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

TM Early CoverEarly 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 the features:
  • Coverage terms to age 70, to age 75, to age 85 
  • 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, whilst Angioplasty is now 1 of the special condition)
  • Another Extra 20%, subject to a maximum limit of $25,000 can be paid out for the following 10 Special Benefits:  
    1. Angioplasty and Other Invasive Treatment for Coronary Artery
    2. Breast Reconstructive Surgery following a Mastectomy
    3. Diabetic Complications
    4. Pheochromocytoma
    5. Severe Rheumatoid Arthritis
    6. Ulcerative Colitis
    7. Wilson’s Disease
    8. Crohn’s Disease
    9. Dengue Haemorrhagic Fever
    10. Osteoporosis
  • Each Stage of Critical Illness (CI) can only be claimed once (ie  Early, Intermediate, Advance Stage).
  • Multiple claims allowed if they are of different CI
  • If an intermediate stage of CI has been paid out, the policy will not pay for an early stage.
  • Different stages of CI must have a separation period of 6 months
  •  Premiums are waived on a claims
  • Survival period of 7 days on diagnosis, else policy will only pay the death benefit.
  • Minimum Sum Assured for TM Early Cover is S$30,000
  • NO MORE Wellness benefits, unlike the TM Early Care.
  • No More 25% EXTRA Coverage before age 65, which was available in TM Early Care.
If you want more details, feel free to contact us!

Is Foreign Worker Medical Insurance (FWMI) Necessary ?

Forign Worker Medical Insurance Singapore
As the name implies, this post was written mainly catering to companies who employ foreigners as their staff. There were a few instances, the employers were so fixated in buying the compulsory Workmen Compensation insurance, as shared here, that they completely forgot to purchase the medical insurance for the same staff...only because it slipped off their mind that the staff was a non Singaporean.

So this blog post is just to serve as a reminder that if your worker is a foreigner holding a S-pass or Work Permit, the FWMI or Foreign Worker Medical Insurance is compulsory, just like the WIC or Work Injury Compensation insurance and since you are getting their WIC insurance done, you might as well get the FWMI for them as well. The foreign worker medical insurance is not compulsory for foreigners on Employment Pass; for those cases, the company can get for the staff a Group Medical Insurance plan (you can also contact us for more details on that).

The FWMI's main role is to make sure that employers do not have to fork out from their own pocket when these foreign staff are hospitalised and both parties' needs get taken care of without any ugly dispute unlike in the past; where some errant companies refuse to pay for the workers' medical bills and leaving the same employees in a fix since they really can't afford the high hospital charges incurred in Singapore. The minimum requirement for such medical insurance is a coverage of $15000 in a year.

QBE has an interesting FWMI plan whereby the workers are enrolled based on a headcount basis, which reduces the administrative role of the HR manager in the company, since there is no requirement to report on the movement of the workers (this is really beneficial to a SME which has heavy staff turnover in any given year). The company just need to report on the changes upon renewal and be billed the difference in premiums or get a credit note. Moreover, QBE FWMI has 3 distinct plans for you to choose from, depending on the type of welfare you want to give your staff.

Another plus point is that they can add an optional outpatient benefit which most insurers do not provide. For more details about their plan, here is QBE's FWMI brochure and application form. You can contact us through this link when done or to get more information.




Tokio Marine TM Term VIP For Your Company Keyman Insurance ?

Keyman InsuranceBuying 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

Final Expense In Singapore
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)

Group Dental Insurance SIngapore

Cybersecurity And Data Security - Are You Protected?

Cybersecurity & Data SecurityCybersecurity, Hackers, Malware, Ransomware  & Data Security seem to be the buzzwords these days when our lifestyles revolve around the internet or online transactions. Digital footprints and clients' personal data are all being stored in some servers or cloud and with the passing of each day, new malwares and viruses are evolving & creeping up our companies' unsecured back doors via weakly guarded systems like smart appliances in the likes of Photocopiers, TV, fridges and even air-conditioned systems.

Some examples on how the lack of Cybersecurity affects our daily lives :
In the retail scene: hackers can bombard the servers or Point Of Sale (POS) terminals until the equipment can't handle the transactions with the limited bandwidths.
In healthcare sectors: personal information of patients are targeted as drugs can be bought using such info and the medicine or devices of the patients can be re-sold in the black market for a good profit.
In the transport arena: with the innovative use of autonomous vehicles, hackers can just take control of the entire transport and wreck havoc and endanger lives!

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.