1 July 2013 Marks the Reduction of Interest Rates for all Insurers' Benefit Illustration

Yes, in case you have not noticed; all the BI (Benefits Illustration) from your prospective insurer should now reflect a lower interest rate from 1 July 2013 :

Higher Illustration Rate from 5.25% to 4.75%
Lower Illustration Rate from 3.75% to 3.25%

In line with the reduction as required by MAS (Monetary Authority of Singapore), all participating policies from Singapore insurers will be re-illustrated with new bonus/dividend scales to conform to the new requirements.

In case you are still lost as to what the above jargon means, here's a sample of the benefit illustration from an insurer :

Is AIG TravelGuard Travel Insurance Too Expensive or Diamond in the backyard?

When it comes to travel insurance, many of my clients who often buy such a travel insurance policy before they travel, often say that AIG TravelGuard is expensive; to which in the past I do agree until I began to see the beauty of their benefits of late. Here's a disclaimer before I share them: some of the features are actual cases I experienced, which might not be spelt out completely on the brochure, to prevent abuse by the public and others are actual benefits shared with us advisers by the travel claims and marketing staff from AIG.

Here're some of the reasons you might want to re-consider your travel insurance plans for the coming holidays: 

• AIG has the Most number of travel branch offices in the WORLD, making accessibility to you in event of claims easier (a few examples were some recent claims that involved massive number of people in bus/car accidents, AIG Travelguard was always the 1st to arrive to the scene)
• AIG Travelguard has their own airplanes, once again always being the first to respond in a crisis (to the extent, other insurers often request assistance from them; which AIG provides, but not after evacuating their clients first).
• One of a few insurers (I believe only 2 companies) allowed to sell their policy at NATAS fair,  just shows you the level of confidence the Singapore Travel Association has in them.

Some Case Studies which  might enhance your belief in AIG Travelguard:

• Insured bought travel insurance on 13th Sep and due to depart on 15th Sep, but there was major earthquake on 14th Sep in his planned destination, so he has to cancel trip. Verdict ~ Claimable (Some insurers insist that you need to buy 7 days or earlier before departure for coverage to commence).
• Insured contracted flu virus on the 2nd last day of trip in Japan. Finds it cumbersome to visit a doctor in Japan & intends to visit his family doctor back in Singapore when he returns. Verdict ~ Claimable as long as he sees the doctor within 2 days upon return. (Many insurers are removing this benefit, as it was largely abused in the past when insurers gave clients up to a week upon return to claim).

Well enough said, as the saying goes; Dont' be "Penny wise, Pound foolish" the next time you go on your well deserved trip or spend that hard earned year end bonus and not get a equivalent travel insurance cover for that peace of mind. 

In any case, if you are still interested, you can contact us here !