Sunday Times headline, "100,000 women lack Medishield" and I believe many more children also are not insured.
Shield Plans are basic needs for everyone, as I have always been advocating.
I hope with this article, more can be more aware of the need to consider the Shield Plan.
Monday, July 27, 2009
Wednesday, June 3, 2009
Ten Financial Tips for Everyone
Ten Financial Tips for Everyone - Tan Suee Chieh
1. Be a super saver, not a super spender. Savings should come first before spending, and it should take first claim on your income. Saving what is left after spending does not work. Saving should rank as high as staple needs like rental, food, and other commitments and certainly above luxuries such as holidays, and entertainment. If you are unable to do this, you have to adjust your lifestyle. Acquire assets and not liabilities. Credit cards, cars, and club memberships are all liabilities.
2. Start early. Start saving early, but it is never too late to start. My grand dad used to tell me that it is what you save and not what you earn that will make you financially secure. Everyone must save at least 10% of their income, preferably 20% to 30% of your income.
3. Basics first. First plan for emergencies, illness, disablement and death. It is important to
have term and health insurance. Purchase your insurance when you are young because it is much cheaper. NTUC members should get NTUC Income’s LUV plan – which is a low cost insurance coverage for the entire family. Our Incomeshield is an excellent health insurance plan that covers hospital bills. i-Term is the best and lowest cost term insurance plan in the market today. Do not hesitate nor delay in getting these basics. If you do, it is like going on a long car journey to a remote area without sufficient gasoline or spare tires. It is simply asking for trouble.
4. Education and retirement are important building blocks. Always plan for your children’s education and your own retirement. This is best done by saving regularly (monthly) for long periods. The best plans for these are life insurance, investment linked plans and unit trusts. Consult a financial advisor or someone you trust for advice on this. Be committed to finish a plan once you have started on it.
5. Do not be
greedy or let your emotions rule. Do not be tempted by high returns as high returns always mean more variability in returns (risks), and sometimes no return. You must also understand your own tolerance of risk. Do not be swayed by emotions when making financial decisions as they cause you to make the wrong turns. Remember, there is no such thing as a free lunch. In any event, a good rule is never test the depth of water with both feet, i.e. do not risk everything you have in one go – risk only money you can afford to lose. And certainly, do not borrow to invest – they call it leverage.
6. Have no fear; Long term means you can take a bit more risk. Equities carry higher risk than bonds. But if your saving horizon is longer term, say 20-30 years, then you can have more investments in equities. Typically if your age is x, you can take say 100 –x in equities. So if age 45, you can take 55% (100-45) in equity. The rest should be cash or bonds or with profits insurance products. However, if you have a lower risk appetite or you are nearer retirement, use 85-x. In any event, a good rule is never put all eggs in one basket, i.e. diversify!
7.You
are no expert. Do not buy stocks directly, unless you are a financial expert or are prepared to spend a lot of time managing your stock portfolio. If I were to invest or realise a lump sum, I believe in averaging in and averaging out. For example, if I have $100,000 to invest, I will break them into ten installments and spread them over ten months. Similarly, if I want to sell something, I will tend to average out, for example, selling 20% of the investment at a time. In doing so, I minimise my risk. The truth of the matter is that no one knows the market top or market bottom. Neither do I. Remember, it is not timing the market. It is time in the market that matters.
8.Simplify your life and own only what you need. Have interests, not possessions, which enri
ch your life, and go for meaningful value rather than quantity. Buy things which last and which really give you pleasure. Do not buy things just because they are cheap. Never buy something just because somebody else has got it. It is silly and will not give you happiness. If you buy things you don’t need, you’ll soon sell things you need. And, never buy or spend on credit unless it is for your own property. It is possible for most of us to have a good life in Singapore without being super rich.
9. Your gre
atest asset. Your greatest asset is not money. It is you. Take care of your physical, mental and spiritual health and the well being of all your relationships. That also means buy all the term, disability and health insurance you need. And remember to help others less fortunate than you.
10. Be inspired. Read good books and guides. , Some of best books I have come across on the subject of personal financial planning are The Millionaire in You by Michael LeBouef, Rich Dad, Poor Dad by Robert Kiyosaki and How Much is Enough? by Arun Abey. Besides reading, talk to the right people for knowledge and inspiration.
1. Be a super saver, not a super spender. Savings should come first before spending, and it should take first claim on your income. Saving what is left after spending does not work. Saving should rank as high as staple needs like rental, food, and other commitments and certainly above luxuries such as holidays, and entertainment. If you are unable to do this, you have to adjust your lifestyle. Acquire assets and not liabilities. Credit cards, cars, and club memberships are all liabilities.
2. Start early. Start saving early, but it is never too late to start. My grand dad used to tell me that it is what you save and not what you earn that will make you financially secure. Everyone must save at least 10% of their income, preferably 20% to 30% of your income.
3. Basics first. First plan for emergencies, illness, disablement and death. It is important to
have term and health insurance. Purchase your insurance when you are young because it is much cheaper. NTUC members should get NTUC Income’s LUV plan – which is a low cost insurance coverage for the entire family. Our Incomeshield is an excellent health insurance plan that covers hospital bills. i-Term is the best and lowest cost term insurance plan in the market today. Do not hesitate nor delay in getting these basics. If you do, it is like going on a long car journey to a remote area without sufficient gasoline or spare tires. It is simply asking for trouble.4. Education and retirement are important building blocks. Always plan for your children’s education and your own retirement. This is best done by saving regularly (monthly) for long periods. The best plans for these are life insurance, investment linked plans and unit trusts. Consult a financial advisor or someone you trust for advice on this. Be committed to finish a plan once you have started on it.
5. Do not be
greedy or let your emotions rule. Do not be tempted by high returns as high returns always mean more variability in returns (risks), and sometimes no return. You must also understand your own tolerance of risk. Do not be swayed by emotions when making financial decisions as they cause you to make the wrong turns. Remember, there is no such thing as a free lunch. In any event, a good rule is never test the depth of water with both feet, i.e. do not risk everything you have in one go – risk only money you can afford to lose. And certainly, do not borrow to invest – they call it leverage.
6. Have no fear; Long term means you can take a bit more risk. Equities carry higher risk than bonds. But if your saving horizon is longer term, say 20-30 years, then you can have more investments in equities. Typically if your age is x, you can take say 100 –x in equities. So if age 45, you can take 55% (100-45) in equity. The rest should be cash or bonds or with profits insurance products. However, if you have a lower risk appetite or you are nearer retirement, use 85-x. In any event, a good rule is never put all eggs in one basket, i.e. diversify!
7.You
are no expert. Do not buy stocks directly, unless you are a financial expert or are prepared to spend a lot of time managing your stock portfolio. If I were to invest or realise a lump sum, I believe in averaging in and averaging out. For example, if I have $100,000 to invest, I will break them into ten installments and spread them over ten months. Similarly, if I want to sell something, I will tend to average out, for example, selling 20% of the investment at a time. In doing so, I minimise my risk. The truth of the matter is that no one knows the market top or market bottom. Neither do I. Remember, it is not timing the market. It is time in the market that matters.8.Simplify your life and own only what you need. Have interests, not possessions, which enri
ch your life, and go for meaningful value rather than quantity. Buy things which last and which really give you pleasure. Do not buy things just because they are cheap. Never buy something just because somebody else has got it. It is silly and will not give you happiness. If you buy things you don’t need, you’ll soon sell things you need. And, never buy or spend on credit unless it is for your own property. It is possible for most of us to have a good life in Singapore without being super rich.9. Your gre
atest asset. Your greatest asset is not money. It is you. Take care of your physical, mental and spiritual health and the well being of all your relationships. That also means buy all the term, disability and health insurance you need. And remember to help others less fortunate than you.10. Be inspired. Read good books and guides. , Some of best books I have come across on the subject of personal financial planning are The Millionaire in You by Michael LeBouef, Rich Dad, Poor Dad by Robert Kiyosaki and How Much is Enough? by Arun Abey. Besides reading, talk to the right people for knowledge and inspiration.
Wednesday, May 20, 2009
Shield Plan - Do it !
I have always been very passionate about the importance of a proper Shield plan ( hospital & surgical plan).
When I wrote private shield plan, I am referring to Healthshield ( AIA ), PruShield ( Prudential ), SupremeShield ( Great Eastern ) ,MyShield ( Aviva ) and Incomeshield ( NTUC Income ).
At any one time, there can be only one Shield inforce, and it will replace each other out if one Shield is taken.
Not many know that by taking another private Shield, it will replace the existing Shield plan that you have.
So be careful when you decide to switch, be careful to declare any existing illness but my advice is if one has any chronic illness, stay put, like diabetes, hypertension etc, as exclusion on switching is to the disadvantage of policyholder, unless the insurer covers it, which is HIGHLY unlikely unless one has supporting medical report that is positive.
It is not wise to swing here and there, because any existing illness not declared, will fall under exclusion, so be very careful if you switch from one Shield to another Shield. Many ethical agents will advise you on this except rookie agents who do not know what they are doing and only keen to do a case, I am sorry that I have to comment on this. But such agents are now few in the market.
I will advise upgrading from CPF Basic Medishield to any Shield Plan as medical cost will be high forward.
If you noticed, I always write "take any Shield Plan that you are comfortable with". Check the benefits and get one that suits your needs and go with an insurer you are comfortable with. Bear in mind agent is not important as we will one day retire or have to leave industry because we cannot meet the target. We are as useful as we are around. So choose an insurer you are comfortable with.
To me, as a beneficiary of the plan because my mum is currently claiming for dialysis, I am very thankful for Incomeshield.
It is very tedious to contrast and compare, as most may have almost same benefits.
Do not compare and contrast until cow come home, at least take on a plan for safety first and do whatever comparison later and switch, if you have no time now. Like my muslim client wrote "Just do it ! Mati pun mahal"
So take one Shield Plan that you are comfortable with, though I want to say Incomeshield is the best. But it depend on which insurer you want to trust.
Incomeshield has been the first such plan since 1994 and we are there for a social purpose, and with it, competition for the plan came after year 2001. Shield plan was supposedly a plan insurers are not keen to offer and Income was the only insurer carrying this burden from 1994 and for commercial reason, competitors start to join in, which is good that Incomeshield is much improved and to me is the most comprehensive plan.
My parting word is, be kind to agents selling Shield Plan, it is really for service only.
When I wrote private shield plan, I am referring to Healthshield ( AIA ), PruShield ( Prudential ), SupremeShield ( Great Eastern ) ,MyShield ( Aviva ) and Incomeshield ( NTUC Income ).
At any one time, there can be only one Shield inforce, and it will replace each other out if one Shield is taken.
Not many know that by taking another private Shield, it will replace the existing Shield plan that you have.
So be careful when you decide to switch, be careful to declare any existing illness but my advice is if one has any chronic illness, stay put, like diabetes, hypertension etc, as exclusion on switching is to the disadvantage of policyholder, unless the insurer covers it, which is HIGHLY unlikely unless one has supporting medical report that is positive.
It is not wise to swing here and there, because any existing illness not declared, will fall under exclusion, so be very careful if you switch from one Shield to another Shield. Many ethical agents will advise you on this except rookie agents who do not know what they are doing and only keen to do a case, I am sorry that I have to comment on this. But such agents are now few in the market.
I will advise upgrading from CPF Basic Medishield to any Shield Plan as medical cost will be high forward.
If you noticed, I always write "take any Shield Plan that you are comfortable with". Check the benefits and get one that suits your needs and go with an insurer you are comfortable with. Bear in mind agent is not important as we will one day retire or have to leave industry because we cannot meet the target. We are as useful as we are around. So choose an insurer you are comfortable with.
To me, as a beneficiary of the plan because my mum is currently claiming for dialysis, I am very thankful for Incomeshield.
It is very tedious to contrast and compare, as most may have almost same benefits.
Do not compare and contrast until cow come home, at least take on a plan for safety first and do whatever comparison later and switch, if you have no time now. Like my muslim client wrote "Just do it ! Mati pun mahal"
So take one Shield Plan that you are comfortable with, though I want to say Incomeshield is the best. But it depend on which insurer you want to trust.
Incomeshield has been the first such plan since 1994 and we are there for a social purpose, and with it, competition for the plan came after year 2001. Shield plan was supposedly a plan insurers are not keen to offer and Income was the only insurer carrying this burden from 1994 and for commercial reason, competitors start to join in, which is good that Incomeshield is much improved and to me is the most comprehensive plan.
My parting word is, be kind to agents selling Shield Plan, it is really for service only.
Wednesday, April 8, 2009
Tuesday, April 7, 2009
This morning, I read the papers and saw a client in the orbituary, he is age 70.
Just last month, he called me, to do a travel insurance for him and his wife to visit his son in Taiwan.
He has always been a jovial and positive person. Happy and feel blessed to have a good family.
He will make me a cup of coffee whenever I visit him and we will have a good chat.
Goodbye Henry, I will miss your cup of coffee.
Just last month, he called me, to do a travel insurance for him and his wife to visit his son in Taiwan.
He has always been a jovial and positive person. Happy and feel blessed to have a good family.
He will make me a cup of coffee whenever I visit him and we will have a good chat.
Goodbye Henry, I will miss your cup of coffee.
Friday, April 3, 2009
Do your Shield Plan proper before a routine checkup
Before you do start to do any routine regular checkup, say from age 40 or 50 onwards, for chronic diabetes or ladies to start to do mammogram , do ensure that your medical plans are already properly in place or upgraded to proper Shield Plans before doing any such routine regular checks. Reason being if anything is fished out, it will be too late to do upgrade or the plan, as exclusion will be imposed on existing conditions.
Or if you are considering to review the critical illness plan, do it before such routine check. I am not saying anything will surely happen during a routine check, but do ensure all necessary plans are reviewed before doing such milestone checks.
Here is a lament of normal routine check -
"I should have upgraded my medical insurance plan last year to Plan A or even Plan P. Sigh…delayed and ended up may not be able to do so. What has happened to me? You know, I did my mammogram last Dec 28 and got a very unpleasant result on March 09. It says that my mammogram shows some changes and requires further investigation and it was during the CNY period. So damn worry and instead of going back to the Health Science Authority – Breast Screening Centre, I went to my company’s doctor. Was sent to do a re-scan and ultrasound. The re-scan mammogram was ok but the ultrasound shows some small nodules and one small cyst. Thus doctor sent me to a SGH specialist and she said that I should have gone back to HAS because they will just do another mammogram which is quite common for a lady of reaching 50. Now, it is not for the mammogram but ultrasound that I have to go back in 6 months’ time for a review"
Or if you are considering to review the critical illness plan, do it before such routine check. I am not saying anything will surely happen during a routine check, but do ensure all necessary plans are reviewed before doing such milestone checks.
Here is a lament of normal routine check -
"I should have upgraded my medical insurance plan last year to Plan A or even Plan P. Sigh…delayed and ended up may not be able to do so. What has happened to me? You know, I did my mammogram last Dec 28 and got a very unpleasant result on March 09. It says that my mammogram shows some changes and requires further investigation and it was during the CNY period. So damn worry and instead of going back to the Health Science Authority – Breast Screening Centre, I went to my company’s doctor. Was sent to do a re-scan and ultrasound. The re-scan mammogram was ok but the ultrasound shows some small nodules and one small cyst. Thus doctor sent me to a SGH specialist and she said that I should have gone back to HAS because they will just do another mammogram which is quite common for a lady of reaching 50. Now, it is not for the mammogram but ultrasound that I have to go back in 6 months’ time for a review"
Wednesday, March 11, 2009
Confirmed - Successful liar wins !
CONFIRMED.
I got a client who met with an accident, and TP (the other party) lied and turn the report from minor road to main road situation when TP came out of minor road to hit OI (my client)'s car.
TP report it as parallel on main road and sued OI, and instead of being at fault, it become 50-50. Well, in the court of law, the judge see it as one man's word against the other.
SUCCESSFUL liar wins ! Does that mean judge is being misled and insurers are suckers?
Well, this world has many who has no integrity, when come to accident, their moral integrity is just down the drain. Of course, there are also those honest one and it make things easier for all.
My advice to my client is always report with integrity and we will assist.
Who is the greatest crook? First, the liar, then the workshop who probably taught the lady to lie, and then engage lawyer who acted to fight the case in court.
Who is the loser? All policyholders, as more fees has just been paid to the lawyer and workshop for the claims. Not the fault of the insurer, but the liar and surely something is wrong with the claims framework.
I got a client who met with an accident, and TP (the other party) lied and turn the report from minor road to main road situation when TP came out of minor road to hit OI (my client)'s car.
TP report it as parallel on main road and sued OI, and instead of being at fault, it become 50-50. Well, in the court of law, the judge see it as one man's word against the other.
SUCCESSFUL liar wins ! Does that mean judge is being misled and insurers are suckers?
Well, this world has many who has no integrity, when come to accident, their moral integrity is just down the drain. Of course, there are also those honest one and it make things easier for all.
My advice to my client is always report with integrity and we will assist.
Who is the greatest crook? First, the liar, then the workshop who probably taught the lady to lie, and then engage lawyer who acted to fight the case in court.
Who is the loser? All policyholders, as more fees has just been paid to the lawyer and workshop for the claims. Not the fault of the insurer, but the liar and surely something is wrong with the claims framework.
Wednesday, March 4, 2009
Successful LIAR can win accident claim
I noticed some time successful LIARS win a claim when they file an accident claim.
We can see that in an accident, integrity of a person went down the drain, even in situation when a victim died. They will lie until case is over.
It is very sad and very unfair to the deceased family members having to file civil suit.
There is no penalty for one filing such false report, even after investigation found them guilty and report is incorrect and pack of lies.
Problem is they normally got a fine and insurer pays the damage.
Worst, some time the LIAR is successful and win the case as well.
If the law will punish the liar motorist if found to be making false report, I am sure more motorist will not dare to lie in reporting.
Something is wrong with this aspect of accident reporting that the law should come hard on liars and people will think twice about twisting reports.
Perhaps GIA should work with the police on this aspect of false report, if proven.
We can see that in an accident, integrity of a person went down the drain, even in situation when a victim died. They will lie until case is over.
It is very sad and very unfair to the deceased family members having to file civil suit.
There is no penalty for one filing such false report, even after investigation found them guilty and report is incorrect and pack of lies.
Problem is they normally got a fine and insurer pays the damage.
Worst, some time the LIAR is successful and win the case as well.
If the law will punish the liar motorist if found to be making false report, I am sure more motorist will not dare to lie in reporting.
Something is wrong with this aspect of accident reporting that the law should come hard on liars and people will think twice about twisting reports.
Perhaps GIA should work with the police on this aspect of false report, if proven.
Sunday, March 1, 2009
Do not forget to put on seat belt when driving in Malaysia
The Malaysian traffic police have their eyes wide open to catch your rear sear passengers for not wearing seat belts. It is by per passenger that they will be fined. And obviously, you know how to get out of the situation. So beware if you are driving in Malaysia, do not forget to buckle up. By law, they are doing their duty but.....why risk getting fined.
Seat belt rule in Malaysia is harsher than what I thought - Jail term 1 year
(From their press release found in internet)
PETALING JAYA, MALAYSIA: The Road Transport Department (JPJ) and police will start issuing summonses from Jan 1 to all passengers for not wearing their rear seat belts.JPJ director-general Datuk Solah Mat Hassan said vehicle owners and passengers would be given a six-month grace period during which they would only be issued a compound of RM300 for not wearing their rear seat belts.
From July 1, drivers and passengers caught not using their seat belts would have to pay a fine of up to RM2,000, serve up to one year's jail or both under the Road Transport Act, said Solah.
Seat belt rule in Malaysia is harsher than what I thought - Jail term 1 year
(From their press release found in internet)
PETALING JAYA, MALAYSIA: The Road Transport Department (JPJ) and police will start issuing summonses from Jan 1 to all passengers for not wearing their rear seat belts.JPJ director-general Datuk Solah Mat Hassan said vehicle owners and passengers would be given a six-month grace period during which they would only be issued a compound of RM300 for not wearing their rear seat belts.
From July 1, drivers and passengers caught not using their seat belts would have to pay a fine of up to RM2,000, serve up to one year's jail or both under the Road Transport Act, said Solah.
Thursday, February 26, 2009
Medishield and private Shield Plans are important plans
I will quote to you 2 scenarios on how Private Shield Plans are basic important plan in life.
(Insured with Incomeshield)
( Scenario 1) - My own mother is now on kidney dialysis. If not for the fact that we have a few siblings, the burden can be heavy, even with Incomeshield in place. But Incomeshield is really the plan that cushion off the burden in large proportion for my family.
In Singapore, dialysis in a private dialysis centre cost about $2300 to $2700 depending on frequency and Erythropoietin medicine. Incomeshield Plan Basic pays for up to $2400 per month for dialysis.
Basic Medishield pays up to $1200 a month.
Only in particular for dialysis, one need to take a Private Shield Plan as Basic Medishield cannot meet the need of dialysis treatment.
Reason being in Singapore, there is no government restructure dialysis centre, and most are classified under private, which quite badly impacted basic medishield claim limit as well as some Private Shield Plan claim limit.
(Scenario 2) - If one has no Incomeshield it is really very hard. Yesterday, I brought my mother to visit a distant relative in Yong Peng, Malaysia, she was blinded by diabetes and kidney failed 6 years ago and now on kidney dialysis.
Life is tough in Malaysia, a session of dialysis cost RM220 and after discount is RM170. Twice a week. Erythropoietin drug injection cost another RM60 a week. total RM400 a week.
They live in Kampong, and the children has to bear this cost, which is rather hard on them.
We are fortunate in Singapore, that we have proper insurance scheme like Medishield or Private Shield Plan to help us. But the sad thing is people still do not see the reality of life.
Many people do not appreciate the reality of our blessedness in Singapore.
As I write this in my blog, there are people who will write to me that I am capitalising on my mother's case to sell insurance, can u imagine that? But I still feel the need to write.
(Insured with Incomeshield)
( Scenario 1) - My own mother is now on kidney dialysis. If not for the fact that we have a few siblings, the burden can be heavy, even with Incomeshield in place. But Incomeshield is really the plan that cushion off the burden in large proportion for my family.
In Singapore, dialysis in a private dialysis centre cost about $2300 to $2700 depending on frequency and Erythropoietin medicine. Incomeshield Plan Basic pays for up to $2400 per month for dialysis.
Basic Medishield pays up to $1200 a month.
Only in particular for dialysis, one need to take a Private Shield Plan as Basic Medishield cannot meet the need of dialysis treatment.
Reason being in Singapore, there is no government restructure dialysis centre, and most are classified under private, which quite badly impacted basic medishield claim limit as well as some Private Shield Plan claim limit.
(Scenario 2) - If one has no Incomeshield it is really very hard. Yesterday, I brought my mother to visit a distant relative in Yong Peng, Malaysia, she was blinded by diabetes and kidney failed 6 years ago and now on kidney dialysis.
Life is tough in Malaysia, a session of dialysis cost RM220 and after discount is RM170. Twice a week. Erythropoietin drug injection cost another RM60 a week. total RM400 a week.
They live in Kampong, and the children has to bear this cost, which is rather hard on them.
We are fortunate in Singapore, that we have proper insurance scheme like Medishield or Private Shield Plan to help us. But the sad thing is people still do not see the reality of life.
Many people do not appreciate the reality of our blessedness in Singapore.
As I write this in my blog, there are people who will write to me that I am capitalising on my mother's case to sell insurance, can u imagine that? But I still feel the need to write.
Friday, February 20, 2009
Stay Cool in event of an Accident
Some time in event of an accident, it can be frustrating and stressful.
I like to advice that in event of an accident, before vehicle is shifted away from scene, to try and take picture of the scene, if it does not cause danger to you.
I can only say that in this world, there are lots of great liars around.
Their report can turn from black to white and whatever colours they can too.
I have been handling claims liaising for clients with office, and some claims are just ridiculous.
Example,
1. My own brother, hit by a taxi coming out of minor road, the taxi driver reported my brother hit his taxi, speeding. It took me 3 years to use a lawyer to sue him and got some compensation for injury. Imagine my brother nearly died and the taxi driver has the conscience to report otherwise.
2. A client's car got hit, same by a car coming out from minor road, collided onto his side left rear back. I was asked to assist in private settlement, went to a workshop with client, but the other party do not want to pay, so we decided to claim insurance. Hold and behold, the other party initiate a claim with a writ of summon, and she ( imagine a lady ), reported that while her car was parallel on the road, my client's car, cut into her lane, result in her car collide into his side left rear back. Such lies will become a 50-50 case or even she winning the case.
But she is stupid not to realise I was with client at workshop and in court I can be called up as a witness. I told the client, yes, submit my name to the court and I will be there.
There are simply many scenarios. Just report any accident with integrity, if you are right, insurer will defend, if you are at fault, insure will pay the claims.
But bear in mind, some time the LIAR wins, even though you are RIGHT.
Just do not be too stressed, even if lost to a great LIAR.
I like to advice that in event of an accident, before vehicle is shifted away from scene, to try and take picture of the scene, if it does not cause danger to you.
I can only say that in this world, there are lots of great liars around.
Their report can turn from black to white and whatever colours they can too.
I have been handling claims liaising for clients with office, and some claims are just ridiculous.
Example,
1. My own brother, hit by a taxi coming out of minor road, the taxi driver reported my brother hit his taxi, speeding. It took me 3 years to use a lawyer to sue him and got some compensation for injury. Imagine my brother nearly died and the taxi driver has the conscience to report otherwise.
2. A client's car got hit, same by a car coming out from minor road, collided onto his side left rear back. I was asked to assist in private settlement, went to a workshop with client, but the other party do not want to pay, so we decided to claim insurance. Hold and behold, the other party initiate a claim with a writ of summon, and she ( imagine a lady ), reported that while her car was parallel on the road, my client's car, cut into her lane, result in her car collide into his side left rear back. Such lies will become a 50-50 case or even she winning the case.
But she is stupid not to realise I was with client at workshop and in court I can be called up as a witness. I told the client, yes, submit my name to the court and I will be there.
There are simply many scenarios. Just report any accident with integrity, if you are right, insurer will defend, if you are at fault, insure will pay the claims.
But bear in mind, some time the LIAR wins, even though you are RIGHT.
Just do not be too stressed, even if lost to a great LIAR.
Sunday, February 1, 2009
Car Rear Passenger seat belt campaign
Very interesting and creative rear seat belt campaign, play it and have a good laugh.....
Friday, January 2, 2009
Means testing starts on 1st Jan 2009
Those in B2 and C class wards will be asked to consent to checks on their income.
PATIENTS warded in B2 and C class wards in public hospitals from today will be means-tested to determine the level of subsidy they will get.
H ours of happy times with friends and family
A bundant time for relaxation
P rosperity
P lenty of love when you need it the most
Y outhful excitement at lifes simple pleasures
N ights of restful slumber
E verything you need
W ishing you love and light
Y ears and years of good health
E njoyment and mirth
A ngels to watch over you
R emembrances of a happy year!
Friday, November 7, 2008
Do not be a burden to the next generation
As I have written before, kidney dialysis cost about $2400 a month. The impact of dialysis a year is $28,800. This is not a small figure if it is for a year, but with the uncertainty of how many years one need dialysis, the impact is quite great if for 10 years, the cost can be $288,000 not counting other medication and followup treatment.
Most of the us may have only 1 or 2 children, some may have more, but will this be a big burden for them to bear in time of need? Or are we prepared with such cost?
Will the next generation be able to shoulder such unforseen situation? The answer is quite obvious, even if one can afford it, the cost is quite a concern.
Other kind of treatment will be cancer, stroke or heart problem, with long term treatment and medication, the cost can be quite high.
I am not trying to scare you, but from my own experience, I am thankful that I have at least an Incomeshield in place for my mother that can cushion off the bill, though the co-pay of 10% is still needed. And I have 5 siblings with me shouldering the cost, which with the Incomeshield is not a burden and I am very thankful that I insured her since 1994 for Incomeshield. Every month the cost of dialysis and other cost is $400 a month, this is far cry from $2400 if without Incomeshield.
How can we not be a burden to the next generation and to take care of our own needs?
Basically, I have been writing about the need for Vivolife Plan , a wholelife dread disease plan that covers any lost of live, permanent total disability or on diagnosis of specified 30 dread diseases.
Incomeshield or any Shield Plan will then be the most basic plan that every one should have. I can say, without a life plan is still not as bad, but without a Shield Plan is disastrous.
I hope you will consider to review your family's plans to cater to future needs, so as to have peace of mind and not to burden the next generation or come to a stage when financial problem will set in, in event of a chronic illness.
I am sorry to be so straight to the point on this, as my experience with my own mother, has opened me up deeper into helping others to plan better.
Many are willing to pay instalments of $1000 a month to pay for a car that will go to scrap yard in 10 years, but to set aside $200 a month or so in a good plan for the financial security and peace of mind of a lifetime, many are no so willing. Why?
Vivolife also has a limited premium term of 10 years, to cover one wholelife.
When you buy a car, it is so much more expensive and goes to scrap in 10 years, but with a fraction of your commitment, you are covered wholelife after paying premium for 10 years as well. Which can drive you further?
I hope you can see the reality and priority of such plan.
Most of the us may have only 1 or 2 children, some may have more, but will this be a big burden for them to bear in time of need? Or are we prepared with such cost?
Will the next generation be able to shoulder such unforseen situation? The answer is quite obvious, even if one can afford it, the cost is quite a concern.
Other kind of treatment will be cancer, stroke or heart problem, with long term treatment and medication, the cost can be quite high.
I am not trying to scare you, but from my own experience, I am thankful that I have at least an Incomeshield in place for my mother that can cushion off the bill, though the co-pay of 10% is still needed. And I have 5 siblings with me shouldering the cost, which with the Incomeshield is not a burden and I am very thankful that I insured her since 1994 for Incomeshield. Every month the cost of dialysis and other cost is $400 a month, this is far cry from $2400 if without Incomeshield.
How can we not be a burden to the next generation and to take care of our own needs?
Basically, I have been writing about the need for Vivolife Plan , a wholelife dread disease plan that covers any lost of live, permanent total disability or on diagnosis of specified 30 dread diseases.
Incomeshield or any Shield Plan will then be the most basic plan that every one should have. I can say, without a life plan is still not as bad, but without a Shield Plan is disastrous.
I hope you will consider to review your family's plans to cater to future needs, so as to have peace of mind and not to burden the next generation or come to a stage when financial problem will set in, in event of a chronic illness.
I am sorry to be so straight to the point on this, as my experience with my own mother, has opened me up deeper into helping others to plan better.
Many are willing to pay instalments of $1000 a month to pay for a car that will go to scrap yard in 10 years, but to set aside $200 a month or so in a good plan for the financial security and peace of mind of a lifetime, many are no so willing. Why?
Vivolife also has a limited premium term of 10 years, to cover one wholelife.
When you buy a car, it is so much more expensive and goes to scrap in 10 years, but with a fraction of your commitment, you are covered wholelife after paying premium for 10 years as well. Which can drive you further?
I hope you can see the reality and priority of such plan.
Tuesday, October 28, 2008
Understand what you have been sold
This bancassurance and financial product sold through the banks, need more supervision.
I have written before, go to the bank with your older relatives or educate them on the need to understand what is sold to them.
If mis-selling is to be probed further, other products will also surfaced.
Many years back, a client's mother age 56 walked into a bank and was sold Anticipated Endowment without her knowing it is an insurance product with phrase "auntie, u put $3000 a year and every three years u get $1000, isn't this better than interest?" Auntie signed up and on year two her daughter felt something is wrong and asked me, and I told her it could be an anticipated endowment, and true enough it was. How can a housewife age 56 be able to pay $3000 a year for next 15 years? She then realised she was sold an insurance product just like that. She ended up having the policy lapsed as she cannot afford the second year premium.
Just 3 weeks ago, my 57 year old client told me the same story, she went to U.. Bank and wanted to renew her FD, and was sold a 10 year endowment with 5 years limited premium , and premium is $10,000+ a year. When premium due notice arrive this month, she was caught, and asked me how she can afford $10K a year forward? I advised her to seek FIDREC since U.. Bank is not solving the problem for her, keep delaying.
Today, in the name of independent financial advice, some are reviewing policies of clients and in the name of financial planning and analysis are advising replacing of policies subtlely. Some riders may not be appropriate, but definitely not plans that have been inforce for a long time, even CPFIS Endowment plan has been advised by so call, Financial Advisor to be terminated, and reinvest to other plans. For whose interest when such policies are being churned?
These are but just some of the stories we heard every now and then, Mini Bond and High Notes are just the high points of events.
More has been misled but not knowing how to seek re-dress and have been suffering in silence by bancassurance and banks selling financial products.
My bank relationship manager called me for MiniBonds too, I was caught in a few restructured products before, don't laugh, you can see we ourselves can also be misled by the relationship managers. I have asked specific questions, but answer were pack of lies until I discovered too late from the fine prints, by then, they argue with me that it was not said and the fine prints stated it, in relation to 100%principle redemption if I terminate in between. It was really a lie, and I thought I can trust them then.
MiniBonds was recommended to me as bonds, but my question to her was how it can be 5.1% when coupon rate for most bonds are about 3%.
This time round, I was fortunate that I did not place money in the MiniBonds as I remembered the lies they told me before.
All of us have to bear in mind to plan with the interest of our client at heart. Especially for the more elderly. It is hard earned money that we should not hard earn from them. Recommend appropriate plan for the interest of policyholders.
I can only say, your sin will find you out.
I have written before, go to the bank with your older relatives or educate them on the need to understand what is sold to them.
If mis-selling is to be probed further, other products will also surfaced.
Many years back, a client's mother age 56 walked into a bank and was sold Anticipated Endowment without her knowing it is an insurance product with phrase "auntie, u put $3000 a year and every three years u get $1000, isn't this better than interest?" Auntie signed up and on year two her daughter felt something is wrong and asked me, and I told her it could be an anticipated endowment, and true enough it was. How can a housewife age 56 be able to pay $3000 a year for next 15 years? She then realised she was sold an insurance product just like that. She ended up having the policy lapsed as she cannot afford the second year premium.
Just 3 weeks ago, my 57 year old client told me the same story, she went to U.. Bank and wanted to renew her FD, and was sold a 10 year endowment with 5 years limited premium , and premium is $10,000+ a year. When premium due notice arrive this month, she was caught, and asked me how she can afford $10K a year forward? I advised her to seek FIDREC since U.. Bank is not solving the problem for her, keep delaying.
Today, in the name of independent financial advice, some are reviewing policies of clients and in the name of financial planning and analysis are advising replacing of policies subtlely. Some riders may not be appropriate, but definitely not plans that have been inforce for a long time, even CPFIS Endowment plan has been advised by so call, Financial Advisor to be terminated, and reinvest to other plans. For whose interest when such policies are being churned?
These are but just some of the stories we heard every now and then, Mini Bond and High Notes are just the high points of events.
More has been misled but not knowing how to seek re-dress and have been suffering in silence by bancassurance and banks selling financial products.
My bank relationship manager called me for MiniBonds too, I was caught in a few restructured products before, don't laugh, you can see we ourselves can also be misled by the relationship managers. I have asked specific questions, but answer were pack of lies until I discovered too late from the fine prints, by then, they argue with me that it was not said and the fine prints stated it, in relation to 100%principle redemption if I terminate in between. It was really a lie, and I thought I can trust them then.
MiniBonds was recommended to me as bonds, but my question to her was how it can be 5.1% when coupon rate for most bonds are about 3%.
This time round, I was fortunate that I did not place money in the MiniBonds as I remembered the lies they told me before.
All of us have to bear in mind to plan with the interest of our client at heart. Especially for the more elderly. It is hard earned money that we should not hard earn from them. Recommend appropriate plan for the interest of policyholders.
I can only say, your sin will find you out.
Tuesday, October 14, 2008
FIDREC
I have written before to go to the banks with your folks, and just last week, I have a client who was misled into buying an insurance product walking into one of the bank to renew her FIXED DEPOSIT.
One can seek redress from the insurer, but some time it is frustrating and no solution is given.
I am writing to you this avenue, in a way, you can also use this against me, if I fail you in the future.
Go to FIDREC website and seek resolution for such mis-selling, if you have folks who are being misled or mis-sold a product not of their understanding.
The website is at http://www.fidrec.com.sg/website/faq.html
The Financial Industry Disputes Resolution Centre Ltd (FIDReC) is an independent and impartial institution specialising in the resolution of disputes between financial institutions and consumers. FIDReC subsumes the work of the Consumer Mediation Unit (CMU) of the Association of Banks in Singapore and the Insurance Disputes Resolution Organisation (IDRO).
FIDReC provides an affordable and accessible one-stop avenue for consumers to resolve their disputes with financial institutions. It also streamlines the dispute resolution processes across the entire financial sector of Singapore.
FIDReC provides an affordable avenue for consumers who do not have the resources to go to court or who do not want to pay hefty legal fees. It is staffed by full-time employees familiar with the relevant laws and practices.
FIDReC was initiated by the financial sector to make its services more professional, transparent, customer focused and service oriented. It was officially launched on 31 August 2005 by Mr Heng Swee Keat, Managing Director of the Monetary Authority of Singapore.
Wednesday, September 10, 2008
Proper planning towards old age
With my mum's situation (kidney dialysis) and pre-mature decease of two clients last month, I wanted to write, but is difficult to pen.
I have finalised the claims for the deceased, and payout is fast and prompt.Settled.
These are facts of life that some time, we refuse to face the reality to plan.
1. Planning to care for parents and self as old folk ourselves in future to come (vivolife & Shield Plan)
2. Financial Planning covering liabilities ( assets and family needs)
3. Planning to meet contingencies in pre-mature death ( Family needs and children's education )
4. Retirement planning ( Long term medical need and self financial independence )
These are milestones in life. It embodies Protection, Savings, Health care and Retirement. Still the same 4 core needs of life.
I know it will hit hard, as I relate and unfold the story, but how to bring it out nicely, so as not to hurt the feeling but with reality, is a challenge.
I can write in one long email or divide into 4 topics, but it will be long and some time difficult to accept.
Can write and think until cow come home, but in reality, it is a responsibility to look into the interest of planning it well for my clients too.
I hope we can take a moment to consider our responsibility to our parents, family and self, not to burden the next generation. Is mind boggling but is necessary to ponder and plan for the minimum we can.
Sorry, life is not to be so gloomy, plan it essentially right and enjoy the life with your family.
Essentially back to basics.
I have finalised the claims for the deceased, and payout is fast and prompt.Settled.
These are facts of life that some time, we refuse to face the reality to plan.
1. Planning to care for parents and self as old folk ourselves in future to come (vivolife & Shield Plan)
2. Financial Planning covering liabilities ( assets and family needs)
3. Planning to meet contingencies in pre-mature death ( Family needs and children's education )
4. Retirement planning ( Long term medical need and self financial independence )
These are milestones in life. It embodies Protection, Savings, Health care and Retirement. Still the same 4 core needs of life.
I know it will hit hard, as I relate and unfold the story, but how to bring it out nicely, so as not to hurt the feeling but with reality, is a challenge.
I can write in one long email or divide into 4 topics, but it will be long and some time difficult to accept.
Can write and think until cow come home, but in reality, it is a responsibility to look into the interest of planning it well for my clients too.
I hope we can take a moment to consider our responsibility to our parents, family and self, not to burden the next generation. Is mind boggling but is necessary to ponder and plan for the minimum we can.
Sorry, life is not to be so gloomy, plan it essentially right and enjoy the life with your family.
Essentially back to basics.
Wednesday, August 27, 2008
Life is fragile
A client of mine suddenly passed away on 22nd August of cardio-respiratory failure.
When I was reading the papers in the morning, I was shocked to see him in the orbituary.He is at the peak of his career at age 54. A humble and successful engineer. He has a good family life.
He has been a happy policyholder of Income since 1989.
Life is fragile.
------------------------------------------------------------------------------------------------- Today, 27th August got an SMS from another client, her husband was knocked down at a pedestrian crossing yesterday and died.
A university lecturer in his 40's. It is very tragic. What is happening?
This reminds myself of the need to look after the financial security of our clients.
My heart goes to the families in this time of lost.
When I was reading the papers in the morning, I was shocked to see him in the orbituary.He is at the peak of his career at age 54. A humble and successful engineer. He has a good family life.
He has been a happy policyholder of Income since 1989.
Life is fragile.
------------------------------------------------------------------------------------------------- Today, 27th August got an SMS from another client, her husband was knocked down at a pedestrian crossing yesterday and died.
A university lecturer in his 40's. It is very tragic. What is happening?
This reminds myself of the need to look after the financial security of our clients.
My heart goes to the families in this time of lost.
Tuesday, August 12, 2008
Kidney Dialysis
The day that I dread that it should happen has happened.
I am not capitalising on this incident to sell you insurance.
My own mother has lapsed into need for kidney dialysis and will be discharged from hospital to start her dialysis in dialysis centre from tomorrow.
Many issues cropped up and it is an eye opener for me as I attempt to resolve them in the next few days.
I will probably write to share this experience with you once I have settled her down.
My concern has always been a Shield Plan is important, but it may not be enough but it surely cushion off a big bill and give the patient more peace of mind.
The renal nurse counselled the family that some simply do not have the means and has to be prepared for a painful death.
Sorry, I am not using this to solicit sales, but these 20 years in this industry, this is the second time I come across dialysis.
There are more to it than only insurance.
Life is fragile.
I am not capitalising on this incident to sell you insurance.
My own mother has lapsed into need for kidney dialysis and will be discharged from hospital to start her dialysis in dialysis centre from tomorrow.
Many issues cropped up and it is an eye opener for me as I attempt to resolve them in the next few days.
I will probably write to share this experience with you once I have settled her down.
My concern has always been a Shield Plan is important, but it may not be enough but it surely cushion off a big bill and give the patient more peace of mind.
The renal nurse counselled the family that some simply do not have the means and has to be prepared for a painful death.
Sorry, I am not using this to solicit sales, but these 20 years in this industry, this is the second time I come across dialysis.
There are more to it than only insurance.
Life is fragile.
Thursday, July 24, 2008
Public Service employee medical benefit under MSO Scheme
Many new public service employees who fall under MSO scheme, do not seem to understand that the 1% additional medisave paid to them is for them to take personal responsibility to take up a Shield Plan for hospital and surgical coverage. Many are sadly unaware of this and some end up hospitalised with no such plan in place to cushion off heavy hospitalisation needs.
Since 1994, when the MSO was introduced, NTUC Income and commercial insurers were asked to introduce a Shield Plan, but only NTUC Income is willing to underwrite and thus Incomeshield was offered. Many years after, commercial insurers find it viable and start to jump in to offer Shield Plans as well.
This is good as competition results in better Shield Plans today.
Following is excerpt taken from http://www.ps21.gov.sg/challenge/2007_01/staff/staff.html
Medical and life insurance – what every public officer should know
PUBLIC SERVICE MEDICAL BENEFITS
The prevailing medical benefit scheme in the Public Service is the Medisave-cum-Subsidised Outpatient (MSO) Scheme.Officers joining the Public Service after 1 January 1994 are placed on this scheme. Officers who were in service before this date are either on the Co-Payment on Ward Charges (CPW) or Comprehensive Co-Payment (CCS) scheme, where they will co-pay a portion of their inpatient and outpatient treatment in accordance with the co-payment percentage stipulated under each scheme.An officer under the MSO scheme enjoys medical subsidies, capped at $350 annually, for his outpatient treatment. He also receives an additional 1% Medisave contribution in lieu of inpatient subsidy.Unlike officers on the older CPW and CCS schemes who do not receive any benefits if they remain healthy, an MSO officer will receive the unused balance of his $350 outpatient entitlement and the 1% contribution, which are credited into his Medisave account, even if he remains healthy.
Since 1994, when the MSO was introduced, NTUC Income and commercial insurers were asked to introduce a Shield Plan, but only NTUC Income is willing to underwrite and thus Incomeshield was offered. Many years after, commercial insurers find it viable and start to jump in to offer Shield Plans as well.
This is good as competition results in better Shield Plans today.
Following is excerpt taken from http://www.ps21.gov.sg/challenge/2007_01/staff/staff.html
Medical and life insurance – what every public officer should know
PUBLIC SERVICE MEDICAL BENEFITS
The prevailing medical benefit scheme in the Public Service is the Medisave-cum-Subsidised Outpatient (MSO) Scheme.Officers joining the Public Service after 1 January 1994 are placed on this scheme. Officers who were in service before this date are either on the Co-Payment on Ward Charges (CPW) or Comprehensive Co-Payment (CCS) scheme, where they will co-pay a portion of their inpatient and outpatient treatment in accordance with the co-payment percentage stipulated under each scheme.An officer under the MSO scheme enjoys medical subsidies, capped at $350 annually, for his outpatient treatment. He also receives an additional 1% Medisave contribution in lieu of inpatient subsidy.Unlike officers on the older CPW and CCS schemes who do not receive any benefits if they remain healthy, an MSO officer will receive the unused balance of his $350 outpatient entitlement and the 1% contribution, which are credited into his Medisave account, even if he remains healthy.
Wednesday, June 25, 2008
Insurance for Kidney patient
My mum's kidney is now left with 10% kidney function and if it fails further kidney dialysis is needed.
My friend's mother is already on kidney dialysis.Each month, Incomeshield pays $2000 for the dialysis, and other cost that is beyond the cover can be up to $700 more in expenses.
Say what one like, wholelife plan, especially those with limited premium payment may be good for last stage of one's life.I have 3 Living Policy myself taken over the years when there was no limited premium payment plan then. In my old age, I will continue these policies, so that I will not be a burden to the next generation. I wish limited premium plan was available then.Premium can be high for wholelife, but it gives one peace of mind in old age.
This is what I see in my friend's mother and my own mother now.
Shield Plan is the most basic important plan to have.
A critical illness wholelife plan of appropriate amount will be helpful.
Why burden the next generation?
My friend's mother is already on kidney dialysis.Each month, Incomeshield pays $2000 for the dialysis, and other cost that is beyond the cover can be up to $700 more in expenses.
Say what one like, wholelife plan, especially those with limited premium payment may be good for last stage of one's life.I have 3 Living Policy myself taken over the years when there was no limited premium payment plan then. In my old age, I will continue these policies, so that I will not be a burden to the next generation. I wish limited premium plan was available then.Premium can be high for wholelife, but it gives one peace of mind in old age.
This is what I see in my friend's mother and my own mother now.
Shield Plan is the most basic important plan to have.
A critical illness wholelife plan of appropriate amount will be helpful.
Why burden the next generation?
Sunday, June 22, 2008
Giving Back to society
At the last AGM, if you look at the NTUC Income Annual report, it will reveal the Chairman and Director's fees. The fees are so low, and imagine the responsibility the Board shoulder in guiding the Co-operative forward.
I wonder why these group of professionals serve on NTUC Income Board that pays them so low a fee. I believe these group of men are giving their service back to society seating on the Board, especially the Chairman.
If you have attended the last AGM, you will feel the heavy responsibility this Board shoulders in bringing and guiding NTUC Income forward for the benefit of policyholders, despite the low director fees they receives.
The mission statements of the Chairman and CEO are as follows if you click on the link below or go to NTUC Income website.
- CEO's Statement on Bonus Re-structure
- Chairman's Speech at the AGM
- FAQ on Bonus Re-structure
I wonder why these group of professionals serve on NTUC Income Board that pays them so low a fee. I believe these group of men are giving their service back to society seating on the Board, especially the Chairman.
If you have attended the last AGM, you will feel the heavy responsibility this Board shoulders in bringing and guiding NTUC Income forward for the benefit of policyholders, despite the low director fees they receives.
The mission statements of the Chairman and CEO are as follows if you click on the link below or go to NTUC Income website.
- CEO's Statement on Bonus Re-structure
- Chairman's Speech at the AGM
- FAQ on Bonus Re-structure
Tuesday, June 3, 2008
Low Cost check up for Chronic Illness for age 40 to 49
Government has announced an initiative to provide low cost medical checkup for chronic illness like diabetes, hypertension, etc.
This is a good initiative, but before you jump into it, this is my advice.
At least 6 months before you decide to do it, review all your medical insurance and life insurance needs.
Medical insurance like the Shield Plan and your protection and especially the critical illness needs, before you decide to take the checkup.
Well and good, after the test, you are certified healthy, BUT, if something crop up, then it will be a problem to get insured especially for Shield Plan without exclusion.
Perhaps Ministry of Health and CPF Board should come together to offer the Shield Plan first before one takes up the test.
This is just my advice that if you intend to do the checkup, do your own review first.
This is a good initiative, but before you jump into it, this is my advice.
At least 6 months before you decide to do it, review all your medical insurance and life insurance needs.
Medical insurance like the Shield Plan and your protection and especially the critical illness needs, before you decide to take the checkup.
Well and good, after the test, you are certified healthy, BUT, if something crop up, then it will be a problem to get insured especially for Shield Plan without exclusion.
Perhaps Ministry of Health and CPF Board should come together to offer the Shield Plan first before one takes up the test.
This is just my advice that if you intend to do the checkup, do your own review first.
Thursday, April 24, 2008
Look like we cannot assume 2% inflation to plan for retirement.
Are we poised for retirement, assuming 2% inflation? Look like inflation rates has to be raised and figures re-worked if one is to retire comfortably.
Monday, March 17, 2008
CPFLife - Good retirement plan with Timeline Planning
Hot topic of CPFLife
The above estimated payouts are based on (a) estimated LIFE premiums for members who turn 55 years old in 2013, (b) entry into the CPF LIFE scheme at age 55, and (c) an interest rate of 4% pa for the Minimum Sum, with an additional 1% pa extra interest on the first $60,000 of CPF savings.
The estimated monthly payout from age 65 , with $134,000 in minimum sum.
The above estimated payouts are based on (a) estimated LIFE premiums for members who turn 55 years old in 2013, (b) entry into the CPF LIFE scheme at age 55, and (c) an interest rate of 4% pa for the Minimum Sum, with an additional 1% pa extra interest on the first $60,000 of CPF savings.
With the CPFLife forward, retirement fund after age 65 is clearer.
So if one need to take it easy from age 55 to 65, one will then need to plan to cover this gap for the next phase of retirement.
I have written on a subject Timeline planning, if you click on this Timeline Planning, it will lead you to the topic on how you can plot your assets, savings and investment to check your plans forward and to then know at a glance where your gap is and to plan to cover the gaps.
I think by doing a simple exercise of drawing a timeline, one should be able to see how far they have planned for their retirement and where their assets are positioned.
Friday, February 22, 2008
Are you prepared for your child's University fees?
Headlines
NTU to raise tuition fees by 4%
UNDERGRADUATE tuition fees at the Nanyang Technological University (NTU) are going up.Incoming students in the new academic year will have to pay an annual fee of $6,360 up about 4 percentage points from $6,100 last year, NTU said in a press release on Wednesday.
Varsities up tuition fees by 4% to 20% NUS, NTU, SMU to cushion effect with more financial aid and 'lock-in' system. -ST -->
TUITION fees at the three local universities will go up by between 4 per cent and 20 per cent for the new batch of undergraduates entering in August.
But to cushion their effect, all the varsities will introduce more financial help schemes, as well as a 'lock-in' fee structure first pioneered by the Singapore Management University (SMU), where students pay a set fee and will not be affected by future increases.
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.
SMU course fee a year is about $7500 a year back.
With purchase of laptop as well. That cost slightly above $10,000 in total then to start first year in the University.
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 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.
Will you need a study loan? Some parents will think why let the kid start life with debt to pay after the Uni.
Start a savings plan early.
NTU to raise tuition fees by 4%
UNDERGRADUATE tuition fees at the Nanyang Technological University (NTU) are going up.Incoming students in the new academic year will have to pay an annual fee of $6,360 up about 4 percentage points from $6,100 last year, NTU said in a press release on Wednesday.
Varsities up tuition fees by 4% to 20% NUS, NTU, SMU to cushion effect with more financial aid and 'lock-in' system. -ST -->
TUITION fees at the three local universities will go up by between 4 per cent and 20 per cent for the new batch of undergraduates entering in August.
But to cushion their effect, all the varsities will introduce more financial help schemes, as well as a 'lock-in' fee structure first pioneered by the Singapore Management University (SMU), where students pay a set fee and will not be affected by future increases.
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.
SMU course fee a year is about $7500 a year back.
With purchase of laptop as well. That cost slightly above $10,000 in total then to start first year in the University.
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 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.
Will you need a study loan? Some parents will think why let the kid start life with debt to pay after the Uni.
Start a savings plan early.
Friday, February 1, 2008
Think ! before you order your next fast food delivery
Experience counts. And young people just simply do not understand risk in their seeking for such fun.
My eldest daughter just passed her driving, and I will have her drive with me seating as passenger, and good thing my heart is still pretty strong otherwise I could end the trip with heart attack.
You can see that a new and young driver is not aware of speeding thrills but it kills. Their judgement is also poor, but many youngsters will dispute this once I stop writing.
The other point I feel very much to write about is young motorcyclist. The fatality of motorcyclist is very high and very young lives.
I ride a motorcycle myself and it is quite okie, but the way some drivers drive on the road is as if motorcyclist has no right to be on the road and of course on the other hand, some young riders are quite careless.
I wanted to discourage people from ordering fast food delivery as most are delivered by motorcyclist. When one rush on a motorcycle, it is very dangerous.
Can you sleep well if the poor delivery boy died while delivering your pizza or burger and he is someone's only child. Unless a proper safety is maintained, we should avoid ordering fast food delivery at the expense of a young life.
My eldest daughter just passed her driving, and I will have her drive with me seating as passenger, and good thing my heart is still pretty strong otherwise I could end the trip with heart attack.
You can see that a new and young driver is not aware of speeding thrills but it kills. Their judgement is also poor, but many youngsters will dispute this once I stop writing.
The other point I feel very much to write about is young motorcyclist. The fatality of motorcyclist is very high and very young lives.
I ride a motorcycle myself and it is quite okie, but the way some drivers drive on the road is as if motorcyclist has no right to be on the road and of course on the other hand, some young riders are quite careless.
I wanted to discourage people from ordering fast food delivery as most are delivered by motorcyclist. When one rush on a motorcycle, it is very dangerous.
Can you sleep well if the poor delivery boy died while delivering your pizza or burger and he is someone's only child. Unless a proper safety is maintained, we should avoid ordering fast food delivery at the expense of a young life.
Singapore in Year 2010 - ERP network widened
take a look into the future .......... Don't laugh! It may happen!!
Tuesday, January 1, 2008
Happy New Year 2008
The year 2007 has gone into history as we stepped into year 2008.
2008 begin a new challenge for all of us as we move forward leaving behind the past.
Insurance agent's existence is based on meeting the sales target annually, well, at least I know I will still be around for year 2008 to work for my existence in 2009. I will always strive to remain in this business as far as I can. Your continue support and referrals will be helpful to me.
I may not be able to meet most of your service expectation, and will surely be lacking in service in some areas, thank you for bearing with me, and I do apologise for my lapse in service some time.
Should you need to look into any plans for the year, please do not hesitate to contact me.
Your referrals to me all these years have been helpful in helping me to meet my annual sales requirement.
May I take this opportunity to wish you and family, joy happiness and good health.
Review your Personal Accident Riders and H&S Riders
I met up with a friend who shown me his life policy taken 31 years ago.
The wholelife policy issued by Company A, has a RCC, a Personal Accident Rider with it.
He was insured $50,000 for accident death and partial disablement and premium is $117.50.
You may think this premium is cheap, but 31 years ago, he has been paying faithfully until today.
Some products are simply cheaper today and coverage is wider.
Ntuc Income Personal Accident Policy with $50,000 for accident death and partial disablement with $1000 medical included is only $35 per year in premium.
Click Personal Accident to take a look.
If you wish to cover 14 infectious disease to include SARS, Bird Flu, Dengue Fever, etc, click PAID
The other rider worth reviewing is Convertible Term and Term riders.
If you have a Hospital & Surgical Rider and has no existing illness now, it is also better to look at Enhanced Incomeshield Plans that covers one wholelife.
Click at the hyperlink and make a comparison.
The wholelife policy issued by Company A, has a RCC, a Personal Accident Rider with it.
He was insured $50,000 for accident death and partial disablement and premium is $117.50.
You may think this premium is cheap, but 31 years ago, he has been paying faithfully until today.
Some products are simply cheaper today and coverage is wider.
Ntuc Income Personal Accident Policy with $50,000 for accident death and partial disablement with $1000 medical included is only $35 per year in premium.
Click Personal Accident to take a look.
If you wish to cover 14 infectious disease to include SARS, Bird Flu, Dengue Fever, etc, click PAID
The other rider worth reviewing is Convertible Term and Term riders.
If you have a Hospital & Surgical Rider and has no existing illness now, it is also better to look at Enhanced Incomeshield Plans that covers one wholelife.
Click at the hyperlink and make a comparison.
Sunday, November 4, 2007
40 years of his Medisave wiped out in 3 months
40 years of his Medisave wiped out in 3 months
This was the headline as regard to a man who did not insure his daughter for medical insurance, and unfortunately ovarian cancer strikes and medical bills wiped out his medisave.
I have always cautioned and written about this, though it can be sensitive issue, but let's face it, Shield Plans are important, if a need arise.
My advice remains, do not procastinate, do not compare until it is too later.
Take ACTION !
I have placed many examples, actual bills in previous postings for your information. I believe in educating you with real life examples. Look at that one with bone marrow transplant for a boy.
The common notion as written in the report.
Case 1
He thought they didn't need it
'I don't know how I'm going to pay. This is my fault. It never occurred to me to buy my children health insurance. I didn't think they'd fall seriously ill.'
MR MOHAMMAD ABDULLAH, whose daughter Siti Aishah was diagnosed with ovarian cancer.
Case 2
They waited too long
'We were planning to get insurance for the children but always procrastinated. After our daughter's illness, we wasted no time buying health insurance for both our children.'
MOTHER OF A SEVEN-YEAR-OLD who contracted leukaemia
Thursday, September 27, 2007
Do not any how leave Motor Claims to workshops you are not familiar with
Do not any how leave claims to workshop that engages lawyers to claim against insurer.
It is better to consult the insurer in event of claims and use workshop refered by insurer, unless you are 100% sure of your own workshop contact.
Some time in event of an accident, we want to insist on our rights, if it is a small matter, it is better to let it rest and bite the bullet. Especially so when you meet a greater liar, who can write and turn the report from white to black.
Leave the liability to insurers to mitigate.
It is useful to have a plan with NCD protection ( for 50% NCD only ) clause and hang loose and let the insurer handle the liability part, if liability is not clear.
Many complain the inconvenience of IDAC, infact, that is the contact point for insurers that join IDAC, and is good, as all reports will be transmitted to insurer concerned when an accident is reported.
I would like to send my advice as follows again.
-------------------------------------------------------------------------------------
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 any accident, first, stay COOL. Send car to the Independent
Accessment Center ( 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.
Summary
1. If it is your fault.
Your job is just to send the car 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 him 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.
This is just some information 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 if it is not your fault.Send such writ of summons to us and stay COOL.
Happy Driving.
Wednesday, September 12, 2007
Good Public Spirit
This morning at 10.15 am, I received a call from a lady informing me that my mother has fallen in Fu Lu Shou Complex.
I was worried and ask her to let me speak to my mother and she passed her mobile phone to her for me to speak to my mother. I hear that she was quite weak and speech slur. I feared for the worst, asked the lady to do me a favour to call an ambulance to send her to hospital for me and to call me back where she will be sent to.
I must thank this lady whose public spirit has helped me to send my mother to hospital on time to be given the treatment for her low sugar level and hypertension. She is a diabetes patient.
When I reach the scene ambulance was already gone, so I called 995 to trace and was able to trace to rush to TTSH and found her there well and recovering.
In TTSH emergency ward, she was stabilised quite fast and attended to by the doctor to be warded for observation. The hospital could trace her condition quite fast, as I suppose there is a central data for extracting.
We should all be thankful that Singapore has such excellent emergency service and kind people around.
_____________________________________________________________________________________
We thought we should laminate a piece of contact card for her, because she told us thank God she could remember home number in her dazed condition.
My siblings asked what if the kidnapper or crooks got hold of the contact card and demand ramson, our common stand is ask the kidnapper to keep her and we will deliver the ramson too..... ; )
It was really a very eventful day, with all this and earth quake tremors thrown in yesterday.
I was worried and ask her to let me speak to my mother and she passed her mobile phone to her for me to speak to my mother. I hear that she was quite weak and speech slur. I feared for the worst, asked the lady to do me a favour to call an ambulance to send her to hospital for me and to call me back where she will be sent to.
I must thank this lady whose public spirit has helped me to send my mother to hospital on time to be given the treatment for her low sugar level and hypertension. She is a diabetes patient.
When I reach the scene ambulance was already gone, so I called 995 to trace and was able to trace to rush to TTSH and found her there well and recovering.
In TTSH emergency ward, she was stabilised quite fast and attended to by the doctor to be warded for observation. The hospital could trace her condition quite fast, as I suppose there is a central data for extracting.
We should all be thankful that Singapore has such excellent emergency service and kind people around.
_____________________________________________________________________________________
We thought we should laminate a piece of contact card for her, because she told us thank God she could remember home number in her dazed condition.
My siblings asked what if the kidnapper or crooks got hold of the contact card and demand ramson, our common stand is ask the kidnapper to keep her and we will deliver the ramson too..... ; )
It was really a very eventful day, with all this and earth quake tremors thrown in yesterday.
Sunday, September 2, 2007
What type of Annuity is better?
Annuity is a hot topic lately.
1. One should consider to use their CPF Minimum Sum to do the Annuity Plan.
2. If one has spare cash, one should use spare cash to do the Annuity and leave the
CPF Minimum Sum for draw down. This is good for those who are cash rich.
3. I hope the government will exempt those from compulsory annuity, if one has taken
up at least a cash annuity or Annuity using the CPF Minimum Sum.
Ntuc Income Annuity is a participating Annuity Plan and it offers better pay out. You can read this from the report in Straits Times, of the couple, whose husband gave up the Annuity and regretted, but his wife's annuity with Ntuc Income have given her very good payout to date. A comparison of the annuity plans of various companies appeared in the papers some time back as well, as pasted below.
1. One should consider to use their CPF Minimum Sum to do the Annuity Plan.
2. If one has spare cash, one should use spare cash to do the Annuity and leave the
CPF Minimum Sum for draw down. This is good for those who are cash rich.
3. I hope the government will exempt those from compulsory annuity, if one has taken
up at least a cash annuity or Annuity using the CPF Minimum Sum.
Ntuc Income Annuity is a participating Annuity Plan and it offers better pay out. You can read this from the report in Straits Times, of the couple, whose husband gave up the Annuity and regretted, but his wife's annuity with Ntuc Income have given her very good payout to date. A comparison of the annuity plans of various companies appeared in the papers some time back as well, as pasted below.
Monday, August 27, 2007
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.
Sunday, August 26, 2007
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.
Monday, August 20, 2007
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?
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?
Wednesday, August 15, 2007
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.
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.
Friday, August 10, 2007
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.
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.
Tuesday, July 31, 2007
Important to cover the Deductible and Co-insurance gap
All Shield Plans has Deductible and Co-insurance, one should understand the impact of these and takes up appropriate rider to cover the gap.
For those who may have employer medicable benefit, they may not think this is necessary, but if sixth sense tells you some illness is befalling, please consider to have such rider in place.
Incomeshield Plus Rider is one such rider, for Incomeshield Plan.
Other insurers have their own rider plan to be offered as well.
My advice is to cover the gap.
1. Plan Basic that pays for a long stay in KKH
(Double Click on the bill image to get full details of the bill)
This is a case of 44 days stay in KKH hospital for a bone marrow tranplant procedure.
The whole bill of $20,848 was cushioned off and policyholders pays only $2377.42
The Deductible is cumulative over the policy year, and it has been taken care of in earlier hospital bill.
So in event of large bill, and insured that stays in lower ward or the ward of the plan, will be covered well by the Shield Plan.
2.Plan Basic can cushion high bill
(Double Click on the bill image to get full details of the bill)
This bill is an operation due to a traffic accident done at Gleneagles and was insured with Enhanced Incomeshield Plan Basic.
Total operation cost $21,551.48 and Incomeshield Plan Basic pays $7898.17 ( after minusing Deductible $2000 and 10% co-insurance from $10,775.74 )
For large bills, it can cushion off quite a sum.
This policyholder has another H&S plan that pays about $3000.
3.Impact of inappropriate Shield Plan for Private Hospital care
(Double Click on the bill image to get full details of the bill)
I have a client who have an Enhanced Incomeshield Plan Basic but went for a hysterectomy operation at Gleneagles.
Without Plus Rider, the Deductible and Co-insurance will impact on such bill.
My intention to write about this is to let you know that if you did not take the right plan for the right medical care, the bill to be settled can be disappointing.
Whole operation and stay in hospital in Gleneages cost $5001.64
Pro-ration for staying in Private Hospital for Plan Basic is 50%, meaning all items will be computed as 50% of bill.
So the bill is taken as $2500.82.
Plan B Deductible = $2000
Balance = $500.82, 10% co-insurance for this = $50.08
This Incomeshield pays $450.74 for this claim.
If Policyholder has the Incomeshield Plus Rider, the claim will be $2500.82
I would encourage most to take the Incomeshield Plus Rider to make the plan cover the Deductible and Co-insurance if one has no other coverage.
In this case, she has another H&S plan which will pay the bill.
For such private hospital care, it is best to have Plan Prefered with Plus Rider in place to make it a fully paid plan. If this is in placed, the full $5001.64 will be fully paid plus pre & post hospital bills.
Thursday, July 19, 2007
No minimum pay needed for new credit card
A RADICALLY new type of credit card with no minimum income requirement and just $500 in credit has arrived in Singapore.
Is this radical or ridiculous?
The Straits Times cartoon depict something that is real and can be quite an issue as students start to live on credit and interest roll over.
Should this be encouraged? Will holding such a credit card be then a trend among the students?
I hope the authority and MOE will look into this.
Should we start to allow our children to start living on credit at such a young age?
Is this radical or ridiculous?
The Straits Times cartoon depict something that is real and can be quite an issue as students start to live on credit and interest roll over.
Should this be encouraged? Will holding such a credit card be then a trend among the students?
I hope the authority and MOE will look into this.
Should we start to allow our children to start living on credit at such a young age?
Thursday, July 12, 2007
Can you afford to stay too low a ward to be given proper care in restructured hospital?
My brother unfortunately, last year had a motor accident and sent to Alexandra Hospital and warded in C ward.
After some weeks was discharged. He went through theraphy but still was in pain.
We thought he was pretending and did not pay attention to him.
Alexandra Hospital doctor told him, his injury cannot be operated on.
After one year of pain, he sought an Orthopaedic surgeon in Gleneagles.
The surgeon discover the injury was actually more than what Alexandra Hospital found.
He had another fracture not discovered and that caused the pain for so long.
He under went the operation and cost $21,000 plus as in earlier posting on the bills.
Is C ward patient so lightly treated, because the patient is seen as poor?
I am quite surprised that AH doctor told him, he cannot be operated on, but when refered to private hospital, more injury was found and he could be operated on.
Is this a lapse on Alexandra Hospital doctor? Or is it because he is a C ward patient?
After the operation, his pain ceased and he could raise the two arms which was not able to be raised before operation at Gleneagles and AH doctor told him his condition cannot be operated on then.
Is this skill of surgeon or money talks?
After some weeks was discharged. He went through theraphy but still was in pain.
We thought he was pretending and did not pay attention to him.
Alexandra Hospital doctor told him, his injury cannot be operated on.
After one year of pain, he sought an Orthopaedic surgeon in Gleneagles.
The surgeon discover the injury was actually more than what Alexandra Hospital found.
He had another fracture not discovered and that caused the pain for so long.
He under went the operation and cost $21,000 plus as in earlier posting on the bills.
Is C ward patient so lightly treated, because the patient is seen as poor?
I am quite surprised that AH doctor told him, he cannot be operated on, but when refered to private hospital, more injury was found and he could be operated on.
Is this a lapse on Alexandra Hospital doctor? Or is it because he is a C ward patient?
After the operation, his pain ceased and he could raise the two arms which was not able to be raised before operation at Gleneagles and AH doctor told him his condition cannot be operated on then.
Is this skill of surgeon or money talks?
Thursday, June 28, 2007
Withdrawal age of CPF minimum sum may be raised to 65
There is a saying, money is not everything but everything is money.
I may not live to age 65, but at least I know how I will fare before age 65 if I plan. The time line chart I posted earlier will now be useful to plot the retirement path.
Time to re-look at retirement needs.
I may not live to age 65, but at least I know how I will fare before age 65 if I plan. The time line chart I posted earlier will now be useful to plot the retirement path.
Time to re-look at retirement needs.
Thursday, May 24, 2007
I have promised to write on the Settlement of my brother's accident operation - his plan is an Enhanced Incomeshield Plan Basic without Plus Rider
I have always felt that Incomeshield or any Shield Plan is an essential basic need for everyone, including child.
Last year, my brother was involved in a motor accident, he had fractured collar bones and was in pain for a year. Restructured hospital doctor told him they are not able to operate on him.
Last month, he found out a private orthopaedic surgeon in Gleneagles who is able to operate to correct the bones for him,
He underwent the 4 surgical operating procedures as in the attached bill (click on it to see the detail and the total cost is $21,551.48.
As his Incomeshield is the Enhanced Incomeshield Plan Basic, there is a pro-ration factor of 50%.
Thus the bill is computed to be $10,775.74 to be paid.
Deductible for Plan Basic is $2000, thus minus $2000 = $8775.74
There is a Co-insurance ( 10% ) = $877.57.
After minusing Deductible and Co-insurance , Incomeshield Plan Basic paid $7898.17
I have done another small H&S plan then to cover the deductible and co-insurance, in earlier days, the Incomeshield Plus Rider is not available. This plan will reimburse another $2410.
If Incomeshield Plus Rider is inforce, the plan should pay in total $10,775.74.
My intention to highlight this real case study is to share with you, that in event of big medical bill, Incomeshield or any private medical shield will be helpful.
If he has Plan Prefered, the bill will be covered more substantially.
My advice is still have a Shield Plan, and have one is better than nothing.
His civil case is pending court settlement, as I have engaged a lawyer to sue the taxi driver who hit him.
Sunday, May 13, 2007
Bear a thought for the life of motorcylist
What has happened to road safety in Singapore today?
It is sad to read of the father and daughter on motorcycle, died in accident last Saturday.
Is there attitude problem in driving or has more drivers been having poor judgement on the road?
It is sickening to know that there are some motorists who simply should not be driving at all.
1. Motorist today has poor lane discipline, resulting in many not keeping safety distance between cars.
2. There are many who imagine they are grand prix driver tailing even a car that is moving on at 90km/h.
3. In merging lane condition, such motorist must be ahead.
4. Motorist when tailing behind motorcyclist, will not bother about the speedometer, until they overtook motorcyclist.
5. Motorist who cannot even allow motorcylist riding on lane 4 (extreme left lane) of highway and attempt to over take by the left, squeezing between road shoulder and lane 4 of motorcylist.
.....etc.
There are many other scenarios. In wet weather condition, motorcyclist is even more exposed.
Please be patience and bear a thought for motorcyclist.
Give motorcyclist space to manoeuvre.
Treat that motorcyclist as one of your friend or even your relative.
Insurance will pay for the mistake of a driver,but it will never bring back the life of victim and the lost to their family.
Let's please drive with loving kindness, bearing a thought for the family of each other.
It is sad to read of the father and daughter on motorcycle, died in accident last Saturday.
Is there attitude problem in driving or has more drivers been having poor judgement on the road?
It is sickening to know that there are some motorists who simply should not be driving at all.
1. Motorist today has poor lane discipline, resulting in many not keeping safety distance between cars.
2. There are many who imagine they are grand prix driver tailing even a car that is moving on at 90km/h.
3. In merging lane condition, such motorist must be ahead.
4. Motorist when tailing behind motorcyclist, will not bother about the speedometer, until they overtook motorcyclist.
5. Motorist who cannot even allow motorcylist riding on lane 4 (extreme left lane) of highway and attempt to over take by the left, squeezing between road shoulder and lane 4 of motorcylist.
.....etc.
There are many other scenarios. In wet weather condition, motorcyclist is even more exposed.
Please be patience and bear a thought for motorcyclist.
Give motorcyclist space to manoeuvre.
Treat that motorcyclist as one of your friend or even your relative.
Insurance will pay for the mistake of a driver,but it will never bring back the life of victim and the lost to their family.
Let's please drive with loving kindness, bearing a thought for the family of each other.
Thursday, May 10, 2007
Best Kept Secret
Free Ntuc Fairprice Vouchers promotion for Growth Policy ending on 30th June 2007.
You may use cash, CPF or SRS for the plan.
$200 Fairprice Vouchers for $20,000 cash, placed in Growth Policy.
Maturity re-investment case, enjoys 20% more vouchers.
A client placed $100,000 maturity re-investment and is entitled to $1200 Ntuc Fairprice vouchers. Too good a deal to be missed. Promo up to 30th June 2007.
Hit & Run accident?
Few months back, I shared about a boy rushing across the road, and collide onto my motorcycle carriage box.
This is the first time I met with an injury accident, so to speak.
When the boy collided onto my carriage box, my reaction was his condition. I saw that his forehead was red, indicating he head onto my carriage box.
My concern is if he has head injury. This is a case of his mother rushing across the road with two children and did not hold on to this boy and he just rush ahead without observing traffic, following his mother, dashing across.
I need to do a judgement call, and decided that I have to call an ambulance, with knowledge that is will be a police case.
As long as there is injury, as a motorist, one has to go through the hassle of police investigation, I had gone through that.
But I had peace of mind that I followed correct procedure. So in event of such injury case, call ambulance, and then contact police to send a traffic police officer to clear the case at scene.
I am thankful I had an eye witness willing to give statement on site.
I was requested to report to traffic police headquarter to meet up with investigating officer then, which I did after being cleared from scene.
My experience with this accident is valuable to me.
So my advice is if there is injury case, do not move off, call police to scene to clear accident instead of driving off.
This case the mother concern did not want me to call ambulance and want to move on, but I insist for the child's injury to be looked at and called ambulance.
Moral of my sharing is, if there is injury, lots of hassle, but report accordingly for peace of mind.
This is the first time I met with an injury accident, so to speak.
When the boy collided onto my carriage box, my reaction was his condition. I saw that his forehead was red, indicating he head onto my carriage box.
My concern is if he has head injury. This is a case of his mother rushing across the road with two children and did not hold on to this boy and he just rush ahead without observing traffic, following his mother, dashing across.
I need to do a judgement call, and decided that I have to call an ambulance, with knowledge that is will be a police case.
As long as there is injury, as a motorist, one has to go through the hassle of police investigation, I had gone through that.
But I had peace of mind that I followed correct procedure. So in event of such injury case, call ambulance, and then contact police to send a traffic police officer to clear the case at scene.
I am thankful I had an eye witness willing to give statement on site.
I was requested to report to traffic police headquarter to meet up with investigating officer then, which I did after being cleared from scene.
My experience with this accident is valuable to me.
So my advice is if there is injury case, do not move off, call police to scene to clear accident instead of driving off.
This case the mother concern did not want me to call ambulance and want to move on, but I insist for the child's injury to be looked at and called ambulance.
Moral of my sharing is, if there is injury, lots of hassle, but report accordingly for peace of mind.
In event of injury in motor accident - engage a lawyer
My brother was hit by a taxi while riding his scooter on the road last year.
Then, I thought matter is simple and called the taxi insurer (Not NTUC INCOME)to enquire if they wish to do direct settlement.
As I do not get a reply, I decided to engage a lawyer to handle the claim and good thing I did.
In event of injury case, it is best to engage a lawyer.
It is advisable to look for lawyer who specialise in such accident injury claim.
I was refered to 3 lawyer firms by Ntuc Income and I engaged one of them and so far the case is successful against taxi driver, though the taxi driver reported otherwise.
The case is now pending settlement against taxi insurer.
Then, I thought matter is simple and called the taxi insurer (Not NTUC INCOME)to enquire if they wish to do direct settlement.
As I do not get a reply, I decided to engage a lawyer to handle the claim and good thing I did.
In event of injury case, it is best to engage a lawyer.
It is advisable to look for lawyer who specialise in such accident injury claim.
I was refered to 3 lawyer firms by Ntuc Income and I engaged one of them and so far the case is successful against taxi driver, though the taxi driver reported otherwise.
The case is now pending settlement against taxi insurer.
Wednesday, May 9, 2007
Review Your Old Policy Riders
I met up with a friend who shown me his life policy taken 31 years ago.
The wholelife policy issued by Company A, has a RCC, a Personal Accident Rider with it.
He was insured $50,000 for accident death and partial disablement and premium is $117.50.
You may think this premium is cheap, but 31 years ago, he has been paying faithfully until today.
Some products are simply cheaper today and coverage is wider.
Ntuc Income Personal Accident Policy with $50,000 for accident death and partial disablement with $1000 medical included is only $35 per year in premium.
Click Personal Accident to take a look.
If you wish to cover 14 infectious disease to include SARS, Bird Flu, Dengue Fever, etc, click PAID
The other rider worth reviewing is Convertible Term and Term riders.
If you have a Hospital & Surgical Rider and has no existing illness now, it is also better to look at Enhanced Incomeshield Plans that covers one wholelife.
Click at the hyperlink and make a comparison.
The wholelife policy issued by Company A, has a RCC, a Personal Accident Rider with it.
He was insured $50,000 for accident death and partial disablement and premium is $117.50.
You may think this premium is cheap, but 31 years ago, he has been paying faithfully until today.
Some products are simply cheaper today and coverage is wider.
Ntuc Income Personal Accident Policy with $50,000 for accident death and partial disablement with $1000 medical included is only $35 per year in premium.
Click Personal Accident to take a look.
If you wish to cover 14 infectious disease to include SARS, Bird Flu, Dengue Fever, etc, click PAID
The other rider worth reviewing is Convertible Term and Term riders.
If you have a Hospital & Surgical Rider and has no existing illness now, it is also better to look at Enhanced Incomeshield Plans that covers one wholelife.
Click at the hyperlink and make a comparison.
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