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Candy Goh

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Candy Goh

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Candy Goh

  • Answers (5)
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Investments

Insurance

Endowment Policies

What is endowment plan, how much returns will it provide me?
Candy Goh
Candy Goh
Level 3. Wonderkid
Answered on 18 Mar 2020
Endowment Insurance plans are designed to build up savings over a fixed term. They are typically capital guaranteed after a period of time. The most common uses of endowment policies are: 1) providing for children’s education expenses 2) saving for personal goals 3) retirement There are endowment plans that provide more flexibility, such as allowing for a partial withdrawal of cash value or offering yearly payouts starting from the end of the 1st policy year onwards. Returns are anywhere between 2-4% depending on your premium and policy term. Shorter policies provide lower returns, while longer term policies or multi generational policies can give you a higher 4% return compounded. And because they are insurance products, 1) You may be protected against Death, Total & Permanent Disability and Terminal Illness (varies with insurers/policies) 2) You can opt for premium waivers that will allow you to stop paying premiums or a gives a lumpsum in the event of illness or death Depending on your portfolio weightage, goals, time horizon and risk profile, endowment plans may or may not suit your needs.
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Hospitalisation Insurance (H&S)

Insurance

Hi, wanna ask regarding hospitalisation insurance. I declared an ECG checkup and but was rejected by one insurer. Can I try others and be fully covered?
Candy Goh
Candy Goh
Level 3. Wonderkid
Answered on 17 Mar 2020
Hi Anon, Hospitalisation/Integrated Shield Plans (IP) only has 3 outcomes: 1) Accepted 2) Accepted with Exclusion 3) Rejected Unlike Life Insurance there is no loading involved etc. The best way to have gone about it is to go through an Independently-Owned Financial Advisory firm to do a pre-underwriting with all 7 insurers. A pre-underwriting is your consultant submitting your ECG with medical report etc to find out what is the likelihood of the insurer accepting your case. This will avoid you having a "rejection" by any insurer. A "rejection" by any insurer may increase your risk of getting rejected by other insurers. Having your policy accepted with heart exclusion seems like a not too bad outcome. What you can do moving forward is to do a pre-underwriting or con-current insurance application with the other 6 insurers. With a consistent favorable report on your heart in the future, you can try to appeal to the insurer to lift that exclusion. It is quite likely that the other insurers will include an exclusion on your heart as well.
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Lifestyle

Family

Financial tips and resources when caring for the elderly?
Candy Goh
Candy Goh
Level 3. Wonderkid
Answered on 17 Mar 2020
The Elderly tend to be in a Wealth Preservation/Distribution stage due to their age. Some financial tips would be: 1) Mind the Longevity Risk - Do long-term planning Many elderly tend to think too much in the short-term and may brush off long-term planning because they do not want to be a burden to their family or think that their time is up soon. However, the truth of the matter is Singaporeans are living longer with an average of 84.8years as a lifespan. Ensure that they have more than enough to live comfortably till minimally 85 years, preferably 90 years to create a buffer! 2) Stretch their dollar! Grow their money in capital guaranteed options Bonds/Fixed Ds rates aren't the best now so you can consider endowment plans depending on their time horizon and budget. 3) Ensure their basic insurances are taken care of This could be hard as if they have not bought basic coverage like hospitalisation/Integrated Shield Plans and have a pre-existing condition, these pre-existing conditions will be excluded and they is a potential that that insurers may not want to cover them at all. 4) Ensure Wealth Distribution is in place Nominations/Wills should be done by this stage. This is arguably one of the most important things you can do for yourself and your family. 5) Get them to do a Lasting Power of Attorney (LPA) Individuals can appoint others through an LPA to make decisions for them, such as those involving their welfare and finances, if they lose their mental capacity. The application fees are currently being waivered till August 31,2020.
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Career

Family

Lifestyle

Anyone here has heard of this course Asiaworks?
Candy Goh
Candy Goh
Level 3. Wonderkid
Updated on 06 Jul 2019
Yes, I've heard of it and I know some friends who has been through it and highly encourage me to go for it. From the little I understand, this paid course is very intense and it will make you increase in self-awareness to explore personal growth via stepping out of your comfort zones. Think of: You crying because you have to face things you might have sub-conciously hid for a long time. Yep. From my friends' good reviews, it seems like a life-changing course, but one you must be willing to be open to change, if not don't waste your money. You will probably also gain a new supportive community (imagine seeing each others' vulnerability and growing through discomfort together!) I'm curious regarding why some people mention it's brain-washing and give bad reviews. Would love to hear your experiences.
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Career

Lifestyle

Has anyone here been in and out of an MLM before? Are the stories true?
Candy Goh
Candy Goh
Level 3. Wonderkid
Updated on 05 Jul 2019
In 2013, I was a tourism student during my poly days trying to fund my graduation trips. Intrigued at a gumtree ad that posted a travel related job specifically after office hours “7-10pm”, I met this guy at Starbucks for an “interview”. He sold me concepts through videos and drawings. He became my upline (the distributor above me) as I was sold into the multi-level marketing (MLM) idea to sell discount travel and holiday products. I joined this MLM and got 2 friends in. Within a span of one month, I pulled out. This is my story. Reasons why I pulled out: 1. Success stories are biased: The seminars they make you attend shows many success stories. However, when you get to understand how the system works – that you need “3” downline on your right, and “3” downline on your left to start earning money, you’d realize that the bulk of people in this system, especially those who join at a later stage… are probably not earning much money from this. The rich gets richer, the poor gets poorer. 2. False promises: A) When I began in this line, I was quite afraid to “present” to my friends and my upline promised that I wouldn’t need to do any presenting. One random day, he turned his back on what he said. B) My upline mentioned that my friends are his friends and that he would help me/help them if they needed help. 1 of the friend I brought in asked all her friends and none were interested. My upline turned his back on her and said that “this kind of people exist, you just got to drop them” – which was totally different from the help he offered at the start C) Office space: My team raved about the new office that came to Singapore. During my process of pulling out, I visited this office...To my horror, this office shares the same address as about nearly 50 over companies and there is only 1 tiny room with 1 table and 1 chair. Some office indeed. 3. They made me lie and that did not sit well with my conscience: It was quite uncomfortable as my team taught me to lie to my friends about the seminar selling. They gave you a script that it is to meet-up with your friends, but in the end invite them for some seminar. A sure way to spoil friendships. 4. The travel product they sell is flawed (imo): - The discounted “Dreamtrips” have a discount because many MLM representatives around the world will bulk buy. For example, they buy the rooms from a whole resort for the week, thus keeping cost low. However, when you really think about having a holiday, would you want to have a holiday with a bunch of people from the same “company”? I rather not. - The system that they use to book “discounted” flights is flawed (imo) – I’m pretty much a budget traveller and I realize that LCCs (low-cost carriers) e.g. Scoot are not within the system. When I realized this, it was not as attractive as it sounded. 5. A deeper understanding of the motivations within this community: Being young and naïve, I liked the idea that there were no politics and that I was surrounded by a group of people who were very supportive. It was only later (and through my experiences in point 2) that I realized that the only reason why they were for me, was because I was a potential source of income. & also they proved to not be as supportive as I thought, as time went by. Questions to ask yourself before joining: - Is the cost of membership (one-time/yearly etc) something I am willing to pay? - Do I have a network of people who might potentially be interested in this? - Do I believe in this product that I am representing? - How do I know this upline? Can I trust this person and his/her mentorship/success etc? What you MUST know: There is a 14-day free look period in Singapore by CASE Consumers Association of Singapore. If you change your mind within these 14 days, you're entitled to a full refund of your membership fees. (which was around $500+) - not sure if it's still 14-days as of now, or if it only applies to minors - can someone confirm? As the information of having a 14-day free look period was omitted to me, I lodged a case to the upline of uplines in Singapore and eventually got my money back after a long tussle. In my first 2 weeks upon joining, I approached many friends and families to the seminar selling and found it hard to recruit people for this idea. I wanted to give up. But I did not know that option was available to me. In conclusion, MLM is NOT for everyone. If you do not suit its structure or do not like representing their product, it’s best to refrain from joining. And just like joining any other company, I think it’s good that you evaluate for yourself if you are a good fit for their culture and vice-versa.
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Level 3. Wonderkid
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