1. Decide what you want, e.g. term insurance for $300,000 for 25 years
2. Get 3 quotes from the insurance companies, specifically on what you need, and make your choice
3. Compare with the benchmark for this product given in Practical Guide on Financial Planning
4. Read the FAQs in this blog
5. Do not listen to an agent who recommends another product, as the agent is likely to sell you a high cost, low yield product.
6. Never buy a product recommended by an agent where you are not able to compare with similar products
Tuesday, July 6, 2010
FAQ - Insurance for a child
I wish to give some tips to parents on how to save for a child's education and the type of insurance suitable for a child. Read this article.
FISCA Educational Talks
FISCA plan to organise the following educational talks:
a) Financial Planning - A Practical Guide
b) Investing in ETF, REITS and blue chip stocks
c) Consumers and the law
Each talk will be for 3 hours to be held at SMU on a Saturday. The talk will be held every 1 or 2 nonths, depending on demand. Fee is $30 (non-members) and $10 (FISCA members).
Details (including registration) will be announced at http://www.fisca.sg/.
a) Financial Planning - A Practical Guide
b) Investing in ETF, REITS and blue chip stocks
c) Consumers and the law
Each talk will be for 3 hours to be held at SMU on a Saturday. The talk will be held every 1 or 2 nonths, depending on demand. Fee is $30 (non-members) and $10 (FISCA members).
Details (including registration) will be announced at http://www.fisca.sg/.
Limited Pay Policy
Hi Sir,
I am a 25 years old individual contemplating on purchasing an insurance policy.
Limited pay life policy sounds attractive, in a sense, one is able to choose 5, 10, 20 or 25 years in premium payment and subsequently cover till age 65.
My financial consultant recommended me to opt for 20 years in premium payment.
However, I figured that 5 years in premium payment would make the life policy more cost effective
I was introduced to TM Legacy plus. Basic sum assured of $100,000.
Appreciate if you could advise on the
1. pros and cons of the policy
2. the no. of years i should choose for premium payment
3. whether i should take up the policy.
James
REPLY
Please read my book, Practical Guide on Financial planning (available at www.easysearch.sg/ishop). It tells you what to look out for. Most life insurance policies, including limited payment policies, give a poor return. It is better to buy Term Insurance.
You can read my FAQ on Benefit Illustration, http://www.easysearch.sg/Admin/File.aspx?id=57
I am a 25 years old individual contemplating on purchasing an insurance policy.
Limited pay life policy sounds attractive, in a sense, one is able to choose 5, 10, 20 or 25 years in premium payment and subsequently cover till age 65.
My financial consultant recommended me to opt for 20 years in premium payment.
However, I figured that 5 years in premium payment would make the life policy more cost effective
I was introduced to TM Legacy plus. Basic sum assured of $100,000.
Appreciate if you could advise on the
1. pros and cons of the policy
2. the no. of years i should choose for premium payment
3. whether i should take up the policy.
James
REPLY
Please read my book, Practical Guide on Financial planning (available at www.easysearch.sg/ishop). It tells you what to look out for. Most life insurance policies, including limited payment policies, give a poor return. It is better to buy Term Insurance.
You can read my FAQ on Benefit Illustration, http://www.easysearch.sg/Admin/File.aspx?id=57
Bank interest rate
Check the interest rate on bank savings account posted in the FISCA website (http://www.fisca.sg/).
Monday, July 5, 2010
Talks on Financial Planning at Community Centers and Comapnies
I am able to give a talk on financial planning at community centers and companies. There will be a fee of $600 to provide revenue to FISCA. Details can be found here:
http://www.easysearch.sg/Admin/File.aspx?id=14
Alternatively, adults can attend the financial planning talk that will be held by FISCA monthly (see www.fisca.sg) $30 for non-members, $10 for members.
http://www.easysearch.sg/Admin/File.aspx?id=14
Alternatively, adults can attend the financial planning talk that will be held by FISCA monthly (see www.fisca.sg) $30 for non-members, $10 for members.
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