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financebloging · 8 months

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Life Insurance vs Health Insurance: Key Differences for Informed Choices

Planning for the future is a cornerstone of responsible living, and if you're a forward-thinker, considering Life and Health Insurance policies should be your next strategic move. Let's embark on a journey to comprehend the nuances of these policies, exploring the key differences that set Life Insurance and Health Insurance apart. Understanding the Contrast of Life Insurance vs Health Insurance Life insurance and health insurance serve disparate purposes, acting as financial safeguards in distinct scenarios. Here's a detailed breakdown of the differences: FeaturesLife InsuranceHealth InsuranceCoverage TypeComprehensive, lifelong coverage, pays at policyholder's deathPrimarily covers medical expenses, health needsPremiumsFixed and flexible premiums, investment plans availableOnly fixed premiums, no investment, prioritizes medical needsDurationLong-term plan with fixed tenureShort-term plan, typically renewed annuallyTerminationUsually ends with policy expirationRenewed annually to ensure continuous health coverageBenefitsProvides financial protection to family upon policyholder's demiseCovers medical expenses and hospitalization during the policy termSurvival BenefitsOffers both survival and death benefits at the end of the insurance termNo survival benefits, focuses on addressing medical needs Unveiling Life Insurance Life insurance is essentially a contractual agreement between a policyholder and an insurance company, promising to provide the insured amount to the bereaved family after the policyholder's demise. This coverage serves as a pillar of financial stability for the entire family and supports future plans or investments. Types of Life Insurance - Whole Life Insurance: Featuring fixed premium payouts and tax-free, fixed sum assured, it is a cost-effective option with a lower risk profile. - Universal Life Insurance: Blending investment and death benefits, this option offers flexible premiums and higher returns, albeit with increased risk. Advantages and Disadvantages of Life Insurance Pros - Cost-Effective: Less expensive than permanent policies. Affordable Large Death Benefit: Provides substantial coverage at a reasonable cost. Online Accessibility: Easy quotes and application process available online. Convertible Policies: Some can convert to permanent policies without new medical exams. Health-Based Premiums: Future premiums based on current health for convertible policies. - Temporary Coverage: Ends once the term expires. Cost Increase at Renewal: Buying a new policy at term end can be expensive. Limited Options After Term: Difficulty securing new coverage if health declines. No Cash Value: Lacks a cash value accessible during the policyholder's lifetime. Decoding Health Insurance Health insurance steps into action when health issues arise, requiring medical attention and hospitalization. Policyholders pay fixed premiums for health protection, and the coverage varies based on the chosen health insurance plan. Types of Health Insurance - Individual Health Insurance: Tailored for individual needs, covering medical expenses, illnesses, accidents, and emergencies. - Family Floater Health Insurance: An umbrella coverage for all household members under one premium, addressing various medical expenses. - Senior Citizens Health Insurance: Customized for those aged 60 and above, accounting for specific needs like domiciliary care and critical illnesses. Advantages and Disadvantages of Health Insurance Pros - Financial Security in Critical Illness Cashless Hospitalization Network Hospitals for Cashless Services No Claim Bonus for Increased Sum Insured Add-ons or Riders for Customization Financial Protection in Case of Death or Disability Peace of Mind and Focus on Quality Healthcare Affordable Healthcare with Comprehensive Coverage - High Costs, Especially for the Self-Employed Pre-Existing Conditions Have Waiting Periods Waiting Periods for Certain Benefits Age-Dependent Increase in Premiums Co-Pay Requirements for Insured Customers Complexity in Comparing Coverage and Premiums Life Insurance vs. Health Insurance The decision to invest in life or health insurance hinges on individual needs. While life insurance ensures family financial security in the event of the policyholder's death, health insurance addresses medical expenses during the policyholder's lifetime. Key Distinctions - Why Invest? - Life Insurance: Ensures family financial security in case of sudden death. - Health Insurance: Shields against rising medical expenses, eliminating out-of-pocket costs. - Core Benefit: - Life Insurance: Pays the promised sum to the beneficiary. - Health Insurance: Covers treatment expenses, subject to conditions. - Additional Benefits: - Life Insurance: Various add-ons like maturity benefits, surrender benefits, and loyalty additions. - Health Insurance: Some policies provide free health check-ups, and no claim bonuses may apply. - Types of Covers: - Life Insurance: Individual and group covers, with plans like term, savings, child-related, and retirement. - Health Insurance: Individual, family, and group coverage, including comprehensive plans and critical illness cover. - Tax Benefits: - Life Insurance: Under Section 80C and Section 10(10D) of the Income Tax Act. - Health Insurance: Under Section 80D of the Income Tax Act. In your financial portfolio, Life Insurance and Health Insurance play distinct roles. Making an informed decision based on your unique requirements will unlock the full potential of each. The Benefits Unveiled Benefits of Life Insurance Plans - Financial security and protection. - Tax-free payouts. - Guaranteed death benefit. - Tax benefits as per prevailing tax laws. Both Life Insurance and Health Insurance are indispensable for those concerned about the future, family, and well-being. Health insurance safeguards your medical affairs, while life insurance ensures your family's security in your absence. In the uncertain journey of life, it's prudent to protect yourself and your loved ones before it's too late. Both these insurance policies are crucial, and the choice between them is now a personal one. Consider your needs, weigh the options, and secure a better future for yourself and your family. Read the full article

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louishawkins671 · 9 months

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Comprehensive Care: The Ins and Outs of Life Insurance Coverage for Your Spouse

Life insurance is a crucial component of financial planning, providing a safety net for loved ones in the event of an unforeseen tragedy. While individuals often prioritize securing coverage for themselves, extending this protective umbrella to include a spouse is a thoughtful and comprehensive approach. In this exploration, we delve into the intricacies of life insurance coverage for your spouse, unraveling the considerations, benefits, and the profound impact it can have on your shared financial future.

Understanding the Need for Spousal Coverage

Financial Interdependence: Many couples share financial responsibilities, from mortgages to daily living expenses. The sudden loss of a spouse can significantly impact the surviving partner's financial stability. Life insurance coverage for your spouse serves as a financial safety net, ensuring that they are not burdened by immediate and long-term financial obligations.

Income Replacement: If your spouse contributes to the household income, life insurance coverage becomes even more critical. The death benefit from a life insurance policy can replace the lost income, helping the surviving partner maintain their standard of living and meet ongoing financial commitments.

Childcare and Education Costs: For couples with children, the cost of childcare and education is a substantial financial consideration. Life insurance coverage can provide funds to cover these expenses, offering peace of mind that your children's future is financially secure, even in your absence.

Debt Repayment: In many households, spouses share debts, such as mortgages, car loans, or credit card balances. Life insurance coverage can be structured to help cover these debts, preventing the surviving partner from shouldering the financial burden alone.

Key Considerations for Spousal Life Insurance Coverage:

Assessing Coverage Needs: Evaluate the specific financial needs of your spouse. Consider factors such as income replacement, outstanding debts, future expenses, and the standard of living you would like your spouse to maintain. This assessment forms the basis for determining the appropriate coverage amount.

Term vs. Permanent Insurance: Choose between term life insurance and permanent life insurance based on your spouse's needs and your financial goals. Term life insurance provides coverage for a specified period, while permanent life insurance offers lifelong protection with a cash value component that can grow over time.

Coverage Amount: Determine the optimal coverage amount for your spouse. This amount should take into account immediate financial needs, ongoing living expenses, outstanding debts, and any long-term financial goals.

Health and Underwriting: Your spouse's health plays a crucial role in determining the cost of life insurance coverage. Consider the health status of your spouse and be prepared for potential underwriting, which may include a medical examination. Maintaining good health can contribute to more favorable premium rates.

Policy Riders: Explore the availability of policy riders that can enhance the coverage for your spouse. Riders may include options for accelerated death benefits, critical illness coverage, or additional coverage for specific events.

Benefits of Life Insurance Coverage for Your Spouse:

Financial Security: Life insurance coverage provides your spouse with financial security in the face of unexpected circumstances. The death benefit can act as a financial cushion, offering peace of mind that your spouse will have the means to navigate the challenges that may arise.

Maintaining Lifestyle: The death benefit from a life insurance policy can help your spouse maintain the lifestyle to which they are accustomed. This includes covering everyday living expenses, mortgage payments, and other financial obligations.

Legacy and Inheritance: Life insurance can be a strategic tool for leaving a legacy or providing an inheritance for your spouse. This is particularly relevant for couples with substantial assets or those who want to ensure a financial legacy for future generations.

Flexibility in Use: The funds received from a life insurance policy's death benefit are generally tax-free and can be used flexibly. Your spouse can use the proceeds to address immediate needs, settle outstanding debts, invest for the future, or achieve other financial goals.

Peace of Mind: Perhaps one of the most significant benefits is the peace of mind that comes with knowing your spouse is protected. Life insurance coverage creates a sense of financial security, allowing you both to focus on building a life together without the constant worry of what may happen in the future.

Navigating the Application Process:

Comparing Quotes: Obtain life insurance quotes from multiple providers to compare coverage options and premium rates. Different companies may offer varying terms, conditions, and pricing models, so exploring a range of quotes is essential.

Policy Customization: Work with your insurance provider to customize the policy to suit your spouse's unique needs. Tailor coverage amounts, choose appropriate riders, and discuss any specific considerations that may impact the policy.

Reviewing Policy Details: Carefully review the details of the life insurance policy, including terms, conditions, exclusions, and any limitations. Understand the policy's features and how the death benefit will be distributed to beneficiaries.

Regularly Reviewing Coverage: Life is dynamic, and financial needs can change over time. Regularly review your spouse's life insurance coverage to ensure that it remains aligned with your evolving circumstances, financial goals, and lifestyle.

Conclusion

Extending life insurance coverage to include your spouse is a profound expression of care and responsibility toward their financial well-being. The comprehensive protection it provides goes beyond immediate financial needs, encompassing long-term goals, lifestyle maintenance, and the legacy you wish to leave. As you navigate the intricacies of life insurance coverage for spouse, remember that it is an investment in your shared future—a commitment to ensuring that your loved one is empowered to face life's uncertainties with financial security and resilience.

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bimakaro · 4 years

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Critical illness is something which can happen to any individual, and its treatment requires a lot of financial support. Indians are at an expanding danger of life-threatening infections, and there are numerous who are experiencing ailments like cardiovascular ailment and cancer, and that too, at a young age. In such a case, how can you get yourself secured financially against all such diseases?

Here comes the significance of critical illness spread, which is increasing due to the rising number of patients suffering from ailments like heart attack, cancer and organ failures. Because of the long tenure of treatment and the high expense of non-clinical and clinical costs, the critical illness cover is needed. The sum guaranteed is paid promptly based on the terms and conditions of the policy.

And, if you already have a medical insurance policy whether its an individual or family floater plan, at that point you may consider including critical illness rider in your existing policy or even buy it separately. Let’s get into the detail of critical illness insurance policy to have a better understanding.

Critical illness insurance policy

Critical illness policies cover life-threatening diseases that could even extend to a longer period of time and require specialised treatment. So, if secured with such policy, the insured and the policy nominee get the coverage amount in lump-sum following the policyholder is diagnosed with a critical illness. This amount can be used for the costs not covered by conventional health insurance policies.

The main thing to note is that a critical illness cover is not like a standard health insurance plan. Under a critical illness cover, the insured will get the coverage as a lump-sum amount if the insured gets diagnosed with a critical ailment. That money will deal with the expense of medical treatment for the disease and even used for paying off any pending loans. Whereas in health insurance, you get the claim depending on your medical bills which is further subject to the terms and conditions of the policy. A critical illness plan pays you the whole total sum assured independent of your medical costs.

Critical illnesses that are covered under a critical illness insurance policy

Critical illness insurance policy or rider mostly cover severe diseases like heart attack, cancer, stroke, kidney failure or paralysis. Every insurance provider has its own list of critical illnesses which might or might not differ. So, while choosing a critical illness rider or policy, you should go through the list of diseases that it covers.

Who should all purchase a critical illness cover?

Those individuals who have a family history of critical illnesses should opt for such cover. Often, the primary reason for critical illnesses is hereditary. For example, the risk of cancer growth is higher in case you have a family background of the illness. And thus, as a proactive measure, you should get a critical illness spread for a protected future and avail the best possible medical treatment.

The individuals who are the sole earner in the family should opt for a critical illness cover. Suppose you are the primary earning member of the family. In that case, it is necessary to protect the whole family with a critical illness insurance policy as you will never want your loved ones to be in financial distress when you get diagnosed with a critical illness. The policy or rider coverage amount will take care of your treatment cost while saving your hard-earn money from draining out. Besides, a critical illness cover can likewise make up for your loss of salary while you are not in a situation to work because of your medical issue.

Critical Illness policy vs rider

When you choose to secure yourself against any critical illness, you should pick between the alternatives of a standalone policy or you can likewise decide on a critical illness rider that comes with your standard term insurance policy or health insurance plan. Whereas a rider will be accessible for a much-lesser cost and will offer similar advantages like an independent critical illness policy. However, you should know about the limitations and adaptability that accompany a rider regarding expanding your sum assured. Therefore, if affordability is not a challenge, then perhaps you can opt for a standalone critical illness insurance policy.

From where you can buy one

While picking the insurance provider, you must focus on the terms and conditions of the policy as well as add-on benefits that are accessible; so that you opt for the right coverage as per your requirement. Another factor to consider is the case settlement procedure which ought to be simple and hassle-free. Also do check their claim settlement ratio to know their reputation in the market.

Hence, if you are wondering whether to opt for critical illness coverage or not, then hopefully this blog will help you to clear out your concerns. You can visit BimaKaro.in or speak to their financial advisors to get expert advice on a critical illness insurance policy.

Source:https://bimakaro.in/ik/term-life-insurance/why-should-you-consider-buying-a-critical-illness-insurance-policy-2223

#insurance #term insurance #term life insurance #life insurance #insurance online

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herokita · 4 years

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Written by Jen-Li Lim Life insurance? Medical insurance? It’s easy to mix them up. After all, they sound vaguely similar (something, something, provides protection?), and they sometimes come bundled together under one policy. But it’s important to tell them apart. This helps you find gaps in your insurance coverage or determine if you are over insured. So, here’s how life insurance is different compared to medical insurance. Life insurance vs medical insurance Life insurance Medical insurance Function Helps you or your beneficiaries financially if you experience death or total permanent disability Helps cover the cost of hospitalisation and treatment, or helps you financially if you experience an illness or an accident Types – Term life– Whole life– Investment-linked policy – Hospital and surgical (also known as a ‘medical card’)– Critical illness– Hospital income– Personal accident Payout Lump sum payout Depends on type of policy – hospital and surgical insurance covers your costs ‘as is’, but other types of insurance may give you a lump sum payout Tax relief Eligible Eligible What is life insurance? A life insurance policy gives you (or your beneficiaries) a lump sum payout if you experience death or total permanent disability (i.e. if you cannot work due to an illness or injury). a) Benefits of life insurance Having life insurance is important if you have family members who depend on your income. It helps to: Cover living expenses. What happens if your family relies on your income, but you are no longer around, or you are unable to earn an income? A life insurance payout helps to cover daily expenses, such as food, housing and transport. It can also help pay off larger expenses, such as tertiary education of high-interest debt. Cover death-related expenses. Dying can be expensive – funeral costs go up to thousands of ringgit. A life insurance payout can help settle these costs so that they don’t burden your family. b) Types of life insurance The most common types of life insurance are term life insurance, whole life insurance and investment-linked policies. Term life. The most affordable type of life insurance, but your premiums increase with age. Covers you for a length of time (e.g. 20 years). There is no cash value. Whole life. Covers you for your entire life (typically until age 100, but you can also choose a shorter term). More expensive than term life insurance, but your monthly premiums don’t increase with age. Has a guaranteed cash value. Investment-linked policy. Also provides lifelong coverage, and is more expensive than term life insurance, but your premiums don’t increase with age. Has cash value, but depends on investment returns, so your returns are not guaranteed. Find out more about the differences between these life insurance plans here. What is medical insurance? Medical insurance helps cover the cost of hospitalisation and treatment, or helps you financially if you experience an illness or an accident. The most popular type of medical insurance is hospital and surgical – you may also know it as a ‘medical card’. a) Benefits of medical insurance Medical costs are high, and they are increasing every year. A hospital and surgical insurance policy helps you cover these costs. But some policies don’t cover pre-existing conditions, so make sure to check the fine print or ask your agent before subscribing. Other types of medical insurance, such as critical illness insurance, gives you a lump sum payout that you can use however you wish. This is helpful to cover the indirect costs of illness – say, if you need a few months’ off work to recover, or if you need to fork out for special dietary requirements. You can’t foresee when you’ll fall sick, and how much it will cost, so having medical insurance is an important safety net. b) Types of medical insurance Hospital and surgical. Covers the costs of treatment or surgery when you are admitted to a hospital. Critical illness. Gives you a lump sum payout if you are diagnosed with one of the covered critical illnesses. Hospital income. Gives you a specific amount of income (e.g. RM100) for each day you are hospitalised. Personal accident. Gives you a lump sum payout in the event of death or disability due to an accident. Wait, why does my life insurance plan also have medical coverage? If you’re subscribed to an investment-linked policy, your plan may come with add-ons (also known as ‘riders) that give you medical coverage. Around 70% of medical policies that are sold in Malaysia have been sold with investment-linked products. A standalone medical policy is much more affordable if you are a young adult, but the premiums will increase as you age. Your medical coverage also stops as soon as you stop paying your premiums. On the other hand, an ILP that includes a medical rider will be more expensive, but its premiums won’t increase as you age. ILPs also have a cash value component, but this is not guaranteed, as it depends on investment performance. But if you stop paying your premiums, the cash value helps pay for the policy, so you may still enjoy medical insurance coverage. Is there any tax relief? Both life insurance and medical insurance are eligible for tax relief. But how much you can claim depends on your insurance type, and whether it’s a standalone policy: Relief type (if filing in 2020) Limit Life insurance and EPF INCLUDING not through salary deduction RM7,000 Insurance premium for education or medical benefit INCLUDING not through salary deduction RM3,000 If your medical insurance is a standalone policy, you can claim up to 100% of your total premium paid under the medical benefit category. If your medical insurance is attached to your life insurance policy, you can claim up to 100% of your total premium paid under the life insurance and EPF category, or up to 60% of your total premium paid under the medical benefit category. Check your annual policy statement for details, or ask your agent or insurance provider if you’re still unsure. Should I get both? Medical costs are increasing, so it’s important to get hospitalisation and surgery coverage. If you need more coverage, or coverage for specific areas, you may want to consider other medical insurance policies, such as critical illness insurance. But this depends on various factors, such as affordability, whether you have a family history associated with any of the critical illnesses covered, or if you’d feel safer knowing that you have a bigger financial safety net. When it comes to life insurance, a major consideration is whether there are people who rely on you financially. If you are married with children, having a life insurance payout can help your family with daily expenses. If you are single – and don’t have aging parents who rely on you – it might not be necessary. However, if you expect to be married or gain dependents in the future, and you prefer ILP insurance, you might want to take out a policy now while premiums are cheaper. 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louishawkins671 · 10 months

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Securing Your Love: A Guide to Choosing the Right Life Insurance for Your Spouse

In the realm of financial planning, one often encounters the critical decision of choosing the right life insurance for a spouse. It's a decision not only rooted in fiscal responsibility but also deeply intertwined with emotional considerations. Securing your love through a well-thought-out life insurance policy involves navigating a myriad of options, understanding unique needs, and making informed choices. This guide aims to shed light on the essential aspects of selecting the right life insurance for your spouse, providing insights that marry financial prudence with heartfelt protection.

Understanding the Purpose: Beyond Financial Protection

Before delving into the intricacies of life insurance policies, it's imperative to understand the primary purpose. Life insurance serves as a financial safety net for your loved ones in the unfortunate event of your spouse's passing. It provides a lump sum payout, commonly known as the death benefit, which can be crucial in maintaining financial stability. However, the significance goes beyond monetary concerns; it is a gesture of love and responsibility, ensuring that your spouse is cared for even in your absence.

Assessing Financial Needs: A Tailored Approach

The foundation of choosing the right life insurance for your spouse lies in a thorough assessment of your family's financial needs. Consider factors such as outstanding debts, mortgage obligations, education expenses, and the cost of living. It's essential to be realistic and forward-thinking, accounting for long-term financial goals and potential inflation. This comprehensive evaluation lays the groundwork for determining the coverage amount required to secure your spouse's financial future adequately.

Term vs. Permanent Insurance: Weighing the Options

One of the pivotal decisions in selecting life insurance is choosing between term and permanent insurance. Term life insurance provides coverage for a specific period, offering a death benefit if the policyholder passes away during the term. It's a cost-effective option suitable for covering temporary needs, such as a mortgage or children's education expenses. On the other hand, permanent life insurance, including whole life and universal life, provides coverage for the entire lifetime of the insured, accumulating cash value over time. The choice between term and permanent insurance depends on your family's unique circumstances, financial goals, and budgetary considerations.

Considering Your Spouse's Health: Impact on Premiums and Coverage

The health of your spouse is a significant factor influencing both the cost and availability of life insurance. Generally, individuals in better health qualify for lower premiums. Conducting a health assessment and understanding potential risks can guide you in choosing an insurance policy that not only provides adequate coverage but also remains within a reasonable budget. It's advisable to obtain quotes from multiple insurers, considering their underwriting criteria, to ensure a comprehensive exploration of available options.

Riders and Additional Coverages: Tailoring the Policy

Life insurance policies often come with various riders and additional coverages that can be customized to meet specific needs. Common riders include accelerated death benefit, which allows the policyholder to access a portion of the death benefit in case of terminal illness, and waiver of premium, which exempts the insured from paying premiums if they become disabled. Evaluating the relevance of these riders and additional coverages in the context of your spouse's health, lifestyle, and potential risks adds a layer of customization to the chosen policy.

Comparing Quotes: The Art of Due Diligence

The life insurance market offers a plethora of options, each with its unique features and pricing structures. Comparing quotes from different insurers is a crucial step in the decision-making process. Beyond considering the premium costs, delve into the policy details, terms, and conditions. Look for insurers with a solid reputation, strong financial stability, and positive customer reviews. This meticulous due diligence ensures that the chosen policy not only aligns with your financial goals but also comes from a reliable and trustworthy provider.

Communication and Transparency: Building Trust

The process of choosing the right life insurance for your spouse is not just a solitary endeavor. It involves open communication and transparency between partners. Discussing the decision, understanding each other's concerns, and aligning on financial goals create a foundation of trust. Moreover, ensuring that your spouse is informed about the chosen policy, its terms, and the steps involved in filing a claim fosters a sense of security and preparedness.

Conclusion: A Testament to Love and Responsibility

In conclusion, securing your love through the right life insurance policy for spouse is a testament to both love and responsibility. It transcends the realms of financial planning, encapsulating the profound commitment to safeguarding your partner's well-being in every circumstance. Understanding the purpose, assessing financial needs, and navigating the nuances of term vs. permanent insurance form the pillars of this decision. Considering your spouse's health, exploring riders, comparing quotes, and fostering open communication add depth to the process.

As you embark on this journey, may it be guided by a blend of practical financial wisdom and the warmth of love. Choosing the right life insurance for your spouse is more than a transaction; it's a legacy of care and consideration that echoes through the years, providing assurance and protection in the face of life's uncertainties.

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theannuityexpert · 5 years

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The Long Term Care Annuity: The Modern Day Long-Term Care Insurance

There are a few niche annuity products that are built specifically for Long-Term Care (LTC) or Critical Illness, and really nothing else. A deferred long-term care annuity is a great alternative to traditional long-term care insurance. 70% of people age 65+ will need Long Term Care (September 2008).- U.S. Department of Health and Human Services. Table Of ContentsWhat is Long Term Care?Who Needs Long-Term Care Insurance?How Much Does Long-Term Care Cost?Who Pays for Long Term Care?What does Long-Term Care Insurance Cover?How Does a Long Term Care Annuity Work?LTC Annuity ExampleLong-Term Care Insurance Annuity vs. Annuity with Long Term Care RiderLong-Term Care Insurance Requirements Long-Term Care Insurance Interview QuestionsWhere can I find long-term care facilities and services near me?Do I Need Long-Term Care Insurance?Understanding Long-Term Care Annuities

What is Long Term Care?

Long-term care insurance is for a person with a prolonged physical illness, a disability or a cognitive impairment (such as Dementia). Long term care protection comes in many different types of services or facilities to help people with chronic conditions overcome limitations that keep them from being independent. Long-term care is different from traditional health care. Long-term care helps one live in their current state or condition with the possibility they may not improve or correct their medical problems. Long-term care services may include help with activities of daily living, Home health careRespite careHospice careAdult daycareNursing homeAssisted living facility Long-term care may also include professional care services, which will evaluate your current and future needs then coordinate and monitor the delivery of long-term care services along the way. Someone with a physical or mental illness or disability often needs hands-on or stand-by assistance with activities of daily living. Basically you need a professional to assist in living day to day. People with cognitive impairments usually need supervision, protection or verbal reminders to do everyday activities. Long-term care services today are changing and expanding, but still uses standard terms such as "skilled care" or "personal care". Skilled care is needed for medical conditions that require assistance from medical personnel such as a registered nurse or professional therapists. Skilled care is usually needed 24 hours a day, a physician must order it, and there must be a plan in place. Seniors usually get skilled care in a nursing home or an assisted living facility but may also receive it in other places. For example, you might get professional medical care in your home with help from visiting nurses or therapists. This is called Home Health Care. Home Health Care may include physical therapy, caring for a wound, or supervising or administering medication. Personal care (sometimes called custodial care) helps one with activities of daily living (ADLs.) Personal care is less involved than skilled care, and it may be given in many settings typically in your home. A long-term care insurance policy is essential in retirement planning. Any sort of Long-Term-Care insurance requires an individual to not be able to conduct 2 out of the 6 Activities of Daily Living (ADL) in order to take advantage of the insurance company benefits. Adult Day Care Adult Day Care is basically a community-based center for elderly adults who need assistance during the day, but do not need-round-the-clock care. Assisted Living Facility An assisted living facility is a residential living home (apartment or house) that provides individual care to those who not perform Activities of Daily Living. Home Health Care Home Health Care offers health-related and homemaker services to seniors at their personal homes. Nursing Home A nursing home is a qualified facility that provides nursing care to seniors with chronic illness or can't exercise Activities of Daily Living. Respite Care Respite care offers caregivers relief for several hours at a time to break from the daily responsibilities.

Who Needs Long-Term Care Insurance?

Since the Federal Government is predicted that 7 out of 10 retirees above the age of 65 will need some sort of long term cares in their lifetime, it would safe to say every senior will need coverage in some shape or form. Luckily there are different alternatives (annuities or life insurance) other than traditional long-term-care insurance. At the very least, the alternatives are not "use it or lose it" types of insurance plans. Since the immediate need for long term care won't begin until you are starting to need help with your day to day basic living needs, it's hard to tell when you need to actually buy long-term care insurance. What I can tell you is that when it gets to that point, it's already too late. You probably can't be insured, and this is why a plan for long term care needs to be taken care of at the start of your retirement, not the middle or the end.

How Much Does Long-Term Care Cost?

Long-term care can be expensive. The cost depends on the amount and type of care you need and where you get it. Below are the national median annual costs for care in 2019 provided in a nursing home stay, in an assisted living facility, and in your own home (Home Health Care). Nursing Home Costs In 2019, the national average cost of nursing home care was $90,155 a year for a semi-private room and $102,200 a year for a private room. The cost of a semi-private room increased nearly 1% from 2018 while a private room increased almost 2%. This cost does not include items such as therapies and medications, which could make the cost much higher. Assisted Living Facility Costs In 2019, assisted living facilities had a median cost of $19,500 a year for adult day health care and assisted living facilities charged a median cost of $48,612 a year. Adult day care had a 4.17% increase in cost from 2018 while assisted living facilities had an increase of 1.28% from the previous year. Some residents in the facilities may pay a lot more if their care needs are higher. Home Health Care Costs Homemaker Services In 2019, the national median cost for Homemaker Services was $51,480 a year which is a 7.14% increase from 2018. Homemaker services are professionals that come into your home and help with day to day chores, cook meals, or run errands. Homemaker Services are based on 44 hours per week for 52 weeks. Home Health Aide In 2019, the national median cost for Home Health Aide was $52,624 a year which is a 4.55% increase from 2018. Home Health Aide offers more extensive personal care (bathing, dressing, transferring) than Homemaker Services in terms of personal care. Home Health Aide cost is based on 44 hours per week for 52 weeks. In-Home Care - Skilled Nursing In 2019, the national median cost for In-home Skilled Nursing was $87.50 per visit. Skilled nursing is licensed health care that sends a registered nurse into your home, and supplying personal care, intravenous medications and injections, caring for wounds, etc on a visit by visit basis.

Who Pays for Long Term Care?

You pay for long-term care using personal resources, long-term care insurance, long term care insurance alternatives, and some assistance from Medicaid for those who qualify. Medicare, Medicare supplement insurance, and regular health insurance (medical insurance) typically will not pay for long-term care assistance nor facilities. Personal Resources Typically long term care expenses are out of pocket costs such as personal savings accounts, investments, retirement plans. Because of the expensive cost, some people sell their homes and assets to pay for their long-term care needs. Medicare Medicare’s skilled nursing facility benefit does not cover most nursing home care. Medicare will pay the cost of some skilled care in an approved nursing home or in your home, but only in specific situations. The skilled nursing home facility care (SNF) benefit only covers you if a physician says you need daily skilled care after you have been in the hospital for at least 3 days and you are receiving that care in a nursing home that is a Medicare-certified skilled nursing facility. While Medicare may pay for nursing home care in some scenarios, the benefit doesn’t cover the costs of care in assisted living facilities. Medicare does not cover home health care including homemaker services, home health aide, and in-home skilled nursing care. Medigap (Medicare Supplement Insurance) Medicare supplement insurance or Medigap is private insurance that helps pay for some of the gaps in Medicare coverage, such as hospital deductibles and excess physician charges above what Medicare approves. Medicare supplement policies do not cover long-term care costs but may pay for services to people recovering at home from an illness, injury or surgery. Medigap does not cover assisted living facilities, Alzheimer's Disease, custodial or personal care, or adult daycare. You must qualify for Medicare-covered home health services before this Medicare supplement insurance benefit is available. Medicaid Medicaid is the government-funded program that pays nursing home care only for individuals who are destitute. Medicaid pays for almost 50% of all nursing home care on an aggregate basis. However, people who need long-term care almost never qualify for Medicaid benefits. To utilize Medicaid assistance, you must meet federal and state guidelines for income and assets. Basically many seniors start paying for nursing home care out of pocket and “spend down” their income until they are eligible for Medicaid. Basically, the elderly have to become legally poor in order to advantage of the Medicaid program. Some of the elderly's assets and income can be protected for a spouse (Medicaid Annuity) who remains at home. Long-Term Care Insurance Traditional long-term-care insurance is one other way you may pay for long-term care and comes in many forms. Long term care annuities are just one way to pay or reimburse you for some or all of your long-term care costs. Annuities Annuities offer a hybrid policy called long-term care annuity which explained in this guide. Some annuities also offer contract waivers and optional riders that can be added to help with the cost of long term care. What ever value in the annuity contract not used will be passed down to beneficiaries in a lump sum. Life Insurance Some permanent life insurance policies, with the exception term life insurance, can be used as a hybrid long-term care insurance. The life insurance policy (Whole Life Insurance or Universal Life Insurance) offers riders and provisions called Living Benefits or Accelerated Death Benefit s that will allow you the insured to access your death benefit while alive to pay for long term care needs. If the life insurance policy has any death benefit (face value) left, the remainder will be passed down to your beneficiaries.

What does Long-Term Care Insurance Cover?

Home CarePersonal CareHomemaker ServicesBed ReservationAdult Day CareResidential CareNursing Home Care and FacilityHospice Care (Critical Care)Chore ServicesHome Health AideNurse and TherapistRespite CareAssisted Living

How Does a Long Term Care Annuity Work?

The base annuity contract is a deferred fixed annuity that offers enhanced care coverage, tax-free. There is some but minimal underwriting (no medical exam) involved so not everyone can purchase an LTC annuity. Basically, these niche annuities double (200%) or triple (300%) your initial single premium payment (based on medical records) to generate a tax-free long-term care insurance benefit. Yes, tax-free thanks to the Pension Protection Act. When your ready, you will choose your qualified service or facility of your choice. You will be able to access the benefit via a reimbursement over a specified period of time. What this means is you have to pay for the cost upfront then have invoices sent to the insurance company. The insurance company then pays you back up to the monthly allowance. If there is any of your money left over in the annuity policy at death, the heirs will inherit it.

LTC Annuity Example

So let's give you an example so we are clear on what I'm talking about. Let's take $100,000, and purchase long term care annuity insurance. You qualify for a Standard insurers rating, you're $100K will now be worth $200,000 in tax-free Long-Term Care benefits instantly. Now let's say you qualify for a Premier (Preferred) insurers rating, you're $100,000 investment is now $300,000 in tax-free Long Term Care benefits. Now let me just state, the enhanced tax-free LTC benefit is not money you can walk away with. That would be just too good to be true. When you're ready to exercise this enhanced benefit, you will pick out your facility (Nursing Home Care or Assisted Living Facility) or your service (Home Health Care or Homemaker Services). You will pay for the qualified long-term care expenses upfront, and submit receipts to the issuing insurance company to be reimbursed. Whatever your benefit equates to will be divided out over a fixed number of months. In the previous example of $100K = $300K LTC Benefit, if your policy covers 60 months, you will receive a monthly maximum allowance up to $5,000 monthly for 60 months. It's that simple.

Long-Term Care Insurance Annuity vs. Annuity with Long Term Care Rider

A Long-Term Care insurance annuity is built just for LTC cost assistance, nothing else. You can plan your eldercare around one of these types of annuities. A deferred annuity with an LTC rider is not built for eldercare planning, but rather retirement income planning primarily with an enhanced benefit. The enhancement on the rider typically doubles the retirement income amount to help pay for LTC, but reverts back to the original income amount when your account value runs down to zero. The LTC rider helps but typically does not scratch the surface in terms of cost. Riders also limit what LTC benefits they will cover as well. The only time I would recommend an annuity with this type of rider would be if you can't qualify for a typical LTC vehicle due to health. Example Just so we're on the same page, let me give you an example comparison. I have $100,000 to purchase long-term care insurance, and I want to use an annuity for my vehicle. Both annuities will cover you for 60 months (5 years). Let's say the annuity with the LTC rider generates a retirement income of $5,000 annually for life. When you're ready for the benefit, the $5,000 turns into $10,000 annually ($833.33 a month) for a facility or service. With the LTC annuity, the same $100,000 would be equal to $200,000 ($3,333.33 a month) or $300,000 ($5,000 a month) worth of benefit spread out over 60 months. It's comparing apples to oranges for eldercare planning.

Long-Term Care Insurance Requirements

Activities of Daily Living Activities of Daily Living (ADL) are the primary requirement to trigger long-term care insurance benefits. Most insurance companies want a person to not be able to meet at least 2 out of the 6 Activities of Daily Living which are bathing, continenece, dressing, eating, toileting, and transferring. Cognitive Impairment Most long-term care insurance policies cover for “cognitive impairment.” The policy usually pays benefits if you cannot pass certain tests of cognitive function. Coverage of cognitive impairment is especially important if you develop Alzheimer’s disease or other dementia. If being unable to do ADLs is the only benefit trigger your policy uses, it may not pay benefits if you have Alzheimer’s disease but can still do most of the ADLs on your own. If your policy tests your cognitive ability as a benefit requirement, it is likely to pay long term care benefits if you have Alzheimer’s disease. Doctor Certification Some long-term care insurance requires a recommendation from a doctor that long term care is medically necessary. Elimination Periods Most long-term care insurance policies won’t allow you to start the benefits on the first day you go to a nursing home or start using home care. Most policies have an obstacle called an elimination period (deductible or a waiting period). The elimination period means benefits can start from 0 days to 30+ days after you start using the facility/service or become disabled. Elimination periods for each type of care may be different from another. Sometimes there might be a single-elimination period. The elimination period will determine how many days you have to wait before benefits start to be sure to review your policy carefully. Some elimination periods allow you to accumulate non-consecutive days, and some policies require consecutive days. If you find a policy with a zero-day elimination period, it might cost you more, but it will set you up in a good position when you are ready to exercise the benefits. During the elimination period, your policy will not pay the cost of long-term care services or facilities. Medical expenses could be out of pocket during the elimination period. Elimination periods are determined by calendar days while other policies use days of covered service to determine an elimination period. Make sure you know how the policy defines the elimination period. Calendar Days Every day of the week would count in determining the elimination period regardless of whether you received any services on those days. Days of Service Only days when you receive the actual services will count toward the elimination period which means the benefits can take longer to activate if you only use the services part-time. That means more out of pocket medical expenses are accrued. Single Elimination Periods Some policies allow a one time elimination period for you to get through, and benefits are eligible at your disposal for the remainder of your life.

Long-Term Care Insurance Interview Questions

Typical qualifying questions would include: Are you currently hospitalized, confined to a bed, or residing in an Assisted Living Facility? In the past 12 months have you applied for any long-term care insurance policy or long term care rider that was declined or postponed? Are you currently using, or in the past 12 months have you used or been medically advised by a Health Care Professional to use any of the following: Medical Care in a Nursing FacilityHome Health CareAdult Day CareA Walker,WheelchairA Cane,Motorized ScooterHospital bedStair LiftOxygenDialysis machineHospice Care Do you require assistance or supervision in performing any of the following activities including: taking medicationbathing, dressinggetting in and out of a chair or bedeating, toiletingmanaging your bowel or bladderwalking In the last 7 years, have you had, been diagnosed or treated by a Health Care Professional, been prescribed or taken medication for any of the following: Alzheimer’s disease or dementiaRecurrent memory lossMild cognitive impairment (MCI)Organic brain syndromeMental incapacity or retardationMultiple sclerosisParkinson’s diseaseParalysisOrgan transplant other than cornea or kidneySpinal Stenosis or Chronic back pain with narcotic medicationAutoimmune disorder/disease such as Systemic LupusSystemic SclerodermaCREST syndromeConnective Tissue DiseaseMixed Connective Tissue DiseaseMuscular dystrophyLou Gehrig’s disease (ALS)Huntington’s diseaseHepatitisCirrhosisSmoking in conjunction with EmphysemaCOPDStrokeMultiple Transient Ischemic Attach (TIA) In the last 12 months have you had, been diagnosed or treated by a Health Care Professional, or been prescribed or taken medication for any of the following: AneurysmHeart bypass surgeryHeart valve replacementVascular surgeryBeen hospitalized overnight 2 or more timesHad any fall resulting in a fractureHad a seizure or convulsionHad multiple falls, TremorsCongestive heart failureCardiomyopathy In the last 5 years, have you had, been diagnosed or treated by a Health Care Professional, or been prescribed or taken medication for any of the following: LeukemiaHodgkin’s disease or other lymphomaAny cancer other than non-melanoma skin cancerAlcohol or drug abuse or dependency, Hospitalization for depressionBi-polar disorder or any other psychiatric disorderBlood clotting deficiency, Factor V, VII, VIII, IX, XIdiopathic thrombocytopenic purpura (ITP) or essential thrombocythemiaVon Willebrand diseaseSmoking with peripheral vascular diseaseDiabetesrenal disease In the last 7 years, have you had, been diagnosed or treated by a Health Care Professional, or been prescribed or taken medication for any of the following: TIA with a history of heart diseaseDiabetes currently treated with insulinRheumatoid arthritis with joint deformityRheumatoid arthritis with joint replacementKidney or cornea transplantMyasthenia gravisDiabetes with a history of TIAStrokeNeuropathykidney diseaseperipheral vascular disease or congestive heart failureRheumatoid arthritis requiring use of narcotic medicationBipolar disorderschizophrenia or other psychosisChronic kidney failure Have you been medically advised by a Health Care Professional to have any surgery, non-routine diagnostic test or medical evaluation that has not yet been completed?

Where can I find long-term care facilities and services near me?

Find Long Term Care ServicesFind the nearest qualified long term care services nearby.Read More Find Long Term Care FacilitiesFind the nearest qualified long term care facilities nearby.Read More

Do I Need Long-Term Care Insurance?

Whether you should buy a long-term care insurance policy will depend on your age, health status, overall retirement goals, income and assets. With that said, if you have assets for retirement planning, you may want to buy long-term care insurance (traditional LTC insurance policies or alternatives) since there is roughly a 70% chance of needing long term care. Many seniors buy a policy because they want to stay financially independent of government aid or they don’t want to burden anyone such as family members with having to care for them in the future. If you're living on a fixed income from primarily Social Security Benefits, Medicaid might be the way to go. Above all, you should not buy a long-term care insurance policy if you cannot afford the insurance premium or aren’t sure you can pay the premium for the rest of your life. If you currently have serious health problems such as Alzheimer's disease or Parkinson's disease, you probably won’t be able to buy a policy. Insurance companies have medical underwriting guidelines and procedures to keep the cost of long-term care insurance coverage affordable. Without these guidelines and procedures, most people would not buy coverage until they actually needed long-term care services. Not everyone should purchase a long-term care insurance policy. The coverage can be expensive, or the benefits you can afford makes the coverage not worth the money. You should not buy long-term care insurance if you can not afford to pay important bills.

Understanding Long-Term Care Annuities

When you receive your long-term care annuity contract, carefully read through and review it. Be sure every feature is what you understood your retirement plan would be. There are disclosures, statements of understanding or a prospectus to better understand what you have invested in. If you find yourself worried or feel that you haven't purchased what you understood, there is always a freelook period which gives you a set number of days (usually 10 to 30 days) to change your mind about buying an annuity after you receive it. If you decide during the freelook period that you don’t want the annuity, you can return the contract.

Long-Term Care Insurance Help

Not all long-term care insurance is created equal. Find out if you're getting the best policy from LTC Experts. Read the full article

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amanverma10-blog · 5 years

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Know the benefits of Term Insurance

Many people understand the importance of buying Term Insurance but no one likes to plan/think/predict their own death. Many people like to think they save a significant portion of money by not paying premiums. To some degree, this is true. Each month, you can save a little more because you don't pay the premium on life insurance. But when something tragic happens, there's also the potential to lose a lot of money that can split the whole family. Insurance is not a cure for the emotional loss, of course, but it can reduce the financial needs.

Take the case of Mr. Rajesh Pant. Born in good health and with no addictions at all, at the age of 58, he never thought that he could be diagnosed with cancer. With shocking news, he started to have mental stress which made the situation worse. Like lightning, his wealth & energy were drained. Mr. Shah started to pray feverishly for the situation's turnaround, but it all went haywire. He knew that he was left with little choice and chose to let nature run its course. He is plagued by the regret that he has not found any protection for financial needs for his family members & kids. He never planned for such a situation & now it is costing him & his family. Of course, no amount can replace the loss of a family member but at least it would secure them financially. The case of Mr. Pant is the harsh reality that should not be ignored. Insurance may appear like an extra cost, but it cannot be overlooked. Insurance benefits can only be felt when the disaster impacts life. In case of sudden death, term insurance is the cheapest form of insurance that provides financial security. If you are the family's primary breadwinner, you need to purchase term insurance as it protects your loved ones in your absence. It is very crucial for the head of the family to reflect on the situation of great tragic that can hamper financial conditions. Naturally, no one can battle with nature, but the potential quest would be sorted by some form of financial security. Debt is another excuse you need to make sure you are. Assuming you have an EMI home loan and how will your family repay the loan or cover themselves against the worst-case situation of the bank if something occurs to you? There is no doubt that the cheapest form of family coverage is term life insurance. Like endowment plans, term insurance does not have any preserving feature because it is highly flexible and you can terminate at any moment. The debate between Term Insurance vs Endowment Plan is very popular among investors as some prefer the latter. They cite benefits available under Section 80C of the Income Tax Act. Premiums paid for term insurance are exempt from Section 80C of the Income Tax Act; also maturity benefit is exempt from tax. The biggest advantage of a term plan is that it comes with low premiums as compared to the endowment plans. One could always remember that insurance is about protection and not savings. Let's say that Mr. X if is in his 30s & opts for term insurance, being a non-smoker his premium could be in the range of Rs. 8,000-Rs. 9,000 per year for 30 years. If you want to have an endowment policy you might have to spend Rs. 1 lakh or more annually for the same period. As far as savings are concerned, you can invest the difference of premium in ELSS or equity fund which will give you at least 10% on an annualized basis. If your investment premium difference i.e. Rs. 91,000 in ELSS or equity fund every year, with this calculation you can save Rs. 1.50 crore or more in the same period. As a result, term insurance gives your money a better value. You can get more coverage for the low premium. If you buy additional riders for critical illness or rate waiver, you can allow comprehensive term insurance. These riders are also valid for endowment policies, but it is much cheaper in terms of premium, as mentioned before term insurance. One should always recall that the purpose of insurance is to protect your family against an unfortunate event. There should be no mixing of insurance and insurance. Term Insurance is a form of risk management. As always, please consult with your financial consultant to buy the right policy for you.

http://www.businessworld.in/article/Term-Insurance-And-Its-Benefits/21-12-2019-180795/

#TermInsurance EndowmentPlan ELSS EquityFund

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winfieldjcseemanja06insuran-blog · 5 years

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life insurance vs life assurance

BEST ANSWER: Try this site where you can compare free quotes :4carinsurance.xyz

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life insurance vs life assurance

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life insurance vs life assurance

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moneymerlion · 3 years

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PRUSelect Review: Should You Consider This?

PRUSelect is an investment-linked plan (ILP) that allows policyholders to choose from varying portfolios with 4 different risk types ranging from low, low to medium, medium to high, and higher.

Criteria

Minimum investment amount of $350 per month

Minimum investment period of 10 years

Minimum age of the life insured is 1 year old

General Features

Premium Payments

PRUSelect offers fixed premium payment terms of 10, 15 or 20 years that has to be decided when you apply for the policy.

Over the span of your payments, 100% of these regular premiums will be channelled into purchasing units from the fund of your choice.

Annually, there is a minimum amount of $4,200 and a maximum amount of $6,000 in regular premiums to be invested by the policyholder.

Initial Account VS Accumulation Units Account

Before we get confused about these jargons, let us go through a brief summary of what the Initial Account and Accumulation Account are for. Simply put, these are accounts where your premiums will be allocated in.

Account Type Fund units will be allocated here if: Initial Account Received during the first 24 months from the first premium due date of the policy Accumulation Account Received any time after 24th month

A common occurrence in ILPs, the initial and accumulation account usually exists to calculate the fees and bonuses you will incur.

Failing to pay your regular premiums on time

Should the policyholder fail to pay regular premiums punctually after the Initial Contribution Period, there are 2 possible scenarios that could occur:

If there are still units existing in the Accumulation Account – your policy will continue operating with basic benefits as before. However, any supplementary benefits will not be made available to your plan. You can continue paying for regular premiums anytime you are ready to again.

If there are no units in the Accumulation Account – your policy will only continue operating for the next year, starting from when the last transaction was made in the account.

After this 12-month period, your existing policy will terminate if the policyholder persistently fails to pay for regular premiums. The surrender value will then be paid out to you, and the policy will not be able to be re-instated thereafter

Reduction in Regular Premiums

With PRUSelect, you can choose to decrease your regular premiums. However, you must ensure that your reduced premium is equivalent or more than the minimum stipulated amount decided by Prudential.

This amount will be disclosed at the time you apply for a reduction.

Do note that there will be an additional charge if you choose to reduce your regular premiums during the Initial Contribution Period.

The charge will be equivalent to the value of the Initial Account, multiplied by the percentage of premium reduced.

Top-up in Regular Premiums

Unfortunately, top-ups for this product are not allowed.

Partial Withdrawal

This can be done, but only if your Accumulation Account has a minimum value – which is undisclosed. Partial withdrawal cannot be done through the Initial Account.

Apart from having to withdraw a minimal amount of $1,000, you will also have to ensure that the remaining units in your account have a minimum $1,000 value after withdrawing.

This minimum withdrawal value will change over time, depending on Prudential’s terms. You will receive your withdrawal within 3 working days.

Full Surrender

In the case where you decide you want to request for full surrender, you will receive the value of units in your accounts, as well as any premiums you have paid which has yet to be invested.

Any amounts owed will be deducted alongside the surrender charge as well.

Fund Switch

You are allowed to switch any units from one PRUSelect Fund to another, in the event that you wish to. However, you will have to transfer a minimum amount during each fund switch which will be made known during your request.

Additionally, you have to ensure there are enough units in your Initial and Accumulation accounts, depending on which you are intending to switch out from.

While there are no charges for fund switches, unless specified, do note that you are not able to switch your units from Initial Account to Accumulation Account (and vice versa).

The remaining units in the fund that you are switching out from must also have a minimum amount. This minimum amount will be made known to you upon application.

Protection

With PRUSelect, there are mainly 2 different types of payouts for your coverage, depending on whether the life assured dies from an accidental or non-accidental cause.

Accidental Death

To define an accidental death, Prudential refers to this as any unforeseen or involuntary event which is not caused by other factors such as sicknesses or diseases.

In this case, the beneficiary will receive either amount which is higher:

The value of all the units in the policyholder’s Initial and Accumulation account or

105% of the total premiums paid – excluding any premiums which were included in supplementary benefits.

Non-accidental Death

Typically, this will be due to a pre-existing condition that has shown symptoms that required treatment, diagnosis, or cure.

The beneficiary will then receive either amount which is higher:

The value of all the units in the policyholder’s account or

Total premiums paid by the policyholder, deducting any withdrawals and outstanding amounts (e.g. admin, sales-related and medical costs).

However, these payouts will only be valid in the event that the policyholder dies within 12 months from the cover start date. In the case of a suicide, the policy will be cancelled and total premiums will be refunded, without any additional payouts.

Riders Available

Early Stage Crisis Waiver

This add-on feature will be helpful if the policyholder is diagnosed with any early or intermediate stage medical conditions. It will guarantee a waiver of any future premiums of covered benefits for a period of time.

Crisis Waiver III

Should the policyholder be diagnosed with any of the 35 critical illnesses, the Crisis Waiver III will waive any future premiums of all the main policy and also covers some supplementary benefits.

Payer Security

The payer security aims to protect the policies of your loved ones (life insured), should there be a case where the policyholder dies or is diagnosed with critical illnesses or a disability.

Payer Security III

This waiver will guarantee that your child’s remaining premiums will be paid for until she/he turns 25, or until the end of the agreed premium payment term – whichever date is earlier.

Payer Security Plus

This rider, on the other hand, waives the remaining premiums of your loved ones until you are 85 years old, or until the end of the agreed premium payment – whichever date is earlier.

Early Payer Security

This waiver is helpful for a scenario whereby the policyholder receives a diagnosis of an early or intermediate stage medical condition.

In this case, PRUSelect will waive the premium payments for a period so the policyholder can concentrate on receiving treatment.

Key Features

Loyalty Bonus

To reward you for committing to PRUSelect, Prudential will offer loyalty bonuses if you have paid your premiums punctually and consistently over a minimum duration. The amount payable can be seen below:

Funds Offerings

The PRUSelect invests in unit trusts. You can choose to invest in any of the 20 funds under PRUSelect Funds, which are advised by Mercer.

Depending on your choice of fund, there are varying fund management charges ranging from 0.5% to 1.85%, with low to high-risk portfolios. These fund charges will be deducted from your accounts on a pro-rated basis, depending on the unit’s pricing day.

Thankfully, PRUSelect invests directly into the funds, which means that your returns are already net of the fund management charges.

To keep updated with your portfolios, Prudential will also send you regular portfolio reports so you can go ahead to make any fund switches or adjustments to your investments, if you wish to.

Policyholders can either choose to:

Invest all regular premiums in ONE PRUSelect Fund

Invest part of regular premiums in 2 or more PRUSelect Funds

Either way, there is a regulation that policyholders should invest minimally 5% of their regular premiums into a PRUSelect fund of choice. Afterwhich, any investments made should be done in multiples of 5% of the premium.

Fees Involved

Type of Charge Rate Where Is It Deducted From When Is It Deducted Who does it involve Policy Establishment Charge 4% p.a. of latest Initial Account value Initial Account Duration of Premium Payment Term All Policyholders Administration Charge 0.7% p.a. of latest Initial Account and Accumulation Account value Initial and Accumulation Account Duration of Premium Payment Term All Policyholders Policy Fee $7 per month Accumulation Account After Initial Contribution Period All Policyholders Surrender Charge A percentage of Initial Account value as at Unit Sale Date See Appendix A above Policyholders who have requested for surrender Investment Charges Varies for respective PruSelect Fund

View here

Compulsory Fees

If you commit to the policy from the beginning until it matures, you will basically have to incur all the charges listed above other than the surrender charge.

Policy Establishment Charge (4% from the initial account)

Administrative Charge (0.7% from total value)

Policy Fees – S$84 annually (S$7 per month)

This would mean the following fees for you.

First 2 policy years (ICP):

4.7% p.a.

During premium payment term after ICP:

4.7% p.a. + S$84 annually

Assuming you invest the minimum $4,200 per annum, the $84 annual policy fees make it an additional 2% of fees you will incur. This means you’re paying up to 6.7% in fees every year for this policy.

However, note that the fees above are an overestimation as the policy establishment fee is only charged on your initial account.

How much will I receive upon maturity of the PRUSelect?

Assuming that you invest S$350 monthly for 20 years, the funds perform at 10% per annum, and you made no withdrawals; you can expect the below:

Monthly premium: S$350

Premium Payment Term: 20 years (240 months)

Annual Fund Performance: 10%

Annual Fees during ICP (2 years): 4.7%

Net Fund Performance (2 years): 5.3%

Investment Value (2 years): S$9,010.68

Annual Fees during payment term after ICP (18 years): S$84 + 4.7%

Net Fund Performance after ICP(18 years): 5.3% – (S$84 x 18)

Investment Value after ICP (18 years): S$117,210.33

Total Premiums paid after 20 years: S$84,000

Total Interest Earned: S$33,210.33

ROI: 39.53%

The loyalty bonus has not been included in our calculations above. However, the bonuses have a role in offsetting the fees in the above computation.

Are you a Prudential advisor and have the breakeven table for the PRUSelect? Share it with us for a more accurate calculation of returns!

My Take on the PRUSelect

A unique characteristic of PRUSelect that makes it different from other ILPs (except the PRUSelect Vantage) is that it only charges a surrender fee for the initial account.

Essentially, this is a much more modest surrender charge than on most ILPs where the entire account value is charged.

As far as flexibility is concerned, it is not as flexible as other ILPs, with no top-up premiums or increase premium amounts.

The death benefit is only limited to accidental death, and non-accidental death (sickness or illness) only covers you up to 12 months from the policy start date.

If necessary, you can take a premium holiday after the ICP if you need it. However, there is no official premium holiday for PRUSelect per se.

In the event you have funds in your Accumulation Account, your basic policy will continue to be active, since units from this account will be deducted to pay for the policy. However, your policy will be terminated within 12 months if no further funds are available.

That’s a good thing in my opinion. As long as you have sufficient funds in your accumulation account, you can stay on premium holiday indefinitely (as opposed to other ILPs’ limitations).

In terms of bonuses, the PRUSelect is much lower than policies like the AXA Pulsar, Manulife InvestReady Wealth II, and Tokio Marine GoClassic. Bonuses are important to offset much of your fees.

Speaking of fees, the PRUSelect Vantage has one of the highest fees during the ICP at 4.7% p.a.

This goes even higher at 4.7% p.a. + $7/month after the ICP.

In terms of percentages, $84 is 2% a year at the minimum investment amount ($350/month). As a result, your fees will increase to 6.7% after the ICP if you’re investing lower amounts of money.

The high fees have a significant impact on even an optimistic 10% annualised returns with only a 39.53% ROI.

Despite my thoughts on the PRUSelect, I don’t think it’s a bad product. In fact, I think it’s suitable for individuals who are not well-versed financially and have a Prudential agent whom they can trust.

In fact, if you’re looking to get an ILP from Prudential, maybe the Prudential PRUSelect Vantage is a better option for you.

I am not a financial advisor, so please do not take my preference as financial advice. We can help you find a reputable financial advisor if you need assistance in financial planning.

References

https://www.comparefirst.sg/wap/prodSummaryPdf/199002477Z/PRUselect_Summary.pdf

https://www.prudential.com.sg/products/investment/regular-contribution/pruselect

source https://singaporefinancialplanners.com/blog/pruselect-review/

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montieltjlindseyba37insuran-blog · 5 years

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life insurance for family

BEST ANSWER: Try this site where you can compare free quotes :COVERAGE-FINDER.NET

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life insurance for family

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