Author: fundMyLife

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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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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