The following radio advertisement were made on Gold 90.5 FM from 24 June - 8 September 2013. … [Read more...]
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4 young children lost both parents within 2 months and how the credit default swap can help
Recently, 4 young children - ages from three to 13 - lost both of their parents in just two months. The deaths of both of their parents were unrelated. According to the articles 4 kids lose mum to cancer, dad in crash and She's 13, and mum and dad to siblings, their mother Madam Wang Shu Rong died of colon cancer when she was just 29 years old. Two months later, their father Lim Guang Chin died … [Read more...]
13 reasons why you do NOT want to get a life insurance policy
I saw a marketing / educational video HERE, on the topic "Why do you NOT want to get a Life Insurance Policy?" Basically the video literally gave no answer to the question. It was a poorly developed video. For those who are frustrated after watching the video and felt that it is another gimmick, here are my answers to the question: You wouldn’t want to buy a life insurance if it is not meant … [Read more...]
Is PruSelect Vantage plan a good or bad product?
Question: “Hi Wilfred, our Prudential insurance agent has recommended PruSelect Vantage to us with the key benefits indicated below. May we have your views on this please? The PruSelect Vantage plan key benefits: 100% unit allocation from day one First year bonus (applicable for annual premium of $18,000) Loyalty Bonus to reward you who invest diligently withdrawal of units in the … [Read more...]
Is PruLife Limited Pay a good or bad product?
Question: “Wilfred, recently my Prudential financial adviser recommended me the PruLife Limited Pay. He say this is the best product in the market currently for whole life policy. Is this really true?” Answer: Based on the PruLife Limited Pay benefit illustration you forwarded me, the parameters in the illustration were: Death $100,000 Accelerated Disability $100,000 (coverage up to 29 … [Read more...]
How to calculate bonuses for participating life policies
Someone asked me how to calculate bonuses for participating life policies. I asked the individual to provide me with the latest benefit illustration. The policy was already in-force for some time already. I will use this policy as an example on how to calculate bonuses. Unfortunately, there was insufficient information to calculate bonuses for surrender values. So the illustration below is only … [Read more...]
The Singaporean DIY approach to financial planning (or lack of it)
Singaporean's DIY approach to financial planning is really pathetic. According to HSBC’s 'The Future of Retirement' report: Half of those 30-39 do not have any short-term savings (probably spent it all away). Only 30% of those 40-49 are protecting their assets. 24% of parents do not have any life insurance (probably they thought they are superman). 34% of those 50-59 are not saving for … [Read more...]
What happens when an insurance company go bankrupt?
The Policy Owners’ Protection Scheme (PPF scheme) aims to offer protection to policyholders in the event of the insurer failing. In other words, the PPF addresses the issue of an insurance company going bankrupt. The protection is 100% subjected to caps. For individual life and voluntary group life policies (with the exception of annuities), the cap is S$500,000 for the aggregated guaranteed sum … [Read more...]
Is the PRUlink protection plus account a good or bad product?
Question: “Hi Wilfred, due to family history, I am looking for a life insurance which will cover me for entire life upon major illnesses like cancer. My financial adviser recommends the Prudential PRUlink protection plus account. I read in the forum that the charges of an investment linked policies increases with age and will lapse when I am unable to pay the high charges. My adviser told me that … [Read more...]
What is meant by ‘standard terms’ (for insurance)?
A few of my clients told me they have pre-existing illnesses. They wanted to buy product X. I told them that if the insurer remains silent, it is excluded because the standard contract says so. So they went ahead with the transaction (their agents). The underwriting was quite smooth. The premium was accepted and the policy issued at ‘standard terms’. I told them that based on ‘standard terms’, … [Read more...]
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