Have You Planned? - Page 7 Of 23 - Protection, Medical, Investment, Retirement (A Financial Education Blog)

My Insurance Android App – Insurance Returns V1.3

by FinancialDex
September 26, 2012
Insurance

If you have downloaded my Insurance Android App – Insurance Returns, a very big thank you and I hope that the App has provided you some form of benefits in understanding the insurance rate of returns of any regular savings plan and single premium savings plan!

What Can The Insurance Returns App Do For You

But if this is the first time you are reading this… do let me share what the App can do for you especially if you have intentions to promote (as a Financial Planner) or buy a Regular Savings Plan like an Endowment Plan or those Single Premium Plans like a Fixed Deposit Plans.

In Summary, rather than appreciating the final value on maturity, e.g. you save $10,000 in total premiums for 10 years and you are expecting to receive $12,000 in projected maturity at the end of the term, which you have made an extra $2,000 from your $10,000… you get it in the form of compounding rate of return in 3.28% per annum.

This would mean that this plan is sound and worth venturing into if most of your savings are merely generating around the range of 1% per annum. But if you are one that is concerned about inflation which is an average of 5% per annum, this plan may not be that attractive because the plan is not working hard enough for you to combat against inflation!

And with the Insurance Returns App, it will save you a lot of hassle of doing the calculation! For example, all you need are to key in the annual premium, the projected maturity, the policy term and you get the compounded return! That’s it!

>> Click Here To Download The Insurance Returns App

The Insurance Returns App At Version 1.3

My Insurance Android App – Insurance Returns

by FinancialDex
September 4, 2012
Good Deals

I have recently released my very own (and first) Android App and it’s called Insurance Returns. And if you have an Android Phone/Tablet (preferably those 10.1″) and you are looking for an App that can help you to calculate the compounded rate of returns for your Regular Savings Plan or Single Premium Plan, you can try out this app today!

>> Click Here To Check Out My Android App – Insurance Returns

How Can The Insurance Returns App Help In Financial Planning

Planning For Your Children’s University Education With A Limited Pay Endowment Plan

by FinancialDex
August 27, 2012
Financial Planning

If you are serious in planning for your children’s University Education with an Endowment Plan, do you know that beside the traditional or usual types of plans that ask you to:

Pay For ‘X’ number of years for the same ‘X’ years of coverage term
Pay For ‘X-5’ number of years for ‘X’ years of coverage term plus the option to withdraw a certain percentage of the Sum Assured for the last three years (meant as a form of using it to service the child’s first year followed by second to third year of university education)…

There’s another type of Limited Pay Endowment Plan that allows you to service like 5 years only and the plan continues to the end of the coverage term (and most importantly… the maturity return can be like 40% – 60% potentially higher than those plans mentioned above)?

If you are unaware and you are interested to know more, do continue to read on…

What You Need To Know About This Type of Limited Pay Endowment Plan

As mentioned, the main attractive feature of this type of Limited Pay Endowment Plan is that you need to service like 5 years of Premium Term and the plan continues to enjoy the insurance company’s annual bonuses till the end of the coverage term (usually in the range of 15 years and beyond)

The next attractive feature is that the returns can be potentially higher than most of the usual endowment plans, including those termed as Education Funding Plans. And this is despite the fact that the total premiums paid for this versus others are mostly the same!

How Can This Type Of Limited Pay Endowment Plan Get You Potentially Higher Return?

What Happen When There Is A Divorce/Separation

by FinancialDex
July 5, 2012
Money Matters

If you have ever wondered what went on when a couple goes on a divorce or separation process – I have indirectly understood (based on my friend’s ordeal over the last few weeks) and all I can say is that there’s a big price to pay just to go through this. And if you are keen to know what is involved, do continue to read on… But do note that this may not be the full picture of the entire process…

When Divorce Is Not A Straight Forward Option

My friend is married less than 3 years and the lawyer has highlighted that because of this, my friend can only opt for the Separation which will last for around 3 years before Divorce can be finalized. What is the Difference here? Basically if one can opt for Divorce directly, both parties can move on with their own lives and even have the option to remarry. But with Separation, both parties will not interfere or harass either party and in terms of relationship, they can only have those type of “boyfriend/girlfriend” type for the next three years.

And why 3 years? According to some, there might be a chance for both parties to rekindle the whole relationship and get back together. Therefore the 3 years is a good time frame for both to reconsider each other (or make amends).

What Happen To The Matrimonial Home

How To Grow Your CPF Account (And Get Prepared For Retirement)

If you are unaware… the CPF Board has just increased the Minimum Sum amount for 2012 which means that if you are in that particular eligible group – you have to ensure that your retirement account must be at least at the stated amount.

And if you are sighing and complaining that this is unfair… this trend is here to stay and I have also shared in my previous post on the rationale behind this annual increment.

So What Can You Do To Help Grow Your CPF Account And Better Prepare For Retirement?

For a start, at this point of writing, the economy is not in a good state and there’s a recent report that almost majority of CPF monies that have been taken out to invest (in plans like Unit Trust or other form of Equities) have yet to make profit (means these people are losing money) – which is a dangerous sign!

Why You Should Not Invest In Unit Trust With Your CPF Monies If You Are Not Too Sure Of The Future?

If you are currently served by a Financial Planner who is very keen to sell you some Unit Trusts using your CPF Monies -do you know that he/she gets to earn a one-time commission fee (certain percentage from the initial amount) and a trailer fee (certain percentage from the onset value, e.g. the amount after every 3 months period). And these fees are deducted regularly (until you decide to terminate) regardless of the economy. Therefore if your Unit Trust Fund is not performing and fees are deducted… it will just get harder for you to break even and make a profit!

Is Lack of Adequate Income When You Retire A Concern For You As Well?

I was on Facebook surfing around when I saw this Interesting Poll Question done up by AIA Singapore FB Page and this was what’s been asked…

And seems like there is a good number of people who are concerned about having enough to spend or to last through their Retirement, followed by the concern to provide enough for their Family Members.

So is this a concern for you as well? And if it is… how do you go about planning for it?

I would like to share a few pointers that may help you to get started…

But First… When Does Retirement Planning Really Start?

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