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View Poll Results: Do you buy personal insurance?
Yes 4 44.44%
No, i have no insurance plans at all 1 11.11%
No, my company pays for corporate insurance 4 44.44%
No, relying on government welfare insurance plans 0 0%
Voters: 9. You may not vote on this poll

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Old 2016-03-21, 11:48   Link #1
deathcoy
Senior Member
 
 
Join Date: Jan 2006
Do you buy personal Insurance?

Something thats been bugging me recently. I find myself forking thousands of dollars for personal insurance for the last couple of years but so far i've had only claimed once for a $800 hospital bill. Got me thinking that i'm throwing away my money. Which is ironic since i used to work in an insurance company when i was young so i know a lil bit about the in and outs. But due mounting bills especially housing loans i've cancelled my insurance and just rely on the government welfare insurance plan, its not much but at least its affordable. I'm not sure if it was the right thing to do...

What you guys think about personal insurance?
(Does not include vehicle/property/traveling insurance etc, as those are usually part of the deal or 1 time thingy or its extremely affordable)
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Old 2016-03-21, 15:43   Link #2
jdennis007
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Join Date: Jun 2009
Location: New York
My company provides insurance for us so that's how I am covered.
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Old 2016-03-21, 16:55   Link #3
Spectacular_Insanity
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Join Date: Apr 2006
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Age: 27
I'm a full-time employee so my insurance is subsidized by my company.
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Old 2016-03-21, 19:15   Link #4
Xellos-_^
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Join Date: Nov 2003
Location: R'lyeh
Age: 40
the thing about insurance is that you would be absolutely glad to have it when you need it. Because no one is going to sell it to you when absolutely need it.
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Old 2016-03-22, 01:15   Link #5
TinyRedLeaf
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Join Date: Apr 2006
Location: Singapore
Age: 41
Quote:
Originally Posted by Xellos-_^ View Post
the thing about insurance is that you would be absolutely glad to have it when you need it. Because no one is going to sell it to you when absolutely need it.
That's absolutely correct. That said, some kinds of public insurance are emerging that allows for pre-existing conditions. "Obamacare", if I understand correctly, allows this. Singapore has also just recently implemented its own version of lifetime, universal health insurance that allows for pre-existing conditions.



The rate of private, personal insurance is probably very high in Singapore compared to many other places in the world, thanks to the progressive growth of real incomes here. In fact, although most employers here provide some form of group insurance, most Singaporeans don't solely rely on it, because employer-provided insurance is manifestedly insufficient to cover most catastrophic costs.

Personally, I have a life insurance plan (which my parents bought for me when I was still a teengager; I've long since taken over the premium payments), a hospitalisation plan, and a couple of investment-related insurance plans. I also have car insurance, which is mandatory for all drivers here.

And all of these are on top of my public sector insurance plans: I'm covered by a Dependent Protection Scheme (my nominated dependent gets a payout if I'm rendered incapable of further work), an ElderShield scheme (which kicks in automatically for anyone who turns 40), as well as MediShield Life (universal government health insurance, covering hospitalisation and surgery).

I'm also of the age where it has become very advisable to start saving towards a post-retirement annuity. I haven't got around to it yet, partly out of complacency, and also partly because the government will eventually take care of it, as my compulsory savings will be converted into an annuity scheme, starting from age 55.

Premiums for the public-sector insurance are automatically deducted from our compulsory savings, which are essentially Singapore's version of a sustainable pension scheme.

As for my personal, private insurance, the annual premiums take up about 5 to 6 per cent of my annual disposal income. If — touch wood — anything were to happen to me, I'm assured of getting a payout of at least one to one-a-half years of my present income. In very ideal circumstances, the payout could even possibly last me up to three years without income.




In short, if you think very long term, insurance will make sense. I strongly advise anyone who is able to afford insurance to get their own. Do not see it as an expenditure. Rather, see it as a form of long-term savings towards life's unforseen events.
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Old 2016-03-22, 02:21   Link #6
Spectacular_Insanity
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Join Date: Apr 2006
Location: Right behind you.
Age: 27
Quote:
Originally Posted by Xellos-_^ View Post
the thing about insurance is that you would be absolutely glad to have it when you need it. Because no one is going to sell it to you when absolutely need it.
That so right. And people who don't have it baffle me (except for those who straight-up can't afford it). "I don't plan on getting sick or injured," they say. Well, DUH. No one does. Until you get in a car accident, or get diabetes and need insulin, or get freaking cancer. Nobody plans on misfortune, but that's also why we have life insurance. No one plans on going out and dying, but when it happens, you are well prepared.
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Old 2016-03-22, 07:17   Link #7
frivolity
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Join Date: Nov 2008
Age: 27
I spend around 10% of my take home pay on insurance, consisting of 7% on life insurance (combination of cover for death, total and permanent disability, critical illness, and income protection) and 3% on health insurance (comprehensive hospital cover and additional cover for dental/spectacles). No other insurance right now since I own neither a home nor a car.

I've been trying to convince my siblings, friends, and colleagues to purchase insurance but it's been very hard so far. Not many people actually understand what life insurance is about. Most of my colleagues think that it only pays out when the policyholder dies, not knowing that TPD, trauma, are classified under life insurance as well. Of course, the recent life insurance scandal that's all over the news doesn't help either.

I honestly don't understand why many young people below 35 are so averse to life insurance, and the people in my circle include statisticians, economists, and finance professionals. Everyone agrees that you should insure your house since it's probably the biggest asset you'll ever own in your lifetime. But that's actually not true because the biggest asset for most of us in this age group is our career. Notwithstanding investments and capital gains, our career earnings will definitely exceed the value of our property, so why would you insure your house but not your career?

One factor that I've heard many times is that they would rather put the money in investments instead of insurance. This is once again a misunderstanding of the role that insurance plays. Insurance is meant to protect against negative events, and the best insurance is one that you never need to claim. It is not meant to grow your wealth, since insurance is always going to be NPV negative from an expected value perspective. If all goes fine and dandy, and one is fortunate enough to have a career that lasts 40+ years, then your investments will see you through retirement. If things go awry and health issues cut short your career after 10 or 20 years, then you won't have sufficient investments built up to see you through an additional 20-30 years with no income. That's where insurance comes in. If one believes in consumption smoothing, then there are also policy features that reduce cover over time so that the insurance cover decreases as your investments increase, thereby providing added income stability in case things go wrong. Insurance is not meant to completely supplant investments - it's meant to complement investments by protecting against downside risk.

Overall, it's very unfortunate that many don't understand the role of insurance as a whole, especially life insurance, and I can only hope that my friends, family, and colleagues don't end up experiencing any form of misfortune that could throw their lives into disarray.
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Old 2016-03-27, 14:00   Link #8
justinstrife
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Join Date: Apr 2004
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I had fulll health insurance through work for 14 years. Then everyone had it dropped january 1st, 2014. I've been without it since. Financially it made more sense to pay the unconstitutional fine, than paying for insurance on something I havent needed for 10+ years.

As for your life insurance, I do have a 401k from my 2nd job, and I did start an IRA several years ago.
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