Tan Kin Lian's Blog: FAQ - Term Insurance

Monday, July 05, 2010

Here is an updated guide on how to buy Term Insurance in Singapore.
http://www.easysearch.sg/Admin/File.aspx?id=56

Warren said...: Would it be a good idea to spread my insurance coverage across different insurance provider to reduce exposure of credit risk to any one insurance company?

i.e. instead of getting a single $500k coverage with one company, i get 5X $100k coverage with 5 different insurance providers?; July 06, 2010 7:38 AM
Tan Kin Lian said...: Reply to Warren
The risk of this failure is very small. It is not worth the trouble.
If the company fails, which is quite remote, you are likely to get insurance from another compnay. They may also transfer your insurance to another company.
It is different from having all your savings in a company. If it fails, all the money is gone. This is more serious that losing your term insurance cover.; July 06, 2010 8:40 AM
hosingping said...: I dont think is wise to get coverage from so many insurance co. is best to just take one. in case of claim, it will not be that messy.; July 06, 2010 11:15 AM
Anonymous said...: Hi Mr. Tan, in Q3 you mentioned that "You should pat $18-$36 a month for $10,000 of insurance", is this a typo error? i think the amount should be $100,000 instead.; July 06, 2010 1:18 PM
Tan Kin Lian said...: Reply to 1:18 pm

It should be $18 to $36 a year. The FAQ has now been corrected. Thanks for pointing out.; July 06, 2010 1:57 PM

Monday, July 05, 2010