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Hariz Arthur Maloy

Helping S'poreans in their 40s optimise their CPF and prepare for retirement by providing a guaranteed source of income for life.

Hariz Arthur Maloy

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Independent Financial Advisor at Promiseland Independent

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Helping S'poreans in their 40s optimise their CPF and prepare for retirement by providing a guaranteed source of income for life.

Credentials

Independent Financial Advisor at Promiseland Independent

Hariz Arthur Maloy

Top Contributor

Independent Financial Advisor at Promiseland Independent

  • Answers (1350)
  • Questions (4)
  • Reviews (2)

Investments

Oh absolutely. Usually in the region of 3-9%. https://dollarsandsense.sg/reit-management-fees-4-things-need-know/ REITs are extremely expensive to hold. Much more expensive as compared to actively managed equity funds or even some hedge funds.
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Early Critical Illness (ECI)

Critical Illness (CI)

AVIVA MyWholeLifePlan

Whole Life Insurance

Term Life Insurance

Disability Insurance

Insurance

Hi Anon, here's my belief on where CI definitions will go in the future. Soon, CI will be phased out. And all CI would be All Stage CI or what we currently call ECI. We are already seeing this as standalone advanced stage CI policies are rare. Almost every new CI plan has ECI automatically covered. Early and intermediate stages of CI are still harder to detect and they don't debilitate you as much as advacned stages. But this is why regular checkups has to be part of your everyday life. Once every 2 years should be sufficient but absolutely necessary. The worst thing to find out is an ECI but you don't have enough money to treat it or have the financial luxury to walk away from responsibilities while getting treated even if it's for a few years. My advice has always been to get 5 X Your Annual Income in the event of illness. And I make sure the first 250k, would be All Stage CI or ECI. Anything above that, advanced stage, to balance out premiums as well. I've attached a snapshot on comparisons for Whole Life plans I can advise on. This isn't for your age and may not be the exact coverage you're looking for, but it'll give you a good gauge and which companies to compare from. My top 3 are Aviva, Manulife, and China Taiping. !
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Insurance

Whole Life Insurance

Term Life Insurance

You purchase life insurance when you have an income or assets to protect. I'd suggest you work with an advisor you trust to help you plan this out. Some rules of thumb you can consider would be to purchase 10 X Your Annual Income in the event of death and 5 X Annual Income in the event of Critical Illness so that your financial dependents can continue life as per usual should you were to prematurely die or fall ill.
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Investments

Retirement

A mutual fund is an open-ended fund that pools investors monies and is invested by a fund manager. In Singapore, we call mutual funds, Unit Trusts. Not many other countries use this term, but they are interchangeable. An Index Fund is a type of mutual fund where the fund mandate (the investment objective) is to track an underlying index. It buys securities to try it's best to replicate the index it chose to track.
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Savings Accounts

Savings

Investments

Standard Chartered JumpStart Account

Any high interest savings account would do. Since you can open a SCB Jumpstart, just use that until you max it out. After maxing that out, consider the Singlife 2.5% account for another 10k. But I say use the bank account first because the Singlife account is less liquid and the interest rate is not guaranteed.
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Financial Planners

Insurance

The workshop was most likely a lead generation effort to meet potential prospects and clients. But advisors in the business know that every lead is precious, even if you don't become a client now, there's a chance you could be one in the future especially if your life circumstances change. I'd suggest working with someone you trust who you know has your best intentions at heart. You really don't want to feel pressured every meeting or think that you owe the advisor something if you don't purchase a product. There are independent financial advisors that work on a fee based or fee only model. We have retainers, or charge a % of assets under management, charge per project, or even charge per hour. This helps some clients feel that no product needs to be purchased, and the relationship becomes more like a "lawyer" kind of service.
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Whole Life Insurance

Term Life Insurance

No you are absolutely correct. If you're planning to cover for longer terms and include CI, Whole Life Plans especially with a high multiplier, paid over 20-25 years are almost always cheaper in total premiums and better in overall value. Buy term to cover death coverage. But I'd suggest to use a WL plan to cover for all stages of CI.
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Singlife Account

Interest Rates

Singlife can decide to reduce the 2.5% interest rate. Your capital is protected but the interest rate can change. That's it.
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Insurance

Term Life Insurance

Critical Illness (CI)

AVIVA MyProtector

For DPI, the insurer pockets the comms. There isn't so much significant difference between DPI and via an advisor. If DPI is a whole lot cheaper, they'll cannibalise advisors, and they wouldn't want to upset their main distribution channel. So I'd suggest working with an advisor, at least they can give perspectives. An advisor's job also doesn't end at just product purchase. There are many additional areas we can help you with like estate planning strategies, cheatsheets for claims, budgeting and financial health checkups, etc.
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Insurance

NTUC Income IncomeShield

It would depend on which plan you're buying. Other insurer lower class eligible plans also have reduced pre and post hosp benefit as compared to the private level cover. Enhanced IncomeShield Basic (B1 Ward) provides 100 pre and post and only GE SupremeHealth B Plus has longer. But for Enhanced Income Advantage (A ward) it's also 100 days pre and post, but almost every other insurer is longer. So if you're going for B1 ward cover. It doesn't matter. And in fact I'll choose NTUC due to premiums. https://www-moh-gov-sg-admin.cwp.sg/docs/librariesprovider5/integrated-shield-plans-documents/november-2019/comparison-of-class-a-ips-(1-nov-2019).pdf https://www-moh-gov-sg-admin.cwp.sg/docs/librariesprovider5/integrated-shield-plans-documents/november-2019/comparison-of-b1-ips-(1-nov-2019).pdf
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