Independent financial advice

Went to meet a client of mine to review her plans.I am disgusted with so call Independent Financial Planner who advise policy value is not good and to consider to take better plan.

Older insurance plans are under higher bonus scheme than new product in the market today.

This is not the first time I come across such. Many are doing review to provide alternative for self interest. A friend went to see a so call independent financial adviser. End up surrendering many policies including one maturing in 6 years. She told me the financial adviser just summarise and offer his views but did not sell her any plan but refer her to another financial planner for her alternative. I asked if they are related and was told is IFA's wife. How blinded ? When some one summarise your plans make sure you know your plans or talk to the person who did it for you. Independent adviser ? Think again. I am amazed at some people's ethics.

Please think again when an independent financial planner advise your old insurance plans as "not good" policy.

Medishield Life

Pioneer Generation advertisement and video clips have been produced to explain the various benefits for pioneer generation which is good. One area of understanding I like to focus on is perhaps the Medishield Life. I am concern because many who have the private medical insurance Shield Plans may terminate it and go to MediShield Life. Especially when it is said, for those above age 80 is free, 100% paid by government. Medishield Life, if information on term and condition, when released, I would think would be close to the current basic Medishield Plan with some improvement. I am sounding a caution because my mother is above 80 this year. Fortunate to just qualify for the free premium. All the current Shield Plans, Incomeshield, Myshield, PruShield, Supremehealthshield, etc, consist partly of the basic medical within it to form the base of the plan. Currently when I pay IncomeShield Premium for my mother, part of the premium insurer collects is paid to CPF Board for the Basic Medishield Premium, as the latter forms part of the IncomeShield Plan, same for other private medical shield plans. This is why when a shield plan is cancelled it falls back to become Basic Medishield Plan. I am paying about $1600 annual premium for my mum's Plan B. With the coming free premium for Medishield Life, I hope part of the premium will be discount, I think should be for this group of citizen who has private shield plan. Some may think then why carry on with private medical insurance shield plans? I think the Medishield Life plan may be catering up to level of coverage similar to Basic Medishield with some improvement, but I need to be careful with switchning my mother down to Medishield Life. My mother is a kidney dialysis patient that need dialysis thrice weekly and cost $2700+ a month which IncomeShield pays $2400+. If Medishield Life is introduced and kidney dialysis claim benefit limit is $1200 then the impact will be obvious for my mum. I should not switch her. So far this is my point which I hope you can see where I am coming from. I hope you can understand my point. Nothing to do with asking you to remain in Shield Plan but just in case if you have old folks who wish to switch by then, look at the limit of coverage when plan is more firm. I am unlikely to switch plan for my mother. This is just my personal view that I thought I like to share with you looking forward to the MediShield Life to be introduced. At least I am hopeful my mum's premium will be halved being a pioneer generation.

The day I lost my first molar

I had my molar cracked few days back, and finding dentist to extract is an experience. My lower first molar was cracked into half when I ate almond nut, nut never crack molar cracked into two.


My dentist do not do extraction and option was to go Singhealth dental clinic or private dentist to extract. It will be costly as it is molar and may need surgery. All government dental clinic is so fully booked till 10 June as my tooth need immediate extraction before bacteria set in to cause pain.

Finally, I was refered to walk in to KTPH hospital dental department and was thankful, they took me in and did an extraction for me. I was fortunate that the tooth came out nicely without need for surgery and cost was minimal.

A simple incident like this, though unable to claim insurance, sets me thinking if we are prepared for eventualities.

Medical care is so expensive that some time I pity those who are not able to afford or are not prepared, has to bear the pain to wait or even not able to seek treatment on time.

Are we covered with the appropriate plans and saved enough to meet future needs ?

I have written many times that critical illness plan and integrated Shield Plans are important and the SHIELD PLAN is the basic NEED that everyone should have.

I have also written about timeline planning, how we should consolidate our plans in a spreadsheet so that we know where our assets are and the which year the maturities are due.

I am sure many of you are covered well and many of my more senior clients are beginning to rip the returns of their many endowment plans maturing this period forward.

SRS are also being used to plan for Growth Plan previously and some are maturing now and to be reinvested. Some will continue to contribute SRS as a means to save income tax and also to meet future needs.

Perhaps this is the time to review your position and to see if there are needs to meet and to plan.

Happy to be able to survive in this industry for 25 years and moving forward to do what I can to serve your needs.

Delivered a big claim cheque for cancer to my client today who wanted to give me a big Ang Pow for CNY which I kindly rejected asking her to keep for her medical needs. It is also my job to assist in claiming. What surprised me was her other policy which company A rejected that I am now assisting to mitigate. My advice is those with old critical illness plan especially from NTUC INCOME should maintain it. Old plans critical illness claim definition is simpler.

Critical illness plan from 90's term and condition are different from latter plans. And the trend now is towards limited premium term plan, well and good but do not throw away old plans especially those done by parents for child when they were young. Old plans may not have limited premium term but it had automatic premium loan term which I can exercise not to pay premium in old age, and when a claim sets it, all bonuses will still be added before minusing premium loan. Very technical but maintain old plans. Buy additional new plan to supplement. Sad that there are unethical advice for self interest.

This client bought the plan in 1995 and nothing else since. She was surprised I am still around today to assist in her claim. Basically if you want an agent to service you long term, make sure the agent survive the length of years. Agent needs recurring new business every year to carry on, so new business every years on is important, needing to build a base to sustain our existence.

We do work like a horse.