Read this article.
My view
We need to have leaders who knows the issues that affect ordinary people and not the same elites who are brought up in a sheltered, unreal environment.
Sunday, August 1, 2010
Happy with Vivolife
Hi Mr Tan,
I took up a NTUC vivolife plan recently. I am paying 50 monthly for 10 years .I'm insured from death my entire life and total permanent disability plus critical illness till 65. How bad can that be when im only paying $5769 to insure my whole life?
REPLY
I took up a NTUC vivolife plan recently. I am paying 50 monthly for 10 years .I'm insured from death my entire life and total permanent disability plus critical illness till 65. How bad can that be when im only paying $5769 to insure my whole life?
REPLY
You pay premium amounting of $5,769 for 10 years and get a cash value at the end of 10 years of less than the total premiums. So you do not get any yield on your savings.
The amount of insurance is quite small. In your case, the policy is not attractive, but it is not bad either. But, if you are happy with this policy, it is all right.
If you buy a term insurance policy and invest the difference in a low cost fund, you can get a higher coverage and, quite likely, a higher yield at the end of 10 years.
CPF and reservist training
My friend, who run a small company, shared this story with me. He hired a Singaporean and had to pay CPF, which is not required for a foreign worker. So, the Singaporean worker cost more.
After joining for a few weeks, the Singaporean was quite apologetic in telling the boss, "I have three weeks of reservist training in November". It was a few months ahead, but he had to tell the employer early as the employer had to find someone to cover the daily work during while the Singaporean went on the reservist training. For a small company, this can be disruptive. The company is struggling to keep afloat, so this type of disruption is not helpful.
This are regular occurrences that have to be faced. They cannot be swept under the carpet.
Tan Kin Lian
After joining for a few weeks, the Singaporean was quite apologetic in telling the boss, "I have three weeks of reservist training in November". It was a few months ahead, but he had to tell the employer early as the employer had to find someone to cover the daily work during while the Singaporean went on the reservist training. For a small company, this can be disruptive. The company is struggling to keep afloat, so this type of disruption is not helpful.
This are regular occurrences that have to be faced. They cannot be swept under the carpet.
Tan Kin Lian
Insured perils and acts of God
What are the perils insured under an insurance policy? What are acts of God and are these events excluded under all insurance policies?
The recent floods in Singapore seem to suggest that the losses are not covered, as they are caused by acts of God.
Read an explanation in the FAQ stored in my website. Search for "insured perils" or "acts of God".
www.tankinlian.com
The recent floods in Singapore seem to suggest that the losses are not covered, as they are caused by acts of God.
Read an explanation in the FAQ stored in my website. Search for "insured perils" or "acts of God".
www.tankinlian.com
Review of Life Insurance Policy
If you wish to ask for my assistance to review your existing life insurance policy or for a new policy that you plan to buy, read the FAQ entitled "Review of Life Insurance Policy: in my website.
www.tankinlian.com
www.tankinlian.com
Productivity and exploitation of workers
Read this article.
My view
I agree with the writer that higher productivity should lead to higher standard of living, instead of putting more people out of work. The exploitation of workers has led to a widening gap between the top incomes and the majority of lowly paid workers. This also measured by the GINI coefficient, of which Singapore has fared badly, and is worse than America.
My view
I agree with the writer that higher productivity should lead to higher standard of living, instead of putting more people out of work. The exploitation of workers has led to a widening gap between the top incomes and the majority of lowly paid workers. This also measured by the GINI coefficient, of which Singapore has fared badly, and is worse than America.
Invest in financial education
When you send your child for music lesson, you have to pay $20 to $25 for one hour lesson each week. The course may take 3 months and will cost about $300. You have to add the transport cost and the time that you have to spend to fetch your child each week for the lesson. As a parent, you are happy to spend the money and time for the enrichment of your child. For this fee, the child has to join a class comprising of 6 to 8 students.
Are you willing to spend time and money for your own financial education? Would you spend $30 to attend a 3 hour talk arranged by FISCA? It is only $10 per hour, lower than the music lesson. Are you willing to spend the time? Do you feel that it is important for your future financial welfare? Are you willing to attend a few lessons, so that your understanding, instead of just one lesson?
If you think that financial advice should be given free to you by a person who sell you a financial product, be ready to lose $200,000. This is the typical amount of "effect of deduction" that is taken from you for the average amount of life insurance savings take is sold to a person. Do you want to save a few hundred dollars to lose a few hundred thousands?
If you think that financial education is just as important as music lesson, give your particulars in this survey. Make a commitment to be financially educated. FISCA will contact you about the courses that are being organized. You can decide at that time, if you are ready to attend the course.
Survey.
Are you willing to spend time and money for your own financial education? Would you spend $30 to attend a 3 hour talk arranged by FISCA? It is only $10 per hour, lower than the music lesson. Are you willing to spend the time? Do you feel that it is important for your future financial welfare? Are you willing to attend a few lessons, so that your understanding, instead of just one lesson?
If you think that financial advice should be given free to you by a person who sell you a financial product, be ready to lose $200,000. This is the typical amount of "effect of deduction" that is taken from you for the average amount of life insurance savings take is sold to a person. Do you want to save a few hundred dollars to lose a few hundred thousands?
If you think that financial education is just as important as music lesson, give your particulars in this survey. Make a commitment to be financially educated. FISCA will contact you about the courses that are being organized. You can decide at that time, if you are ready to attend the course.
Survey.
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