The Manulife Heirloom (I) is a Universal Life. This policy is issued from the Manulife insurer in Singapore. You are reading this article because your relationship manger, a Manulife agent or an independent financial adviser proposed to you this product. This article provides a brief outline of the product specifications of the Manulife Heirloom. If you require more information on Universal Life, … [Read more...]
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Tips in selecting a Universal Life
Stroll down to the end of this page if you are looking for the Universal Life Calculator I created. Universal Life products are often marketed to the high networth individuals. It appears to be very popular in Singapore and Hong Kong. I always get enquires from individuals in these two countries seeking my second opinion. 1. How to get proper documentation on Universal Life? Many financial … [Read more...]
Why private banking clients have no asset allocation skills?
A UBS survey among high networth individuals in Singapore and Hong Kong revealed interesting findings: 62% of investors admitted that they did not know how much to save for retirement Only 1% claimed to have begun to plan for retirement Asset allocation is the same regardless of the difference phases of retirement planning. Asset allocation is something like: 60% in stocks 40% in … [Read more...]
3-year-old boy lost entire family on Christmas Day to car accident
On Christmas day, a 3 years old Evan Lim lost his entire family to a car accident in Johor[1]. His father, Mr Barnabas Lim was just 45 years old. His mother Kristen Ng was 39, and his brother Rayshon Lim was 7 and they were all killed in the car accident. On another unrelated car accident that happened in 2013, 56-year-old taxi driver Mohamed Amin Abdul Manap was injured by another car which … [Read more...]
Majority lacks a written comprehensive financial plan, says FPSB
FPSB recently conducted a global survey among 19 markets. A total of 19,092 adults took part. Among those surveyed in Singapore, it was found that: Only 1/3 have a written comprehensive financial plan. The top two priorities are: owning your own home (60%) and free from debt (58%). Only 4% were willing to pay fees for financial planning services in excess of S$1,500. Majority (68%) were … [Read more...]
MOH’s response to “Premium Shock for Medishield Life”
I received the following letter from Ministry of Health. The letter is self-explanatory. Date: 6 January 2016 Dear Mr Wilfred Ling CLARIFICATION TO ARTICLE ‘PREMIUM SHOCK FOR MEDISHIELD LIFE’ I refer to your online article “Premium Shock for MediShield Life” (Oct 5, The IFA on Duty Blog), in which you explained the different types of MediShield Life premiums for your readers. The … [Read more...]
Zurich Life to exit Singapore
It was recently announced that Zurich Life will be exiting Singapore. Zurich consists of three companies in Singapore: Zurich Life Insurance (Singapore) Pte Ltd Zurich International Life Limited (Singapore Branch) Zurich Insurance Company Ltd (Singapore Branch) It is the first two companies which are exiting out of Singapore. The third company deals with general insurance policies which … [Read more...]
Should I terminate my mum’s Incomeshield in view of Medishield Life?
Question: My mum is insured with NTUC Incomeshield Plan B. The annual premium (incl GST) is $1,854.00, some portion paid from my CPF, balance paid by cash. With the MediShield Life recently kicked in, I am wondering should I continue to renew the policy with NTUC Income when the policy is due to renew. I just want to make sure we are not overpaying for something which is already covered … [Read more...]
Why a whole life insurance is important for a new born baby
What are the benefits of a whole life insurance? Why would my baby need life insurance? Which is the best life insurance? Shouldn’t I buy term insurance for my baby since it is the cheapest? This article will address these questions. What are the benefits of a whole life insurance? A whole life plan has the following features: The coverage is for life. However, the premium (i.e. the … [Read more...]
Direct Purchase Insurance nightmare
I have been advising some of my clients to purchase insurance directly from the insurer under the Direct Purchase Insurance which was introduced by Monetary Authority of Singapore in April this year. I did this because as a fee-based financial planner, it is my obligation to recommend products objectively. In the event there is a suitable product available from the Direct Purchase Insurance … [Read more...]
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