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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

Independent Financial Advisor at Promiseland Independent

About

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

Independent Financial Advisor at Promiseland Independent

  • Answers (1550)
  • Questions (5)
  • Reviews (2)

ETF

I intend to invest SRS lump sum SGD 40000 into etf for 10yrs. No RSP, Any advice.?
Which ETF? And what kind of advice are you looking for Anon?
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Insurance

Am looking for the whole life + Perm disability + ECI coverage. Which insurance provider provides the best value?
Hi Anon, After countless comparisons, I have to say my top 3 are Aviva, China Taiping, and Manulife. Aviva is the only insurer that pays all 3 components of the base cover, additional cover and cash value throughout the policy while other insurers pay base + higher of additional cover or cash value. This alone puts it at the top of my list each time. Next would be China Taiping due to premium and CI conditions covered. Comprehensive with many additional misc CIs added. Manulife nothing too special but comes at a respectable 3rd place in most of comparisons. I've attached a sample comparison for a 25yr old male non smoker, for 100k X 3 covering Death/TPD/CI with half ECI just as a gauge of what you can expect. This isn't made for your profile nor the coverage would be exactly what you're looking for. If you'd like take a closer look with the numbers, feel free to reach out. ! P.S ignore Etiqa in the table as it doesn't have ECI. Only advanced stage.
Answer image preview
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Life Insurance

Undergraduate

NTUC Income Life Insurance

I am currently an undergraduate and will graduate in 2023. I am interested in buying a whole life insurance and have came across Star Assure by NTUC Income. Any reviews on that?
Hi Anon, it's great that you're looking at getting insured pretty early. However, if you won't be graduating until 2023, will you be able to keep up with your insurance premiums without active employment? That's something you'll need to consider. Also, do work with an advisor to figure out how much coverage you require before getting a policy, and then shop around. Income's Star Assure is a decent Whole Life plan, with some unique features like a 50% reset for the early CI rider. But ultimately, there are only 3 I end up recommending and that is Aviva, Taiping, and Manulife. Also, it would be very difficult to get reviews on insurance products imo. I've attached a screenshot for a sample 25yr old Male getting 100k X 3 Cover covering Death/TPD/CI and half Early CI. (Etiqa doesn't have ECI so it's quite a bit cheaper in the comparison) !
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Insurance

Critical Illness (CI)

Early Critical Illness (ECI)

MultiPay CI vs Early CI + Late CI Coverage?
It would depend on the policy term also. So a Term to 65 for both options are quite close, but once you extend the Multi Pay Term to after 75, it gets a lot more expensive than single claim types. There is definitely benefit in Multi Pay, but I would apportion a small amount to it, and have most of my claims still be a bigger single claim option.
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HDB BTO

Property

Home Loan

Loans

What is a reasonable sum to spend on a 4-room BTO? What percentage of your income should you be using (i.e. healthy) to pay the HDB loan per month?
Hi Anon, the maximum I would allow myself and my clients to pay for mortgage or even rent would be 30% of your annual income. This goes hand in hand with the value of your home that should be at max be 5 - 7 X Annual Income. So if each spouse makes 50k/yr for example, the max cost of home should be between 500-700k, but the lesser the better. And thus, mortgage should be at max 30k/yr or 2.5k/mth. Now for a 4-room flat, of course mature and non-mature estates would have different price points and location plays a big part. I feel as long as you follow the above rule, it'll be fine.
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Investments

DBS Multiplier Account

Savings Accounts

Savings

Robo-Advisors

Should I forego the investment category for DBS Multiplier account?
I strongly believe you shouldn't be investing for the sake of some bonus interest on cash holdings. Investment is about risk, portfolio, and asset allocation. Jumping around different funds every 12 months, taking on investment risk, for like a few hundred dollars extra at max, is ridiculous, sorry. Recognise that the bank wants you to spend and become more entrenched in their eco system when you really don't have to. We've seen that overnight, future interest can be taken away. Invest in something because it adds to your portfolio or is part of an overall plan of money management.
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Insurance

Critical Illness (CI)

Can any insurance agent share how much commission does CI coverage give?
Depends on the premium term of the policy. 25 year and above term gives about 40-50% commision of the first year premium or about 8-10% of the total premium paid, this is consistent with 25-pay whole of life plans as well.
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Investments

REITs

Stocks Discussion

Online Brokerages

I'm 25 years old. I am new to everything. I do want to learn to invest. I've never done any. I have no idea where to start. Some friends told me to start with REIT. Can anyone guide me?
Hi fellow Hariz. I would recommend you start with understanding the various asset classes and portfolio asset allocation. Don't buy individual building blocks (REIT, Stock, Bonds, Gold) without having a blueprint on how to invest this money and not only right now, but for the next 4 decades till you're retired. I would still recommend you to work with a financial advisor to guide you or build this with you while you pick up understanding along the way.
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Singlife Account

Savings

Savings Accounts

When will singlife interest be added into the account?
For you, on the 25th of every month. It's the monthly date of your policy.
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Savings

Savings Accounts

What are the differences between the savings plans currently available?
They are properly defined as non-participating Universal Life policies that use crediting rates to provide the illustrated rate of return. Endowment plans are usually participating which pegs their return to a participating fund mix of equities, bonds, and property. The non-par endowment plans are usually the short term 2 or 3 year fully guaranteed plans that come by now and again. The lines are very blurred now when using the term savings. Are all these instruments to help you save and earn some form of low risk returns, yes. But they're all extremely different plans. So consumers just have to spend a little more time reading product summaries and question how these products determine their returns.
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