For the past few months, I have a few relatives and clients who complained about hospital services: One relative was in pain and went to Changi hospital. She was discharged and told that nothing was wrong with her. Her pain persisted and her family members brought her to EastShore hospital. After investigation, she was diagnosed as having cancer. Due to high cost in Eastshore, they went to SGH … [Read more...]
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Bonus Cut for a par product
Participating insurance policies (e.g. endowment and whole life) declare annual bonuses. Once declared, it is guaranteed. Many (but not all) par products have terminal bonus as well. Terminal bonuses are not guaranteed and is expressed as a percentage of already declared bonus. Terminal bonus will only be declared on maturity or upon claim or surrender. In the past, one insurer reduced the … [Read more...]
Simple Financial Planning For A YOUNG GRADUATE
Upon graduation and finding a job, the first thing a new graduate would like to spent is their first paycheck. However, is this the right way to do? We advocate that the young person starts making a financial plan. For young graduate, financial planning need not be complicated. In fact, it is quite simple. In this issue of INVEST FEB/MARCH 2009 edition, Wilfred Ling tells us how young graduates … [Read more...]
Are you paying 42% extra in insurance?
People want to tighten their belt especially in this time of recessionary environment. They save like crazy and try to spend only on the necessity. If it is possible, get rid of insurance policies – which I agree especially those useless one. But how about those insurance policies that are needed? Many people do not realize that they are spending too much in insurance. I did a brief survey and … [Read more...]
NTUC Income Letter of Guarantee (LOG) is not guaranteed
NTUC Income frequently advertise its Letter of Guarantee (LOG) for its Enhanced Incomeshield. I saw the advertisement in the MRT and as well as on Income's website. However, this LOG is not guaranteed. There are some terms and conditions: Today I had a client who requested for the LOG due to hospital admission. I was surprised when told by Income that as the plan was upgraded less than 1 year … [Read more...]
How to find your investment strategy?
What to invests for retirement? What kind of instrument is available to invest for children education? Do you know that these questions are not investment strategies? What are investment strategies and what kind of investors are more suited to one form of investment strategy as compared to another? In the March 2008 issue of The Executive, Wilfred Ling writes on the two investment strategies. The … [Read more...]
40 years of medisave saving wiped out when daughter got cancer
Did anyone see today’s Sunday Times about a father whose Medisave of $30,000 was wiped out when his daughter was diagnose with ovarian cancer? I really pity the family. The family admitted that they should have bought medical insurance. I calculated, that with $30,000 the interest generated a year is 4% x 30000 = $1,200. Based on an annual premium of $144.14 of an as-charged medical insurance for … [Read more...]
Select a product based on its merits, not free gifts
I often receive in my email inbox of insurers and fund managers giving free gifts, vouchers, plane ticket and even cash to entice customers to buy their products. This becomes so serious that CPF board has to put a stop to this. However, sometime the "free" stuff is not obvious and seemingly harmless. This is to me dangerious because it can destroy a person without even anyone realising it. How … [Read more...]
Why using ILPs for children’s education planning is a bad idea?
Many parents use ILP to save for children's education. I think this is a bad idea. This is why: The ILP salesman will market ILP on children's education like this: Life assured on the child. The payer the parent. The payer can be insured against death, TPD or CI. Should the insured event occured on the payer, the premium is waived over a certain specified period. As the child is young, … [Read more...]
Disability income can help sclerosis patient
Ms Ang Bee Eng wrote to Straits Times forum page entitled “Sclerosis patient needs help with big medical bill” on 1 December 2006 that her medical bill comes up to $2,800 a month yet she was unable to work due to repeated relapses. "A person who can’t work is worst off than being dead." Financial adviser Wilfred Ling tells us why he rates disability income insurance more highly than death, total … [Read more...]