Are you prepared for Uni fees?

I am not about to introduce you to an insurance plan, but to share with you the reality of education cost.

All of us probably can hang loose because school fees for the kids does not bother us as it is almost free from Primary school to College.

Yesterday when I checked my bank account, and noticed almost $4000 less.

Checked the detail, there is a $3878 deducted for my daughter's SMU fees, well, I was not told in advance by her, she forgotten to tell me. Anyway, I am also expecting it myself.

SMU course fee a year is about $7500, and I suppose with 7% GST, deducted in 2 terms.

Last year was her first year, aside from course fee, purchase of laptop as well. That cost slightly above $10,000 in total then.

So you can imagine the Uni fees will be something most of us did not really bother, partly also because we can use our CPF as well. In the industry, people use to put an inflation of 6% on it, so the longer it is due, the fee will be even higher in latter years. If you want to know how much it is, use a financial calculator and set the interest and term and compute the future value and you will know how much it will be.

Some will calculate and think use cash is better because CPF interest is higher, so hang loose with that and use cash. And some parents will think why let the kid start life with debt to pay after the Uni.

Whichever way, what I am trying to share is beware of such cost as most of our children are marching towards University, before you realise it.

Accident Claim procedures

(one of my client got a Writ of Summon, and freak out, so I thought I will write this to advise that Writ of Summon is quite common and normal claims legal procedure)

You can also click on Motor Claims linking to Ntuc Income's website on claims Information, other than my personal advice as follows.

Thank you for insuring with Ntuc Income.

Just to keep you updated if I happen to be not able to respond promptly.

In case of an accident, first, stay COOL. Send car to the Independent Accessment Centre ( IDAC ).

If you are able to have the third party to sign a note of liability, by all means do it, if third party is at fault.

But if yourself is at fault, unless u are 100% sure and asked to do the
same, use your WISDOM.

Especially when case is 50-50, and third party is unreasonable, leave the
matter to Income and ask them to initiate claim action.

Following are few situations you may want to take note. Though in all
situations, we prefer that you leave the claim to NTUC Income to handle.

If it is third party at fault, we can refer our panel of workshop to assist you to claim against third party. Just send car to IDAC .

If you are at fault, proceed to IDAC by calling 67886616. Call for free towing if needed.

Summary

1. If it is your fault.
Your job is just to send the car to IDAC for accident reporting and Income will refer a workshop to repair for you.Leave the claim to Income. Call our hotline 67886616 for assistance

2. If it is third party fault.
Again send car to IDAC and we will refer our panel workshop to assist in claim or you can find a workshop of your choice to file a third party claim for you.

3. Unsure of liability, meaning do not know who's fault it is.
Contact our hotline 67886616 and proceed to IDAC and leave the matter to Income to handle.

4. Met with unreasonable driver.
Sometime you may think that the matter is low in cost to settle and if it is your fault and wish to compensate third party.

IMPORTANT - PRIVATE SETTLEMENT, ask third party to sign the private settlement note provided to void you of liability and fax me a copy to be filed with Income,after both agree on private settlement. This is to prevent third party to bite back unscrupulously again later. With the agreement signed, Income will not entertain the claim.

For unreasonable, high demanding client, leave the other party to claim your insurance and inform Income of possible fraudulent claim, this you can send me an email and I will liaise with my claims officer and we will await third party claim. And if claim is inflated, we may need your assistance to dispute the claim by showing your photos of damage claims submitted.

Any other complication, please do not hesitate to contact me(for my clients only).

This are just some informations, as many were quite worried in such situation.In every situation, there is always a solution, so stay COOL and remember ME.

5. For third party claim against YOU, sometime a WRIT OF SUMMON is hand delivered to your home as if third party is sueing you in court, DO NOT PANIC, this is to be submitted to Income General Insurance Claims Department, and we will engage our lawyer to handle the case. Send such writ of summons to Ntuc Income within 7 days of receiving and stay COOL.

Happy Driving.

Changes to CPF

Wow.....more good deals coming?

The once off bonus to delay payment to beyond age 62, will also affect people's consideration for Annuity.

Many are hesitant with the current 4% interest and now with once off bonus and the additional 1% above current rate capped at $60,000 more will be hesitant to place their minimum sum from age 55.

Those who are richer, will hold on to age beyond 62 for the bonus and additional 1%.

I believe all insurers will go back to their drawing board to see how they can work to counter all these to make Annuity attractive?

Shield Plan is Important & the wise will take Annuity

2 issues that I would like to share with you which the ministers said are important.

Incomeshield
Health minister will make it compulsory for child borned to have medishield plan unless opt out, and to encourage one to upgrade to PMI, private medical insurance which are the Shield Plans if one desires better care than B2 ward restructured hospital care.

I have always champion for this, that any shield plan one favours, please do it. I have written this in my blog. And do it for all family members.

Last Sunday, Sunday Times compared all the Shield Plans, insurers are basically trying to capture market shares as the insurers compete against each other. My advice is Incomeshield, having the largest base will be more stable. But again, go along with the insurer you are comfortable with and do not wait for things to happen.

I have always been emphasizing that Shield Plan is the primary necessity of all in life.

Annuity
Annuity is one plan, like a pension, you transfer the CPF retirement Minimum sum to insurer and at age 62 you are paid about $600 and it will increase with bonus as it goes, so in the long run, it can pay more than $700 a month and even higher. You can also do this with lump sum cash, other than CPF fund.

Ntuc Income's Classic Annuity is participating, and bonus will be paid and annuity payment will increase.

If you go to an independent website call Dr Money at http://www.askdrmoney.com/Ins_Annuities.htm he compares all the Annuity Plans against CPF draw down. Click on his website for other interesting comparisons as well at http://www.askdrmoney.com/

CPF draw down is likely to exhaust in 20 years, but Annuity pays so long as you live, lifetime income. Some of your senior relatives who have such annuities are drawing the annuity payment now, especially those with Ntuc Income annuity plans, you may want to check with them. Earlier batch had quite good bonus by now and good annuity payments.

Income's Annuity Plan (click on this link for more info to Income website ) in event of pre-matured death, balance with bonus declared, minus draw down will be paid to beneficiary. This is a win win kind of plan in event of pre-mature death before principle is exhausted.

Annuity plan is available by cash or with CPF Fund.

Get a headstart in securing your child's future

Are you planning to save up for your child's future education fee?

Today, tertiary education fees is about $7000 per year, and most tertiary students will need to get a notebook computer as a start which may need another $2000 and books.

First year will cost about $10,000 and we are talking about local university.

Are we prepared to fund the child's tertiary education then, with inflation and increase in course fees, it will be higher forward.

Ntuc Income has introduced a new PayMy'Uni' which is basically a savings plan but with flexibility on the last 3 years, as payout is spread over 3 years for the kid's education or lump sum if one chose to, so there are two options.

It is important to maximise your child’s potential. PayMy‘Uni’ gives you a head start in planning for your child’s tertiary education, with added insurance cover and hospitalisation benefits.

High investment yield to grow your savings

By putting aside a regular amount monthly, you will see your savings grow to a significant amount to meet the rising cost of education.

PayMy‘Uni’ helps you build sufficient funds for the education that your child deserves.

Flexible payouts

Unique to this plan, the payouts can be spread over the duration of the tertiary education, covering yearly fees and expenses.

Best of all, the payouts are available in 3 convenient parts. The steady stream of funds can coincide with the years of study to cover ongoing school fees and other expenses.

2 years before maturity of policy: 40% of sum assured

1 year before maturity of policy: 40% of sum assured

Upon maturity of policy: 20% of sum assured
(plus accumulated bonuses).

Waiver of Premium and more

At NTUC Income, we understand that even as parents plan for a bright future for their children, sometimes the unforeseen can happen. To provide for such circumstances, PayMy‘Uni’ offers comprehensive insurance cover and hospitalisation benefits.

Waiver of all future premiums in the event of death, or total and permanent total disability of parent.

Payment for each day of hospitalisation and medical leave following discharge from hospital of child.

Payment of full sum assured plus accumulated bonus upon death, total and permanent total disability, or diagnosis of terminal illness of child
Convenience for future policy purchases

Upon maturity of PayMy‘Uni’, your child can continue to enjoy the assurance without hassle - your child can purchase another whole life or endowment policy with no underwriting. The sum assured can be up to 3 times the original sum assured.

A term with good timing

You can choose the length of coverage (from 8 to 24 years) to coincide the maturity of the policy with the final year of university, so as to take advantage of lower monthly premium and higher yield.