Author: fundMyLife

Advisers' Take: Biggest Misconceptions About Financial Advisers?

Financial advisers have an important job to do – plan your finances, provide advice on insurance and investments, etc. The best ones will be your lifelong friends as you move through different stages in your life. However, the bad ones are the ones that leave the strongest impressions on consumers – news, viral social media posts, angry word-of-mouth, etc. In fact, members of the public may have different ideas about who and what financial advisers are. In this article,  fundMyLife asks three of its financial advisers – Kennard Lee from AIA, Winifred Tan from Great Eastern, and Ryan Teo from...

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Looking For Insurance For Pre-existing Conditions? Here Are 4 Options You Can Consider.

Looking For Insurance For Pre-existing Conditions? Here Are 4 Options You Can Consider. It sucks to have what insurers call pre-existing conditions. These conditions are defined generally any injuries or illnesses that affect you before you start your insurance policy. It can range from something you were born with such as asthma, or something that develops later in your like, such as diabetes.  At best, you have to pay extra premiums to account for the additional risk borne by the insurance company. At worst, the company denies you access to insurance. It’s not the end of the world if...

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A Really Simple Guide On Investment Products To New Investors

[9 min read] Written by Sherwin Chan, edited by Jackie Tan Hello readers of fundMyLife articles! If you have read my two previous articles, which are here and here, you probably figured that I am relatively new to investing that has just a couple of years of experience. Truthfully, when I first said to myself that I needed to start investing, I had a lot of inertia in the early stages because I didn’t know where to look for information or even what type of information I should be researching. And that’s why I am writing this article for...

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The Best Insurance Policies At Your New Life Stages

Life is a long journey. Typically, advancing into new life stages can be scary since each new life stage comes with its own special challenges and intricacies. Which you may or not be prepared for. However, fear not. In this article, fundMyLife explores the insurance policies you need to get as you enter different new life stages. Typically, an individual in Singapore first goes through student life, followed by working adult life as unmarried, followed by marriage and family, and finally retirement. Do bear in mind that this guide accounts for more common life stages. #1 Student As a...

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The Essential CPF Guide For Young Adults

Written by Letitia Jinghui Lean, edited by Jackie Tan If you’re like me, a soon-to-be graduate about to enter the workforce, it’s probably high time you started getting acquainted with CPF. You know, “that compulsory government scheme that siphons off part of your allowance each month”. It’s gotten a bad rep for locking away the average Singaporean’s money till age 55, but there is another side to this complicated savings scheme, and we’re here to break it down for you. For the average millennial seeking financial independence and security, here’s your blueprint to understanding the intimidating CPF system to...

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Getting Married? Find A Good Financial Adviser!

Getting married? Congratulations! There’s definitely a lot of moving parts involved. You’re probably surrounded by well-meaning friends and relatives who are giving you tips for the big day and beyond. Let’s talk about one piece of advice that’s not given as often as it should be when people are getting married: the importance of finding a good personal financial adviser. A lot of people neglect the importance of budgeting when it comes to marriages, leading to massive debts down the road. In this article, fundMyLife shares the reasons why you need a good financial adviser when you are getting...

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fML Case Study: Shield Plan Riders At Old Age – Yay Or Nay?

While we’re a question-and-answer platform that connects questions to the right advisers, once in a while the fundMyLife team receives questions directly. We get them via email, our contact page, or even Facebook itself. One day, fundMyLife had the opportunity to correspond with Karen*, who dropped one of the team members a message about personal finance. Here’s a little bit about her – she is 50 years old, currently unemployed, and has three children who are still in school. They are aged between 17-21. She presented a total of four different questions for us, which we thought were worth...

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I Already Know Which Insurance Policy I Want. Is There A Difference Who I Buy It From?

I Already Know Which Insurance Policy I Want. Is There A Difference Who I Buy It From? You’ve definitely done your homework on which insurance policy to buy. You’ve read through every article in finance media sites like DollarsAndSense, scoured through every HardwareZone forum post, and tried all the financial calculators out there. Now that you’re equipped with all the knowledge you need to make a decision, it’s time to buy the policy you want. Wait a minute, who to buy insurance from? Fortunately for you, there are plenty of places you can purchase your policy. You can get your...

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4 Questions to Ask Yourself Before Purchasing A Direct Purchase Insurance (DPI)

Written by Chew Jing Xuan Direct Purchase Insurance (DPI) refers to whole or term life insurance products with total and permanent disability (TPD) and optional critical illness (CI) rider that can be directly purchased from life insurers. We have addressed the pros and cons of DPI as well as where to get them so if you are interested in purchasing a DPI, here are some questions to ask yourself whether getting a DPI is suitable for you. #1 Are you savvy enough to make an informed choice? It may seem like an attractive idea to get much cheaper premiums...

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Pros And Cons Of Getting Insurance From Just One Financial Adviser

There is a saying, that “diversity is strength”. While this is true on many fronts, can we say the same financial planning and insurance? Throughout our lives, we inevitably meet a lot of financial advisers, and there is always a question of whether to engage more advisers. This is especially true when we move from one life stage to next. In this article, fundMyLife explores the pros and cons of having just one financial adviser for financial planning. Pros of having just one financial adviser #1 No need to repeat yourself Having just one financial adviser, especially if he/she is...

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fML Reviews: Great Eastern Flexi Term and Flexi Living Term Premiums

In our previous article about Great Eastern Flexi Term and Flexi Living Term, we received some feedback. More specifically, the feedback involved discussing more on the Flexi Term and Flexi Living Term premiums. We get it. In a price conscious world out there, everyone wants a plan that is value-for-money. In this article, fundMyLife manually compiled Great Eastern Flexi Term and Flexi Living Term premiums and risk permanent repetitive motion syndrome. Assumptions An insurance premium for a term plan involves several factors: biological sex, smoking status, sum assured, and years of coverage. Given the enormous number of combinations and...

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fML Reviews: NTUC GIFT

Written by Chew Jing Xuan For those who own the NTUC membership card, did you know that being a NTUC member entitles you to beyond just supermarket perks? One of the many benefits would be life insurance with NTUC GIFT- a group term life insurance that NTUC members are entitled to when they join the union. Group insurance are plans that are usually subscribed by employers or group administrator to provide some basic coverage for their employees or members. Around 15% of Singapore’s population are union members – there’s a chance that you are one too if you’re reading...

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fML Reviews: Great Eastern Flexi Term and Flexi Living Term

Life insurance is a form of insurance policy which pays a sum of money upon the death of the insured person. It’s usually one of the first policies that a financial adviser recommends, since it takes care of your dependents if bad things happen to you. Life insurance used to be whole-life plans, i.e. it provides life-long protection. However, in light of changing consumer demands, term insurance emerged as an increasingly popular choice. Term plans, as opposed to whole-life ones, cover you only for a fixed period of time. In this article, fundMyLife reviews Great Eastern’s term life products...

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4 Reasons Why You May Be Declined For Life Insurance

Written by Jing Xuan Underwriting is one of the most dreadful procedures of getting an insurance, but it’s a necessary evil to keep premiums affordable. It is the process whereby the insurer evaluates a proposed client’s risks before deciding whether to accept, decline, or amend the terms of acceptance. #1 Pre-existing conditions Having pre-existing health conditions means that an individual is likely to have higher mortality risks. Certain medical conditions will affect an insurer’s decision on whether to insure an individual and the premium rates offered. Hence, clients are required to declare any pre-existing health conditions before a policy...

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fML Reviews: Aviva MyLifeInvest

Investment-linked policies, or ILP, are policies that features both investment and protection components. It’s often marketed as a plan that is flexible and is tailored for your needs. It also has high returns, in exchange for high risks. In this article, fundMyLife examines the features of Aviva’s only ILP, MyLifeInvest, and reviews it. What is it? Aviva MyLifeInvest is a regular premium ILP. It provides a lifetime coverage for death and terminal illness. It also provides coverage for total and permanent disability (TPD) until age of 70. Noteable features #1 Benefits when life-stage events happen When you reach a...

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