Don’t Fall For This Insurance Agent "Trick"

Don't mind the title, just trying to use the click-bait sort of titles to pull in the views, because this is a trick that most, if not all, of the slimy agents out there will use. The TL;DR is at the bottom, so jump there if you don't want to see my amazing story telling skills. ---------------------------------------------------------------------------------------------------------- I am … [Read more...]

Why You Didn’t Use Your Medisave???

Read? Financial Independence : Withdrawal??? Passive Income > Living Expenses??? (2) Today, Uncle8888 received a call from his medical insurance company asking why he didn't submit Medisave claim form. Insurance: Why you didn't submit your Medisave claim form? CW: Why do I need to submit Medisave form as I am paying total cash! Insurance: First 10% of medical bill is deducted from … [Read more...]

Shield Plan with NCD?!

Props to D&S for highlighting this news. I found the ST article about it and read more. In a nutshell, Prudential is gonna roll out a different pricing structure for their Private Hospital tier Shield plan rider. It's a mouthful, but that's what it is. If you are healthy, 10% NCD on the rider. If you sick af, 200% premium increase. Lolz. Personally, I like the idea of implementing … [Read more...]

The Shocking Case of An Insurance Policy

Just last week, there was a shocking case of an insurance policy which went viral. Apparently, this person's dad bought an endowment policy from prudential in 1994 where the maturity payout of the policy is suppose to be $42,000. He got a shock when his dad got a cheque of only $20,000+ just recently when it matured.My dad bought this prudential savings plan twenty years back and he was supposed … [Read more...]

I Surrendered My Whole Life Policy And Lose 80% Of My Capital

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I thought this will be a good case study to look back on what I did recently at some point in the future. I would not call this a mistake that I did because I think the policy has served its purpose for the past 4 years which I no longer needed it anymore. Still, if there is a mistake to point out, it'll be that I'd be better off taking term back then. Well, time cannot be rewind, so I guess … [Read more...]

MediShield Considerations For The Next Few Decades

Raising Of PremiumsWhen I heard this piece of news that meant all insurers were effectively raising the premiums of their Integrated Shield Plans (IPs), I knew that I might have to reevaluate my health care insurance strategy.After all, according to the same report, “Claims for IPs covering treatment in private hospitals have risen by 17 per cent a year in the past few years” and in case you did … [Read more...]

Aviva Term insurance – So cheap!

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I was actually thinking to change to Aviva for very long due to their really cheap prices. I know I am not a guy or NS men, but lucky for everyone, it's also applicable to spouse and children up to 25 years old. It is really affordable. For more details, read this pdf I confirm there is nothing cheaper in the market. Plus, you can buy at any age below 65, it will not get … [Read more...]

You don’t need an Innovative Term Insurance on your Credit Card Debt. You need to clear your Credit Card Debt

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We should be wary about some of the products sold by banks. This week, I got a call from UOB Customer Service. Being a customer of their bank, this was not surprising. I was expecting them to extend some personal loan or investment plan. This time it is a bit different. The lady explain this new feature for my UOB One credit card. How it works is that if I did not pay off my credit card bill on … [Read more...]

Life Insurance Is Definitely Important Up To Point X In Our Life Journey!

In personal finance; we have to be competent over the three scopes coveringsaving, insurance and investment through our life journey. On that night; one guy asked Uncle8888 for his view on life insurance; as usual he would illustrate his view on the flip chart with marker pen. LOL! Now; he illustrated the same view with better diagram here... … [Read more...]

DIY Insurance For My Wife

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Bye bye investment linked policy (ILP). We finally pulled the plug on my wife’s ILP. The one she bought from her ex-classmate after she snagged her first job. Who is no longer even in the company. Or the industry. I spent a little bit of time reviewing her current coverage and decided to make a little adjustment for her. At 60% of her old ILP policy’s monthly cost, I have gotten her four times … [Read more...]

The Three Matters On Personal Finance: Saving, Insurance, and Investment!!! (3) – Refresh!

Read? The Three Matters On Personal Finance: Saving, Insurance, and Investment!!! (3) The Grading for his competency in Personal Finance. It should be Well Done! He fully understands what is the purpose of Life Insurance when he was in his late 20s, married and progressively more children with more life insurance policies to protect his dependents. Life insurance is to cover Human Asset … [Read more...]

After 13 Years, I Sold My Endowment Policy!

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In a rare case of “happy endings” with insurance companies, I sold my NTUC endowment policy that I bought during my NS days to a company that buys them. After calculating the quoted value that REPS Holdings gave me (using the spreadsheet from InvestmentMoats) by e-mail, versus the internal rate of return on the total value of premiums paid till date, it was at an “acceptable” value of -1.53%, … [Read more...]

Integrated Shield Plans… Co-Pay or No-Pay?

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having health insurance is like having clothes... do you want to be running around naked? if you have health insurance, you have swag, trust me (okay, maybe not) First thing first, I am considering changing my Shield plan. Why? I just received a letter notifying me of premium increases and I have realized that there are objectively better shield plans out there. I currently have the NTUC … [Read more...]

My 23 Insurance Philosophy (revised after reflecting on the past 10 years )

Have you wonder if you planned something out, whether you are doing things the right way? 12 years ago, I had the idea how I could plan my insurance protection by doing it myself. I executed it. There were not much resources then in Singapore and the traditional way was to listen and buy what your insurance adviser recommended. These days, readers like yourself are more aware on the different … [Read more...]

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...]