TM Early Cover To Replace TM Early Care From Tokio Marine Group For Critical Illness

Early detection for Critical Illness or Dread Disease has been the buzz word these days and insurance companies have been launching many plans to meet the demands and improving/ replacing existing early detection policies with new and better ones. , TM Early Care was not spared either. On 29 January 2018, it was replaced by TM Early Cover.


The differences between the 2 plans are not really significant, but let us share with you what are some of TM Early Cover's features:

• 3 Coverage terms to age 70, to age 75 & to age 85 
• Customer can buy from as young as age 1 till age 65 (Age Next Birthday).
• Maximum Claim Limit per stage is $350,000 , compared to the old TM Early Care, which was $75,000 only.
• However for TM Early Cover, each payout reduces the claim compared to the earlier plan, which does not.
• Covers 36 Critical Illnesses (Terminal Illness has been added as a CI, whilst Angioplasty is now 1 of the special benefits)
• Another Extra 20%, subject to a maximum limit of $25,000 can be paid out for the following 10 Special Benefits:  

Tokio Marine TM Term VIP For Your Company Keyman Insurance ?

Buying a Keyman Insurance for your company's CEO or senior management can be a tricky business.

Simply because most insurers require these head honchos to go for a medical examination once the sum at risk crosses the insurance company's risk appetite and many a times, that amount is also pretty low or not even worth considering.

Then some financial advisers would attempt to propose that these top brass take on individual life insurance where the firm might feel that it is quite costly to even consider purchasing. Tokio Marine Life Insurance or the Tokio Marine Group has recently added an upmarket Term policy into their arsenal of innovative insurance plans. Appropriately named as TM Term VIP; it is to address the needs of individuals who need high coverage. The following are some of the features of this value for money policy:

Final Expense Is Not Death Benefit In Integrated Shield Plans

In Singapore, all of us citizens & Permanent Residents would have been enrolled into the Medishield Life as a compulsory program and a large proportion would also have signed up with an Integrated Shield Plan (ISP) through a private insurer one way or another. However, how many of us actually took the time to read or even understand 1 of the benefit known as "Final Expense" in the benefit table?

When I first read it, I thought it was actually some sort of death benefit like in most company insurances, whereby the insurer pays out a lump sum out of sympathy or goodwill to the deceased's family for the purpose of helping them in the completion of the final rites etc.

However, when my own relative passed on recently, then did I realised that this Final Expense was just a feature to waive the deductible or co-insurance, if one did not buy the cash riders. Here are the screenshots of 2 of Singapore's top insurers' table of benefits and definitions of the feature (click on image to enlarge):

Standalone Group Dental Insurance Now Available

The heading of this post is quite self explanatory. We often have enquiries from Singapore companies looking for stand alone Corporate Dental Insurance or Group Dental Insurance, which many insurers are not keen to offer; Tokio Marine has now launched one recently, so if your company is one of those which needs such a policy, do contact us. The benefits are in the screenshot below, if you want it customised, let us know. (Click on image to see larger view)

Marine Cargo Clauses and Claims Procedure

How many of you can remember what the ICC (Institute Cargo Clause)  ICCA, ICCB or ICCC covers in the Marine Cargo or Cargo Insurance wordings?

Well, now you can have a snapshot of the coverage of each clause in just one page! (Click on the image to have a clearer picture) No thanks needed! Just remember to bookmark us. :)

For newbies of General Insurance and even the "old birds"; where there are occasional tendency to forget the kind of documents needed during a Marine Cargo claim. Thanks to the insurer, QBE that this wonderful 1 page summary can be shared with people in the general insurance industry and their clients.

For customers who often buy cargo insurances, although it will be nice to get yourself the most comprehensive clause, which is the ICCA; your cargo insurance policy may not be bought or processed in accordance to your expectation. So before you submit the claim, do not always assume that you can claim for all things under the sky! DO take a closer look at your Marine Cargo policy to see which clause you bought before jumping at the agent or insurer.

Pet Insurance Is Now Back In Singapore

Back in the 90s, there was an insurer carrying Pet Insurance, but due to the low market demand, the policy was taken off the shelf, more likely due to the abuse of claims by the public and thus low margins made from the policy.

Now with the affluent lifestyles of Singaporeans, many homes will have a pet of some sort and with the high cost of living, pets medical expenses are not cheap either. Some of the pets may even cost a bomb at purchase and losing them does not only hurt emotionally, but financially as well!

Introducing Liberty Insurance's PetCare! You can now insure your prized dog, cat or hamster! With 3 plans for you to choose from and with annual premiums ranging from $350-$750, it definitely is a good deal for your pooch or kitty! Some rules though....

Benefits at a Glance

1. Covers up to 70% of eligible vet bills arising from illness or accidents, up to S$10,000 each year
2. No medical examination required
3. Freedom to use any vet, anywhere in Singapore
4. Covers third party liability arising from owning the pet
5. Covers loss due to theft or accidental death
6. Toll-free Helpline
7. No Claim Discount of up to 15% to reward healthy pets

Who Is The Industry Leader For WIC (Work Injury Compensation) Limits?

Last year, the Singapore's WICA or Work Injury Compensation Act had their limits raised as mentioned in this blog post, Of course to remain as 1 of the market leaders in this arena, QBE Singapore has taken the initiative to raise their WIC limits as well; as shown in the table below:

As of 03 April 2017, we dare say that QBE might be the industry leader for the Work Injury Compensation limits in Singapore. To find out why having higher limits is important, here's the other post which should explain itself.

In any case, if you do own a business, QBE has done a short survey recently on a number of SMEs & MNCs and here are the findings in the 3 odd minutes infographic video below. If you want to find out more about other business or corporate insurances for your company other than WIC, feel free to contact us and we will be most glad to answer your queries.