Estate planning is critically important for a family person especially those who have young children. An estate plan determines the manner in which your assets are to be distributed on death of either spouses. Since the probably of death is 100%, estate planning is not optional. If you don’t plan, the State has a default plan for you which are pampered with flaws: * If your children become … [Read more...]
Can an obese apply for insurance?
I have seen increasingly number of clients who are obese. ALL of them came to me for help because they were rejected when applying for insurance through other advisers. Frankly speaking, for these groups of individuals, they have been ill advised by their advisers because special consideration is required for these groups of individuals applying for insurance. What exactly constitutes obesity? The … [Read more...]
What is the role of the adviser during claims
During insurance claims, the duty of the adviser is: To check that the policy which the claim is made against cover the intended risk; To advice the policyholder the documents to prepare for claim submission; To submit the documents to the insurer. The policyholder can also do it as all insurers have a customer service center to accept walk-in enquiry; If the claim is rejected, the … [Read more...]
What are the considerations when buying a private medisave-approved integrated shield plan?
When applying for a medisave-approved integrated shield plan, you should consider whether the product: Covers congenital conditions and if so under what terms and conditions; and Whether it covers pre-existing conditions and if so under what terms and conditions. If you already have an existing pre-existing conditions and you have never been considered as under a sub-standard case in any … [Read more...]
Can you tell me which insurer has the worse reputation?
I am not able to tell you this in the public as the insurers will be quick to issue lawyers’ letters to me. Nevertheless, in Singapore history many insurers have earned themselves a very poor reputation for mis-representations and treating their policyholders unfairly by focusing too much on profitability. The older policyholders will know which of these insurers are but the younger customers will … [Read more...]
What is meant by preliminary underwriting for pre-existing condition?
If you have a pre-existing condition or if you have a family history suffering from certain conditions, you may want to consider preliminary underwriting. Preliminary underwriting is a process which a financial adviser assists you to find out from which insurers are likely to offer you the best terms and conditions in view of your pre-existing condition. It is best to approach a financial … [Read more...]
What is insurance?
For some of you, you have a great responsibility in taking care of your family. Your dependents rely on you to provide for them. You are worried about the financial implications to your family if anything happens to you. The good news is that most of such financial risks can be mitigated. Risks can be mitigated through: Risk avoidance (if the sky is dark and might rain, eating indoor … [Read more...]
Why is disability Income insurance important?
I have written a magazine article for this on the importance of disability income, it can be downloaded from this link: Get Paid for Being Disabled. … [Read more...]
Is insurance like gambling?
It has been said that insurance is like a form of gambling – that if nothing happens to you, you will get back little or nothing. This I disagree because gambling creates risk that was not there in the first place. On the other hand, insurance transfer financial risks that is already there from the onset. Ironically, not being insured is gambling. … [Read more...]
What are the insurance needs for a family?
For a person with a family, the possible financial lost that will cause hardship to the family will be: Lost of income due to disability; High medical bill due to hospitalization; High expenses due to critical illnesses; and Lost of income due to death The following is how we can estimate the “sum assured” for each type of insured event: For lost of income due to disability, the … [Read more...]
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