Life Insurance and your health

Hi,

Disclaimer:
this post is not an advertisement for insurance, nor is it a sponsored post by Insurance agents. my personal profile can be found here.

This entry is to share that health is wealth, and that postponing insurance buying could result in being unable to buy insurance at all when things happened.


People my age are now shunning the random calls and surveys that people in the "financial industry" conducts. This is because we find them irritating and overbearing. Moreover, being young would mean that you are now healthy and well, so insurance is always the purchase you can put off until you have completed the other big ticket items. And with the myriads of insurance providers, people my age are spoilt for choice and are going into very fine details down to the cents and service levels.

Myself?
I am the complete opposite. I speak to any insurance agent who is willing to try. I apply for almost all company that existed. Some advisers even spend their own money to retrieve all those medical records that is required for me to pass underwriting. Others fill in all those forms many times. But before you call or message me to tell me you are willing to try for me with your company's underwriter, I have to show you all those rejections i have received.

I am 27 years old that is suffering High Blood Pressure and Kidney is unhealthy (High Creatine). It has all started when I was 20 years old due to a Urinary Tract Infection. I am given PES E due to this. My doctors have been saying that my condition improved and that it has stabilized. However, when i read the medical report submitted to the insurance company, I truly thought that they have given me a report for a 70 years old person. They literally say that i have all sorts of problems despite the doctors saying it is normal to have them ( think mild sleep apnea).
Here is a summary!
 

The insurance i am buying are Whole Life and Term Life.
I have included Critical Illness and TPD to my plans.

Total Company Rejected:
NTUC Income
AIA (not officially)
AXA
Aviva
Manulife
Great Eastern

 


And the ONLY company accepted is Tokio Marine
But, with conditions of:
No Critical Illness
200% loading for Term Life (approx 3k per year, until 99 years old for 350k coverage)




OR
3.4k per month for 15 years (Whole Life insurance, 300k coverage until X age(cant remember) and 100k thereafter)




























This post is not to tell you how bad my health is. Truth is, I do feel good. I can still swim, I can still run and I am still very happy with life!
But this is a gentle reminder to my friends who is getting older, and that health is wealth. As your age climbs, your insurance premium will climb to an amount that it is better you don't buy than you buy. As you age, working life will diminish you healthy lifestyle and make you deskbound more than you hope you will be.

I used to think like my parents, who have minimal coverage, why should i buy insurance to let those alive enjoy when i die?
but i know its not true. this money is to buy myself out of debt so that i don't burden the next generation with my medical bill. Do you think Medisave and Hospitalisation Insurance is enough to cover everything in a costly Singapore? The way Singapore does things is to provide best treatment, instead of a choice to euthanize. It gonna be costly if you are very sick, and yet takes years to die!

So my dear friends,
Look at insurance agents differently.
Not all is out to earn your money. Some truly just want to help.
If giving them some commission buys you peace and safety net, that is something i am so willing to do but wasn't given a chance to.

But a gentle reminder, buy within your means. don't go broke making your next generation rich. (3k a year is too much for me)

A heartfelt thank you to these agents who spent hours and even money to help me go through medical tests, get medical reports and speak to underwriters. I am sorry that your investment in time and hours have gotten you no commission.
Kris (GE)
Alvin (Manulife, Tokio Marine, MFA)
Kelvin (AXA, NTUC Income, Fnexis)
Hux (AIA)


Regards
Benjamin Chai