Planning Your Financial Future

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2011-11-26T21:35:00.000+08:00

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Insure against health costs

2007-08-16T17:10:00.000+08:00

Lee Hui Chieh, Wed, Aug 08, 2007 The Straits Times

Everyone knows a horror story. A simple procedure turns into a nightmare of complications, inflating a hospital stay from days to months, and the cost in the process.

That was what happened to a Myanmar patient, Madam Daw Tin Nyunt, whose two-day stay in a private hospital stretched to 344 after a failed heart stent implant.

Her hospital bill also ballooned to $560,000, from the initial $15,227 estimate given by the hospital.

It won't happen to you?

Not if you make sure you are adequately covered, say financial advisers.

They say there are three kinds of insurance plans one should have to make sure that you won't be knocked for a loop by health-care costs: MediShield or enhanced Shield plans (to take care of hospitalisation costs), disability insurance and critical illness plans (to ensure you have an income if you can no longer work for a prolonged period).

MediShield and Shield plans

If you have nothing else, have at least a plan which will take care of hospitalisation costs.

The top must-have is MediShield or - its enhanced versions - the Shield plans, said Mr Eddy Cheong, 37, who heads independent financial advisory firm Providend's family office services.

MediShield is a basic hospitalisation and surgical plan that all Central Provident Fund (CPF) account holders have, unless they have opted out, or upgraded to a Shield plan.

After a revamp in 2005, MediShield now pays for 60 per cent of hospital bills, on average.

Shield plans, which are offered by private insurers and approved by CPF, have also improved. Some 'as charged' plans no longer place limits on the amount that can be claimed each day for hospital stay and procedures.

You can even buy a rider to pay for the portions of the bill that the policy doesn't cover, such as the deductible. So a carefully chosen 'as charged' plan could reimburse as much as the entire bill.

Policies are usually pegged to hospital ward classes. Choose a plan based on the type of services you expect, and what you can afford.

Mr Cheong's advice for buying MediShield or Shield plans: Go for the best you can afford.

He said: 'It's a question of insurability. If you go for something more high-level, you can downgrade any time you want.

'But if you start low, and want to upgrade later, there will be medical underwriting.'

Underwriting assesses whether a person is healthy enough to qualify for coverage.

Since you are more likely to develop medical conditions later in life that insurers would shy away from covering, such as high blood pressure and high cholesterol, you may not be able to upgrade to a better plan then. So, buy the best one you can afford while you are young and healthy.

There is another reason you should consider a better plan.

If the Government should introduce means testing in future - meaning giving subsidies based on actual income rather than on your choice of ward class - you could end up having to stay in a more costly ward than you wanted. A policy which is pegged to a lower class will not give you enough coverage.

Critical illness plans and disability insurance

Once you have your hospitalisation cover, think about that other big headache people face after becoming seriously sick - loss of income during the period of illness and recovery.

This is where disability insurance and critical illness plans come in.

While not as essential as Medishield or Shield plans, both should be taken up, Mr Cheong said.

They will pay out a sum of money to compensate for income loss, or to pay for nursing services, medical equipment and supplies and even tonics and alternative treatment such as traditional Chinese medicine.

Most insurance companies carry critical illness plans which cover a range of conditions. You should compare different plans from different companies to see which best suits your wallet.

Mr Cheong recommends insuring yourself for a payout of two to five years' annual income if you become critically ill.

The other should-have is disability insurance, which spans your working years. This will pay a monthly allowance if you become disabled and cannot work for a prolonged period.

This is different from total and permanent disability - much rarer and more serious - which is usually covered as part of a life insurance policy.

He advises insuring for a payout of 50 to 75 per cent of your current monthly salary.

Take note of the fine print though. Such plans lapse once you are out of work or out of the country for a certain period of time.

As you are nearing retirement age, you can then take up insurance for long-term care or disability, such as ElderShield.

Like taking the correct medication for a disease, buying the right insurance at the right time will cure your wallet's woes.

Which is the best Medishield or Shield plans should you choose? Drop us a line and get a free financial health check.

What are your CPF OA funds drawing 2.5% or 24% gains?

2007-07-04T22:56:00.000+08:00

Assets managed by Singapore-based fund managers up 24% in 2006
By Yvonne Cheong, Channel NewsAsia | Posted: 04 July 2007 1443 hrs

SINGAPORE : Assets managed by fund managers based in Singapore grew by 24 percent last year to reach S$891 billion.

The figures were announced on Wednesday by Senior Minister Goh Chok Tong, who's also chairman of the Monetary Authority of Singapore (MAS).

Speaking at the Nomura Asia Equity Forum, he noted that total assets managed here have grown robustly over the last six years.

Sources of funds flowing into and through Singapore have diversified, with more money being channelled from South Asia and the Middle East.

Some 84% of the assets under management last year were sourced from outside Singapore.

Said SM Goh: "The critical mass of asset management activity in Singapore is continuing to grow. In 2006, 57% of total AUM (assets under management) in Singapore was invested in the Asian region.

"Fund managers continue to use Singapore as their regional headquarters because they see Singapore as a prime location to service clients, raise capital from the region as well as invest into the region and beyond."

Foreign asset managers contributed for the bulk of the growth last year.

The number of hedge fund managers jumped by 76 percent, managing over S$40 billion.

Asia drew a greater proportion of the funds invested, accounting for some 57 percent.

The strong performance of regional stock markets last year meant that equities were a favourite, making up 55 percent of total assets managed.

The senior minister also noted that global financial institutions could tap into Singapore's growing trade links with the Middle East.

"Interest has centred on servicing Asian investors - primarily on project financing and loan syndication. I encourage you to take a wider perspective - consider making commercial banking, corporate finance, capital market services and private banking part of your long term growth strategy. You can explore possibilities for collaborating with Singapore-based financial institutions with strong know-how," urged SM Goh.

Mr Goh also noted that political integration is progressing more slowly than economic integration, as Asia is more diverse - politically and culturally - compared to Europe.

However, he added the basic direction has been set and the deepening integration will create the conditions and framework for the private sector to grow. - CNA/ch/ls

What are your CPF OA funds drawing 2.5% or 24% gains?

If your CPF Ordinary Account (CPF OA) is still drawing 2.5% p.a. from CPF Board, then you are missing out on potential earnings for your nest egg when you retire!

Current Singapore-based fund managers are up 24%!!!! That is close to 9X earnings / interest of what you are getting now with CPF Board.

Take active action by talking to us on how we can maximize the growth of your investment or retirement funds!

Giving your Child a Headstart in Life!

2007-06-15T00:47:00.000+08:00

The Sound Advice for the Month of June have come!
This month, we will be touching on the topic of "Giving your Child a Headstart in Life!"

Be it your clients, be it parents, soon-to-be parents, young or married couple or simply friends who want to know much more about the potential within a child, do invite them to this interesting and exciting seminar and be empowered with the following:

All parents wish for their children to grow up to be the best they can be.
However, have you ever wondered:
- Why as children grow up they become more rebellious and more difficult to talk to sometimes?
- What you as a parent can do to communicate better with your child?
- What your teenage children are really interested in today?
- What is the most appropriate way to give your child a headstart?
- Do you have in place the financial means to send your child to the tertiary institution he can qualify for?

Speakers:
Mr Gary Lee
Master Trainer
Adam Khoo Learning Technologies Group

Mr Patrick Wong
Associate Manager
Great Eastern Life Assurance Co. Ltd.

Details:
Date : 23rd June 2007 (Saturday)
Time : 2.30pm to 4.00pm
Venue : Great Eastern Centre
Centre for Excellence

Refreshments will be provided after the seminar.

Please RSVP, click here for contact number

More to get help to cope with disability

2007-05-19T00:37:00.000+08:00

April 12, 2007

By Yap Su-Yin

NEW HOPE: With counselling and emotional support from the Society for the Physically Disabled's case management programme, Mr Jimmy Tan, seen here with his mother, Madam Ang, has become less demanding and is considering taking up vocational training. -- DESMOND WEE

HOUSEWIFE Ang Ah Poh, 62, was at a loss when her son Jimmy suffered a stroke at the age of 32 that impaired his movement.

Depressed and unable to cope, he refused to speak. His temper soured and his mother, his main caregiver, bore the brunt of it.

Those were tough times, recalled Madam Ang in Hokkien.

'I waited on him hand and foot after his stroke, but I'm old and it was difficult to manage,' she said.

Luckily, five months ago, the Society for the Physically Disabled (SPD) put Mr Jimmy Tan on its new specialised case management programme, which turned things around for both mother and son.

Madam Ang said: 'With counselling and emotional support, he has become less demanding and more independent and is even considering taking up vocational training in future.'

The society hopes to repeat this early success with those who need help to cope with the stress and challenge of living with disability.

Previously, there was no service providing continuous counselling, case management and early access to resources and services after discharge from hospitals, said SPD's head social worker, Ms Lim Lutin.

At present, hospital staff can link a disabled patient to services offered by different voluntary welfare organisations (VWOs), depending on his needs.

But it is done on an ad hoc basis and, since there is no follow-up, there is no way of knowing whether the patient is using these services.

'Some have told us they would not have felt so lost if someone had followed through that journey with them,' said Ms Lim. Her team has come across cases where disabled people have shut themselves away from society for years because they do not know how to get help.

'We need to be there to motivate the client to think about what to do with his life after his disability, because life has not ended yet,' said Ms Lim.

Catching them when they are 'in transit' between hospital and home is critical because this is a difficult period of adjustment, when both the patient and caregiver need plenty of support, she said.

So the SPD will put in place a system whereby hospitals or VWOs can refer such cases directly to SPD for 'holistic' help.

If necessary, SPD will link the clients - mostly adults - to other services it offers, such as therapy or vocational training.

More networking is needed though.

Currently, just Tan Tock Seng Hospital Rehabilitation Centre in Ang Mo Kio has tied up with SPD. It connects patients to SPD's 'specialised case management programme' about a week before patients who suffer physical disabilities are due for discharge.

Since last October, when the pilot programme was rolled out, the team has seen about a quarter of its annual target of 400 patients.

The pilot programme was given $300,000 in funding, to last two years, from the National Council of Social Service.

Said Madam Ang: 'For poor folk like me, unable to read English, having a social worker show me how I can help my child help himself makes me happy.'

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Make sure you have Critical Illness coverage

You should have at least a minimum coverage to protect against any critical illness. You can't determine the damage the illness will do to you. But you can ensure if any thing happens, you and your family are will have funds to get medical treatment and protect your income.

Don't be a burden to your family, click here to find out how you can get your free financial health check!

How to avoid being overcharged

2007-05-18T23:03:00.000+08:00

April 5, 2007

Think doc has overcharged you? Turning to Case only recourse now

SMA decision was made with 'great reluctance'

Other professional groups relooking fee guidelines

# Before choosing a doctor, shop around if possible.

Both the Singapore Medical Association (SMA) and the Consumers Association of Singapore (Case) recommend that patients call a few clinics to get an idea of how much the market rate might be for a certain treatment.

# Check surveys of actual charges and bill sizes for an idea of what reasonable rates are.

The Health Ministry's website has information on average bill sizes for the 70 most common hospital procedures.

By the end of this year, it will also publish on its website the average bill size of treatment for chronic conditions like diabetes, high blood pressure, high cholesterol and stroke at private clinics.

Later this year, the SMA will publish results of its survey of charges in primary care clinics.

Next year, it will make public survey results for charges for more common procedures in private specialist clinics.

# Check the clinic's counter, signboards or brochures for consultation charges.

Doctors have been advised by the SMA to display them prominently.

# Whenever possible, ask your doctor beforehand for the expected range of costs for consultation, tests and treatment.

The SMA has recommended that doctors conduct financial counselling with patients

With Eldershield revamp, is that enough?

2007-05-18T15:42:00.000+08:00

May 4, 2007

CHANGES TO ELDERSHIELD

3rd insurer bids to be provider

Aviva joins Great Eastern, NTUC Income in tender for new five-year term

By Salma Khalik, Health Correspondent

A THIRD player may enter the market to provide severe-disability insurance cover for those aged 40 and up.

Aviva has joined Great Eastern Life and NTUC Income in tendering for one or more openings as providers of ElderShield insurance plans.

The other two insurers have been ElderShield providers since its 2002 debut. Tenders for the new five-year term, which starts on Sept 30, closed last Monday.

The Ministry of Health (MOH) appoints insurers in five-year blocs, although they are required to guarantee payouts to policyholders for the rest of their life. Premiums and payouts remain unchanged during the five years, but insurers must hand out rebates if their payouts are less than projected in that time frame.

Health Minister Khaw Boon Wan said yesterday the premiums proposed by the rival companies look competitive 'at first glance'.

Current ElderShield premiums stand at about $149 a year for men and $190 for women, who join the scheme at age 40. These have turned out a little high for a current payout of $300 a month for up to five years.

Rebates are therefore on their way. The amount will be announced in August.

Unlike in ElderShield's first five years, insurers will be allowed to offer enhanced schemes in the coming five years, besides the basic plan.

From Sept 30, the basic scheme will likely pay out $400 a month for up to six years. Premiums should not rise by more than $10 a month.

Criteria for a payout remain the same. An individual has to be disabled enough to need help with any three of the following: bathing, walking, eating, going to the toilet, dressing or moving from bed to chair.

Any insurer that wants to offer add-on schemes must also offer the basic one. This is to prevent insurers from cherry-picking and offering only the enhanced schemes, where profits are likely to be higher.

It is believed all three companies have submitted plans for enhanced schemes, which may offer higher payouts, payouts over longer terms or at lower levels of disability.

MOH said yesterday the number of insurers picked will depend on the competitiveness of the bids, insurers' experience with long-term care plans and how much they are willing to put into ElderShield.

Mr Khaw added that this tender is breaking new ground, so his ministry will take its time to pick the best deal for Singaporeans.

About 750,000 people are insured under ElderShield. At the end of last year, 2,366 had made successful claims.

What happens after the Eldershield pay out ends?

To a disabled person, who can’t even manage his/her daily activities, will payouts from five to six years really matter?

If the person is permanently disabled, it is remote that this person will ever recover! Can this person work for a living?

How then is this elderly disabled person going to get funds to support themselves?

I hope this revamp will really benefit the elderly disabled.

Alternative is to have a plan should oneself be on the disabled! What are your options? Contact us on your planned health needs.

Does your company have a theft insurance?

2007-05-18T08:51:00.000+08:00

May 18, 2007

Case File

$26K IN CASH, GEMS STOLEN IN BREAK-IN

THE office of a furnishing company at LHK Building in Sims Drive was robbed after it had been locked by staff members on Tuesday evening.

The break-in was discovered about 9am the next day when a staff member reporting for work noticed a glass window pane facing the common corridor had been forced open and left ajar.

A number of workstations had been ransacked and drawers forced open. Cash amounting to $130 was missing from a cash box. An assortment of foreign currencies totalling $6,000 and jewellery worth $20,000 were also stolen.

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Call us for your office insurance from $25 per month and sleep soundly!

Can you afford these losses?

Look out for add-ons to supplement ElderShield

2007-05-18T02:00:00.000+08:00

April 23, 2007

Look out for add-ons to supplement ElderShield

They can be bought separately and may pay higher benefits over longer periods

By Salma Khalik, Health Correspondent

EXPECT a slew of insurance plans to protect the elderly against disability in their later years.

With the introduction of supplementary schemes for ElderShield that can draw on Medisave accounts for as much as $2,000 a year in premiums, insurers can afford to be creative in what they offer.

Tenders for such schemes were put up on April 2.

The anticipated new schemes will be on top of the basic ElderShield - the national severe disability scheme - which will be changed to provide people who qualify with payouts of $400 a month for up to six years.

Several insurance companies plan to offer supplementary schemes when the new five-year period for ElderShield starts in September.

They can be bought separately by anyone who already has ElderShield. Thus, someone insured by one company for basic ElderShield may buy a supplementary scheme from another insurer.

The five-year-old disability insurance, meant for the elderly who need full-time help to do simple things like going to the toilet or eating, has come in for heavy criticism over the low payouts and the need to have at least three disabilities before a claim is allowed.

While the basic scheme will likely stick with the current criteria, supplementary ones are expected to be open to creative enhancements.

According to the tender documents, they could offer higher benefits, pay over longer periods, be less strict on the definition of disability, and offer no-claim discounts too.

But the underlying principle remains - so they may not offer surrender value which allows a policy holder to collect a lump sum payment if he stops the insurance after a certain number of years.

After all, the scheme is meant to provide coverage for the rest of a person's life.

But the supplementary schemes are allowed to offer an initial lump sum payment of three months' worth of benefits, since the initial period of disability may be a greater financial drain.

They may also extend payment for up to three months after the death of the person, to help with funeral and other expenses.

Dr Lam Pin Min, a member of the Government Parliamentary Committee (GPC) for Health, said that with people living longer, 'the importance of the disability insurance scheme will be even greater'.

Allowing as much as $2,000 from Medisave to be used on premiums, he said, would encourage people to 'take up appropriately and adequately covered disability insurance schemes'.

Madam Halimah Yacob, who heads the GPC, noted that such enhancements 'will not be suitable for older Singaporeans with low savings'.

Health Minister Khaw Boon Wan has proposed that the basic scheme should also be improved, by increasing the monthly payouts from the current $300 to $400, and the period of payment should go up from five to six years.

This will mean higher premiums, even for the basic scheme. But he has pledged that this will not exceed $120 more a year. Premiums paid depend on the age at which a person joins ElderShield.

At age 40, women pay about $190 and men $150 a year. If they join at 60, women pay $845 and men $630 a year. Payment stops when they are 65 years old, but coverage will be for life.

The tender document also stated that current policy holders who want to remain on the existing plan may do so. There is also a scheme which allows people who stop after paying a minimum amount, to get a pro-rated payout starting at $100 a month, should they become disabled.

salma@sph.com.sg

Changes to improve ElderShield proposed

2007-05-18T01:57:00.000+08:00

April 4, 2007

Among them: Higher payouts and a two-tier scheme

By Judith Tan

Proposed changes

A TWO-TIER ElderShield has been proposed by the Ministry of Health (MOH) - the basic plan, and an add-on providing for higher payouts.

The basic ElderShield scheme, in place for the past five years, will be retained for all Singaporeans to pay for long-term disability care.

The second tier, referred to by Health Minister Khaw Boon Wan as 'ElderShield Supplements', will be offered by insurers at higher premiums, payable in part by Medisave.

In addition to the proposed new tier, several other tweaks to improve ElderShield have also been suggested (see box), and MOH launched a public consultation exercise yesterday to gather feedback on the changes.

Among the main revisions: A proposal for payouts on the basic scheme to go up from $300 to $400 a month, with repayment periods extended to six years, from the current five. This will raise payouts to a maximum of $28,800, up from the present $18,000.

But Mr Khaw said yesterday that 'this big jump would require a few dollars' increase in premium'. Because of this increase, he said, there was a need to consult Singaporeans.

Proposed changes

Current ElderShield

· Payouts - $300

· Payment period - Five years

· Insurers - NTUC Income, Great Eastern Life

· Supplementary products - Not allowed

· Assessment fees - Out-of-pocket payment: $25 at clinics, $100 for house calls

Proposed ElderShield

· Payouts - $400

· Payment period - Six years

· Insurers - Open to more insurers

· Supplementary products - Allowed (subject to MOH guidelines)

· Assessment fees - Fees reimbursed to successful claimants

Are your investments making money?

2007-04-10T22:48:00.000+08:00

March 28, 2007

ADB lifts growth forecast for Asian economies

It expects pickup in consumer, business sentiment to even out weaker exports

MANILA - THE Asian Development Bank (ADB) raised its growth forecast for Asia excluding Japan on expectations that a pickup in spending by consumers and companies in the region will cushion the impact of weaker exports.

Asia's developing economies will expand 7.6 per cent this year, faster than the 7.1 per cent estimated in September, the Manila-based lender said yesterday. The pace will quicken to 7.7 per cent next year, it said in its Asian Development Outlook 2007 report.

Rising incomes and increased employment across Asia are boosting consumer spending and encouraging companies to lift investment.

That will help sustain the region's economies this year even as slowing growth in the United States and Europe dampens demand for made-in-Asia exports, according to the ADB.

China and India are likely to continue to drive Asia's expansion. The ADB lifted its 2007 forecast for China to 10 per cent from 9.5 per cent estimated six months ago, while India may now expand 8 per cent instead of 7.8 per cent.

Asia's rate of expansion this year is still expected to trail that of last year, when the region grew an 'exceptional' 8.3 per cent, the ADB said. The lender also expects growth in the US, Japan and euro zone to slow, pushing world trade volumes lower this year.

'These projections imply that growth will move on to a more sustainable footing and that overheating pressures that surfaced in 2006 will gradually abate,' the ADB said. In Asia, 'net exports' contribution to growth will soften, but strengthening domestic demand will fill part of the gap'.

Slowing inflation stemming from lower oil and commodity prices and as a result of previous interest rate increases may encourage central banks to cut borrowing costs this year, the lender said. Inflation pressures in South-east Asia may 'subside significantly', the ADB said.

'Most developing countries are very cognizant of overheating,' Mr Ifzal Ali, the bank's chief economist, said in an interview in Tokyo. 'Monetary policy will have a major role in bringing this under control.'

Asian central banks raised rates more than 25 times last year to curb inflation, control lending and limit inflows from overseas that were creating asset bubbles in their markets.

'As the pass-through effects of high oil prices comes to an end, there may be scope for interest rates to come down,' the lender said, citing Indonesia and Thailand which have already begun lowering rates.

The 10 economies in South-east Asia will grow 5.6 per cent this year, and accelerate to 5.9 per cent next year, the ADB said.

Said Mr Bill Belchere, an economist at Macquarie Securities in Hong Kong: 'Domestic demand cycles are stronger in South-east Asia and are being reinforced by policy, whether that is cutting interest rates or adding fiscal stimulus.'

China is taking steps to boost domestic demand and curb a reliance on exports and investment for growth. Premier Wen Jiabao this month said the nation's economic expansion is unstable and environmentally unsustainable.

Risks to the region's growth this year include slowing demand for electronic goods and a resurgence of inflation should oil or commodity prices rise, the ADB said.

Crude oil has dropped about 20 per cent since reaching a record US$78.40 per barrel on July 14 last year. It was US$62.61 yesterday.

'The global electronics cycle could turn in 2007, which would negatively affect export prospects particularly for East and South-east Asia,' the report said. 'The relief that lower prices are currently bringing to budgets, to inflationary pressures and to import bills is welcome, but should not be counted on.'

BLOOMBERG NEWS

The Asian markets are moving! What investment should you look at? How do you invest? What investments will yield the best returns?

Do you have enough savings to send your children to University?

2007-04-03T01:42:00.000+08:00

March 27, 2007

Which University?

For four years now, students have been able to apply to all three local universities, and choose where to go once acceptances come in. So the universities strive to be different - in their programmes, admission criteria and fees. The Straits Times Education Correspondent Sandra Davie takes a look at the choices offered by the universities

Degrees

THERE are the local single degrees, of course. A few years ago, double degrees were all the rage. Now it is the global degree route. These are proving popular as more companies look out for employees with a global outlook.

NUS: It offers the widest range of degrees among the three universities. Its exclusive courses are medicine, architecture, dentistry, music, pharmacy, nursing, and project and facilities management.

Global degrees:

Bachelor of Arts (Honours) with the University of North Carolina at Chapel Hill.

Bachelor of Computing (Communications & Media) and Master in Entertainment Technology with Carnegie Mellon University.

Bachelor of Engineering (Civil Engineering) with the University of Melbourne.

NTU: It has expanded its range of courses in recent years to include social sciences and fine arts. Its exclusive offerings include art, design and media, aerospace engineering, communication studies, maritime studies and education (conducted by the National Institute of Education).

Global degrees:

Double degree in Biomedical Sciences and Medicine (Traditional Chinese Medicine) with Beijing University of Chinese Medicine.

Double MBA degree programme in Management of Technology with Japan's Waseda University.

Bachelor of Engineering (Computer Science) from NTU and Master of Science (Computer Science) from Georgia Institute of Technology

SMU: Positioning itself as a boutique business university, it offers four-year, full-time programmes in accountancy, business, economics, information systems management and social science. It has introduced a new one, law, which will take in 90 students in its pioneer batch.

Global degrees:

Bachelor of Science (Information Systems Management) degree from SMU and master's degree from Carnegie Mellon University.

Fees

THE three universities announced in January that they will not raise tuition fees this year in view of the upcoming increase in goods and services tax (GST).

SMU, anyway, has a lock-in system for its fees, which will not be raised over the duration of one's course even if fees are increased for later intakes.

Some parents and students prefer this lock-in scheme, because it allows them to plan ahead and set aside a specific amount of money.

Both NUS and NTU have said they are considering a similar scheme.

NUS ANNUAL FEES

Dentistry and medicine: $17,520

Music: $7,570

Nursing: $7,000

All other courses: $6,110

NTU ANNUAL FEES $6,110

SMU ANNUAL FEES $7,500 (except law which is $9,000).

Example

If you are planning to send your child to University.

Gender: Female Age: 4 next birthday

For Singapore, using SMU annual fees of, $ 7,500.00

Age of entry to university 18 (Females)

This amount is needed for Years 4

Total amount needed for Local Course fees $ 30,000.00

Shortfall will be needed in Years 15

Education cost, I feel will increase annually by about 6%

Education Costs 15 years later $ 71,896.75 (after inflation)

SHORTFALL to Fund Education

Lump Sum in today dollars needed to meet the shortfall $ 53,420.34

OR Monthly savings per month for 15 years $ 342.26

Have you done your children's education planning?

Will you have enough savings when the times comes for your children's education?

Give your children a head start with an education policy!

Contact your reliable needs based-advisor on how to have a discipline savings plan that provide protection and education funds for your childrens University

Give your child a head start in life with an education policy!

2007-04-03T01:17:00.000+08:00

April 2, 2007

Student loans: No defaults, say banks

By Cheryl Tan

LOAN SHIRK?: Better not default, or my guarantor will have to pick up the tab.

THEY may owe money, but they'll pay it back.

Banks offering student loans to undergraduates at Singapore's universities say they have yet to encounter defaulters. Some even repay their loans early.

That is a far cry from students in the United States.

In November, the USA Today newspaper cited a credit analysis report which stated that unpaid student loans had put two out of three million people in their 20s surveyed in bad debt.

Such loans, along with credit card debt, had even caused up to 1.5 million of those surveyed to stop repayments altogether, forcing lenders to sell these debts to a collection agency.

The worst cases have had their cars repossessed or sought bankruptcy protection.

Singapore students are another breed altogether.

Credit Counselling Singapore's assistant director Tan Huey Min said 20somethings do seek help after overspending on credit cards, but not for student loans.

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Just imagine your poor child with a huge loan to repay even before nailing a job! Give your children a head start in life with an education policy! There are numerous plans that provide a force savings for parents to provide a lump sum of monies to pay for their children’s education. Some of such insurance plans in Singapore are:-

Endowment

With the costs of higher education rising, it makes sense to plan for your child’s future by investing in Endowment Classic, a savings plan with potential higher returns than regular bank deposits that combines savings with protection in one plan.

Premiums on Endowment Classic are guaranteed, and you can choose to have the policy mature when your child is ready to enter university. The resulting returns from your sum assured, as well as all attaching bonuses, would come in handy when it’s time to pay those hefty tuition fees.

You are also covered against death and total and permanent disability should the unforeseen happen.

Life Policies with Savings rider

Whole life protection with premium payment required only for 20 years (Flexi20). Ideal for newborns - For example, sign up for a 1-year old infant and by the time the child is 21 years old, his policy would have been fully paid for. No additional premium is required while he continues to enjoy protection for life.

In the meantime the saving rider will mature at the university age yielding a lump sum amount for the child's education where ever he may wish to study. But the main policy continues providing protection and accumulation through out their life until surrender.

Life Policy using Investment linked products

GreatLink SupremeLife is an insurance policy designed to meet your protection and investment needs in a smart and secure way. It ensures you and your family are financially protected while investing for the future.

This comprehensive regular-premium investment-linked plan combines whole life protection with investment opportunities aimed at achieving returns on your savings. From a low minimum monthly premium of $100, you will enjoy protection benefits of the basic sum assured and the total investment value of your funds invested.

More importantly, SupremeLife gives you the control and flexibility to allocate more of your premium towards protection as your financial liability rises or potentially higher investment returns as your protection need decreases near retirement.

Which plans best suit your child or children?

Contact your reliable needs based adviser today!

Does your medical policy pay for trial or developmental drugs?

2007-04-03T00:06:00.000+08:00

April 2, 2007

The smart-pill solution

By David G. Nathan

FOR most of the past half-century, medical treatment of invasive tumours like those of the breast and colon has relied mainly on drugs, radiation or both, in effect carpet- bombing the DNA of cancer cells. This highly toxic treatment is effective in many cases, but it does not address the root causes of cancer.

Fortunately, the revolution in genetics of the past 30 years has taught us how cancer results from defects in DNA repair that arise when certain genes are damaged by solar radiation, tobacco smoke and the chemical products of intestinal bacteria and cell metabolism. Cancer cell genes depend on only a very small number of mutated genes to ensure their own survival. These are typically the genes responsible for repairing other genes and for controlling growth and death. Our challenge is to outsmart the cancer by determining which genes are keeping the cancer going, and to design drugs that can inhibit them.

The first such 'smart' agent to see action in patients is trastuzumab, or Herceptin, which is not a drug in the strict sense but rather a large protein, an antibody that binds to a growth-controlling protein found in about 20 per cent of patients with a highly aggressive form of breast cancer. When it is administered with standard chemotherapy and radiation, Herceptin ties up the protein, and thus markedly improves the survival of such patients.

Gleevec (imatinib), the first smart anti-cancer pill, inhibits a protein produced by a single gene that is key to the growth of a form of leukaemia. Even more remarkable is Gleevec's effect on an intractable bowel cancer known as gastrointestinal stromal tumour, a ravaging tumour derived from nerve cells in the bowel wall. In its early stages, this cancer is driven by a single gene and its protein, and it can be inhibited overnight by a single dose of Gleevec. A large number of patients who have received this drug have remained in remission for years.

There are at least 100 such smart antibodies and drugs in practice, trials or development. Among them are Iressa (gefitinid) and Tarceva (erlotinib), which are effective in treating about 10 per cent of lung cancers, those that are initiated by a specific mutation in a growth-controlling gene. But we need many more, because cancer cells are wily foes that readily develop further mutations to help them evade such drugs. Also, because cancer cells are genetically unstable and vary slightly from one to the next, it is difficult for a single drug attacking a single protein to do the whole job. We need multiple smart drugs, and creating them will take time.

Patients, organisations that finance research and the public want faster progress. So do cancer researchers and clinicians. We are trying, and we are succeeding. The pace is slow because the problem is difficult, but we will get there.

The writer, the president emeritus of the Dana Farber Cancer Institute, is the author of The Cancer Treatment Revolution.

Read the fine print! Many Singapore medical insurance policies be it cash or Medishield does not pay for trial or developmental drugs!! This would mean the usage of such drugs which are expensive (may be in the area of hundreds to thousands dollars a pill) will have to be forked out of your own pocket!

The drug may save, but you may loose your life savings!

Transfer the risk for just $538 for a yearly medical for a person age 60 and below a year in good health, can qualify for a class Ward A "as charged" plans . Co-Insurance and deductibles apply.

Is your maid insured?

2007-03-30T12:49:00.000+08:00

March 17, 2007

Maid cleaning window survives three-storey fall

Indonesian is the third maid to fall from a flat in the past few months

By Amelia Tan & Krist Boo

AN INDONESIAN maid had a lucky escape early yesterday morning when she survived a three-storey plunge from her employer's flat.

Ms Nia Wulandari had climbed onto the ledge of a third-storey Choa Chu Kang flat at about 6am yesterday to clean windows when she slipped and fell.

The police received a call at 6.15am and a Singapore Civil Defence Force ambulance took her to National University Hospital (NUH) shortly after, where last night she was in a stable condition.

Ms Nia is the third maid to fall from a flat in the past few months. In October and November last year, two maids fell to their death in the course of work, adding to the grim total of more than 100 workplace maid deaths over the past seven years.

A neighbor, who wanted to be known only as Mr Liu, said he saw Ms Nia falling from the flat, screaming. When he rushed to the ground floor, she was lying motionless and calling out for help.

Employing a domestic maid often incurs a host of expenses including security deposits to the Controller of Immigration, levies and medical expenses should your maid be injured or hospitalised.

A Maid Insurance can take care of all that for you for as little as 10 cents a day.

An all-in-one insurance package that meets your need, Maid Insurance can pay the S$5,000 security deposit required by the Controller of Immigration, and covers:

Personal accident cover for your maid 24hrs round-the-clock

Medical expenses incurred when your maid is hospitalised

Repatriation costs in the event of your maid's death or permanent disability

Hospital and surgical expenses when the maid is hospitalized

Wages compensation & levy reimbursement while your maid is in hospital

Termination expenses incurred when your maid becomes medically unfit to continue working Insurance Guarantee and Reimbursement of Idemnity Paid to Insurer

Take responsibility!
Contact us for your needs based advisor!

Singaporeans are grossly underinsured: LIA research

2007-03-30T12:34:00.000+08:00

March 30, 2007

Singaporeans are grossly underinsured: LIA research

Two new studies suggest lack of awareness of what is enough coverage

By Lorna Tan, Finance Correspondent

MOST Singaporeans are woefully underinsured and will not have enough to cover their death expenses, outstanding loans and dependants' needs, a body representing the life insurance industry said yesterday.

The Life Insurance Association (LIA) said its commissioned research found that the average Singapore adult may be underinsured by as much as $362,000.

What many consumers do not realise is that they only have to pay premiums of less than $4 a day to buy a term plan to cover this shortfall, the LIA said.

LIA's new findings indicate that Singaporeans without an insurance policy are indifferent about getting coverage.

They see insurance as 'expensive' and believe there are 'more urgent necessities' such as a car and credit card loans.

Those were the key findings of two new studies commissioned by the LIA to find out consumers' attitudes on insurance protection, and to determine the extent of underinsurance for death cover among working Singaporeans.

Of the 400 consumers polled in the first survey, three in 10 did not have any insurance. Of those who did, 26 per cent had no idea how much they are covered for.

Those who believed they are well-covered were often quite misguided as the average amount of coverage of this group was only $173,000, well below 10 times average annual income - a widely used rule of thumb.

In fact, Nanyang Technological University's Associate Professor Yee Wah Chin, said the minimum level of death cover should be 11.3 times of a person's annual income.

The facts are out! Singaporeans are grossly under insured. But not many people are keen to open up and listen to what an insurance agent has to say. This could be due to the bad publicity; bad experience from past agents, what ever the reason, this should not hinder one from seeking a reliable needs based honest agent to help them in properly insuring their family. To be in command, control and even have a say even when the sole breadwinner is gone!

Feb 20, 2007

Widow struggles to care for kids, mum-in-law

On Jan 26 last year, the family's breadwinner, lorry driver Lim Kah Sim, was crossing the carpark just below the Bukit Timah flat when he was knocked down by a van.

It was 5.45am and Mr Lim, 50, was on his way to take a bus to his Jurong workplace.

He suffered head injuries and was in hospital for two days before dying just a day before Chinese New Year.

His wife, who wished to be known only as Madam Kong, now cares for their son, 15, and daughter, 13, who are in Secondary 3 and 1 respectively.

Mr Lim earned about $1,500 a month, supplementing his lorry driver's income by working at a friend's shop on weekends.

Madam Kong, 44, helped out by selling household products part-time.

Madam Kong said: 'Life is very unfair. My husband was very healthy.'

She revealed that they had hardly any savings, and Mr Lim did not own any life insurance policies.

They also had to support Mr Lim's immobile parents who lived with them in their four-room flat. His father passed away shortly after Mr Lim's death, leaving his mother in Madam Kong's care.

If her husband had taken an insurance policy, his family would not be in such a bad state. Insurance is a gift of love…..providing family income and care beyond the grave!

Can your company survive a major catastrophe?

2007-03-30T11:58:00.000+08:00

March 30, 2007

Case File

3 OFFICES IN AYER RAJAH BURGLED

THREE offices in Ayer Rajah Crescent were found burgled on Tuesday morning, with two of the break-ins on the 7th floor of Block 55.

The front door had been forced open in one unit, and $390 stolen from a drawer. A manager of a second office also found the doors breached and the place ransacked, but nothing was stolen.

In the third burgled office at Block 71, $360 was stolen from a drawer.

Are you protected with Theft insurance? What should your business insurance protect against? Well for a mere $250 onwards a year, such package policies can provide comprehensive protection to your company. Why leave your company exposed to financial risks that beset any business establishment - big or small - such as damage or loss due to natural calamities, theft, workmen’s injuries or the untimely demise of a key personnel?

To protect you and your business against these types of financial burdens there are BUSINESS 3-IN-1, an all-in-one plan specially designed to protect your three prime assets.

1. Protect your CAPITAL ASSETS with BizAssurance

2. Protect your STAFF with Employees Comprehensive Benefits (ECB) Plan

3. Protect your KEY PERSON with Keyman Insurance

BUSINESS 3-IN-1 Gives You Flexibility to Protect What You Need

Once you sign up, you can enjoy the convenience of having a one-stop insurance provider with an all-inclusive range of packages. Let us help you tailor-fit a package suited to your business and management operations.

General Insurance Secures Your Business

Business security plays a critical role in ensuring uninterrupted and worry-free operations. Being extra careful at work or with your property is not enough. You need to anticipate and take necessary measures to minimise damages and/or losses caused by various unforeseen natural calamities, work-related accidents, liabilities and fraudulent acts by unscrupulous individuals. With General Insurance, you and your assets will be covered against such financial strains.

BizAssurance Protects You From Financial Risks

BizAssurance is specially designed to indemnify your business against a wide array of perilous occurrences. Should fire, lightning or any other disasters interrupt your business, you can be rest assured that BizAssurance will keep your business running.

BizAssurance Gives You Comprehensive Protection

Through BizAssurance, your business is indemnified against these perils:

• Fire and Extraneous Perils indemnifies you against physical loss of or damage to your contents including stock-in-trade as a result of fire, lightning, and other perils such as earthquake, flood, riot and strike, malicious damage and sprinkler leakage.

• Consequential Loss covers the loss of profits and expenses incurred to restore your business to its position before the loss.

• Theft and Hold-Up indemnifies you against physical loss of or damage to your contents including stock-forcible or violent entry.

What are you waiting for? Contact your personalize needs based adviser for a no-obligation review on your company’s needs.

Is your medical insurance policy keeping up with inflation?

2007-03-30T10:18:00.000+08:00

Don't like the heftier numbers on your hospital bill? Blame the economy. Apparently, it is doing too well.

Almost every hospital in Singapore has raised its charges — admittedly by just a handful of dollars. As the demand for healthcare professionals rises with the improving economy, hospitals' manpower costs are going up.

Noting that the majority of healthcare costs goes to human resource, National University of Singapore health economist Associate Professor Phua Kai Hong said: "Every time there is a wage increase, the first to be affected is healthcare because there are many qualified specialists there and you need to keep them from moving to the private sector."

It is not the specialists alone that are benefiting. Nurses have been asked to shoulder some of the responsibilities of junior doctors. But this came with a demand for better benefits, and they recently got a pay hike.

Is your medical insurance policy keeping up with inflation?

What do you look for in a medical insurance policy? What are the key factors you should consider? Are your medical plans “as charged” or is it still room and board charges?

How you can get “Free” MediShield cover for yourself!

2007-03-30T02:08:00.000+08:00

March 20, 2007

'Free' MediShield cover for two kids: Here's how

I REFER to the article, 'Give your baby a MediShield gift' (ST, March 2).

As most parents have a CPF savings account, the premium for the MediShield insurance is payable from the Medisave account, meaning there is no out-of-pocket payment.

Parents can also enjoy 'premium free' MediShield insurance by manipulating the various accounts to achieve safe and higher returns allowed under the CPF savings scheme.

By transferring $5,000 from the Ordinary Account (earning interest at 2.5 per cent per annum, or $125) to the Special Account (earning interest at 4 per cent, or $200), and assuming that the parent has not fulfilled the prevailing Minimum Sum requirement, would earn him an extra $75.

The additional $75 is more than adequate to service the premiums for two children at $30 each for the most basic cover.

Chin Kee Thou

Kee Thou has a good point in that the interest can pay for the MediShield plans. Do you know if your MediSave account has about $30,000. You can get your MediShield plans free as well? With $30,000 in your MediSave account will yield about $1,000 in interest per annum!

Paying for a "as charge" MediShield plan is about $540 for an age 60 person for Class A Ward. The premiums are much lower for the younger aged. This provides an affordable and comprehensive medical insurance protection for you and your family.

Don't risk paying huge bills! The Doctor may save your life, but you may loose your life savings! Contact your reliable needs based advisor today!

Does your car insurance provide good claims service?

2007-03-30T01:49:00.000+08:00

March 22, 2007

Seven-car pile-up on expressway

PHOTO: DERICK TAN/STOMP

A white Hyundai ended up on top of a black Mazda in a seven-car pile-up in the rain yesterday.

Stomp reader Derick Tan, 31, witnessed the accident and sent in a picture.

The warehouse coordinator was driving along the Bukit Timah Expressway near the Kranji Expressway exit with his wife at around 8 am when they witnessed the crash.

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It pays to shop around for a good car insurer. After coughing out thousands for your car, isn’t worth while to pay a few hundred to get it insured with a good insurance company? The lowest price might be the most attractive in the short run, but you may be ending up on the raw side of the deal when you claim against your own insurer.

I know of a situation where months after later the accident, these claims are still being processed by the cheap insurer! Talk about paying good money and getting bad claims service! You are lucky if you are able to recover the full repair amount! Is waiting months for your claims payment worth the wait to save a few dollars? Call us for your quote!

Please comment on your claims experience! Thanks

How to select a Singapore MediShield Hospital and Surgical Plan

2007-03-20T01:28:00.000+08:00

By Kelvin Tan

There is now a larger pool choice for Central Providence Funds (CPF) MediShield plans in Singapore. There have also been vast improvements in the coverage of such Singapore MediShield Hospital and Surgical Plan. How do you weed out all the marketing and get a down to a good plan for yourself?

1. Look at the company; what’s its background, how long has it been in the Singapore market? How deep are its roots? Has it a good reputation in the industry? What about its contract terms? Do they help the patient or just protect the company from its liabilities?

2. Check sure the Singapore medical or hospital & surgical plan to see what is covered, you should make sure the annual limits and lifetime limits cater for catastrophic illness. Does it provide additional protection for catastrophic illness? Make sure the policy is guaranteed renewable; you don’t want the situation where the policy is canceled due to excessive claims.

3. Check the Ministry of Health website (www.moh.gov.sg) to see the company’s claims processing speed, this would ensure that the company doesn’t play punk when it comes to paying claims. Ensure that the company is regulated under Monetary Authority of Singapore and has a good track record.

4. Check the entire Singapore medical policy or hospital & surgical plan premiums range, and make sure that premiums do not increase exponentially with age! You don’t want a situation where the initial entry is very low but at later years pay a hefty sum to keep the policy. If you develop a medical condition it could be very difficult to switch medical plans. And you will be left in a tight spot.

5. Check individual limits and benefits of the policy, are the items specified “as charge”? Or are there individual limits to each item. This would mean any claims outside those limits would be out of your pocket. E.g. Room and Board $250 or “As Charge”. The advantage of “as charged” polices, is that they provide better reimbursement of claims.

6. You may want to consider purchasing pays cash only medical policy to cover the co-insurance and deductibles for Singapore medical policy or hospital & surgical shield plans as this would help reduce the amount of cash you have to pay for the co-insurance and detectable in the event if the hospital bill is large. Having another policy would also provide you with a wider coverage, for example there might be situations where the Shield Plan does not cover, but the other medical policy may provide cover. Go through the terms and conditions to see where the shortfall in medical protection is and how they can complement each other.

Insurance cover for congenital diseases falls short

Insurance providers say such schemes may be costly

By Salma Khalik, Health Correspondent

EVERY year, 700 to 800 babies are born here with congenital problems. They have one other problem - a lack of medical insurance.

There is no insurance scheme that will help pay their medical bills from birth, even if their parents had bought them a Medi-Shield policy, as this does not cover congenital diseases.

Only one policy, Great Eastern's SupremeHealth, covers congenital diseases - but only if they are identified at least two years after the policy starts.

Associate Professor Arijit Biswas, a senior consultant obstetrician at National University Hospital, said most congenital problems - nine in 10 - will have been diagnosed within the first year.

Some are minor, such as a cleft lip or palate, which can be remedied easily. Once corrected, the problem is essentially solved, although the child may require some speech therapy.

But one in four congenital problems is serious, said Prof Biswas. Heart defects, for example, may require several operations over the years.

Does your current policy protects for congenital diseases for your child?

For more details on your Singapore Medical or Hospital & Surgical plans visit www.Abundance2Insure.com

Ricky Ng and Associates are Professional financial planners with expertise in life, medical, financial, retirement, estate and investment planning. Representing Great Eastern Life, one of the largest insurance company in Singapore.

Will your beneficiaries be inheriting all your assets?

2007-03-20T00:49:00.000+08:00

By Kelvin Tan

Recent newspaper articles have highlighted the importance of estate planning here in Singapore. While numerous countries like Malaysia, Hong Kong, India, Australia, New Zealand, Italy, Sweden and Canada have actually done away with such taxes. I wonder why is Singapore so slow in adopting good practices (like abolishing Estate Duties) or reducing personal income taxes, but fast in implementing and increasing GST taxes?

Anyway below are some news articles which highlight this issue.

March 11, 2007

Why estate duty should die a quick death

THERE was much disappointment among Singaporeans and tax experts when the much-hoped-for scrapping or tweaking of the estate duty did not materialise this year.

Instead, the Government has opted to postpone its decision over what to do with the tax until next year.

Some people reckon that it should be abolished. Their arguments include the following:

It's a double whammy for taxpayers: A taxpayer is taxed twice - once on his income which is used to acquire the assets and again on the value of his assets when he dies.

It's an unfair exemption limit for movable assets: The lower exemption limit of $600,000 on movable assets such as cash and shares means that many middle-income earners would be slapped with the tax.

And these are the people who may not be financially savvy enough to minimise the potential tax paid through estate planning.

March 11, 2007

Death can be taxing for the living

With rising affluence, more Singaporeans may find themselves having to grapple with estate duty

By Lorna Tan, Finance Correspondent

FOR such a sombre topic, the death tax has been generating some very lively debate of late.

It has continually popped up in Budgets over recent years, including the recent one, while letters about it were still appearing in The Straits Times Forum page last week.

The attention reflects the fact that increasing numbers of Singaporeans who do not consider themselves rich are waking up to the fact that they are not immune from the snares of the tax, which kicks in if a deceased person has assets over a certain limit.

March 11, 2007

What can be done to minimise estate duty?

Q MY BROTHER, 54, who was single, died last year. He had willed all his money to our mother, who is about 80 years old now. My younger brother, 41, and myself, 42, are also not married and are named as executors to the will. In all, he left behind about $1 million in cash and a commercial property that was under his name alone. There is a small outstanding mortgage on this property.

My question is whether this money is subject to estate duty if our mother were to die? If so, what can be done to reduce or avoid being taxed? Estate duty of about $32,000 has already been paid and the Letter of Probate obtained. The monies are now in a joint account under my brother's and my name.

Currently the best policy for estate planning is to plan now and review it regularly. Even if you give your assets away, be warned of the 5 year claw back! i.e. Should you die within the 5 years, your gifts will be taxable! Some wealth protection methods for planning your estate protection you can use are wills, trust, and gifts.

Contact us for more information and advice www.Abundance2Insure.com

Why doesn’t my Singapore Insurance policy pay when I make a claim?

2007-03-20T00:24:00.000+08:00

By Kelvin Tan

Many times we get an insurance policy in Singapore and we think we are protected from everything! But when we are down with an accident or illness, our claims don’t get paid!

Why what went wrong? Isn’t that main purpose people buy insurance in Singapore for? Isn’t that what insurance in Singapore suppose to protect? And then is just the blame game, and you think that the insurance company just plain right cheated you with all the fine prints no doubt!

Well this is far from the truth, very likely the agent who sold you the policy did not do a good job in helping you understand clearly or explaining what the policy protected you from or against. And through time you probably forgotten all the finer details what the policy protected you from!

Insurance is such a broad topic, and the terms and conditions spelt out in the insurance contracts in Singapore, tend to be specifically worded to protect against that exact risk. And anything outside that description is usually not covered!

Insurance can be a very complex protection tool but you need to understand clearly what it can do for you. There are many different kinds of policies to protect against many different kinds of risks. There are medical policies to protect against hospitalization, life policies to protect against death, personal accident policies to protect against accidental death and total permanent disability, critical illness policies to protect against 30 dreaded diseases. The list just goes on and on…There is no one single plan that protects from everything, that is why you need to review your policies regularly to ensure any new risks are covered.

So what policy do you want to claim against? Hospitalization? Total permanent disability? Even when you are doing a claim, you need to review your different policies and check which will give you the best benefit when doing a claim.

Need to get a good insurance agent who understands what kind of protection you may need, and clearly explained to you what you are insured for. So any event of a claim you would know which policy to use or claim against. The secret is in using the right tool for the right job. Insurance can a powerful tool in the right hands, which provides huge protection at minimal cost!

If you understand the concept of insurance, it can help give you a very good foundation for protection and financial freedom for you and your family.

Contact us for your free policy review and advice www.Abundance2Insure.com

Is your a retirement fund or CPF savings adequate to provide you a decent lifetime income?

2007-03-19T23:56:00.000+08:00

By Kelvin Tan

From 1st July 2006, the Medisave Contribution would increase from $90,000 to $94,600. The new amount will apply to CPF members who turn 55 from 1 July 2006 to 30 June 2007.

For existing CPF members who just turned 55, they should have close to S$95,000 in their accounts.

For a person born May 1951, The CPF Minimum Sum applicable to you is $90,000.The projected monthly payout (retirement income) from age 62 is $711 and is estimated to last for 20 years. (Taken from the CPF calculator)

This assumes that you set aside the Minimum Sum fully in cash when you are age 55. The current retirement account interest rate is currently 4% pa, and is subject to change.

Hopefully this person would have more than the minimum sum, with the likelihood of GST hitting 7% middle of the year, essentials are going to cost more.

Assuming if this person just spends $18 for three meals a day, his monthly needs will be about $558, for food alone. This leaves him $153 from the monthly retirement income from CPF payout to handle all the other necessities? There are some necessities to be considered like medical insurance, utilities etc.

Another important point to note is that this CPF retirement income amount will be paid up to 20 years only! i.e. up to the person’s 82nd birthday. What if this person lives beyond this age what then? That is why annuities were introduced, what are annuities? It’s function is basically similar to that of the CPF retirement income, the main difference is that income from annuities will be paid through out the person’s life! Additional benefits in terms of cash are paid out if the person is unable to do 2 of the 6 activities of daily living (ADL).

For the majority of Singaporeans who just meet the minimum sum, retirement is not going to be a very rosy. Those who have less than the minimum sum, I can’t imagine how they are making ends meet? Is that why many Singaporeans who reach retirement age of 62 are still working?

That’s why it’s important for you to have a proper financial planning as early as possible all the way to retirement, in order for you to enjoy the fruits of the your labor.

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5 key points in selecting a Singapore based Insurance policy

2007-03-14T01:20:00.000+08:00

By Kelvin Tan

With so many insurance companies and difference insurance protection plans in Singapore it’s difficult to weed through everything to make a good decision on what to purchase. You don’t want to be stuck with a Long term insurance plan that doesn’t meet your needs or finding halfway through the policy life that it isn’t what you want.

The first key point of selecting a good insurance plan is finding the right company. Key questions you should ask your financial planner are:-

Has the insurance company been around for a long while (more than 70, 80, or 100 yrs)?
Is there good public Image about the company?
Importantly what are the financial standing and reserves?
Is the company growing and financially sound?
Has this company managed to deliver what is it has promised?
Is the insurance company listed in the local stock exchange (example Singapore Stock Exchange - SGX)?

The second key point is to make sure you have a good financial planner who you are comfortable with and have your needs at hand. This person must be able to ascertain through questioning, your long term needs and goals. Importantly is this person representing with a good Singapore based Insurance company regulated by Monetary Authority of Singapore (MAS)?

The third key point the planner should be able to one review your needs and recommend suitable plans that will meet your lifestyle goals. The planner should be able to explain clearly and in simple English what the plans offer, different advantages, disadvantages, benefits, and of course the premiums payable.

The fourth key point you should consider is that the policy should provide you adequate protection when you need it. Is there a regular review by the life planner on your policy?

The fifth point to consider is the payment of premiums, what payment options are available, and which payment option fit your needs. Yearly payments may yield a small discount compared to monthly payments.

For more details on contacting your reliable needs-based advisors visit www.Abundance2Insure.com who will partner you in your quest.