Buy term life insurance till age 65 or 99?

W: Hi AK. I asked my insurance agent about Term Life insurance after seeing the post on 1mil coverage on $41/mth. He suggested to me, "Bro, if u r looking at $1mil, might as well go for till age 99. It's more expensive but at least won't waste the premiums paid and most likely the sum assured will be payable." Can you advise me on whether to cover till 65 or 99? I'm 34 this year, married … [Read more...]

Insurance Review

Been busy recently trying to renovate my house.... costs of renovation is definitely way different from what i remember when i did up my house 8-9 years ago! My curtains and lights are double of what i spent previously. Although regrettably my record keeping the last time has been far from ideal, so wasn't able to do up a very comparison. Any how.... due to the taking on of additional … [Read more...]

The complete guide to planning your insurance

I have spoken before about the Financial Planning Triangle. Basically, we need to have protection first before wealth accumulation. Insurance is the bedrock of the triangle, where one needs to have protection before one can try to grow his or her wealth. It might be a little scary on planning your own insurance. So, in this post, I will be showing you how you can get the calculations, so that … [Read more...]

Thoughts on the HI Module

Insurance is important and I know zilch about it. As part of my quest for personal development, I have spent the past 2 weeks studying for the Health Insurance (HI) Module offered by the Singapore College of Insurance (SCI). Why 2 weeks when I could have scheduled the examination at any time? Because I came across another blogger who shared that it could be done within 2 weeks. Well, I passed the … [Read more...]

Insurance – All you need to know in 5 mins

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what we seek from insurance is a peace of mind…. but does it really gives it? maybe it does? The 4 Main Types of insurance Term Life  “Term” states that it is for a period normally 5 – 30 years coverage It allows you to choose what is to be protected and hence allowing you to pay lesser premium (Cover only what is needed to be covered) Pure insurance benefit (Very little to no cash … [Read more...]

What’s with the rant against whole life plans?

I bought a whole life plan. In fact, 2 of them. One is a traditional whole life, where you pay until forever. The other is a limited payment whole life, where the payment period is condensed to maybe 5, 10 or 15 yrs, so you pay a higher amount but you can stop paying after. There's so much vitriol against whole life that I thought I should make some statement FOR whole life, just to provide … [Read more...]

All The Basics About Gold And Silver

Ever since I shared how I bought some physical gold last year, I have been getting quite a lot of queries about bullion. (Just check out the amount of comments for that post!) Honestly speaking, I am no expert on gold and not too long ago, I was actually quite against having any gold or silver in my investment portfolio. However, seeing that it could actually be an alternative currency and a … [Read more...]

Should I buy Term or Whole Life Insurance?

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Should I buy term or whole life insurance? Which is better? Which is cheaper? The debate about term insurance vs. whole life insurance policies wages on. On one side of the fence, you have financial bloggers like yours truly and folks at DIYInsurance championing term insurance; on the other end stands the industry, insurance agents, and many more numbers. Insurance isn’t the easiest topic to … [Read more...]

Want to know if you pay too much for insurance?

I said a few times before that we need insurance in life and, for most of us, we also need to invest for a more secure financial future. However, insurance and investment should be kept separate to make the best use of our limited financial resources. Buy insurance for the sake of insurance. Don't mix insurance and investment or we could end up paying too much for insurance. Always … [Read more...]

Protecting My Family & Me: How much Insurance Coverage do I need? A FREE Resource

If you are here on this topic it is likely: You are wondering what should be the right standard insurance that we should be buying Trying to validate your current insurance planning that an adviser have helped you with Being in this field, one of the most asked question is how much coverage do I need.  I get my fair share of insurance questions. Just like when friends find out I am “into … [Read more...]

This Analogy Will Help You Buy The Right Insurance

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Imagine this scenario: You’re rummaging through your kitchen drawer, and realise that you’re out of plasters. You know, the sticky thing you put on your knee when you cut yourself against the coffee table (speaking from experience here). So you head to NTUC and look for plasters. Now, if you’re like me, you probably hate running errands – especially something as mundane as buying … [Read more...]

How To Pay Lesser For Insurance Premiums While Getting Higher Coverage?

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Do you know that insurance is a big part of our lives? In one way or another, most likely we would have more than one insurance policy throughout our lives. Some policies were bought with a clear mind while others were not. We would have spent hundreds of dollars per month on insurance without knowing what exactly we have or will we benefit from it?Instead of paying a hefty sum on insurance … [Read more...]

Why I Am Only Purchasing Term For Our Insurance Needs

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It’s been some time (close to 3 years) since I last reviewed our insurance policies. Truth be told, I was going to review it only when there’s a change to our family nucleus. #keepingfingerscrossed Let’s hope there will be some update on this before the end of 2017. (And yes, I don’t think I am being really greedy with this timeline. ) But even then, I doubt there will be a big change to my … [Read more...]

My Accident and Insurance claims

My Accident and Insurance claims

I met with another accident while playing football. You can read about the injury here. This is my second major accident and after my first, I decided to sign up for another accident plan. I know some will say accident plans are a waste of money let alone having two. However, being an accident prone person accident plans are important to me. Time Line of the accident: 16 July (Day of the … [Read more...]

Prudential says majority of Singaporeans are under-insured – is that really true?

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A survey on Singaporeans' life insurance was recently released by Prudential, which was covered by our mainstream media, with the headline suggesting that the majority of Singaporeans are at risk of not being adequately prepared to cope with the financial of life crises. You might have seen the news article going around, but before you take the results of the survey at face value, let me first … [Read more...]

Surrendering My AIA Prime Life Policy

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Back in the days when my days were occupied by Sega video games, my parents bought an AIA Prime Life policy for me. Subsequently, I took over the payments of the policy once I’m capable of doing so. Below is the projection of surrenders value provided by the agent. This is the original document which I’ve scanned. Marketed as a part-investments, part-protection policy to my parents, the most … [Read more...]

The (pre-warned) Cracks Emerging In Obamacare

#Obamacare premiums, proposed price hikes: pic.twitter.com/tdl978tiw4 — FOX Business (@FoxBusiness) August 4, 2016 Wow, check that out. Obamacare premiums are going to surge 13-54% in 2017 although US inflation rate is... 1%. Fantastic. I just love Obama and Obamacare, don't you? /sarc (No, I hate Obamacare and I think it is one of the biggest dumb policy ever implemented) As big of a … [Read more...]

Paid off $15K debt and pondering other money matters.

Hi AK! Few days ago I happen to come across your blog while searching for some information regarding finance management. So i'm considered a new reader of yours. After reading them I find that you are someone that is quite knowledgeable in this area and I though maybe you could give me some advise on my situation based on the current knowledge and experience that you have. So here's my … [Read more...]

Understanding Medishield Life and Integrated Shield Plans

There is a saying that you can afford to die but not afford to get sick in Singapore. This is true regardless if we are poor or rich. Unless you are extremely rich, hospital bills will be a problem for most of us here. Once we are diagnosed with some major illness such as cancer or other life threatening illnesses, it will probably wiped out most of our savings.An important part of financial … [Read more...]

How to Choose An Insurance Agent

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Most people do not actively seek out to choose an insurance agent. In fact, it is often true that they stumbled upon their insurance agents by chance. Either these insurance agents have made cold calls, knocked on their doors, stopped them at roadshows, or were simply friends just starting out in the insurance industry. For Heartland Boy, it is a nice gesture to support your friends but it can … [Read more...]