FISCA talk on financial planning

I gave a talk on financial planning under FISCA. 50 people attended. The majority of the participants are young people.

FISCA is now able to reach out to young people. It is wonderful, as the young people are likely to be the people who will stand to benefit by being educated and avoid giving a large part of their future savings away in a low yield insurance policy.

I encourage young people to attend the FISCA talk (www.fisca.sg/events) and be educated. You will be able to avoid being misled by an insurance agent who is only keen to earn a fat commission at your expense.

If you meet an insurance agent, who is highly trained and persuasive, this is how you can say "No"
http://tankinlian.com/admin/file.aspx?id=273

You should also listen to the videos from Suzy Orman. Although she made her point in the context of USA, the same points are applicable in Singapore. In fact, the situation in Singapore is worse for consumers:

http://www.youtube.com/watch?v=sGDgYLCpnDo
http://www.youtube.com/watch?v=6vnN9liFWaE

Tan Kin Lian

Medishield and Private Shield

Insurance agents scare consumers about the high cost of medical treatment and ask them to buy a private shield. The consumers are not aware that they will have to pay a higher premium, and when they go for treatment, they have to pay a higher co-payment as well. They will be hit twice. Read these articles:
http://tankinlian.com/admin/file.aspx?id=229
http://tankinlian.com/admin/file.aspx?id=183

The agent also use a number of myths to get consumers to make the decision that is good for agents, but may be bad for consumers. Read this article:
http://tankinlian.com/admin/file.aspx?id=287

Apart from paying a higher premium and co-payment, consumers may be hit hard when their claim for reimbursement is rejected due to unintended non-disclosure. Read these articles:
http://tankinlian.com/admin/file.aspx?id=239
http://tankinlian.com/admin/file.aspx?id=190

The only reason to go for private shield is the chance that the public hospital do not have the doctor to treat your illness. I think that this risk is low and is exaggerated. There should be more than adequate facility to be treated in our public hospital.

Those who are well off can opt to go for private shield. For the majority, where the savings is not adequate, it is better to stay with Medishield.

Tan Kin Lian

Unethical methods used to sell life insurance

The wife of an ex-insurance agents describes some of the unethical methods used by insurance agents to get customers to buy insurance policies that harm them financially. She said that her husband might also be a victim as he was misled by his manager. Read:
http://tankinlian.com/admin/file.aspx?id=297

SGEP

Read the views of the Reform Party and the Singapore Democratic Party on the issues affecting Signaporeans.
SGEP

Revival of protectionism?

Tan Kin Lian expects the US to resort to some form of protectionism to solve their economic and employment problems. How will this impact Singapore?

Ask Mr. Tan

Power of Attorney Template | Free Power of Attorney Template | Legal Document Software

A power of attorney is a legal document by which one person grants power to another person to act on behalf of the person granting the power. The person granting this power is called the Principal and the person to whom he is giving this power is called an Agent.

Generally a power of attorney can be granted without the need for a written document or instrument; however there are some occasions when the law demands a written power of attorney to recognise the agent as legitimately appointed by the principal to act on his behalf.

via legaldocumentsoftware.org

TKL Tips

Go to this website
http://projects.easyapps.sg/life21d/

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Tips on Financial Planning
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