Back to basics

Time passes quickly and we are already deep into the year of the Goat.

I have not been actively updating because of some changes which I am not comfortable with, DNC and Data Protection Act.

I must say this year is not a very Goat year though, with three cancer claims to start with in January.

Nothing much to write except “back to basics” again.

Some clients have been asking me if I have missed them out on updates which I can only say, I have not been actively updating as much as before. I will try to start to do more updates forward.

My mum had mild stroke recently and hospitalized twice since Feb, and is harder to manage forward as she is a kidney patient undergone kidney dialysis for past 8 years.

I am writing these again to share with you on peace of mind as regard to financial impact, as IncomeShield helps to support in kidney dialysis and hospitalization all these years, . Forward it will be more challenging managing with the stroke that set in, but far off my mind is financial impact as it is taken care of by the IncomeShield Plan and small amount of cash.

No one wish to use the plan and some even have misconception of the plan when small claims arises but the plan is especially helpful in event of chronic illness and medical need in surgical and hospitalization.

My mother is on Plan B, because of earlier issues with kidney dialysis limits she was downgraded from Plan Enhanced Basic to Plan B.

As long as one has a plan and stays within ward of plan, it should cover nicely, after taking care of deductible and co-insurance.

As for protection, a wholelife critical illness plan is good to have and Vivolife which is a critical illness plan, provide good coverage.

FlexRetire a long term endowment plan gearing towards retirement need was launched recently and I am personally looking into a plan for myself.

A few other plans were also launched to meet the needs of customers. Asian and Global Multi-asset income funds and other existing funds are available, those who have invested in this funds are not laughing, I am sure. Remember 5 years back market was so bad and I thought it will be good time to invest in funds and you can see the positive returns today, but we all know market goes up and down, and so far the recovery has been smooth to today.

It is still back to basics, an integrated Shield Plan, as I always said, take with any insurer you are confident with and a critical illness plan before planning for any savings or retirement investment plans.

Medishield Life will be introduced end of the year and this takes care of medical need up to B2 ward level, so if you desire to have better alternative and higher level of ward stay, then keeping the integrated Shield Plan is essential.

CPF Life, I will be 55 this year, and if you ask me which plan I will choose, I will be taking the CPF Life Basic, ask me separately as it is not convenient for me to share on my this personal take on the plan.

2015 will be another challenging year as we have to abide by FLAIR way of advising on insurance planning, meaning we have to look into Financial objective, Liquidity as in one’s asset and liability, Affordability of premium so as not to over commit, Investment time horizon and Risk Profile of customer.

This requirement means more information to ask client about their assets, earnings and investments and to make sure plans meet their needs. It will be a requirement to do more fact finding but of course if customer do not wish to disclose these information, reasons has to be given by agent. But cannot be all not disclosing, then again, agent will be placed in difficult position.

There will be penalty and dismissal, if agent commit serious errors in mis-selling and disciplinary complaints. Not new.

It will surely be tougher but with much responsibility that client’s need is met properly. Black sheeps will be weeded out in the process.

I wish you and family, joy and health as we move forward.