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Are You Reading Or Hearing Your Guarantees?

If you are a person who are into fixed deposit offered by financial institutions or into those kind of single premium savings plan offered by insurance companies, I do have a question to ask you and that is

“Are you the kind who read your Benefit Illustration carefully especially on the Guaranteed and Projected Returns or just those who hear out from the Planner and make a purchase from there?”

The danger is here, if you are sold by the Planner based on the verbal recommendations that the plan is a Guaranteed one and in no way that it’s stated in the Proposal or Benefit Illustration. After you have signed it and at end of the term, the plan does not performed as what the Planner has stated, you will hold your own responsibilities and you have no one – even the Planner to blame for.

A Real Life Case Scenario Of Verbal Recommendation

I happen to come across this very simple couple who are having their Five Year Single Premium Endowment Plan maturing soon and would like to have a recommendation on a similar type of Plan as offered by my company.

They happened to see an advertisement in one of the roadshows that features a higher return as compared to the one that they had and would like a further clarification on it.

They were very happy with the maturity returns and with the plan that they once had. But upon seeing that advertisement from my company, they were tempted to make a comparison…

I shared with them that our Plan is similar to the plan that they once had. I printed out the benefit illustration, and explained that at the end of the term, they will have the Guaranteed Return, and the final value will be based between a projected return based on a 3.75% return of investment and another based on a 5.25% return of investment.

Is The Return From Your Single Premium Plan Really Guaranteed?

Then The Debate Of Discussion Started…

Read More »Are You Reading Or Hearing Your Guarantees?

Should You Keep Your Dependent Protection Scheme (DPS)?

This month is one of the few times in the year whereby some PolicyHolders get the letter from our company to notify that their Dependent Protection Scheme or DPS is due for renewal and that they should make sure that their CPF-Ordinary and/or Special account still has sufficient fund to pay for the premiums.

The Issue With People Whom Understand The Plan

Sometimes I feel that Ignorance is Bliss is a better choice because after most PolicyHolders know what is the Dependent Protection Scheme all about, most of them decide to opt-up for the plan… citing the two common reasons like:

  • Premium paid is down the drain
  • Nothing will happen to me before age 60

Without ever considering the positive side – a low premium for a high sum assured or how useful this lump sum of money is to the family in times of need.

What Is Dependent Protection Scheme All About Then?

Read More »Should You Keep Your Dependent Protection Scheme (DPS)?

Do You Need To Get Both A Medical/Hospitalization And A Critical Illness Plan?

It’s good to notice the increased level of knowledge for insurance products (in this case – Hospitalization Plan and Critical Illness Plan) from Singaporeans. They are asking very good questions nowadays!

The Concern And The Questions

Singaporeans are starting to know the real importance of having both a Hospitalization Plan and A Critical Illness Plan as these two plans form the basis of financial planning.

But with the recent exposure in the media that one may find it hard to make a claim for cancer (during the initial stages or does not fit the definition of Major Cancers as listed in most Critical Illness Plan in the market) – Singaporeans are wondering if they should ever consider having a Critical Illness Plan in the first place!

That’s the question that they are asking themselves or me when I explain the importance of getting a Hospitalization Plan and a Critical Illness Plan together.

What You Can Learn From Actual Statistics (Ministry Of Health)

1. Top 10 Conditions of Hospitalization

Read More »Do You Need To Get Both A Medical/Hospitalization And A Critical Illness Plan?

Understanding Your Private Health/Medical Insurance Scheme

For the last few days, there have been quite a few Clients who have been asking me about the idea of getting a Private Health Insurance Plan and if it’s feasible to do so.

I appreciate their interest in getting a health insurance plan and as I have shared in my previous post on the basic fundamentals of Financial Planning – getting a health insurance plan is a must-must to take care of huge medical bills, on top of a Critical Illness Protection Plan.

Why Is A Health/Medical Insurance Scheme So Important?

To put in simple terms to understand, if there’s a hospital bill of $100,000 today right in front of you, would you

  • Want to take care of this bill 100% on your own accord or
  • Split this bill among your family members (in equal shares and hurt each other feelings…) or
  • Have a Health Insurance Plan that require you to pay out only $12,700 (assuming $3,000 deductible and 10% co-insurance) and have the rest of $87,300 taken care of by the Plan?

If I am you, I would rather have a Health Insurance Plan to take care and even if I do have to split the $12,700 among my family members, it’s easier to do so now!

But Hey Hold On… Does This Medical Bill Of $100,000 Really Exist?

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You Are Unhealthy For Your Insurance… What Happen Now? Part 2 of 2

In the last post, I have written the type of loading and exclusion you may be getting if you have health issues like Weight Problem, High Blood Pressure and High Cholesterol Levels. I have also written some simple guide to help you to ace (sort of…) the medical checks so that you can get the insurance coverage you need.

How are you finding it? Good? Useful?

If you have not read it, this is the link again and hope that you will find it to your benefit >> You Are Unhealthy For Your Insurance… What Happen Now? Part 1 of 2

And in this concluding post, I will be giving you a few more scenarios and also a simple guide to help ace that medical check. Enjoy…

What Happen When You Are Unhealthy For Your Insurance (Part 2 of 2)

Read More »You Are Unhealthy For Your Insurance… What Happen Now? Part 2 of 2