Some marketing people call my office and ask for me. They want to market their product. Their approach is inconsiderate. They often interrupt me when I am busy doing my work.
These people have my e-mail address and mobile phone. They can send an e-mail or SMS to me. Instead, the call the telephone, without any prior announcement, and try to market their products. For these inconsiderate people, I always tell them that I am not interested, goodbye!
Tan Kin Lian
Tuesday, August 24, 2010
Unsuitable life insurance policies
Hi Mr Tan,
I came across your blog that you will help to review the life insurance policies. I attached 2 benefit illustrations
for a Vivolife policy and an ILP. My wife and I bought these life insurance about a year ago from a friend working for an financial adviser firm. Is it worthwhile to keep these policies? Both policies have a coverage of $10,000.
REPLY
The coverage of $10,000 is too low for your needs. These policies are not suitable for protection and offer a poor yield as an investment.
The ILP policy takes away 46% of the value of your accumulated premium at the end of 25 years, i.e. $102,000 out of $220,000). This is far too high. The Vivolife policy takes away 31%, i.e. $36613 out of $116694. This is high, but not as bad as other policy. According to my book, Practical Guide on Financial Planning, the fair deduction should be 20% for 25 years. If I were in your place, I would certainly give up the ILP policy now, but I am not sure about the Vivolife policy.
More important, you should read my book (you can buy the 5 book bundle at a 40% discount) to learn about how to safeguard your own financial future, i.e. buy term insurance and invest your savings in a low cost fund. You should also join FISCA and attend its educational talks.
I came across your blog that you will help to review the life insurance policies. I attached 2 benefit illustrations
for a Vivolife policy and an ILP. My wife and I bought these life insurance about a year ago from a friend working for an financial adviser firm. Is it worthwhile to keep these policies? Both policies have a coverage of $10,000.
REPLY
The coverage of $10,000 is too low for your needs. These policies are not suitable for protection and offer a poor yield as an investment.
The ILP policy takes away 46% of the value of your accumulated premium at the end of 25 years, i.e. $102,000 out of $220,000). This is far too high. The Vivolife policy takes away 31%, i.e. $36613 out of $116694. This is high, but not as bad as other policy. According to my book, Practical Guide on Financial Planning, the fair deduction should be 20% for 25 years. If I were in your place, I would certainly give up the ILP policy now, but I am not sure about the Vivolife policy.
More important, you should read my book (you can buy the 5 book bundle at a 40% discount) to learn about how to safeguard your own financial future, i.e. buy term insurance and invest your savings in a low cost fund. You should also join FISCA and attend its educational talks.
Insure against unemployment [2]
Can you buy insurance against unemployment? Read here:
http://tankinlian.com/admin/file.aspx?id=135
http://tankinlian.com/admin/file.aspx?id=135
New credit card rules in USA
Hi,
The United States recently imposed a new set of Credit Card rules protecting consumers, making sure big banks are not allowed to take advantage of customers with unfair fees, rate hikes, and a lack of clear information. Some of the key new rules set are (lifted from here)
- Limits on the size of late fees: Credit card issuers will no longer be allowed to charge you a late payment fee that is larger than your minimum payment. Banks also cannot charge a late fee higher than $25 unless one of your last six payments has been late or if the bank can show that the costs associated with the late payment justify a higher fee.
- Ban on multiple penalty fees for single violations: You cannot be charged more than one penalty fee for a single violation of your credit card agreement. For example, you cannot be charged both a late fee and a returned payment fee based on a single botched payment.
- Ban on inactivity fees: Card issuers will no longer be allowed to charge you a fee for failing to use your account enough or for terminating your account. Your account can still be closed for inactivity by your card issuer.
- More information about why your rate is going up: Since August 2009, card issuers have been required to give 45 days notice before raising your interest rate on future purchases. Now they must notify you of the reason they are imposing a rate hike, such as market conditions or a reduced credit score.
Such never before consumer protection rules should also considered by legislation of other countries and implemented everywhere.
How New Credit Card Rules Help You
Loh Hon Chun
The Online Law Degree | Online Law Degrees Problems Abound | Law Office Software
An online law degree appears to be a godsend for those wishing to pursuer a career in law in the United States. But there are problems with online law degrees..
Good post about the dangers associated with online law degrees..
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Case Management Legal Software
Leading providers of case management legal software include Abacus Law, Government Suite by LegalEdge, Monitor by Loryx, Amicus Attorney and Needles case management software. Some of the benefits of case management software include the database feature which allows you to keep track of each and every case you have handled, what judge presided and who acted for the other side with contact details etc.
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