Biker health insurance

[MatFiz]

Hi!

 

Not sure if this is the right forum for this question. Insurance falls into category of "Products" so I guess it is.

 

What biker health insurance options can you recommend?

I want coverage from road accidents.

 

Thanks!

[Guest johjoh]

i nv heard of specific bikers' health insurance.

 

or u mean insured against accidental death, TPD and hospitalisation coverage?

[MatFiz]

or u mean insured against accidental death, TPD and hospitalisation coverage?

 

Yea, that's what I meant

[Guest johjoh]

If you want low premium and high coverage, can opt for term insurance that cover death, TPD and critical illness. The disadvantage is there are no cash returns.

 

If u want to have some form of cash returns, can opt for life insurance but premium will be higher since there are cash returns when u surrender the policy.

 

For hospitalisation coverage, i would suggest just use ur medisave in ur CPF to buy. If ur medisave money is sufficient, i would suggest buying the payout that is "as charged", meaning u dun have to fork out an excess amt before the insurance pays out.

 

Hope my explanation is clear, im not an insurance agent..but experience from buying insurance for myself.

[Orleng]

Like what bro johjoh mentioned.

 

If you want $$ back, life insurance, high premiums, low coverage, but you get all the cash back + earnings at the end of the term.

 

For low cost high coverage but don't see the money again (hopefully never).

 

If you *touch wood* kena TPD, get the term insurances, payout on death, crit illnesses, etc.

 

If you don't die, but badly injured, that's where the Medishield PMIS comes in. Thing is you'll have to pay and excess and co-insurance amount still.

 

For total coverage, more or less, I think OCBC has an additional coverage option to augment the PMIS, covers the excess and co-insurance. Means if kena hospitalised, don't pay anything.

 

Best is to get in touch with an insurance agent and check what plans they can offer you!

 

P.S.: I'm no insurance agent, but was looking all over the place to get coverage when I started riding. Be responsible fer myself if I end up needing it. Hopefully never!

[MatFiz]

Johjoh, Orleng - thanks for your answers, really helpful!

[Guest johjoh]

Johjoh, Orleng - thanks for your answers, really helpful!

 

welcome bro MatFiz. Of course the best advice would come from a professional insurance consultant. I've had my fair share of bad encounters with some and met a few good ones.

 

Be clear under which circumstances would the payout occur, esp TPD. Ride safe!

[schwein.bissen]

Was in a similar situation recently - just started working full-time less than a year back, and need some form of protection against a financial f-up in the event of hospitalisation and operation due to accidents / illnesses.

 

In the end I opted for Enhanced IncomeShield from NTUC (http://www.income.com.sg/insurance/enhancedshield/index.asp), after comparing the plans with premiums payable through Medisave - the list is available on the CPF Board site.

[contrarian]

No one seems to have mentioned disability income insurance? In my opinion, this is the most important type of insurance for someone whose biggest asset is his future employment income stream.

 

What this does is to pay the insured an income monthly up to age 55/60/65 for a disability (including partial disability) resulting in ability to perform the same job as he used to. In other words, if you work as an engineer but can no longer do that job, it will pay a monthly income as a partial replacement for your lost employment income. If you cannot work as an engineer but after rehabilitaiton recover and can only work as a lecturer instead, it will also pay a partial replacement for the reduced income.

 

I bought my DI plan from Aviva (GE is the only other insurer offering DI) and consider this to be the single most important insurance protection.

Edited May 1, 2010 by contrarian

[Guest johjoh]

No one seems to have mentioned disability income insurance? In my opinion, this is the most important type of insurance for someone whose biggest asset is his future employment income stream.

 

What this does is to pay the insured an income monthly up to age 55/60/65 for a disability (including partial disability) resulting in ability to perform the same job as he used to. In other words, if you work as an engineer but can no longer do that job, it will pay a monthly income as a partial replacement for your lost employment income. If you cannot work as an engineer but can only work as a lecturer instead, it will also pay a partial replacement for the reduced income.

 

I bought my DI plan from Aviva (GE is the only other insurer offering DI) and consider this to be the single most important insurance protection.

 

That is an interesting and impt point brought up.

Bro, maybe you could share with us the estimated premiums? Thanks.

[contrarian]

That is an interesting and impt point brought up.

Bro, maybe you could share with us the estimated premiums? Thanks.

 

A group plan is available for SAF NSmen through Aviva. You can refer to it here:

http://www.aviva-singapore.com.sg/pdf/Group_Disability_Income_Brochure.pdf

 

I think many would benefit from your own plan instead because you can choose benefits that suit you better, instead of following the group. For individual plans, it depends on:

1. how much income you want to protect (they allow cover for up to 75% of your income)

2. how many more years of protection you are buying (until age 55/60/65)

3. how many months of disability you want to wait before the benefit is paid out (3 or 6)

4. what kind of job you are doing (office bound jobs have the lowest premium, compared to outdoor work, then hazardous professions)

 

While the premium is not cheap, the benefit is significant for those whose lifetime employment income is their most important asset. DI would be much more useful than TPD plans or PA plans even if those cost less.

[crazydj]

I want something cheap as i am still a student. But just enough to cover accidents or death. You guys have any idea where can i buy this kind of policy?

[MatFiz]

Example: plan from NTUC schwein.bissen gave link to

 

For 200 S$/year they propose 200K on death & permanent disablement and 10K on accidental medical expenses.

 

You have to choose yes in "Do you wish to extend cover for motorcycling risk (including pillion riding)?".

 

I'm an office worker, so for other occupations premium may be different.

[AliDavidSum]

Standard accident plan only cover if you are 1) mati due to accident 2) permanent disability 3) lose fingers, lose leg, lose hand etc

 

If you kanna accident (fell from staircase to bike langagr), no mati, no permanent disability but take long long time to recover. Standard accident plan will not pay you.

 

Many bikers kanna fracture in accident. Many fracture can be recover, take long long time, from weeks to years.

 

Your hospitalisation leave & annual leave are gone in no time, and then you take unpaid leave. No paid leave = no money, and you need $$$ to see you through while recovering.

 

I think this is what TS has in mind.

 

Temporary disability plan, which is extended plan of Standard Personal accident plan, is one of the solution.

 

I think it is the best solution in recovering injury situation, and considering it a must for bikers & pillion riders.

 

You will get some $$$ if kanna, a fraction of your salary to tie you over during those difficult days.

 

Amount of allowance is depend on your premiums.

 

DI plan mentioned by contrarian is good, but may not work well, why?

 

1) DI covers you only when you are not able perform your same as you used it. This means you can not claim when you are recovering, whether 1 week or 1 years later.

 

2) To claim DI is like to claim from life insurance. It is lenghty process. You need medical report, which take 1 to 2 months. And then evaluation by insurance company, which takes at least another months. Most people saving simply can not tahan so long.

 

3) Insurance companies are not effeciency in paying you, as compared as asking you to pay.

 

Temporary disability allowance is based on MC, not on medical report. It takes only a few days for insurance company to confirm with hospital if your MC is real or wayang.

 

Ask your insurance agent for details. I no insurance agent, so do not ask me.

 

Share from experience only hor, means I of those bikers langgar before and then become Superman for a few seconds & a few meters.

 

In case you do not know;

 

1) Life insurance is about illness, not accident

2) Accident plan is about accident, not illness.

 

Many mixed them up because Insurance agents often sells these 2 as 1 package. Both are diifferent but most people need these 2 to cover them. It is like road tax & bike insurance, but are different but you need both to ride.

 

Lastly - use CPF to buy medical insurance if you can afford it. It does not hurt your pocket, and most people will find it it helps when you need it. Afterall, every year, excess of $33k in your CPF medisave will go to special account.

Edited April 29, 2010 by AliDavidSum

[contrarian]

DI plan mentioned by contrarian is good, but may not work well, why?

 

It is true to say that the DI plan is not ideal for addressing the relatively minor consequences of an accident where the insured person recovers over the short term. Your suggestion of temporary disability insurance could be more useful for these.

 

Whereas DI is useful for people who want to protect their future income over their working life - can't do the duties of your job today, and still receive 75% of your income every month for the rest of your expected working life.

 

2) To claim DI is like to claim from life insurance. It is lenghty process.

 

I would say that the only relatively straightforward claim is a death claim.

 

1) Life insurance is about illness, not accident

 

Life insurance is NOT about illness. Life insurance is about death.

A whole life policy will generally pay for death from any causes, including suicide after the minimum suicide exclusion period (typically 1 year for Singapore issued policies, sometimes 2).

 

If you die and no one relies on you to provide for them after you die, life insurance (without other benefits) is not useful to you.

[Muskal]

hmm wen i bought my insurance from ntuc, their agent call me up offering insurance for me. it cost 85 dolars per yr if m nt wrong. if u wanna buy 3 yrs cheaper. they wld include ncd.. they tld me its bt necessary rd accidents. if u kanna bruises or even swollen ur leg wen ply soccer, u can claim the doc bill if below 2k. u can try ask

[2_wheeler]

There are two types of insurance which I personally feel that students should have.

 

Medical expense insurance

It pays medical expenses incurred as a result of an accident or illness. The policy will pay expenses for inpatient medical treatment or surgery, some outpatient charges for day surgery, consultations with specialists before and after the hospital stay, and X-rays and laboratory tests.

 

It is advisable to get the “as charge” plan as you will not know how much the hospital bill will be when you admitted to the hospital.

 

You may use your CPF Medisave or your parents’

 

 

Personal Accident Insurance

 

This will complement the existing medical insurance. While the medical insurance provides basic cover for medical expenses, including hospital bills, the personal accident insurance covers accidental death and permanent disablement. Any compensation payable will be made to you or your family.