New Personal Accident Plan SpecialCare (Autism)

NTUC Income has just launched a new Per­sonal Acci­dent plan, Spe­cial­Care (Aut­ism), spe­cailly designed for aut­istic child from the age of 15 days old to 30 years old. Par­ent will have to be the poli­cy­holder to buy for the child as the insured. Spe­cial­Care pays up to $60,000 to the familiy if death or Total Per­man­ent Dis­ab­il­ity (TPD) were to hap­pen to poli­cy­holder. Also, 5 years premium will be waived to tie the insured over this dif­fi­cult period.

As for the insured, it cov­ers out­pa­tient, hos­pit­al­isa­tion,  med­ical expenses due to infec­tious dis­ease, ambu­lance fee, physio­ther­apy and psy­chi­atic ther­apy etc.

The yearly premium for sum assured of $30,000 is $198 and for $60,000 is $352

For more deat­ils, please refer to NTUC Income web­site at http://www.income.com.sg/insurance/SpecialCareAutism/benefits.asp

Free Insurance for 13, 000 Families

NTUC Income has just launched the Income Fam­ily Micro-Insurance Scheme (IFMIS) for the 13,000 fam­il­ies which have chil­dren receiv­ing child­care, kinder­garten and stu­dent care sub­si­deis under the Com­care umbrella.

IFMIS provides insur­ance cov­er­age for the main income earner. A pay­out of $5,000 will be made to the fam­ily if the main income earner dies or becomes totally and per­man­ently dis­abled. The fam­il­ies do not need to sign up for the scheme as the insur­ance cov­er­age is exten­ded auto­mat­ic­ally to the fam­il­ies of the recip­i­ents in the three Com­care sub­sidy schemes. And there is NO under­writ­ing and no exclu­sion of pre-existing illness!

This scheme is inline with NTUC Income’s Social Enter­prise role to help the soci­ety through its core epx­ertise in insur­ance and its social mission.

NTUC Income is also chan­nel­ling $3 mil­lion towards other char­ity and com­munity pro­jects, besides the IFMIS scheme. The bene­fi­ciar­ies include U Care Fund, The Singa­pore Childen’s Soci­ety, Assump­tion Path­way School and Moral Home.

What is vivolife?

vivo­life is a whole life policy that provides high pro­tec­tion for death, total and per­man­ent dis­ab­il­ity, and dread dis­eases. It pays 125% of the sum assured for the first 15 years of cov­er­age, and up to 300% of the sum assured for acci­dental death.

vivo­life gives you more flex­ib­il­ity to meet your fin­an­cial needs. You can choose a lim­ited pay­ment term from 10, 15, 20 25 year, up to age 64 or age 84 last birthday.

It offers an Annu­ity Option which can be exer­cised upon attain­ment of age 60. You can do a partial/full sur­render to with­draw a lump sum for retire­ment, or pur­chase an annu­ity at pre­vail­ing rates. An extra 5% of the cash value will be given for pur­chas­ing an annu­ity with Income.

| Read more… | FAQ | Ask Ginny | Source: NTUC Income

What is i-Term?

i-Term is a reg­u­lar premium term policy design for people seek­ing high insur­ance pro­tec­tion at the low­est pos­sible cost. It provides insur­ance cov­er­age against death, per­man­ent and total dis­ab­il­ity or ter­minal ill­ness dur­ing the term of the policy. The premium depends on your entry age, gender, sum assured, term, and your cur­rent health condition.

There is no min­imum entry age for i-term plan. We can insure new born babies even when they are 1 day old. The max­imum entry age for i-term plan is 74 years old (Last birth­day). You can choose any term that suits your needs:

  • any term between 5 and 35 years, or
  • up to age 54 last birthday(LB), 59 LB and 64 LB of the life assured.

As it is a term insur­ance, the plan is not eli­gible for bonuses and has no sur­render value.

 

| Read more… | FAQ | Ask Ginny | Source: NTUC Income

 

For Everyone: Work Injury Compensation Act

With effect from 1 April 2008, Work Injury Com­pens­a­tion Act (WICA) replaces the Workmen’s Com­pens­a­tion Act (WCA). The cur­rent scope only cov­ers manual work­ers and non-manual work­ers earn­ing less than $1,600 per month. The scope isnowwidened to cover non-manuals work­ers earn­ing above $1,600 per month. Though buy­ing insur­ance for this group of work­ers is not com­pulsary, employer is still liable for the com­pens­a­tion if a valid claim arises. The min­imum and max­imum to the claim for death and Per­man­ent Inca­pa­city for all work­ders are as follows:

  Min­imum Max­imum
Death $47,000 $140,000
Per­man­ent Incapacity $60,000 $180,000

So it makes sense for employer to pur­chase insur­ance for all work­ers to trans­fer the risk to insurers.

Life Protection

Life pro­tec­tion insur­ance is a life insur­ance policy that is designed to cover the insured for life. It pays a lump sum of money upon death, and about 5 install­ments of pay­out upon Total Per­man­ent Dis­ab­il­ity of the insured. Life insur­ance policy usu­ally also comes with Crit­ical Ill­ness cov­er­age that also pays a lump sum upon the dia­gnosis of the covered crit­ical ill­ness defined by the insurer.

The fol­low­ing three types of life insur­ance are cur­rently sold in the market.

Type of Life Policy Cov­er­age
Tra­di­tional Whole Life Policy Whole life
Term Policy Up to a spe­cified age, say 60
Investment-linked Life Policy As long as it is in-force


Con­tinue read­ing

Pyramid of Insurance Needs

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The Pyr­amid of Insur­ance Needs shows the increas­ing level of insur­ance that every­one needs. The most import­ant insur­ance is to cover ourselves adequately on health, the basic one being the national hos­pit­al­iz­a­tion plan, the integ­rated Medishield plan offers by insurer that cov­ers the hos­pital bill com­pletely. This is import­ant as we should con­cen­trate on get­ting ourselves well and con­tinue with our nor­mal life instead of wor­ry­ing on the fin­an­cial burden.

Next on the pyr­amid is pro­tec­tion against death, total per­man­ent dis­ab­il­ity and crit­ical ill­ness. This is rarer than hos­pit­al­iz­a­tion, but if it hap­pens, it will cause a lot of fin­an­cial and emo­tional strain on the fam­ily. We would like our fam­ily mem­bers to con­tinue their life as nor­mally as pos­sible. Hence, a com­pre­hens­ive cov­er­age with suf­fi­cient pay­out will help our fam­ily mem­bers to tide over the dif­fi­cult period.

After we have adequately covered ourselves, we will then seek for oppor­tun­ity to save and invest to ensure a con­tinu­ity of good life for our fam­ily mem­bers. Fam­ily with chil­dren should con­sider edu­ca­tion policy to ensure and lock down a fixed sum of money for the children’s ter­tiary edu­ca­tion for a proper head-start in life.

And when we reach age 55, we should buy an annu­ity insur­ance policy that will pay us income, with increas­ing amount every year, as long as we live. We should be enjoy­ing our retire­ment years, without wor­ry­ing of lack­ing of income to sus­tain our every­day expenses.

Down­load the Fin­an­cial Needs Ana­lysis spread­sheet now to determ­ine the amount of funds required for the vari­ous areas of insur­ance coverage!

 

Ginny Lim Gek Eng
Email: ginny.lim@income.com.sg
Web : www.aboutfinancialplanning.net