Sunday 22 February 2015

does advance medical directive impact insurance?


 Ministry of Health Singapore

a reader's letter, loon chee how was published in the straits times on February 14, 2015 in which was asked, if an advance medical directive would affect his insurance policies.

according to mr loon, the insurance companies did not seem to have knowledge of the AMD Act. instead, there was a standard answer given which was;

"The only response I received from one of them was the standard one: That the company would assess every insurance claim on its merit and on reports from the doctors. This is a very generalised and evasive reply."

chee how also wanted to know whether the insurance companies accept that an AMD death is not "unnatural" or "premature" and or what insurance policies are not affected by the AMD.

Ms Lim Bee Khim, durector, corporate communications of the MOH's response was published in The Straits Times on Feb 19, 2015 in which she states:

that the making of an AMD shall not affect the sale, procurement or issuance of an insurance policy. More on this found at:

https://www.moh.gov.sg/amd

ms lim further states that the AMD Act does not authorise any act that causes or accelerates death from the natural cause.


The AMD Act states that the making of an AMD shall not affect the sale, procurement or issuance of an insurance policy. More details are available at the MOH website (https://www.moh.gov.sg/amd). - See more at: http://www.straitstimes.com/archive/friday/premium/forum-letters/story/advance-medical-directive-insurance-not-affected-20150219#sthash.XAPUSg7d.dpuf
Lim Bee Khim (Ms)
Director
Corporate Communications
Ministry of Health
- See more at: http://www.straitstimes.com/archive/friday/premium/forum-letters/story/advance-medical-directive-insurance-not-affected-20150219#sthash.XAPUSg7d.dpuf
Lim Bee Khim (Ms)
Director
Corporate Communications
Ministry of Health
- See more at: http://www.straitstimes.com/archive/friday/premium/forum-letters/story/advance-medical-directive-insurance-not-affected-20150219#sthash.XAPUSg7d.dpuf
Lim Bee Khim (Ms)
Director
Corporate Communications
Ministry of Health
- See more at: http://www.straitstimes.com/archive/friday/premium/forum-letters/story/advance-medical-directive-insurance-not-affected-20150219#sthash.XAPUSg7d.dpuf
Lim Bee Khim (Ms)
Director
Corporate Communications
Ministry of Health
- See more at: http://www.straitstimes.com/archive/friday/premium/forum-letters/story/advance-medical-directive-insurance-not-affected-20150219#sthash.XAPUSg7d.dpuf
Lim Bee Khim (Ms)
Director
Corporate Communications
Ministry of Health
- See more at: http://www.straitstimes.com/archive/friday/premium/forum-letters/story/advance-medical-directive-insurance-not-affected-20150219#sthash.XAPUSg7d.dpufV

Thursday 12 February 2015

ntuc-income - launch of FlexRetire

 

ntuc-income has recently launched their latest participating endowment product, FlexRetire on Jan 28, 2015.

what is FlexRetire?

FlexRetire is a savings plan that lets you decide when you want to retire and the period of your premium payment. It provides regular payment every month at your selected retirement age1 and you can choose how long to receive this monthly retirement income to suit your desired retirement lifestyle.

1The first monthly regular payment is paid one month after the policy anniversary on which the insured reaches the selected retirement age.

benefits at a glance: 

  • Flexibility to choose and change the period of your monthly retirement income before your selected retirement age
  • Choice of premium payment terms.2
  • Potential returns of up to 4.41% p.a.3
  • Capital guaranteed4 at your selected retirement age
  • Future Gift – A maturity bonus of up to 24 times your final monthly retirement income.5

 notes:

2 When you choose premium payment term of up to age 50, 55, 60 or 65, you must choose to receive your retirement income starting from age 55, 60, 65 or 70 respectively.
3 The projected return of 4.41% p.a. is not guaranteed and is based on: - Male, age 35 who saves with FlexRetire,
- Paying yearly premiums of $12,485 for 10 years, and
- Receives a projected monthly retirement income of $2,216 (of which $1,000 is guaranteed while $1,216 is non-guaranteed) for 20 years, starting from age 65.

4 Capital guarantee is on the basic plan only, on the condition that all premiums are paid, and that the policy is held until the policy anniversary at your selected retirement age with no policy alterations or related transactions.
5 “Future Gift” means the “maturity bonus” as referred to in the policy contract. The Future Gift amount of up to 24 times of the final monthly retirement income is not guaranteed and will be determined by NTUC Income at the point of policy maturity.

fake insurance policies?

Wednesday 4 February 2015

CPF Advisory Panel Recommendations

Today, the CPF Board made an announcement on Part 1 of the recommendations of the CPF Advisory Panel with regard to improvements to the current CPF (already accepted by the Government) and they are: