Important Insurance Coverage Nobody Is Telling You

[@Sethisfy]

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[@acezachary]

Great content! Exactly something I've been looking for, but was told it doesn't exists in SG by my agent...

[@Sethisfy]

He/she probably geuninely doesn't know it exists

[@aly5130]

Heard of disability income before but it never dawn upon me on its importance. Thank Seth for this reminder. Would definitely consider

[@Sethisfy]

Glad it helped and thanks for leaving a comment!

[@niftynafter]

Hey Seth! Love these insightful videos. If possible, please make a video on how to assess if I'm overpaying on my insurances. Thanks!

[@Sethisfy]

You can email me (with personal details covered) 🙂

[@mohdshahrinali5729]

Hi Seth, I am unsure if I’m overpaying my insurance and I do agree on this video. That’s a very cute cat!

[@user-gw4vc5tw3q]

Hi Seth, thanks for the great content! Can I ask which disability income insurer did you go with and why?

[@Sethisfy]

I went with Aviva (now Singlife-Aviva) because it had 3% escalation benefit and also because GE doesn't distribute through IFA so I couldn't sell it to myself 😅 Mainly I think it's Aviva's 3% escalation benefit vs GE's better definition. GE's definition is just own occupation throughout the policy term so I think people are more comfortable with that. But to me I feel like “similar” occupation is good enough

[@sjaymus94]

Hi Seth, what about AIA’s disability income protection? How do they fare against those 2 mentioned? Appreciate your inputs

[@Sethisfy]

It's been a few years since I compared them. At that time I think AIA’s product lacked an escalation benefit that Aviva’s has, and also didn't have as good a definition as GE’s.

[@linjj93]

Great video! Do you think the MINDEF Group Disability Income plan is good enough? Thought of adding it as a rider to my current MINDEF Group Life plan which I have held since NS.

[@Sethisfy]

I think you can compare it with a personal disability income plan to check premium difference. Sometimes group term is not as cheap as people think. Also, you have to be aware that group term's master contract belongs to the insurer and organisation. The insured will not be a policyowner and there is no contractual obligation between the insurer and the insured.

[@gaiusho4906]

Hello Seth, great insight to what most people dont know. Qns. Is DI alone enough to replace CI & Early CI?

[@Sethisfy]

DI replaces income for ordinary expenses, whereas CI provides for increased cost of living due to impairment. They have some overlap in coverage areas, but they also cover different areas and serve different functions. You can see my insurance webinar for more details: kzbin.info/www/bejne/lXOWYXx6npxgd8U

[@GlenGoh9999]

Hi Seth thanks for the content, only recently heard of this from a friend in GE and she gave similar reasons why she wouldn’t sell these normally cause ppl don’t know about it and it’s considered expensive if it exceeds the $600 AWL from MA. Only selling cause of the 20% lifetime discount for premiums Was wondering if the premiums for supplements increase based on age? Ik for careshield life it does. I was thinking that if I buy in at the age of 30 and the premiums don’t increase due to age then it’ll still be a worthwhile investment (though there’s inflation) since I can secure a high monthly payout? Also you mentioned that GE will continue payout as long as you can’t work in the occupation you’re in right now for the rest of your life? Which is different from Aviva that reviews after 2 years? Would like to hear from you before I contact my agent again haha thanks!

[@Sethisfy]

$600 AWL from MA sounds like CareShield. Disability Income Insurance is a different thing . Disability income's premium is based on entry age

[@nolimitherro7443]

@@Sethisfy Might be a silly question but what is AWL and MA?

[@Sethisfy]

@@nolimitherro7443 AWL is additional withdrawal limit which is the amount you can withdraw from medisave to pay for more coverahe above your Medishield Life. MA is Medisave Account

[@lmaolaoziroflaozi4742]

Thanks Seth for this video! I did think disability income is 2nd in importance too, but I heard from some agents and an IFA that it can be quite hard to prove you are unfit to work in your career, so i'm kinda afraid to fall into the gap of being minimally able to work in my job but will not be hired by companies in real life. Would you (or anyone reading the comment) have any claim examples to share based on your own experience? I know this is anecdotal, but I just haven't encountered people claiming for this enough to feel confident that disability income isnt a TPD in disguise. Thanks!

[@Sethisfy]

You haven’t heard of people claiming because not many people have this coverage. Not many people have this coverage because not many agents/“advisers” recommend. Not many agents recommend this because not many insurers even have it. Kinda of a self-fulfilling circle… besides, how does an agent sell you more coverage if disability income can cover so much? Anyway, you should question “quite hard to prove”. It’s also quite besides the point; if it's a coverage gap then it is a coverage gap.

[@lmaolaoziroflaozi4742]

@@Sethisfy Thanks! I guess the best what consumers can do is to check the wordings carefully and hope the medical practitioners are willing to help us write a fair favourable assessment. Anw, I'm not sure if your Aviva IdealIncome policy wording is the same as what I found on HWZ Disability Income Thread (link is in post 2, I think my comment kept being removed due to posting link) - the wording seems to suggest a pre-requisite of not being able to perform 3 out of 6 ADLs for Total Disability Benefit (TDB), and TDB is a pre-requisite for Partial disability benefit (Pay TDB followed by partial disability benefit when you can work another job type). GE wording seems much more similar to how DII is described in the video (my interpretation of the Aviva wording), not sure if Aviva/ Singlife wording got updated to be more forgiving.

[@lmaolaoziroflaozi4742]

I got a quotation from Singlife - the policy wording is the same for non group term (requires insured to be unable to perform 3 out of 6 ADL's). For MINDEF group term version (login to Singlife Group Term policy and choose upgrade to view policy brochure), Singlife Group Disability Income does not cover me if I can work other jobs but not my existing job capacity. In other words, as long as doctor certify that I can perform any other occupation, then Singlife does not need to pay me - that's my interpretation. Waiting to get GE PayAssure wording

[@lmaolaoziroflaozi4742]

Anw if anyone is curious, I did not end up with Singlife/ Aviva because I did not like the seemingly disadvantageous policy wording. I went with GE. Happy to chat with others in my shoes.

[@kipklop975]

Hi Seth, my agent just recommended a Singlife disability income policy. Have you heard of it? It seems to have a weird clause where you have to get a job within 2 years to continue the policy though. 🤔

[@Sethisfy]

Yeah it’s idealincome. You can compare against GE Paysecure or Payassure. Can never remember the name

[@Sethisfy]

It’s because the plan is to cover for working disabilities. So if you’re unemployed for too long it lapses

[@kipklop975]

@@Sethisfy HAHAH I think GE has 2, one LifeSecure and one PayAssure. Had a GE agent tell me about them before but I kinda forgot the difference as well 😅 will be looking into it again after this video.

[@lion_den]

Thanks for sharing this! Does such disability income insurance policy stack? If I buy 2 such policies, if the unfortunate happened, can the two policies pay out independently to me? For medical insurance, the policies do not stack. Only one payout from one policy even though one may have bought multiple medical policies.

[@Sethisfy]

They should be able to stack up to certain limits. I need to revisit the terms to be sure

[@wallaby2997]

Does the 75% of current income cap applies to one insurer? Is it possible to get from 2 insurers, each covering 75%?

[@Sethisfy]

I have to read the terms again but if I recall correctly you cannot go beyond 75% of your gross salary even with multiple policies

[@Clash-vq5zc]

Does disability income insurance apply for self employed as well?

[@Sethisfy]

Yes

[@hahadanielhaha1]

Hi Seth, I have one question regarding hospitalisation plan. Do you think it is necessary to get the rider on top of hosp plan? Thanks

[@Sethisfy]

Great question. Personally I think it's important since the copayment portion can be very big and difficult to self-insure, but I made sure to get a rider that caps the copayment to a certain amount instead of covering 100% to ensure premiums are sensible. Not so much of an issue now since regulation disallows 100% riders now.

[@frjuy]

what if a person changes job into a new industry or sector? or from a not niche role/ industry into something niche, like admin to actor? does the policy still stand?

[@Sethisfy]

During changes of occupation, the insurer tends to underwrite the policy again. So if one changes job to a riskier occupation, there may be changes to the premium or the insurer might not continue coverage. Case by case basis depending on the occupation change.

[@frjuy]

@@Sethisfy oh icic, thanks! Keep up the content!

[@dessertspring6206]

Hi Seth, could you pls suggest a brief list of necessary insurance (types) for anyone new to Singapore ? For example expat (above 35 years old) working in MNC with frequent regional travel obligations. There are overwhelming amount of insurance products on offer, it would be great to build up from necessities. Thank you.

[@Sethisfy]

I think here is a good start you can look at first: kzbin.info/www/bejne/lXOWYXx6npxgd8U

[@1MW9]

Hi Seth, for the same exact policy, is it possible for 2 different agents, same company or different company to charge different prices? Asking so I know if i need to worry about being overcharged for the same plan

[@Sethisfy]

Exactly the same policy then it is highly unlikely. Although I once managed to get a custom quote from an insurer. But it’s very rare.

[@myevason]

@1MW9 If the policy is same then it is unlikely the premium will be different even the policy is quoted by different agents and also during the similar period of time. There are variables in an insurance policy like age, gender, smoker/non-smoker, coverage period, “Booster”, premium payment period, etc. What type of the insurance policy that the agents quote for you? You may want to check if all these variables are same and correct.

[@aliciatai01]

when the definition is so wide, is it easy to be refused claim?

[@Sethisfy]

It is based on a doctor’s diagnosis and I think insurers in singapore are generally quite fair when it comes to claims. In any case not much choice since income replacement is very important for most working adults

[@Ben-gp5ty]

can cancer result in a disability that i can claim for critical illness and also disability insurance

[@Sethisfy]

Yes if it meets both definitions

[@sereneku3945]

Hi Is this inability income better or early state sickness insurance better

[@Sethisfy]

Both serve their own purpose. Would say that for most employed people who rely on their jobs for income, disability income is more important.

[@sereneku3945]

May I know which company have this disability income insurance

[@Sethisfy]

GE, AIA, Singlife

[@hahadanielhaha1]

Great content btw. Hope to see more of your videos. Thanks

[@Sethisfy]

Thanks for the kind words and taking the time to leave a comment which boosts the video!

[@1MW9]

Can disability income insurance be bought directly without agent?

[@Sethisfy]

SAF group term has disability income which does not require agent. Though I think you can try MoneyOwl for some advice and product transaction. They are non-commissioned though they might still have some sales KPI to meet, but probably much better than the commissioned agents you’d meet.

[@ngym20s]

Isnt it similiar to careshield?

[@Sethisfy]

Hi Yong Meng, they are both disability coverage but the definitions are very different which I elaborated upon in the video. CareShield relates to activities of daily living while disability income relates to one's job duties. So the coverage is quite different.

[@ngym20s]

@@Sethisfy ok is more on loss of income

[@brantan9691]

Hi Seth, is personal accident plan neccessary?

[@Sethisfy]

I don't think it's necessary. But good to have and pretty cheap.

[@irvinln]

Would you recommend Aviva saf accident plan

[@Sethisfy]

I’m not very familiar with that but I’m sure there are better accident plans