PayNow with nric. Why?

 Just sharing on Paynow.

Usually we use Paynow by keying Recipient phone number to pay.

But when institution uses Paynow to pay "us", they pay by keying Recipient Nric number to receive.  

If your Paynow setup did not register your Nric link to Paynow, you won't be able to receive the money from the Institution.

In summary, use online to add your Nric in your Paynow Profile Setting.  Only then, we can receive by "Nric way of Paynow" instead of Phone number.

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Why I learn it?  

Recently one of my policies has matured, Ntuc Income was unable to send my Matured Sum through Paynow to me; because I didn't setup to register my Nric with my bank Paynow.

With this Matured sum adds to my annuity yearly payout.

My passive income (from "Endowment Tap") is guaranteed sum of $67k + $3k p.a. from my leveraged endowment for this year.

How much CI $1M TermLife cost ?

How much total to cover $1M CI TermLife?

Different insurers CI coverage may vary; 

- pre-post consultation duration by its Panel doctors, 

- early or advanced stage CI 

- premium overlay (limited pay or lifetime pay, fixed level or age adjusted cost)

- Termlife coverage (accelerated or fixed)

- Lifetime or limited age tenure.

- in their T&Cs (fine-print).

Insurers may not even last our lifetime, even being sold off to another; worse if it closes its biz CI segment.

So my opinion is to buy CI through various insurers; better local ones like INCOME, GE Life, Singlife-Aviva.  

I am not insurance agent.  But I am familiar with the cost which I paid for.  So allow me to give you some cost estimate to cover $1M in their lifetime over next 60 years!

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Someone says CI is good to have.  Should it strikes, your loved ones will suffer to take care of you.

CI insurance has to work hand in hand with H&S + 10% Co-Pay Assist to cover As-charged cost.  

To project a $1M bill, under H&S 10% co-pay assist rider cover, the deductible will be capped at $3000! In addition, the 10% will be borne by us, amounting to $100k.  This might be the scene in 40-years time at the Private Hospital setting.

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Again, it is scalable.  Can afford, buy more; Earn less, cover lesser, but buy over the years.

For 20s year old, to cover $1M CI, some examples:

1. $280k X3.5 accelerated coverage by INCOME Vivolife-350; now it's name has changed. Cost payable over 10-year @$3,500 to 4,800 per year, depending on entry age.  Lock-in fixed premium.  After 10-year (you decide premium term), it's free cover for life.  

Total 10-year premium cost for lifetime: $3,500 x 10 to $4,800 x 10 (or $35,000 to $48,000).

It would take a lot of time to explain X3.5 for this policy, please read T&C. 

This policy also has a cashback value if one does not make CI claim.

2.  $500k CI TermLife by  Singlife-Aviva My Protector.

It's annual premium, lock-in fixed cost, pay for lifetime: ~$1,250 annually for life.  Attached to it is usually Death & TPD lifetime coverage.

Premium is locked-in at entry for lifetime; pay for lifetime.  For youth in their 20s, the premium varies slightly; so I assume $1,300 p.a. to cover $500k CI; usually it will also add cover for Death & TPD.

Current offer is permanent 30% lifetime dscount.  Last year was 35% when I bought.

Lifetime total cost = $1,250 x (85 - your entry age, say 25yo); assume std life is age 85, amounting to $1,250 × (85 - 25) = $75,000.

3. Mindef-Aviva Living CareTerm CI upto age 60/70.

For SG man, buy under Mindef Term Living Care; for woman, buy under spouse as dependent.   CI $100k annual premium is cheap, about $30 p.a., rising premium cost with age.  You can cover more at earlier age when cost is still affordable and reduce when its cost gets more expensive over time.

Please do your own research and make own decisions.

Again, I am no insurance agent.  Remember the insurance rules; 

1. Buy what you can afford, and don't regret.

2. Buy when you are insurable and no medical condition loading.

How much CI to cover in 40 years time?

If you are in your 20s, 30s or even 40 year old, to consider CI in another 30-40 years is a long time of uncertainty.  

Single's consideration for CI is different from Married Man's consideration. Just hopefully don't burden those who are most affected to care for you.

Any guru wants to try derive an estimate for CI Coverage in 30-40 years time ? 

$500k is better than $200k; $1M better than $500k...

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Few years ago, I met a senior whose wife underwent triple hosp treatment for recurrent stroke op in a private hospital.   The total bill came up to $1M.  He didn't ask him what was the actual cash that he paid.

Assuming best case of 10% Co-pay Assist for H&S, with CI As-charged rider, it would be $100k cash.  And this was present-day cost in a Private Hospital.

Maybe cancer treatment cost and medicine would have to pay much more.  I really don't know either.  

Few years back, Medishieldlife has yet kicked in.

At the end of the day, for us, is to settle for Restructured Hospital treatment would lessen the medical cost burden.

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For Restructured Hospital treatment with H&S coverage, maybe $200k CI might suffice at current year.

If cost x2 is every 20-year, we assume, then it would be $400k.

If 40-year's time, someone might say x 4 or $800k?

But medical cost may escalate much faster than inflation cost consideration.

I am no insurance agent.