Dear Mr. Tan,
My family is covered under Incomeshield Plan B. Should we:
a) Buy an Assist Rider
b) Convert the existing plan to Enhanced Incomeshield Basic
REPLY
Please read this FAQ:
http://www.tankinlian.com/faq/shield.html
If you are insured fro Plan B, which is treated in government B1 ward, it should be sufficient. I think that there is no need to upgrade to Enhanced Plan Basic (which covers "as charged"), as the difference in coverage is small.
Perhaps you can ask the insurance agent or the office to give practical examples of the difference in coverage between these two plans, based on a sample of hospitalisation in B1 ward.
The Assist rider covers the Deductible. I think that this is not necessary. You can self-insure this risk and pay the Deductible from your Medisave account. I am not sure if the premium charged gives good value to the policyholder.
Thursday, May 8, 2008
Pre-existing condition
Dear Mr Tan,
My family members have been insured under X Shield for several years. Last year, we decided to upgrade the plan and add rider to enhance our coverage. All documents were submitted on the same day. Later we received policy contract, we were told that our daughter's plan will only commence in 1 Feb 08.
On 30 Dec 07, my daughter was admitted to hospital for investigation. After several tests, we were told that medical attention need to be administered immediately. In early Jan 08, we submitted a claim on X.
To our greatest surprise, X had just refunded our daughter's rider premium and resend us a new policy contract putting her coverage back to the initial coverage saying the upgrade and rider has been decline due to "pre-existing condition". Can X approve upgrade and then later decline it, is it fair for policyholder in our case?
REPLY
If X has approved the upgrade previously, a contract has existed. It does not matter that the upgrade will commence later. To my knowledge (and I am not a legal expert), it is not correct for X to cancel the upgrade and refund the premium.
I think that X can cancel the policy if there is a pre-existing condition that is material to the upgrade, but it must be known previously to the insured. I am not sure about their grounds on this matter.
You can raise this matter with X. If they do not give you a satisfactory explanation, you can file a complaint with FiDREC,
http://www.fidrec.com.sg/website/faq.html
My family members have been insured under X Shield for several years. Last year, we decided to upgrade the plan and add rider to enhance our coverage. All documents were submitted on the same day. Later we received policy contract, we were told that our daughter's plan will only commence in 1 Feb 08.
On 30 Dec 07, my daughter was admitted to hospital for investigation. After several tests, we were told that medical attention need to be administered immediately. In early Jan 08, we submitted a claim on X.
To our greatest surprise, X had just refunded our daughter's rider premium and resend us a new policy contract putting her coverage back to the initial coverage saying the upgrade and rider has been decline due to "pre-existing condition". Can X approve upgrade and then later decline it, is it fair for policyholder in our case?
REPLY
If X has approved the upgrade previously, a contract has existed. It does not matter that the upgrade will commence later. To my knowledge (and I am not a legal expert), it is not correct for X to cancel the upgrade and refund the premium.
I think that X can cancel the policy if there is a pre-existing condition that is material to the upgrade, but it must be known previously to the insured. I am not sure about their grounds on this matter.
You can raise this matter with X. If they do not give you a satisfactory explanation, you can file a complaint with FiDREC,
http://www.fidrec.com.sg/website/faq.html
Endowment or Limited Pay Whole Life?
Hi,
I've been approached to purchase an endowment policyand a limited pay whole life policy by two different financial advisers recently. My only policy is a whole life policy that covers me for $20,000. Please advise on the various factors that I should consider before purchasing either policy.
REPLY
I hope that this FAQ can help you in this decision:
http://www.tankinlian.com/faq/savings.html
My advice is to buy a Decreasing Term (or Level Term) and invest your savings in a low cost investment fund.
I've been approached to purchase an endowment policyand a limited pay whole life policy by two different financial advisers recently. My only policy is a whole life policy that covers me for $20,000. Please advise on the various factors that I should consider before purchasing either policy.
REPLY
I hope that this FAQ can help you in this decision:
http://www.tankinlian.com/faq/savings.html
My advice is to buy a Decreasing Term (or Level Term) and invest your savings in a low cost investment fund.
Non-core business has been profitable
POSTED IN ONLINE CITIZEN
http://www.theonlinecitizen.com/
NTUC Income also had another non-core business, i.e. to manage a shopping mall. The willingness to handle this activity gave us the reason to invest in Eastpoint Shopping Mall in 1998. We bought the shopping mall at a good price.
Over the past ten years, the value of the shopping mall must have appreciated by $50 million.
Taking this into account, the overall business results of the so-called non-core business has been healthy. It is wrong to described them as "bleeding".
The non-core businesses are managed by separate people, and do not distract the insurance people from running the insurance business. Our intention, at that time, was that the "more than insurance" business will help to strengthen the branding of NTUC Income.
http://www.theonlinecitizen.com/
NTUC Income also had another non-core business, i.e. to manage a shopping mall. The willingness to handle this activity gave us the reason to invest in Eastpoint Shopping Mall in 1998. We bought the shopping mall at a good price.
Over the past ten years, the value of the shopping mall must have appreciated by $50 million.
Taking this into account, the overall business results of the so-called non-core business has been healthy. It is wrong to described them as "bleeding".
The non-core businesses are managed by separate people, and do not distract the insurance people from running the insurance business. Our intention, at that time, was that the "more than insurance" business will help to strengthen the branding of NTUC Income.
More than Insurance
POSTED IN ONLINE CITIZEN
http://www.theonlinecitizen.com/
What Mandy (post 51) said is similar to what Tan Suee Chieh said in his media interviews. So far, I have avoided commenting on what TSC said, to avoid interfering with his management.
If I remember correctly, the so called non-core businesses of Income (except for Snow City and Singapore Dress) did quite well over the years as follows:
> they were operated viably
> they contributed to the branding of NTUC Income
> most successful were the car sharing and home repair services
All of these businesses were started with the approval of the investment committee of the board of directors.
Snow City and Singapore Dress made a loss of perhaps $5 million in total. This is more than offset by the gains from other investment decisions made during my management. I have left a surplus of $650 million to my successor.
I am particularly annoyed that TSC mentioned in a Straits Times interview that he had to discontinue the funeral services business. I wish to ask TSC to tell how much money was lost on this non-core business (if it really existed).
I hope that people like Mandy (who could be a fictitious name) do not slander me unfairly.
http://www.theonlinecitizen.com/
What Mandy (post 51) said is similar to what Tan Suee Chieh said in his media interviews. So far, I have avoided commenting on what TSC said, to avoid interfering with his management.
If I remember correctly, the so called non-core businesses of Income (except for Snow City and Singapore Dress) did quite well over the years as follows:
> they were operated viably
> they contributed to the branding of NTUC Income
> most successful were the car sharing and home repair services
All of these businesses were started with the approval of the investment committee of the board of directors.
Snow City and Singapore Dress made a loss of perhaps $5 million in total. This is more than offset by the gains from other investment decisions made during my management. I have left a surplus of $650 million to my successor.
I am particularly annoyed that TSC mentioned in a Straits Times interview that he had to discontinue the funeral services business. I wish to ask TSC to tell how much money was lost on this non-core business (if it really existed).
I hope that people like Mandy (who could be a fictitious name) do not slander me unfairly.
Delay in notifying affected policyholders
Dear Mr Tan,
I believe I am also one of those affected by Income's recent changes. Thank you for highlighting to lay persons like us what are the potential consequences.
I would like to comment that Income should make it a point to inform every affected policyholder directly and promptly. I only learned of it because I follow your blog often and have read about it in the press. And just a short while ago, I saw Income's letter at its website. Why is it so difficult to send out the letters as soon as possible? Will we get it in time for the AGM?
REPLY
Perhaps you can raise this point directly with NTUC Income. You can write to the CEO or the chairman of the board.
I suspect that NTUC Income wants to spread out the despatch of the letters, so that they can handle the enquiries.
I believe I am also one of those affected by Income's recent changes. Thank you for highlighting to lay persons like us what are the potential consequences.
I would like to comment that Income should make it a point to inform every affected policyholder directly and promptly. I only learned of it because I follow your blog often and have read about it in the press. And just a short while ago, I saw Income's letter at its website. Why is it so difficult to send out the letters as soon as possible? Will we get it in time for the AGM?
REPLY
Perhaps you can raise this point directly with NTUC Income. You can write to the CEO or the chairman of the board.
I suspect that NTUC Income wants to spread out the despatch of the letters, so that they can handle the enquiries.
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