Hospital Delays Likely During Exam Period

This article was published on Friday 7 March edition of the Straits Times: Salma Khalik Health Correspondent Expect some delays at hospitals later this month, while senior doctors put 230 future doctors through their exams. These final-year medical students at the NUS have to be tested in their craft "on the ground", which means they will examine and diagnose real patients with real … [Read more...]

Expertise in claim settlement

By: Tan Kin Lian Insurance performs two important functions: a) Pay for cost of claims b) Handle the settlement of the claims The insurance company should have expertise on the following: a) The best source for treating a sickness b) Quality and cost effectiveness in handling a repair c) Determining the party who is liable for the accident A lay person will find it difficult to … [Read more...]

A tale of 2 annuities

Read about Patrick's comments on a recently published article in the Straits Times on Prudential irregular payment for the annuity plan. By: Patrick Lim A tale of 2 annuities - Part 1 Problem of annuity paid on irregular dates I refer to the CPF life annuity, a new scheme that provides a lifelong income for the elderly in their retirement. As retirees, my wife and i have been happy to … [Read more...]

Vivolife – Market Comparison

Vivolife is a recently launched limited premium WL policy by NTUC. Patrick's comments has been pretty positive. Here's his take on it. By: Patrick Lim As promised, I have finally completed a market comparison of Vivolife versus the competition, meaning all 10/15/20/25 years limited premium whole life products priced with reviewable and non-guaranteed premiums. obviously, this will exclude … [Read more...]

The Oprah Show

By: Patrick Lim Just caught the Oprah show - "Sick in America, it can happen to u" on the hallmark channel which was telecast from 10 to 11 pm. One of the guests for tonight's episode is a celebrity film-maker, Mr Michael Moore, who gain fame for his documentary, Fahrenheit 9/11. Tonight's show highlights his latest piece, sicko which is an investigation of the American health care … [Read more...]

Means Testing

By: Tan Kin Lian Mr. Tan, What are your views about means-testing? REPLY It is a lot of work, all lot of uncertainty, for quite negligble savings. The Minister for Health said that the subsidy will be reduced from 80% to 65%. The savings to the government is only 15%. Most people who uses the C wards are likely to be the older and poorer people. Those who are affluent are most … [Read more...]

Charges under a investment linked policy

By: Tan Kin Lian Dear Mr. Tan, I am confused about the many charges under an investment-linked policy. The insurance agent does not explain them clearly to me. I am now stuck with these high charges. Can I get out of them? REPLY It is better to buy a low cost Term insurance, to provide the life insurance protection. You should invest in a unit trust or an investment fund with low … [Read more...]

Medisave, Medishield… Medi-crisis?

By: Patrick Lim This article appeared in today's front page of today: http://www.todayonline.com/pdf_open.asp?id=0501FPW001 By: Stanley Jeremiah The writer is a lawyer and chartered insurer who is immediate past president and council member of the Singapore Insurance Institute. Patrick's Comments: I agree with the crux of the issues raised. one of the critical points highlighted … [Read more...]

My New Year Wishes For The Insurance Industry

By: Patrick Lim Besides the usual resolutions made at this time of the passage of the old year, I have several wishes that I sincerely hope all insurance companies will give due and worthy consideration for implementation in the new year: A. Standardisation of all application forms B. Have a central pool of underwriters to underwrite applications C. Expand the list of coverage of critical … [Read more...]

TPD payout structure of earlier generation policies

Patrick's comments on the recent TPD ruling. By: Patrick Lim High Court draws distinction with policy-holders who are totally, permanently disabled By K.C. Vijayan (vijayan@sph.com.sg) TPD or not TPD - that was the question before a High Court judge. TPD is 'Total and Permanent Disability', and a standard clause in life insurance policies here. But how it is understood and applied … [Read more...]

Act in the interest of consumers

By: Tan Kin Lian Dear Mr. Tan, You spent three decades promoting insurance. Why are you now posting anti-insurance articles in your blog. Why? REPLY I do not wish to be anti-anything or anti-anybody. My purpose is to educate the public, so that they can make the right choice for their future. In recent years, the right choice is: 1. Buy Term insurance to provide the … [Read more...]

Of Annuities and Policies

By: Drizzt I was reading about annuities implementation and was forwarded to REACH the Singapore Government website to voice their view. Personally i wonder what the fish is that site for and whether any of the comments would be heard. So much post in there that people took time to write will be useless cause its just an "initiative" to create a facade of openness. Any way, the discussion … [Read more...]

40 years of medisave saving wiped out when daughter got cancer

By: Wilfred Ling Did anyone see today‚Äôs Sunday Times about a father whose medisave of $30,000 was wiped out when his daughter was diagnose with ovarian cancer? I really pity the family. The family admitted that they should have bought medical insurance. I calculated, that with $30,000 the interest generated a year is 4% x 30000 = $1,200. Based on an annual premium of $144.14 of an as-charged … [Read more...]

Critical Illness coverage after age 75

I recently voice my concerns about Critical Illness (CI) coverage in sgfunds. "Maybe I'm just paranoid but I always imagine myself getting a critical illness when I'm old. It doesn't help when the government says that 1 in 2 will live till 85yrs. I imagine the worst case scenario that I'm all alone and barely surviving with my retirement fund. How do I cover myself if I have a CI after age … [Read more...]

Disability Income Insurance

Many of us are familiar with the idea of buying insurance to cover ourself in the event of Death, Critical Illness and Total Permanent Disability (TPD). However, what worries me is what happen if I'm not able to work and yet do not meet any of the three requirements? Who then can I rely on if I'm alone or if I'm the sole bread winner? I believe some will ask how can that be … [Read more...]

Why No Personal Dental Insurance?

I have recently voice my displeasure in sgfunds.com on the lack of dental insurance in Singapore. I asked why dental insurance is not offered to individuals and the replies I received were that dental is not as important as critical illness, disability or accident and the premiums will be too high. This article published in Today best emphasis why I deem Dental Insurance as important. Help the … [Read more...]