Going in-depth on ILP vs term

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Regarding my previous post going in depth on why I changed from ILP to term, I think there are many people who have questions and so to make it clear, here are the main reasons again: 1) My coverage increased from 250k to 1 million 2) Yet my premiums decreased half from $266 to  $139 3) Furthermore, the $266 for ILP will only increase with age while the $153 for term policy is fixed for the 25 … [Read more...]

The Aviva MINDEF & MHA Group Insurance is Useful in Your Comprehensive Insurance Protection Strategy

If you are a male Singaporean growing up in Singapore, your first encounter with insurance would be the SAF Group Insurance. It is our primer to the world of insurance, before BMTC brings in some insurance agent to tout their products. Over the years, the SAF Group insurance have undergone much changes. Many of which I felt is for the better. Recently, I receive new mailer from Aviva, the company … [Read more...]

3 Important Questions, You Have To Ask Yourself To Achieve Any Goals In 2017

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So you’ve set your goals for this new year! Congratulations! Hope you did use the S.M.A.R.T method we’ve talked about before. One of my personal goals for year 2017 is to hit my first MDRT (Million Dollar Round Table), the shariah compliant way. By reaching out to Muslim families in Singapore who like to plan their finance, the halal way. The shariah compliant way. That is my personal … [Read more...]

How AK uses his SRS money and why?

For anyone who pays quite a bit of income tax, I always suggest starting a SRS account. See related post #1. Since the inception of the SRS, I contributed the maximum allowed annually. I won't be doing it anymore since I no longer have an earned income and would not have to pay income tax. See related post #2. Since I have been maxing out my SRS account annually, I must have quite a bit of … [Read more...]

How you can Pay for your Parents’ Medishield Life Premiums and Top Up your CPF Medisave for Tax Reliefs

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When one of my parents went down with some problems last year, some monetary problems happen. The CPF Medisave got depleted, till the point that the account cannot pay the Medishield Life annual premium. This becomes a problem to continue treatment as it may jack up some of the hospitalization costs without the health insurance. That is when I dove in to study more about how we can go … [Read more...]

Your Options For Funeral Insurance (Guest Post)

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Most people do not want to start on the topic of reviewing their options for Funeral Insurance. The good news is that it is not as daunting as so many make it seem. In fact, many people enjoy comparison shopping when it comes to insurance policies. Funeral insurance costs are designed to cover all the expenses of your funeral. The thing about some plans is that when you subscribe to these, you … [Read more...]

Reviewing Workers’ Party Retrenchment Insurance Proposal

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A few days ago, Workers’ Party released a consultation paper regarding a Redundancy Insurance scheme and I read it with huge interest. With calls for more social safety nets in Singapore in recent years, sacred cows have been slaughtered and we actually have minimum wages for specific sectors like cleaners and security guards now. This shift is apparent since even PAP MPs like Patrick Tay from … [Read more...]

Will Insurance Deny a Claim If Death Is Due to Suicide?

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La Papillion a fellow friend and blogger wrote about "Financial competition" and my impression is that one's purpose in life is not to chase after wealth and that parents should play a part. However the comments soon digress into talking about suicide. Suicide is a taboo topic especially in our society. I have to admit I do not usually give much thought to this insurance clause and I believe … [Read more...]

Getting Insurance Advice Without An Insurance Agent with Selfcheck

Have you heard that technological advancement will disrupt the financial advisory industry? We can now buy property without a property agent through an app. How about getting a Selfcheck on your insurance needs online? Now it is possible with a new digital “adviser” on DIYInsurance. Insurance is a tricky maze where most people are confused on what they actually need. Who can we trust to give us … [Read more...]

How do you find out if you have adequate insurance protection?

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This is the question that is on many people’s minds. You will get this question more, lingering at the back of your mind, if you realize how long its been, since your insurance adviser called you up to have a cup of coffee. Or when you realize your friends have insured much more than yourself. Are you under-insured? Your family or yourself may face repercussion when your overall protection … [Read more...]

Financial Steps Upon Death Of Spouse

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A few months before their marriage, Heartland Girl had this question for Heartland Boy, “Dear, you must tell me what financial steps to take if you pass away.” That question caught Heartland Boy by surprise and he had no answers then. However, he realized that death of partner is not something frivolous that can be dismissed easily. (Just for clarification, Heartland Girl never says anything … [Read more...]

Medishield Life – What Is Your After Subsidy Premiums In 2017?

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If you have not already known, our revamped Compulsory National Healthcare Scheme, Medishield Life is heading towards its second year from Nov 2016 onward. During this transition period, Government is dishing out a couple of subsidies to ensure that impact of the premium increase is mitigated (even though the full Medishield Life premiums can be paid via your Medisave account, as long as there is … [Read more...]

Early Critical Illness Pondering

Among the level of my grandparents and my parents, aunts and uncles (2 and 1 levels above me in my family tree), 40% of them have got cancer and not all of them are over 65 yet.   Basically, based on my horrible genetics, I think that there is a very high chance that I would likely be afflicted with cancer in the future. Of course, health is wealth and I will definitely try to mitigate this … [Read more...]

Why I Cancelled My ILP (Investment-Linked Policy)

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How should I read the numbers on my Investment-Linked Policy (ILP)? I lost more than 2 months worth of salary to learn this important lesson: when insurance and investments are bundled together into a single product, the consumer is often left worse off. A few years ago, when I was a naive fresh graduate in my first job, I met a friend of mine to understand more about financial planning and … [Read more...]

Disability Income Insurance – A Comprehensive Look at an Important Protection for You

About 7 years ago, my good friend told me about what happen to his boss. Then, my friend was working in a bank doing product control and his boss manages a team of six. One fine day, his boss got into an accident while on the road. His life was not in danger. However, he damaged his lower part of his body and they have to do a few operations to repair the hips. Then, the boss have to rehabilitate … [Read more...]

Lifetime 50% NCD Guarantee – FWD Insurance Pushes the Singapore Insurance Market

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If you are a proven safe driver who has earned a 50% NCD, wouldn’t you like to keep it for a lifetime and not be penalized if an accident unfortunately happens? If you are shopping for travel insurance, wouldn’t you like to get a plan that meets your needs, with a fast and simple claims process, at a competitive price? If you are looking for DPI Insurance, wouldn’t you like to be able to purchase … [Read more...]

Lack of understanding on Medishield Life among Singaporeans

I came across the article by fellow blogger, Andrew Loh, on his recent medical bill. Andrew is a blogger whom I respected a lot because of his various quality articles in Yahoo Singapore website. Arising from his recent medical ordeal, I realized that there is a lack of understanding on Medishield Life among Singaporeans. In his article, Andrew was very clear on the mechanism of Medishield … [Read more...]