Dr Ang Peng Tiam is a well known oncology and currently a medical director of Parkway Cancer Center. Recently he wrote about how some of his patients have to cease cancer treatment because they are unable to afford the medical fees. You can read the article here published by Straits Times’s Mind Your Body 20 January 2011 - Don't let health costs cost you your life In that article he said … [Read more...]
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How much is a cataract operation?
I was asked about a case in which a person had a suspected cataract and may require surgery. But she needed advice on the potential cost of her condition as this will determine the specialist she engage and the hospital involved. She was insured with NTUC Enhanced Incomshield Advantage plan but did not buy a rider. I was not the adviser who sold her the plan. Assuming she really had cataract, I … [Read more...]
Professionalism Goes Beyond Form Filling
The public's perception on a person who is a professional is often not in line with the actual work which a professional does. In reality, many professionals are mere "form fillings". To the extend, this has resulted in disappointments and even lawsuits. What is meant by "form fillings" and how widespread this practice is? In this INVEST October 2010 issue, Wilfred Ling writes about this topic … [Read more...]
Top of the Table (TOT) AIA insurance agent involved in US$5m fake policy scam
Today in Sunday Times titled "US$5m insurance scam", it was reported that an Indonesia businessman is suing an Top of the Table (TOT) ex-insurance agent for selling him a fake insurance policy called the "Thank You Policy". In her defense, the ex-agent claimed that she was merely an accomplice as the ploy was conceived by the client. Although the court will have to decide who is telling the truth, … [Read more...]
NTUC Income’s Letter of Guarantee (LOG) impressive
Yesterday my father was admitted to hospital. I arrived at the hospital just in time for the admission procedure and the mandatory “financial counseling.” I was told that I’ll need to put up a deposit of $XXXX upfront. When I told them to claim under the NTUC Enhanced Incomeshield Basic plan, the staff checked his computer and within 1 minute confirmed that NTUC Income issued the Letter of … [Read more...]
Parents further distraught by MediShield exclusion letter
There was letter written to the Straits Times about a parent who lamented that his newly born daughter was rejected of medishield. From what I see, it was a case of congential condition since it was stated in the letter that they knew of this suspected cysts in her lungs during pregnancy. What Mr. Leslie Ong did not realize was that he acted against the interest of his daughter when he applied … [Read more...]
Professionalism goes beyond instruction taking (Wills) Part 2
In a recent high court case of Soh Eng Beng (as executor and trustee of the Estate of Soh Kim Poo, deceased) v Soh Eng Koon was a case with regard to an ambiguous clause in a Will. The judge has to decide the exact meaning of the clause. But as I read the case, my opinion is that it could simply be a genuine human error which all humans are not immune. Anyway I will not dwell on the human error … [Read more...]
Question on what are the needs of a single person?
Question: Hi Wilfred, I'm a 29-year-old single, living with my parents and a younger brother. One of my single friends in her late 30s asked me, why did I buy whole-life policy. I was stumped for a while. As singles do not have a dependent and I do not foresee myself getting married, do we actually need a whole-life policy, ILP or term policy? I have 2 whole-life policy and 2 ILP. One of … [Read more...]
Become orphans after vacation
It was supposed to be a happy family vacation but it turns out to be a total disaster. By now everybody knows what happened. On 23 August 2010, Rolando Mendoza, a former high-ranking commissioned police officer hijacked a tour bus carrying 25 tourists from Hong Kong in an attempt to get his job back. After a botched rescue attempt by the Philippine National Police, 8 persons died. Those who … [Read more...]
The true meaning of Million Dollar Round Table (MDRT)
Very often insurance agents and financial advisers would state in their name cards that they are members of the MDRT. You can also see it in the newspaper when photographs of MDRT members are splashed in full page. So what is MDRT? Are they millionaires? Quoting from the website HERE: Founded in 1927, the Million Dollar Round Table (MDRT), The Premier Association of Financial Professionals®, … [Read more...]
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