Saturday, April 10, 2010
Role of Parliament
The role of Parlimanent is to act as a check on the Government. Read this article.
Bad advice on switching
Hi Mr. Tan,
I visited your blog and enjoy reading it. I need your advice on the following. Currently, I have (details of 4 policies provided)
Recently my new agent does an analysis and advise me that I required a life-policy. The agent suggested me to terminate the investment policy and get a life policy. The agent informed me that the premium paid till date is around $X and the surrender value is $Y (slightly more than $X). The agent cited that part of the investment profit are paid for the administration charge and others benefit like Death Cover, TPD and CCP.
I'm reluctant because I do not intend to terminate the investment policy but instead thinking of reducing the coverage amount so that the investment policy is indeed an investment policy not anything else. Please advise.
REPLY
It is bad to terminate an existing policy and buy a new policy. Do not buy a life policy that has high upfront charge. If you need additional cover, just buy a term insurance policy, e.g. available from Aviva (e.g. SAF scheme). If you need less cover, you can reduce the sum insured on the investment policy.
Get the benefit illustration from the agent (for the new policy) and show to me. I will tell you if the agent has given proper advice to you.
You can read my book, Practical Guide on Financial Planning. There is a chapter on how to deal with existing insurance policy, and a warning to avoid switching to a new policy.
The book is available here for $12, www.easysearch.sg/ishop
I visited your blog and enjoy reading it. I need your advice on the following. Currently, I have (details of 4 policies provided)
Recently my new agent does an analysis and advise me that I required a life-policy. The agent suggested me to terminate the investment policy and get a life policy. The agent informed me that the premium paid till date is around $X and the surrender value is $Y (slightly more than $X). The agent cited that part of the investment profit are paid for the administration charge and others benefit like Death Cover, TPD and CCP.
I'm reluctant because I do not intend to terminate the investment policy but instead thinking of reducing the coverage amount so that the investment policy is indeed an investment policy not anything else. Please advise.
REPLY
It is bad to terminate an existing policy and buy a new policy. Do not buy a life policy that has high upfront charge. If you need additional cover, just buy a term insurance policy, e.g. available from Aviva (e.g. SAF scheme). If you need less cover, you can reduce the sum insured on the investment policy.
Get the benefit illustration from the agent (for the new policy) and show to me. I will tell you if the agent has given proper advice to you.
You can read my book, Practical Guide on Financial Planning. There is a chapter on how to deal with existing insurance policy, and a warning to avoid switching to a new policy.
The book is available here for $12, www.easysearch.sg/ishop
Friday, April 9, 2010
Mobile apps developer
I wish to look for mobile apps developer to take projects under the following platforms - Apple, Android, Windows, Nokia. If you are interested, send message to kinlian@gmail.com.
High earnings of new CEO
Someone told me that the annual report of a listed insurance company showed that its recently recruited CEO earned $2.6 million in 2009. This remuneration was twice of the remuneration of the previous CEO who headed the company for 10 years. The insurance company had cut its policyholders' bonus two years ago due to market conditions and had still not restored the bonus cut.
He asked, "Mr. Tan, is this fair to the policyholders? Why is the company allowed to increase its management salaries by so much, while policyholders are still suffering the bonus cut?" He also pointed out that the previous CEO was a Singaporean and that the new CEO was a foreigner.
He asked, "Mr. Tan, is this fair to the policyholders? Why is the company allowed to increase its management salaries by so much, while policyholders are still suffering the bonus cut?" He also pointed out that the previous CEO was a Singaporean and that the new CEO was a foreigner.
Thursday, April 8, 2010
Investment in land banking in Canada
Dear Sir,
My family and I bought some land in Canada 7 years ago and have yet to see our profits actualised. Is this investment a scam? We haven't tried asking for our money back but reading about the same company being raided in Malaysia makes me think it may be one.
REPLY
It is difficult for the investors to get back their money from land banking projects. Many investors have waited a long time, and have now given up hope of getting back their money.
My family and I bought some land in Canada 7 years ago and have yet to see our profits actualised. Is this investment a scam? We haven't tried asking for our money back but reading about the same company being raided in Malaysia makes me think it may be one.
REPLY
It is difficult for the investors to get back their money from land banking projects. Many investors have waited a long time, and have now given up hope of getting back their money.
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