Hi Mr Tan,
You always mention that Benchmark for Deduction should not more than 20% after 25 yrs for life insurance.
Do you mind to tell me which are the insurers that meet this benchmark ?
REPLY
None of the life insurance policies in the market now meet my benchmark of 20% deduction. It is better for the consumer to buy term insurance and invest your savings in an indexed fund. The long term cost is likely to be less than the 20% deduction. Read my book on financial planning (available at www.tankinlian.com/ishop).
If consumers reject the existing life insurance products that offer a low yield, the insurance companies will be forced to offer new products that give better value to consumers, i.e. meet the benchmark of 20%. It is possible for them to achieve this goal.
Saturday, January 8, 2011
How to survive the bursting of the bubble
The Asian economies are in a bubble. It will have to burst and follow the fate of Japan and America. Here are some tips on how to survive the bursting of the bubble.
www.tankinlian.com/latest.aspx
http://tankinlian.com/admin/file.aspx?id=356
Tan Kin Lian
www.tankinlian.com/latest.aspx
http://tankinlian.com/admin/file.aspx?id=356
Tan Kin Lian
Financial Planning Tool for Fresh Graduates
It is important for a fresh graduate to start financial planning with their first job. They should set aside savings for the future and invest their savings to get a good yield. They should avoid financial products that provide a poor yield. They should also take into account the effect of future inflation on their savings.
Learn about the right approach towards financial planning using the tool created by Prof. Tan Kin Lian in this website, www.easysearch.sg/life21.
Time for a new formula for property tax?
Attached please find my article published in TODAY newspaper about property tax. Just for your info.
Mr Tan - feel free to publish this in your blog if you think this is useful. There were a few comments attached to this article. see link below.
T C Thian
My comment
I agree with the views expressed by the writer. We should not expose owner occupiers from the vagaries of the rental market.
Friday, January 7, 2011
World Richest Governments
Singapore government is the 11th richest n the world. It is richer than many countries with larger populations.
http://tankinlian.com/admin/file.aspx?id=355
http://tankinlian.com/admin/file.aspx?id=355
Website for professional fees
Published in the Straits Times Forum page on 8 Jan 2011
I refer to the letter from Chan Ban Choon entitled “provide guidelines on lawyers’ fees (ST 4 Jan 2011). Mr. Chan complained that several lawyers have quoted fees varying from $500 to $7,000 for a standard tenancy agreement. He suggested that the law society or relevant government bodies should set guidelines of fees for standard work.
I recall a similar situation a few months ago where the Competition Commission had instructed the medical association to remove their guidelines for medical fees on the grounds that free competition will bring down fees to benefit consumers.
It now seems that consumers are not benefiting from the competitive environment and that professional fees are going up. It is difficult for consumers to know the market rate of fee for a piece of work and to go around asking for quotations.
I suggest that the Competition Commission should set up a website (or outsource the work to an authorised party) to allow professional firms to post their fees for standard types of work This will make it easy for consumers to view the postings, select a professional for the work and negotiate the fees.
This approach is likely to achieve the aim of the competition law to bring down professional fees for the benefit of consumers.
Tan Kin Lian
I refer to the letter from Chan Ban Choon entitled “provide guidelines on lawyers’ fees (ST 4 Jan 2011). Mr. Chan complained that several lawyers have quoted fees varying from $500 to $7,000 for a standard tenancy agreement. He suggested that the law society or relevant government bodies should set guidelines of fees for standard work.
I recall a similar situation a few months ago where the Competition Commission had instructed the medical association to remove their guidelines for medical fees on the grounds that free competition will bring down fees to benefit consumers.
It now seems that consumers are not benefiting from the competitive environment and that professional fees are going up. It is difficult for consumers to know the market rate of fee for a piece of work and to go around asking for quotations.
I suggest that the Competition Commission should set up a website (or outsource the work to an authorised party) to allow professional firms to post their fees for standard types of work This will make it easy for consumers to view the postings, select a professional for the work and negotiate the fees.
This approach is likely to achieve the aim of the competition law to bring down professional fees for the benefit of consumers.
Tan Kin Lian
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