Someone asked me how to calculate bonuses for participating life policies. I asked the individual to provide me with the latest benefit illustration. The policy was already in-force for some time already. I will use this policy as an example on how to calculate bonuses. Unfortunately, there was insufficient information to calculate bonuses for surrender values. So the illustration below is only … [Read more...]
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These articles were published on CPF Are You Ready? website which covers general financial planning matters.
The Shadow Market like mortgage-backed securities ends up in retail investments
Complicated but largely unregulated derivatives like mortgage-backed securities (MBS), Credit Default Swaps etc had found its way to ordinary investments such as unit trusts. I recalled in 2008, even money market funds had MBS inside it. Because Investments-linked policies (ILPs) basically invest in underlying unit trusts, even ILPs can be considered complicated. To make things worse, the plain … [Read more...]
What happens when an insurance company go bankrupt?
The Policy Owners’ Protection Scheme (PPF scheme) aims to offer protection to policyholders in the event of the insurer failing. In other words, the PPF addresses the issue of an insurance company going bankrupt. The protection is 100% subjected to caps. For individual life and voluntary group life policies (with the exception of annuities), the cap is S$500,000 for the aggregated guaranteed sum … [Read more...]
Patients’ Last Days in Ignorance
Straits Times article entitled Strong family hand in patients' last days published on 5 September 2011 provides us with various issues faced by persons in their last days. According to a study “What Doctors Say about Care of the Dying,” it was found that family members tend to play a significant role in the patients’ last days even to the extent of denying the dying the right to settle their … [Read more...]
Retirees made up a large majority of the investors in Profitable Plots
According to the Business Times report Profitable Plots urged to explain defaults to investorsr retirees made up a large majority of the investors in Profitable Plots. One retiree by the name of Michelle invested her entire life savings in the company. However, in 2009 due to an eye problem she requested that her investments be liquidated which was not possible. To date, she has lost sight of one … [Read more...]
How to Plan for a Permanent Dependent
The traditional financial planning technique used by professional financial planner is to assume that one’s dependents are not permanent. The most common are children as dependents. When they finish school, they are not supposed to be a liability to their parents anymore. That is why a term insurance covering for a short period of support is most suitable. However, there are cases in which a … [Read more...]
Husband died leaving spouse with no home, no money ; DIY video Will invalid
There is an article on 30 April 2011 Straits Times page D2 entitled “In sickness & in death” on the predicament suffered by foreign brides when their Singaporean husbands died. In that story was a Chinese national by name of Madam Xiao Huxian whose Singaporean husband died of lung cancer. He left behind Madam Xiao, Jiabao who is their only Down Syndrome son and his 25-years old daughter from … [Read more...]
What Spa, Timeshares have in common with life insurance?
Time again and again, we hear of customers demanding back their money for their Spa packages. News such as 70 customers demanding S$249,000 from True Spa have become too common and most people would just skip reading the news. In 2010, the top number 1 and 2 complains which CASE handled were related to ‘Beauty’ and ‘Timeshare’ respectively. According to the report HERE by CASE, “The beauty … [Read more...]
Misunderstanding in Medishield
It appears to me that many people have some misunderstanding on how Medishield works. One thing that is misunderstood is the mistaken believe that Medishield is an as-charged policy for subsidized government hospital after the patient has fulfilled his deductible and co-insurance obligations. Far from truth, Medishield is NOT an as-charged policy but rather is a dollar-cap policy. Perhaps the … [Read more...]
Are Your Umbrellas Strong?
Medical insurance is an important insurance which many has neglected. Yet, getting a suitable coverage is more difficult than it seems. In this issue of INVEST, Wilfred Ling writes about this topic which can be downloaded HERE. The article was first appeared on CPF Board's IMSavvy Blog Corner:http://www.cpf.gov.sg/imsavvy/blog_post.asp?postid=410028623-190-948406457 … [Read more...]
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