Martin Lee @ Sg
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Twisting of Shield Plan

It used to be the case that we have to worry about our parents being sold something unsuitable when they visit the banks.

Based on this story published in Today, we probably need to tell them to be careful when they visit the post office as well.

An Ill-advised plan

In this case, it is lucky that the son was vigilant enough to spot the proposal when it came in and managed to cancel the application.

Otherwise, his dad would have been switched to a plan that is less suitable for him.

Worse of all is that any pre-existing conditions would not be covered under the new plan.

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10 comments
James Tan says 8 years ago

Whatever it is, there is always a second security/safety check in the form of 7-days compulsory cooling period for cancellation/voidance of contract, for which one must be on the look out.

Reply
curious says 8 years ago

There is this eldershield which is an opt-out policy which is quite new. Some companies are selling an enhanced version. Does anyone has any advice on what the enhanced versions are about and which are the insurance companies offering ?

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    lioninvestor says 8 years ago

    Dear curious,

    It’s an enhancement on the amount of payout as well as the duration of the payouts.

    Reply
The Watchman says 8 years ago

You think the salesmen will check? Their mind is already made up to sell anything even the customer is found to have one. I guarantee their pitch is “this one is better, that one you have is lousy”. These salesmen have no qualm to make you switch to make a sale…at least to look on record in case supervisor check.

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Jasmin says 8 years ago

Is there any party which tracks what SHIELD plan a person have to avoid any duplication? Once found the person already has a SHIELD plan, he is not allowed to purchase any unless it is switching.

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    Wilfred Ling says 8 years ago

    The onus is on the financial adviser to check and advice appropriately.

    Reply
    lioninvestor says 8 years ago

    All the requests will have to go through CPF board.

    Reply
sender says 8 years ago

Lioninvestor,

was wondering how much each year premium, approximately, it would be to buy a basic hospitalisation plan with a rider like the one complainant bought for his dad.

sounds attractive – no money to fork out in the event but how much the premium yearly?

Reply
    lioninvestor says 8 years ago

    Dear sender, the NTUC plus rider has already been withdrawn from the market. You can’t buy it from them although other companies do offer a rider that does the same. You can go to their websites to check them out the premiums. It varies with age.

    NTUC now has an assist rider whereby you just need to co-pay 10% of the bill. The premiums are more affordable that way.

    Reply
      sender says 8 years ago

      Martin, thanks.

      Reply
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