compareFIRST launched today. Actually It was launched yesterday night and I spent the night evaluating the portal. For those who do not know, compareFIRST is a website which compares term, whole life, endowment and investment-linked products. It is probably the world first in the sense it is an initiative by the Singapore government which mandates (i.e. force) all insurers to upload their … [Read more...]
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Young & old Integrated Shield Plans policyholders likely to pay part of its premiums in cash
The government dropped a bomb shell that both young and older policyholders of Integrated Shield Plans are likely to pay part of its premium in cash. This was according to the newspaper report on 13 March 2015 (“More Clarity on private health plan premiums” Straits Times) which I copy and paste and underline the relevant part: The premium for the MediShield Life portion of their IP can be paid in … [Read more...]
Consumers can buy life insurance direct in April 2015 and what it means to you
MAS announced that in April 2015, the web aggregator will be launch. This project is collaborative effort between MAS, CASE and the life insurance industry. Similarly, consumers can buy life insurance directly in April 2015. Source: … [Read more...]
No advice given, few documentation and non-disclosures but earns easy money
Here is an example on how a financial adviser sold a life insurance product. The following is a scanned image of a section of the KYC: In the KYC, the client declared "I do not want any advice from my adviser.". Has anyone ever wondered why a client does not want any advice if the product is purchased from the adviser? When the client declares of not wanting any advice from the … [Read more...]
ST forum: Care needed in raising Integrated Shield premiums
The following letter appeared in Straits Times forum on 2 February 2015 expressing my concern that any increase in Integrated Shield Plans (IPs) premiums do not come with any increase in benefits to the policyholders: I URGE the Government and insurers to be cautious when increasing the premiums for Integrated Shield Plans (IPs) for MediShield Life ("Bill passed, making health insurance for all a … [Read more...]
Cannot claim medishield insurance for dementia
There was an individual who was diagnosed with dementia at age 55. She cannot claim from any of her existing insurance policies including Medishield (because she was not hospitalised). She was fired from her job and cannot find another job due to her condition. Her income was $10,000 per month. This case was related to me by another financial adviser in 2009. The financial adviser expressed … [Read more...]
Medishield Life: Govt given power to access people’s income without consent
It was announced on 19 January 2015 that the government will be given the power to access people’s income without their consent so as to determine the level of subsidy for Medishield Life’s premiums. At the same time, similar power will be given to the government to access hospital records of all Singaporeans and Permanent Residents. This is because there will be a 30% premium loading for 10 years … [Read more...]
Integrating investment-linked policies with the core portfolio
I do not encourage my clients to terminate investment-linked policies (ILPs) although I am never an advocate of investment-linked policies. I have never sold any regular premium investment linked policy before. However, I can incorporate the ILPs into the core portfolio. As a fee-based financial planner, I do not need my clients to purchase the investments through me. If they already have … [Read more...]
ST forum: Insurance sales: More info, less understanding
Ms Elizabeth Tan wrote to Straits Times about her disappointment with AXA Life. She only realised that her agent 'oversold the benefits' her a policy 17 years later. I decided to write to Straits Times that many will only realised they have bought a wrong product only after 40 years! The following letter was published on 3 January 2015: I AGREE with Ms Elizabeth Tan Boon Kwan ("Guard against … [Read more...]
Pioneer Generation Subsidies-read to clarify your confusion
Pioneer Generation subsidies for purchase of medications at Specialist Outpatient Clinics (SOC) at public hospitals and Polyclinics will take effect from 1 January 2015. This is good news for many as the cost savings can be quite significant since medication can be quite significant especially for those suffering from chronic diseases. Note that subsidies for polyclinic consultations already … [Read more...]
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