Tan Kin Lian's Blog: Private shield and Liver Transplant

Friday, December 03, 2010

Private shield and Liver Transplant

Insurance agents tell the consumers that the cost of a liver transplant is $100,000 and that it would be covered under a private shield plan.

Before you take the advice of the agent, you should consider the following:
a) What is the chance of needing a liver transplant?
b) Where are you going to find a liver when you need it?
c) What is the total premium that you have to pay for the private shield plan?

Some of the risks, such as the need for a liver transplant, is quite remote. You should not be spending too much money to protect against these risk. The cost of a private shield plan may take away $40,000 over a lifetime. Why pay so much (a certainty) to insure a risk ($100,000) that is quite remote?

4 comments:

Spur said...: Conman & conwoman like to tell the story of Andrea De Cruz's $250K liver transplant in Raffles Hospital. They have a thick folder of such newspaper stories to frighten the ignorant to do their bidding i.e. buy expensive private shield plans with all the riders, and buy expensive wholelife to "cover the critical illness".

These consters purposely forget to tell the customers that liver transplant is damn rare, and while a serious condition and major surgery, liver transplant is basically a standardised operation that can be done just as well in govt hospital in C or B2 wards. The bills can largely be covered by much cheaper shield plans and medisave. At most just get a cheaper B1-class shield plan if you prefer air-con wards. But throw away all the riders. It is much more important for customers to preserve their medisave and not to fritter it away on unnecessary frills.; December 03, 2010 11:07 AM
hosingping said...: Hi Mr Tan,

My husband and I have bought myself a private shield plan. Aviva. and free coverage for my child up to 20 years old. but since the payment is deducted from my medisave account. need not pay in cash. is it this advisable to continue.; December 03, 2010 2:32 PM
yujuan said...: A counter service officer confirmed to me, that the older Critical Illness Plan do not pay claims for the first two cancer stages, NTUC Imcome would only consider payout at the later stages, where the chance of death is great.
Strange that when we need money to fight our illnesses, we can't claim, only when we are on the verge of kicking the bucket, then
we get payment, untill then, only our beneficiaries would enjoy the fruits. Then, what is the point of taking up such a policy.
Very stupid of me and felt duped by my agent. The Policy was bought in early 1990s during Mr. Tan's time. I am steering clear of insurance.; December 03, 2010 5:08 PM
zhummmeng said...: yujuan,
early stage cancer is another scam to make you buy a new critical illness..the payment is a 25% of your sum assured and if you make a later claim it is sum assured less what paid to you.But look closely at the premium you are paying.. Is it the same or more than your old one? The early stage crap is another scam to make the product look new. Is it 'new'?
Chances of claiming an early stage is RARE because most cancer often detected is at the third stage when pain and other visible or noticeable symptoms are found.If it is detected at early, bless you, it can be treated with little cost. Your H&S plan is enough. Don't be a kiasi and get conned by these charlatans.
Don't be fooled by these insurers.
Maybe one day there is product that pays TRIPLE sum assured claim if the cancer stage is at 2.5th stage only.It is a TOTO bet.
There are also other CI products which pay for the second cancer or third cancer. A specialist doctor friend told me it is also a scam. The chance of them occurring is 0.05% probability. The person maybe dead on the 1st cancer.
You see, this is how insurers created new products for their greedy agents to sell, to lie and to con the public.The insurers know that old products get 'stale' over time with salesmen and to excite the agents and the buyers they must roll out so called new products.
Don't be fooled by these conmen and conwomen paid by the con insurers.; December 03, 2010 11:11 PM