insurance Archives | Page 3 of 9

6 Things To Consider Before Panic Buying For Insurance

When the news broke about the Circuit Breaker period and its extension, essential items started flying out of the shelves. The common items hoarded by Singaporeans were face masks, hand sanitizers, instant noodles, and toilet papers. This scenario was played in various parts of the world too. This is why the Government imposed rules regarding purchasing of goods.

Panic buying is brewed by fear. Moreover, it may not lead you to strategic results. Beyond expanding their essential supplies, some people started to buy more insurance coverage. These people are concerned about their hospital bills, if they catch the virus.

Buying the right insurance policies for you and your family is vital at this time. However, panic buying may cause unnecessary waste of time and money. You need an insurance that will cover you when the need arises. Consider these things before signing-up for one.

#1: READ THE FINE PRINT

With the global pandemic, it is up to you to go ahead and pursue your travel plans despite the official travel advisory of postponing it. To safeguard your health, you decided to take a travel insurance. You must understand that not travel insurance insurers are providing coverage in the present moment. Any exclusions can affect you. Check the travel insurance policy!

The same goes for health insurance. You may be supported by a Critical Illness policy that can cover your hospitalization bills, but it may not be for your COVID-19 claim. A CI plan offers a lump-sum cash payment if you are diagnosed with any of the illnesses covered in your plan. Look at the specifications first.

#2: REVIEW YOUR EXISTING POLICIES

Do not buy insurance policies that mimic your previous coverage. Set aside some time to review your previous insurance policies and access your protection needs. Your needs change as you age. You need to ensure that what you are buying is still relevant, especially at this time.

Milestones such as getting married or having a baby can affect your insurance needs. If you can review your insurance portfolio with your Wealth Planning Manager at least once a year, then your needs will be met.

#3: ESTABLISH A ROBUST FINANCIAL PLAN

Incorporate financial protection to your financial plan to ensure that you are covered during the pandemic. You may start with having a realistic budget, putting adequate emergency savings, optimizing your home loan, and maximizing your streams of income.

Do not forget about your financial wellness and estate planning. You will need it!

#4: TAKE MEASURES TO MINIMIZE YOUR HEALTH RISKS

Prevention is better than cure. Risk management goes a long way to help you stay protected. Start by performing seasonal maintenance checks and regular sanitation procedures at home and at your office. If you have a home-based business, consider adding digital shields to protect you from cyber crime.

Lastly, do not forget to sanitize and wear a mask whenever you are out for your grocery trips. Minimize face-to-face interactions whenever possible.

#5: KNOW WHAT THE POLICY DOES NOT COVER

By reading the fine prints, you will be able to read what the insurance covers. The next step is to ask your insurance provider what the policy does not cover. The exclusions may not be explained upfront.

Image Credits: unsplash.com

Do not hesitate to ask. It will save you the stress of discovering additional fees or losses.

#6: ASK IF THEY ALLOW DOUBLE-CLAIMS

Having a hospitalization plan is highly recommended as a basic coverage for many Singaporeans. Hospitalization fees quickly add up, especially if there is a major surgery involved. As such, some people take up more than one hospitalization plans. However, not all institutions allow double-claiming. For hospitalization plans, you can usually claim up to the actual amount spent on your medical treatment. In some cases, you will not be able to claim from another insurer to reimburse each medical expense.

An exception to the rule is life insurance. You can get multiple life insurance policies.

Financial Planning In The Wake Of COVID-19

Financial planning has never been an easy task, but the pandemic has made it even more difficult. Finance professionals are used to consistency and accuracy. They are not trained to plan for unclear economic conditions. No one is! The five-year plan that we are supposed to send to our supervisors is now completely out of the window.

How can you plan for your finances, if you do not know what is going to happen in the future?

#1: HAVE A ROBUST PLAN

You can better understand your financial resources such as investments and cash flows, if there is a robust financial plan in place. A comprehensive plan covers the ares of budgeting, investment, insurance, retirement, credit, and estate planning. When these areas are well covered in a sound financial plan, you have a greater clarity on how each financial decision affects another.

Specifically, the financial-planning team should focus on the following five steps: getting a clear view of the company’s position, building a fact base, aligning the financial plan to a concrete direction, determining the best moves, and identifying the trigger points that prompt businesses to adjust.

#2: KNOW WHERE TO START

Companies and individuals must know where to start. To get this, you need the support of experts. Together, you can see the historical and current financial trends. The January 2020 financial plan can be a good place to anchor on. This can help you to establish any assumptions that will need to change as a result of the pandemic.

#3: ENSURE THAT YOU HAVE POSITIVE CASH FLOW

Set up a realistic budget, which indicates your money inflows and outflows. Having an emergency fund that covers you for three months can ensure that you have enough liquidity to tide you and your dependents during financially difficult times. Doing so will give you some peace of mind even if you suffer temporary setbacks such as losing a job or are unable to make a living because you must be quarantined

#4: GET INSURANCE COVERAGE

Insurance is a means to cushion against financial losses and unexpected events. Find a suitable hospitalization and life insurance plan to cover your hospital bills and critical illnesses. There are also insurance plans that are related to growing your savings like endowment plans and investment-linked insurance plans.

Image Credits: pixabay.com

Focus on what you can control. Set up a sound financial plan, carve a realistic budget, get insurance protection, diversify your investments, and commit to a long-term strategy to achieve our life goals.

Sources: 1 & 2

Newbie’s Guide To Mobile Wallets In Singapore

Much like you, I constantly find myself in a sea of recommended YouTube videos. The other day, I chanced upon a GQ video, which highlighted an athlete’s collection of items that he cannot live without. He said that he cannot live without his phone. You see, his phone has a card casing. This phone casing stores his credit card and house keys. Gone are the days when you need to carry large wallets to stash all your valuables!

These days, everything you need can fit inside your pocket. Your mobile phone is a powerful device that can scan documents, track calories, book rides, and snap selfies. All you need to do is to instruct it. You may also download a mobile wallet.

When it comes to handling money matters, you can maximize your gadget by downloading a mobile payment app or a mobile wallet. Singapore’s unified QR code can accept payments from 27 digital methods such as GrabPay, AliPay, FavePay, Nets, PayLah! and Dash.

WHAT IS A MOBILE WALLET?

A mobile wallet is a virtual wallet that keeps payment information on your mobile device. It is a convenient and a cashless way to pay your bills. Whether you are paying for your lunch or splitting the bill with a friend, you can use your mobile wallet in Singapore and abroad. For instance, you may use UOB Mighty in Malaysia and Thailand. While, Alipay and WeChat Pay can be used globally.

WHERE CAN YOU USE THE MOBILE WALLETS?

#1: TO TRANSFER FUNDS INSTANTLY

Say that you went out for a quick grocery run with your friend. To split the bill, you may transfer money to his or her mobile number or NRIC/FIN that has been registered for DBS’ PayNow digital bank. You do not have to worry about getting the bank accounts right away!

#2: TO GIFT MONEY TO YOUR FRIENDS AND FAMILY

Did you just attend a virtual wedding thru Zoom? If you cannot figure out what to get for the couple, you can consider gifting a virtual red packet. Send money through your mobile wallet and the receipient will receive it immediately. It makes for an eco-friendly and a practical gift!

#3: TO RECEIVE CASHBACK AND REWARDS

If you frequently use your mobile wallet for purchasing your airline tickets or for cafe-hopping, you will most likely receive reward points or cashback benefits. You can save quite a lot of money by using the right mobile wallet.

#4: TO GET YOUR CRAVINGS SATISFIED

It is lunchtime and you have not cooked anything yet. Fortunately, there are several food apps that can deliver right in your doorstep. You do not have to endure long lines and to risk your health by going outside. Collect your food through the GrabFood app and pay it through GrabPay. GrabPay is rapidly adding and growing its network of partner merchants, as well as adding services like GrabFood and GrabDelivery.

#5: TO INSURE YOURSELF BEFORE YOU TRAVEL

Whether you are going of on a quick weekend retreat or a big adventure, buying travel insurance to cover unforeseen events can save you. You can purchase a travel insurance plan through the DBS PayLah! app just before your departure. It only takes a few minutes to complete.

#6: TO PAY BILLS

Several banking mobile payment apps allow you to pay your bills on time. Use your mobile wallet app to settle your phone bills, fitness club membership fees, insurance premiums, and more. You can do all these while you are outside or while you are inside your home.

Image Credits: unsplash.com

Having a mobile wallet is necessary and helpful given the current situation. Simply ensure that you secure all your details before you use it. Stay safe!

Sources: 1 & 2

Get covered for accidents and COVID-19 for less than $0.30/day

Get covered for COVID-19 and personal accidents for less than $0.30/day

Protect yourself and your family members from the impact of the novel coronavirus. The ongoing pandemic has means uncertainty for a lot of people. To cope with the health and financial challenges, SingSaver has launched a personal accident insurance policy with FWD to extend coverage for COVID-19.

The new and exclusive insurance product will cover infectious disease including COVID-19, Dengue, Zika and more at only $98/year — one of the cheapest in the market.

One of the highest limit/coverage for COVID-19

The policy offers coverage for the highest number of Infectious Diseases in the market. It also has the highest Death Benefits of $50,000; plus Guardian Angel Benefits and Funeral Expenses Benefits at $50,000 and $2,500 respectively.

That is not all. You will be covered with a $1,000 limit for inpatient and outpatient expenses and $25/day in hospital income for up to 365 days! ($50/day if you are admitted to ICU) Yes, you see it right. Insurance coverage for the entire year. (Most insurer has a higher daily hospital cash payout but has a cap of around 14 – 30 days)

With unlimited medical evacuation, you enjoy a peace of mind if you contract an infectious disease or met with a accident overseas.

No occupation loading

Working in an environment that carries more risk? Most insurers in the market impose occupation loading which increases the price by as much as 80%! You’d be glad to know that FWD does not impose occupation loading. (Yay, for frontline healthcare workers)

The plan also covers all personal accidents

The personal accident plan also covers all accidents. In the unfortunate event that there is an accident i.e. your Grab ride gets into a collision or a GrabFood rider on e-scooter knocks into you, you are well covered with this policy.

Frequently Asked Questions

For hospitalisation due to accidents and COVID, cost of ward stay is excluded right? (i.e. I’ll need to have medical insurance for that instead)
Covid19 – SG govt covers the hospitalisation ward stay, so the $1K medical expenses is additional $ for you. For other infectious diseases and Accidents, your ward stay can be reimbursed via medishield life/ integrated shield plan (the $1K medical expenses is additional $ for you).
The plan covers me for 1 year. Anything to note if I want to renew?
Usually renewal or buying a PA policy will ask some questions like Age below 65, never excluded from any PA insurance
applications previously, etc.
Does it cover accidents arising from car accidents? i.e. my Grab ride gets into a collision, or a GrabFood rider on e-scooter knocks into me
Yes, it covers ALL ACCIDENTS – as long as it is an accident.

DBS/POSB customers and immediate family members enjoy FREE relief insurance coverage for COVID-19. Apply by 15 Mar 20

As part of DBS support for the Singapore community during this difficult period, they will be offering all DBS/POSB customers and their immediate family complimentary COVID-19 relief insurance coverage to further cushion affected patients’ expenses.

The COVID-19 Hospital Cash policy is a 30-day free coverage that provides a daily cash benefit for hospital confinement and a lump sum payout for ICU confinement in relation to the virus. It also provides worldwide coverage* for policyholders who must travel during this period.