Dear Mr Tan,
I am reviewing my existing policies: Living, Incomeshield and Ideal Plan, I have been unemployed for more than one year and found it difficult to get a new job as I am now in my fifties.
I was advised not terminate my Living Policy. I am considering whether I should buy a term policy (which you have recommended) since it would be cheaper and I could get a larger sum insured. However, will it cover my existing conditions of fibroids? Will this condition affect my Living policy since it was discovered after the policy was issued?
REPLY
My advice of buying a term insurance policy applies mainly for young people - so that they can invest their savings in a low cost investment fund.
Looking at your circumstance, i.e. age and medical condition, it is best that you keep the existing Living policy, rather than switch to a term insurance policy, as you will have difficulty with getting term insurance now.
Your fibroid condition was discovered several years after you took your Living policy, so you will not have any problem with the coverage under the Living policy due to this condition. You can read my FAQ on "Indisputability".
I suppose that your children are now quite old, so there may not be any need for you to increase your life insurance coverage.
Thursday, December 16, 2010
After the Event Insurance
Dear Mr Tan
While doctors and hospitals can buy insurance to cover malpractice suits, there is no similar plan on the patient side to provide the financial muscle to mount a suit. As a result only the well-heeled can afford to challenge the hospitals.
Also, the medical profession is well protected by the Bolam test that "established that there is no breach of duty of care so long as the doctor acted in accordance with a responsible body of medical opinion."
Just wondering whether an insurance programme, perhaps called The Patient Protection Insurance, can be set up along the lines of travel insurance. Just as a traveller would buy travel insurance before taking a trip, a patient going for surgery could pay a fixed sum upfront. With thousands undergoing surgery every year, a sizable war chest can be built up to provide for seasoned lawyers and independent expert medical witnesses (from abroad for obvious reasons), to sue for damages should an operation go awry.
With this facility, affected patients will at the very least have access to topflight legal advice on the merits of proceeding with a case instead of simply accepting a hospital's explanation with resignation.
TCH
My Reply
While doctors and hospitals can buy insurance to cover malpractice suits, there is no similar plan on the patient side to provide the financial muscle to mount a suit. As a result only the well-heeled can afford to challenge the hospitals.
Also, the medical profession is well protected by the Bolam test that "established that there is no breach of duty of care so long as the doctor acted in accordance with a responsible body of medical opinion."
Just wondering whether an insurance programme, perhaps called The Patient Protection Insurance, can be set up along the lines of travel insurance. Just as a traveller would buy travel insurance before taking a trip, a patient going for surgery could pay a fixed sum upfront. With thousands undergoing surgery every year, a sizable war chest can be built up to provide for seasoned lawyers and independent expert medical witnesses (from abroad for obvious reasons), to sue for damages should an operation go awry.
With this facility, affected patients will at the very least have access to topflight legal advice on the merits of proceeding with a case instead of simply accepting a hospital's explanation with resignation.
TCH
My Reply
There is already such an insurance, called "after the event insurance". You can read the website of Lockton Insurance Brokers to learn more about it.
High insurance charge on ILP
Hi Mr. Tan,
My mother has Pru-Link insurance and has paid for nearly 10 years. She is over 60 now. When she bought the policy, she was told that she only needed to pay 10 years. I looked at her policy now and realized that her insurance charge is half of the monthly premium and there is not much left in the investment account. And I found out that my mother cannot stop the premium as there is not much investment value to cover the insurance charge for long.
My question is:
1. Should I stop the insurance now, as the charge is too high?
2. If I continue the insurance, does it means that I need to give more money every month for protection?
My reply
Please bring your documents and see me in my office. I will discuss the options with you.
Observation
The greedy agent only wanted to make a fat commission and does not care about selling an unsuitable policy and the anguish that is being left with the policyholder and the family.
My mother has Pru-Link insurance and has paid for nearly 10 years. She is over 60 now. When she bought the policy, she was told that she only needed to pay 10 years. I looked at her policy now and realized that her insurance charge is half of the monthly premium and there is not much left in the investment account. And I found out that my mother cannot stop the premium as there is not much investment value to cover the insurance charge for long.
My question is:
1. Should I stop the insurance now, as the charge is too high?
2. If I continue the insurance, does it means that I need to give more money every month for protection?
My reply
Please bring your documents and see me in my office. I will discuss the options with you.
Observation
The greedy agent only wanted to make a fat commission and does not care about selling an unsuitable policy and the anguish that is being left with the policyholder and the family.
Capsule hotel in Japan
You can rent a capsule in Japan at a cheap rate. It seems to be quite comfortable. Maybe Singapore can adopt it one day. [Mike Hansford]
www.tankinlian.com/latest.aspx
http://tankinlian.com/admin/file.aspx?id=322
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http://tankinlian.com/admin/file.aspx?id=322
Beauty of the night
Interesting night scenes of cities around the world [Mike Hansford]
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http://tankinlian.com/admin/file.aspx?id=321
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http://tankinlian.com/admin/file.aspx?id=321
Credit card for those above 60
Why do banks refused to issue credit card for those above age 60? I guess it must be a mindless ruling from MAS - designed by young officers who live in their ivory towers. SGEP
Concept about aging
C H Yak met an old man on his visit to Nanjing. He posted this message:
Quote
A Response to "Making Life Easier for The Elderly". MM Lee at the old age of 87, said this during a recent constituency event; "If I'm fit, I'm prepared to stand. But whether I stand or not, that's up to the Prime Minister". Asked if he was feeling up to it, Mr Lee chuckled and would only say: 'It's for you to judge.' [ Source : Straits Times, 14 Nov 2010 ] SM Goh announced that the Government is carrying out a 5-year study in Marine Parade to assess the implications and needs of an ageing community. He said the elderly are a special group, and Singapore need more young people to engage older Singaporeans to help them grow old graciously ... but "in a cost effective way". [Source : Today, 13 Dec 2010] During my recent trip to Nanjing, I met this interesting old man ( an octogenarian ),......[http://de-leviathan.blogspot.com]
Unquote
Read his message at SGEP. Here is an idea that is different from MM Lee.
Quote
A Response to "Making Life Easier for The Elderly". MM Lee at the old age of 87, said this during a recent constituency event; "If I'm fit, I'm prepared to stand. But whether I stand or not, that's up to the Prime Minister". Asked if he was feeling up to it, Mr Lee chuckled and would only say: 'It's for you to judge.' [ Source : Straits Times, 14 Nov 2010 ] SM Goh announced that the Government is carrying out a 5-year study in Marine Parade to assess the implications and needs of an ageing community. He said the elderly are a special group, and Singapore need more young people to engage older Singaporeans to help them grow old graciously ... but "in a cost effective way". [Source : Today, 13 Dec 2010] During my recent trip to Nanjing, I met this interesting old man ( an octogenarian ),......[http://de-leviathan.blogspot.com]
Unquote
Read his message at SGEP. Here is an idea that is different from MM Lee.
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