I got a shock when I read that 86% of those surveyed by Citi Financial Quotient Survey 2010 that they intend to use whole life insurance for retirement funding! According to the Today Online 'Most say CPF savings not enough' 2 Feb 2011, "Singaporeans are turning to alternative means to take them through their silver years. These include proceeds from investment and insurance products. The most … [Read more...]
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Most people do not realised the importance of financial planning until it is too late. These articles were specifically written to highlight the importance of financial planning.
Worker incurred $147,000 medical bill in C class ward without subsidy!
I read a complain letter written by Mr. Tan Guan Seng to the Straits Times about a worker who was not entitled to government subsidy at C class ward just because it was a work-related injury. Due to some certain rules, NUH could not provide him with the usual government subsidy. The letter written can be found Worker served with $147,000 C-class bill The breakdown of his medical bill as … [Read more...]
CPF Nomination made to a bankrupt
Central Provident Fund (CPF) monies bequeathed to a bankrupt by a deceased member stands to be seized by the Official Assignee (OA) and distributed to creditors. Ironically, it takes a couple of miscommunication between two government departments to clarify this. See HERE (link broken). The details can be found Re Lim Lye Hiang, ex parte the Official Assignee [2010] SGHC 299 It is … [Read more...]
Parents further distraught by MediShield exclusion letter
There was letter written to the Straits Times about a parent who lamented that his newly born daughter was rejected of medishield. From what I see, it was a case of congential condition since it was stated in the letter that they knew of this suspected cysts in her lungs during pregnancy. What Mr. Leslie Ong did not realize was that he acted against the interest of his daughter when he applied … [Read more...]
Dementia patient’s S$48,000 fixed deposit gone
I just saw the news about a dementia patient whose fixed deposit worth $48,000 was “gone.” ("Woman's bank account closed without her knowledge ", Straits Times, 6th September 2010) . Well, it was not really gone but the account was supposedly to be held in a POSB joint account with her daughter but the bank permitted the dementia patient to close the account and open as a new joint account with … [Read more...]
Professionalism goes beyond instruction taking (Wills) Part 2
In a recent high court case of Soh Eng Beng (as executor and trustee of the Estate of Soh Kim Poo, deceased) v Soh Eng Koon was a case with regard to an ambiguous clause in a Will. The judge has to decide the exact meaning of the clause. But as I read the case, my opinion is that it could simply be a genuine human error which all humans are not immune. Anyway I will not dwell on the human error … [Read more...]
Become orphans after vacation
It was supposed to be a happy family vacation but it turns out to be a total disaster. By now everybody knows what happened. On 23 August 2010, Rolando Mendoza, a former high-ranking commissioned police officer hijacked a tour bus carrying 25 tourists from Hong Kong in an attempt to get his job back. After a botched rescue attempt by the Philippine National Police, 8 persons died. Those who … [Read more...]
Left nothing to legally married wife including the dependants protection scheme
I read with dismay about a case in which a man left nothing to his legally married wife upon his demise. Instead, it appears that the only insurance – dependants protection scheme – was left to his children born from previous marriage through nomination. You can read about it on Mr. Tan Kin Lian’s blog post: HERE. It is difficult to comment on the case as little facts are presented. But in my … [Read more...]
Crane killed sole breadwinner leaving behind 5 needy dependents
The Straits Times article “Family of bus accident victim left in dire straits” dated 18 July 2010 reported that a 50-year old man was killed by a smashing crane when he was sitting at the upper deck of a public bus. That is not the end of the story. The article reported that he is survived by a 47-years old housewife and 4 boys. The youngest son is being test for IQ and kidney problems; second … [Read more...]
2-years old daughter becomes fatherless because of the falling tree
“A MAN was crushed to death when a rain tree uprooted and crushed the car he was driving, pinning him to his seat during Tuesday's afternoon's heavy downpour. The 32-year-old driver was alone when the accident happened, sustained injuries to his spine.” – Straits Times 20 July 2010. According to the newspaper report “Man killed by tree: Family seeks compensation” dated 22 July 2010, the … [Read more...]
