Author: fundMyLife

New To Investments? Here’s 5 Things To Look Out For When Creating An Investment Account.

New To Investments? Here’s 5 Things To Look Out For When Creating An Investment Account. Written by Sherwin Chan, edited by Jackie Tan. As promised from the previous article, where I shared my personal experience in getting started in stocks, this is the follow-up article where I go into a lot more detail on the things to look out for when creating a brokerage account. After all, when you first decide to dabble in investments, you must first create your platform to stand, and there are many options available for you. So, keeping a lookout for the things written...

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fML Reviews: NTUC Income VivoLink

Investment-linked policies, or colloquially know as ILPs, are policies that combine both protection and investment. Its main draw lies in its flexibility and potential high returns, which comes with high risks as well. NTUC Income offers two ILP products: VivoLink and VivaLink. We know what you’re thinking. No, VivoLink is not the name of the bridge to VivoCity. VivoLink is the sibling investment-linked plan (ILP) of VivaLink, which we reviewed in our previous article. In this article, fundMyLife examines NTUC Income VivoLink’s features and reviews it. Disclaimer: we are neither endorsing nor hating on these products, nor ILPs in...

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fML Reviews: NTUC Income Vivalink

Investment-linked policies, or colloquially know as ILPs, are policies that combine both protection and investment. Financial advisers (or at least errant ones) often promote these to consumers as a way to have the best of both worlds. It’s a controversial plan, with plenty of threads on forums cautioning people of its lack of utility. In the previous comprehensive list of ILPs in Singapore, we briefly reviewed NTUC Income’s ILP offerings – VivoLink and VivaLink. In this article, fundMyLife takes a closer look at one of these two policies, VivaLink and reviews it. Disclaimer: we are neither endorsing nor hating on...

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How To Stop Fighting About Money In A Relationship

Written by Daniel Tay, edited by Jackie Tan.  We earn money with our blood, sweat and tears. We earn it with irreplaceable time and indeed our very lives. Earning, saving, spending, investing, and giving money all involve some kind of sacrifice, making money a highly sensitive subject even among couples. Read on to find out how to stop fighting in a relationship if you and your partner frequently quarrel over his/her spending habits. Step 1: Understand the past Firstly, understand that it may not be you or your partner’s fault. For example, we usually learn how to handle money...

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Single With No Dependents? Here Are 6 Reasons Why You Should Still Consider Life Insurance

Single With No Dependents? Here Are 6 Reasons Why You Should Still Consider Life Insurance Written by Jing Xuan Ask a financial adviser why the need for life insurance and a typical response would be the importance of protecting your loved ones so that they would have a smoother transition during the difficult time should anything unfortunate happen to you. However, what about the single people with no dependants? Does that mean they don’t need life insurance? While it may seem pointless at first for an individual with no dependants to purchase life insurance, here are 6 reasons why...

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Think You Know An ILP When You See One? Think Again.

Think You Know An ILP When You See One? Think Again. Investment-linked policies (ILP) are policies that contain both investment and protection components. It is a popular form of insurance sold; Life Insurance Association reports that around 20% of this quarter’s new policies are from ILPs alone. The flexibility is attractive and is certainly attractive for those who want their cake and eat it too. However, based on the questions that come in through fundMyLife, it seems that our users often unwittingly purchased an ILP. It could be a miscommunication between the adviser and the user, but usually the...

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What You Need To Know About Insurance Premiums

Written by Jing Xuan Premiums are no stranger to a policyholder when one has to part with his money to get insured. However, the topic of premium payment usually surfaces only when you have sat through a long policy explanation by your financial adviser so by the time you have to select your premium payment method, you would probably just agree with your adviser’s suggestions, trusting that it would be the ideal choice for you. Well, that is true most of the time, but paying premium is not as simple as forking out money every month and here are...

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5 Reasons Why You Ended Up With An ILP

Ah, investment-linked policies – or ILP for short. You hear them everywhere, be it online or offline. What is it, exactly? ILPs are policies with both investment and protection components. They’re flexible in the sense that they cater to consumers who want both at the same time. However, it’s not for everyone and sometimes you end up with one even thought you didn’t intend to. fundMyLife have written two case studies on users who have asked questions on ILP: here and here. We must emphasize that we here at fundMyLife are not against ILPs. In fact, we believe that an...

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My First Time Was Painful (When I Started Investing)

[6 min read] Written by Sherwin Chan, edited by Jackie Tan. How I got lucky with boredom Before you read on, what I have written below is more on how I got started with stock investing and some snippets of suggestions inserted based on my personal experience. It won’t be a long read but neither will it be short. Hopefully, I can provide prospective investors with some peace of mind of what to expect. I’ll follow this article up with another one that will help you understand the different types of financial opportunities and how some will not suit...

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fML Case Study: The Need For Needs Analysis

Financial planning can be a scary thing – it’s meant to chart your financial adventure for current and future life stages. This also means you’re more or less committed to this plan for years ahead, barring any changes in your life. Most of the time, the financial plan that a financial adviser provides works out well. However, when it doesn’t, it causes regret and feelings of being lost. Fortunately, it doesn’t have to be this way. That’s where fundMyLife comes in, to connect consumers with questions to the right financial advisers to answer them. In this case study, fundMyLife follows...

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The fML Direct Purchase Insurance Guide

In our article, we discussed the benefits and potential pitfalls of getting direct purchase insurance. Now that we know what the pros and cons are, you might be wondering where to get it next. “Get it online” …is the most obvious answer isn’t it? Turns out getting direct purchase insurance is not as simple as it seems. You might be able to compare direct purchase insurance on compareFIRST, but…that’s about it. That’s where we come in, to give you a heads up. While it seems counter-intuitive on the surface to write about an adviser-less product, we here at fundMyLife believe...

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Pros and Cons of Direct Purchase Insurance

As its name implies, direct purchase insurance is a kind of product that you can buy directly from insurance companies themselves. It encompasses term and whole life insurance products with total and permanent disability coverage with the optional of adding critical illness riders. What’s a site like us writing about the pros and cons direct purchase insurance, when we love our curated pool of credible and incredible financial advisers? We here at fundMyLife strongly believe that it is crucial to empower consumers with financial knowledge. Also, it’s easier to ask questions when you’re sufficiently equipped with knowledge. Thus, in this...

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4 Things To Ask About Life Insurance

Life insurance is one of the most, if not the most important plan to get as an adult. It is a plan that pays an amount to your family or dependents upon death and/or terminal illness. If getting a personal accident or health insurance is for your own sake, life insurance is bought for the sake of your loved ones. However, life insurance is quite a broad category, and we here at fundMyLife receives plenty of questions about it. As such, it would be good to write about these questions. In this article, fundMyLife talks about things to ask...

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Basics of Insurance

Insurance is protection, it protects your assets and loved ones. In fact, getting insured is a critical component of financial planning. Yes, we know the pain of having to deflect long-lost friends who are suddenly interested in your lives upon graduation, but they mean well. Step 3: Know your budget. You should not have to give up important needs (i.e buying a house) to pay excessively high premiums (the amount you have to pay for an insurance policy). Step 4: Find an insurance agent that you trust and will always have your best interests at heart. With a good insurance agent, you’ll...

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Complete Guide To Buying A Private Integrated Shield Plan

Posted on April 30th 2018 Tags: DollarsAndSense fundMyLife Integrated Shield Plan This article first appeared on DollarsAndSense.sg When it comes to health insurance, one of the most important health insurance policies that all Singaporeans and Permanent Residents (PRs) should consider getting is a private integrated shield plan. A private integrated shield plan (IP) helps policyholders cover any potential cost that may be incurred if they are hospitalised, either in public or private hospitals. A private integrated shield plan comprises of two components. The first is MediShield Life. All Singaporeans and PRs are automatically covered under MediShield Life, Singapore’s basic...

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