105 players have now registered to try this application that provides a simulted trading environment:
http://tankinlian.com/trader/
35 players logged in yesterday to play the game. Many of them played a multi-player game to compete against other players.
Saturday, August 16, 2008
Save for a child's education
Dear Mr. Tan
I've read your blog and aware of benefit of term insurance (cheaper compare to whole life policy). I intend to buy one term and one education policy for my child. As you were formerly with NTUC Income, you should be able to tell me more about the plan call 'PayMyUni' whether it provide good returns or not.
REPLY
I am not familiar with PayMyUni as it was introduced after I left Income. Usually, I advise people to save for a child education through a low cost investment fund. Read this FAQ:
http://www.tankinlian.com/faq/education.html
I've read your blog and aware of benefit of term insurance (cheaper compare to whole life policy). I intend to buy one term and one education policy for my child. As you were formerly with NTUC Income, you should be able to tell me more about the plan call 'PayMyUni' whether it provide good returns or not.
REPLY
I am not familiar with PayMyUni as it was introduced after I left Income. Usually, I advise people to save for a child education through a low cost investment fund. Read this FAQ:
http://www.tankinlian.com/faq/education.html
Friday, August 15, 2008
Learn the skill of trading of financial products
How does USD or S&P or Treasuries react to news events? Will the price go up or down? You can learn about the behavior by playing this simulated game:
http://project.projects.tankinlian.com/trader/
The simulated game is designed to be as realistic as possible. Each game is different from the previus games, as they are picked randomly from 50 different scenarios.
This game is now available for free for the time being. It will be restricted to paid subscribers at a later date.
http://project.projects.tankinlian.com/trader/
The simulated game is designed to be as realistic as possible. Each game is different from the previus games, as they are picked randomly from 50 different scenarios.
This game is now available for free for the time being. It will be restricted to paid subscribers at a later date.
Buy Term and Invest the Savings
Hi Mr Tan,
After reading your reply, I decided not to rush into buying a policy. After all the research I had done, I am still kind of lost. I do not know which policy suit me better for my age and my situation.
For your information, I am 20 this year, fresh diploma graduate who had just started my 1st career. I did not buy any insurance previously. Hence this will be the 1st I am buying for myself. Being the bread winner of my family, I think buying an insurance will be safer for me and my family. To me, my concern will be life protection plus some investment which will make my saving grow.
Initially I thought that buying a long term saving plan eg 25years, will be better. I was told that by an insurance company that it will double up by return. The sum of money return was very attractive. However I understand it tied up my money. In case of emergency, I might have financially difficulties. Hence I thought of buying ILP.
However I understand that ILP Will have high charges involved after reading your blog. As u mentioned, by buying a term insurance or decreasing term insurance will be cheaper. Then invest the money in some other investment funds such as uni-trust, bonds, equities etc. The problem is I do not know anything about the share market. I wonder if I am able to invest my money into the right funds. Some banks who I visited, or 1 of the insurance company who I spoke to, offered me regular saving plans or ILP.
No one offered term insurance to me yet. I understand that term insurance had no cash value. Hence I am worry, if I bought a term insurance but end up I do not know how to invest on the investment funds, I might end up buying another ILP. Where do you think I can get more informations about those investment funds? Or is there any ILP or regular saving plan which offer good return with reasonable charges in the market now?
In your advice, is there anything in particular which I should be take note/ beware of before buying any policy? What do you recommend I should do? I also had several doubts which I think maybe you can clarify for me.
1) All policies, regardless whether from bank or insurances companies have yearly policy fee unless otherwise stated?
2) The policy fee had been calculated into our mthly premium or is there additional charges?
3) Does fixed deposit earn better interest and give more flexibility than ILP/saving plan? Appreciate for your time and patient.Hope to hear from you soon.
REPLY
Please read these FAQ:
http://www.tankinlian.com/faq/savings.html
http://www.tankinlian.com/faq/investown.html
http://www.tankinlian.com/faq/termd.html
After reading your reply, I decided not to rush into buying a policy. After all the research I had done, I am still kind of lost. I do not know which policy suit me better for my age and my situation.
For your information, I am 20 this year, fresh diploma graduate who had just started my 1st career. I did not buy any insurance previously. Hence this will be the 1st I am buying for myself. Being the bread winner of my family, I think buying an insurance will be safer for me and my family. To me, my concern will be life protection plus some investment which will make my saving grow.
Initially I thought that buying a long term saving plan eg 25years, will be better. I was told that by an insurance company that it will double up by return. The sum of money return was very attractive. However I understand it tied up my money. In case of emergency, I might have financially difficulties. Hence I thought of buying ILP.
However I understand that ILP Will have high charges involved after reading your blog. As u mentioned, by buying a term insurance or decreasing term insurance will be cheaper. Then invest the money in some other investment funds such as uni-trust, bonds, equities etc. The problem is I do not know anything about the share market. I wonder if I am able to invest my money into the right funds. Some banks who I visited, or 1 of the insurance company who I spoke to, offered me regular saving plans or ILP.
No one offered term insurance to me yet. I understand that term insurance had no cash value. Hence I am worry, if I bought a term insurance but end up I do not know how to invest on the investment funds, I might end up buying another ILP. Where do you think I can get more informations about those investment funds? Or is there any ILP or regular saving plan which offer good return with reasonable charges in the market now?
In your advice, is there anything in particular which I should be take note/ beware of before buying any policy? What do you recommend I should do? I also had several doubts which I think maybe you can clarify for me.
1) All policies, regardless whether from bank or insurances companies have yearly policy fee unless otherwise stated?
2) The policy fee had been calculated into our mthly premium or is there additional charges?
3) Does fixed deposit earn better interest and give more flexibility than ILP/saving plan? Appreciate for your time and patient.Hope to hear from you soon.
REPLY
Please read these FAQ:
http://www.tankinlian.com/faq/savings.html
http://www.tankinlian.com/faq/investown.html
http://www.tankinlian.com/faq/termd.html
Thursday, August 14, 2008
Joke: Wrote a check
Mr. John Johnson was a rich old man was dying from a rare disease. On his deathbed, he called for his insurance agent, doctor and preacher:"
I trusted each you my entire life. Now I want to give each of you $30,000 cash in an envelope to put in my grave. I want to take it with me."
Mr. Johnson died and at the funeral, each one placed the envelope on top of the man, then he was laid to rest.
On the way from the funeral, in the limo, the doctor confessed "I must tell you gentlemen, I only put $20,000 on top of Mr. Johnson, I wanted buy this new machine that would enable me to diagnose his rare disease and save others. It's what he would have wanted."
Then the preacher said: "I have to confess, I only put $10,000 on top of Mr. Johnson. We needed that money to help more homeless, and it's what Mr. Johnson would've wanted"
The insurance agent was angry at both the man, and said: "I can't believe both of you, stealing from a dead man. I wrote Mr. Johnson a check for the full $30,000!"
I trusted each you my entire life. Now I want to give each of you $30,000 cash in an envelope to put in my grave. I want to take it with me."
Mr. Johnson died and at the funeral, each one placed the envelope on top of the man, then he was laid to rest.
On the way from the funeral, in the limo, the doctor confessed "I must tell you gentlemen, I only put $20,000 on top of Mr. Johnson, I wanted buy this new machine that would enable me to diagnose his rare disease and save others. It's what he would have wanted."
Then the preacher said: "I have to confess, I only put $10,000 on top of Mr. Johnson. We needed that money to help more homeless, and it's what Mr. Johnson would've wanted"
The insurance agent was angry at both the man, and said: "I can't believe both of you, stealing from a dead man. I wrote Mr. Johnson a check for the full $30,000!"
Practice trading with this simulated game
66 people have registered and started to play this simulation game:
http://project.projects.tankinlian.com/trader/
It provides a simulated environment for the user to trade stocks, bonds, US dollar and gold. The prices of these product move according to the news.
You can practice as a single player first. Afterwards, you can compete with other players under the multi-player mode. The auto-game starts within 15 minutes and those players can join in.
Give it a try!
http://project.projects.tankinlian.com/trader/
It provides a simulated environment for the user to trade stocks, bonds, US dollar and gold. The prices of these product move according to the news.
You can practice as a single player first. Afterwards, you can compete with other players under the multi-player mode. The auto-game starts within 15 minutes and those players can join in.
Give it a try!
Wednesday, August 13, 2008
A painful learning experience
Hi Mr. Tan,
Recently, I bought a whole life policy from a particular insurance company. I paid them a year of premiums in advance already. However, 4 months into the policy, after reading your blog and doing some self reading, I decided to end this high cost product early. My agent informed me that I will not be able to get back the future 8 months of premiums that I have paid earlier. What should I do now? Can I complain to FiDREC?
REPLY
I think that you have paid an annual premium under the policy. There is usually no surrender value, if you cancel the policy during the first two or three years. It will be difficult for you to argue that you are entitled to a refund of 8/12 of the annual premium on termination after four months. If you like, you can try FiDREC and see if they agree with you. (Most likely, they will not take up your case).
Hi Mr. Tan,
Thanks a lot for your kind attention and input you have given me. I greatly appreciate it. Please continue with your great work in educating the public about the pitfalls and truth with regards to insurance products. I was also "awakened" to all these after reading your blog and website! Guess i have treat this experience as a painful learning lseeson.
Recently, I bought a whole life policy from a particular insurance company. I paid them a year of premiums in advance already. However, 4 months into the policy, after reading your blog and doing some self reading, I decided to end this high cost product early. My agent informed me that I will not be able to get back the future 8 months of premiums that I have paid earlier. What should I do now? Can I complain to FiDREC?
REPLY
I think that you have paid an annual premium under the policy. There is usually no surrender value, if you cancel the policy during the first two or three years. It will be difficult for you to argue that you are entitled to a refund of 8/12 of the annual premium on termination after four months. If you like, you can try FiDREC and see if they agree with you. (Most likely, they will not take up your case).
Hi Mr. Tan,
Thanks a lot for your kind attention and input you have given me. I greatly appreciate it. Please continue with your great work in educating the public about the pitfalls and truth with regards to insurance products. I was also "awakened" to all these after reading your blog and website! Guess i have treat this experience as a painful learning lseeson.
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