurance policy provide protection till the day I die?
[Extracted from Life Insurance Association of Singapore’s website] Some health insurance products guarantee that your cover will stay in force as long as you pay the premiums on time. However, the insurance company may change the benefits, premium rates or other terms and conditions (if specified so in the contract) when the policy is due for…
How soon after being discharged from hospital do I need to make my claim?
[Extracted from Life Insurance Association of Singapore’s website] You need to fill in a claim form from the insurance company and provide proof (such as hospital bills, medical reports, and test results) to support your claim. You may also be asked to provide more information for the insurance company to assess your claims. If you…
Which should I prioritize – mortality protection or critical illness protection?
[Extracted from Life Insurance Association of Singapore’s website] Both are equally important as they meet different safety needs. While mortality coverage provides support for the family to sustain their lifestyle without major disruption, CI coverage alleviates financial distress in the event of major illnesses which can result in loss of income. Find out more about…
Would premiums for these new partial riders be lower than for existing ones? If so, by how much?
[Extracted from Life Insurance Association of Singapore’s website] In general, premium rates are adjusted from time to time based on your age, individual insurers’ claims experience, medical inflation, as well as general cost of treatment, supplies and medical services in Singapore. These rates are therefore not guaranteed. The impact of these changes may take some…
With MediShield Life, is there a need to purchase IPs?
[Extracted from Life Insurance Association of Singapore’s website] As MediShield Life is a basic plan which pays for large hospital bills of up to Class B2 wards, individuals should buy or retain their Integrated Shield Plan to meet their needs and preferences of wanting additional financial coverage for stays in Class B1/A wards of restructured…
What is co-insurance?
[Extracted from Life Insurance of Singapore’s website] Commonly found in a medical expense insurance policy, co-insurance is the amount of the hospital bill that is not covered by the policy and which you need to pay after the deductible (see below on what is a deductible) is met. It is usually expressed as a percentage…
