Tokio Marine Life Insurance Singapore Ltd withdraws the TM Legacy Lifetime and TM Legacy Plus yesterday. A mass email was sent yesterday at 4:37pm stating that: "Please be informed that TM Legacy Plus and TM Legacy Lifetime are withdrawn for new business with effect from today, 22 December 2014 (Monday). " Existing proposal can still be submitted and must reach Tokio Marine by 26 December … [Read more...]
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NTUC Income launches SpecialCare (Down Syndrome)
SpecialCare (Down Syndrome) - NTUC Income announces the first insurance coverage for children with down syndrome. SpecialCare (Down Syndrome) provides the following benefits: For child with Down Syndrome covered using SpecialCare (Down Syndrome): Permanent disability of insured person: Up to $60,000 Outpatient expenses due to accident: Up to $300 for each accident, maximum $3,000 each … [Read more...]
Question on a very poor endowment policy
Question: Wilfred, I sold a 5 years single premium endowment from a reputable insurer in 2009 to my clients. Recently it just matured and I was shocked to discover that my clients only receive $102,291.77 for every $100,000 single premium. I was told single premium is a safe product but the returns are horrible! Can I complain on behalf of my clients and if yes to whom? - From a financial … [Read more...]
The Real Singapore: Evidence on little understanding on financial planning from stolen article
Recently one of my old article entitled Man lost almost his entire HDB property to siblings due to poor financial planning got “stolen” and was published without my permission on The Real Singapore website and shared on their facebook page. I was going to write to the editor of The Real Singapore for copyright infringement when I got shocked with the reaction of the commentators. The reaction was … [Read more...]
ST forum: Home Protection Scheme – Start coverage once payment is made
Previously I wrote about the case in which a lorry driver Jason Lim Wei Kwan drowned when the lorry he was in slid off a barge and sank into the sea off Pasir Panjang Terminal. As I suspect they had applied for a BTO but now having difficulty paying the remaining balance due to the Home Protection Scheme only taking affect after collection of keys, I decided to write to Straits Times. The … [Read more...]
30 years old woman lost husband; to support 4 children
There was a case in which a lorry driver Jason Lim Wei Kwan drowned when the lorry he was in slid off a barge and sank into the sea off Pasir Panjang Terminal (“Husband's drowning: Mother of four sues firms for $400k”, Straits Times, 6 October 2014). The surviving widow Ms. Samai Chatthahan, 30 and a mother of 4 children decided to sue the parties involved for $400,000. Unfortunately, the … [Read more...]
NTUC Income, Tokio Marine & Aviva inconsistent underwriting standards
I want to share with you the different underwriting standards practice by different insurers. Recently, I have a client, age 27, whom I helped her applied for insurance and the outcomes were all different. The insurance applications were part of the recommendations from comprehensive financial planning. The client suffered from heart murmur. Her mother suffered from breast cancer, stroke and … [Read more...]
DirectAsia online term life insurance
Many may have heard of DirectAsia selling motor insurance online. However, what is little known is DirectAsia’s online term life insurance which was launched on 9 October 2013. The term life insurance is underwritten by AXA Life. This online purchase is not the same as MAS’ push for life insurers to sell directly. DirectAsia is still a middleman which takes commission from AXA Life. MAS’ idea … [Read more...]
ST forum: Care needed when buying insurance direct
The follow letter was published in Straits Times forum page on 4 August 2014: Care needed when buying insurance direct I SUPPORT the Monetary Authority of Singapore's move to offer consumers a choice in buying life insurance direct without paying for commission ("Come early 2015: Buy basic insurance directly, save on commission", last Wednesday). It is suitable for those who are knowledgeable … [Read more...]
Direct life insurance purchase delays to 2015
The Monetary Authority of Singapore (MAS) announced the features of life insurance products which consumers can buy directly from insurers. The bad news is that this will not happen until early 2015. It was previously reported by the media that the implementation of direct life insurance purchase should have been in middle of 2014. It looks like it has been pushed to early 2015. It is quite a … [Read more...]
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