Have you guys heard of this strategy called Buy Term invest the Rest ? The idea is this: Purchase a term insurance which covers temporarily over X years (usually during a person working life) and simultaneously invest a certain amount separately to another portfolio so that when the term insurance expire, the separate portfolio would have grown to an amount sufficient to be used for … [Read more...]
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Financial Planning for your MARRIAGE
Marriage is a huge undertaking. It might be prudent to know your financial commitments and responsibilities ahead of time. Read what Wilfred Ling has to say about this subject. The article can be downloaded HERE. … [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...]
Insurance Adviser selling free gifts
I was at SingPost that day queueing up to post registered mails when i noticed that all counterstaff were quite persuasive to get each customers to sign up for some free gifts. The customer in front of me showed interest and was redirected to a Prudential insurance adviser. It seems to me that the Prudential adviser had to explain to the customer what this free gift is and how he could get it. For … [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...]
What are the financial needs of a person who is single?
Possible financial lost that will cause hardship to a single person (assuming no dependents and no liabilities) are: Lost of income due to disability; High medical bill due to hospitalization; High expenses due to critical illnesses … [Read more...]
What are the financial needs for juvenile?
Possible financial lost that will cause hardship to parents will be: High medical bill due to hospitalization of the juvenile; and High expenses due to critical illnesses of the juvenile. For juvenile, it is important to note that many insurers exclude the whole life critical illness that originates from congenital diseases. Some have a waiting period of the first 7 years of the child’s … [Read more...]
What are the fineprints in investment linked policies (ILPs)?
Investment linked policies (ILPs) provides you with life insurance coverage which depends on the investment performance of the funds chosen. At older age, the cost of insurance can easily exceed the premium. If this happens, the insurer will sell the investment to pay for the cost of insurance. Such regular withdrawal of the investment will deplete the cash value. The depletion is further … [Read more...]
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