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Josh Tan Jian Liang

Financial adviser who is on a mission to inspire young families to improve their financial lives.

Josh Tan Jian Liang

Co-founder https://theastuteparent.com at Promiseland Independent Pte Ltd

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Financial adviser who is on a mission to inspire young families to improve their financial lives.

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Co-founder https://theastuteparent.com at Promiseland Independent Pte Ltd

Josh Tan Jian Liang

Co-founder https://theastuteparent.com at Promiseland Independent Pte Ltd

  • Answers (60)
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Insurance

AIA

Hi Anon, AIA Power critical cover plan covers for Early CI all the way to CI. As a coverage for purely CI condition, you may explore plans that pay a total of 300% in a CI claim such as Tokio Marine Multicare and AVIVA MyMultipay CI, I'd leave an analysis below of them. https://www.theastuteparent.com/2019/08/multicare-vs-multipay-critical-illness/ The AIA Power critical cover plan does work well as an early CI coverage. It does not have a group/pot definition unlike the AVIVA and Tokio Marine plan which groups conditions together. To illustrate how it would be better, imagine having both early stage Kidney failure which is "Surgical Removal of One Kidney" and early stage cancer. They are Early CI conditions in the same group/pot under AVIVA My Multipay and TM Multicare CI, which means claim ONCE ONLY. AIA Power critical cover allows you to claim for BOTH the conditions instead. (subjected to 12 months power reset). This reset features allows claims of up to 5 times. The AIA Power critical cover also has an "Pre-early Benefit" which includes type 2 diabetes mellitus and thyroid dysfunction is nice to have. I'd leave further breakdowns in the post below. https://www.theastuteparent.com/2019/11/aia-power-critical-cover-pwcc/ If you've further questions, let me know at [email protected] or please speak to a qualified advisor.

Insurance

Condominium

Hi Anon, If the original objective of the mortgage insurance policy was to cover your mortgage liability and there is no use of it currently, you may discontinue it. I'd focus the suggestions more on your next house If there is a new liability take a new policy that fits the loan size and mortgage duration. Rolling over does not fit the objective. Moreover, you do not know when you'd be buying yet. And when you do take a policy then, consider a few points 1) Nominate the policy. Ensure your beneficiary knows the objective is to clear the loan first. 2) Compare between term plans. For large sums above $1m, there are frequently discounts from insurers. You may even aggregate in some other term plans you have and do a replanning of what you need in total. 3) Consider level term plans vs decreasing term plans. In some instances, its much better value to take the level term plan. I've further suggestions here in this post with key tips on mortgage liability planning. Look for a qualfied financial planner if you've queries.

Insurance

Hospitalisation Insurance (H&S)

Hi Anon, Consider on the Raffles shield plan with high deductible of $10,000. it means the first $10,000 cannot be claimed which actually is ok because your company group health plan can pick it up. Premiums are signifcantly cheaper. In future if you leave your company, they have this option where you can revert from “High Deductible Option” to “Without High Deductible Option” without underwriting. However, that may require a switch of plan which you must be comfortable with. Speak to a qualified fianncial planner to understand the pros and cons. More details in this post: https://www.theastuteparent.com/2018/07/raffles-shield-plan-an-analysis-you-should-see/

Investments

Hi Anon, When it comes to property investing, investment timeframes are long. Amount is also bigger. I'd suggest the first thing to consider is knowing exactly how much in cash and cpf you have first . If amounts are not sufficient, consider investing into financial assets to build your wealth. When it comes to financial assets (equities and bonds), investment should be long term also. This quick chart shows you that when it comes to equities, to minimize losses, a 10year time frame is needed at least. A 20y timeframe is almost a sure win. ! Check out this video on Why Most Prefer To Put Cash Into Properties Than Stocks! even though equities in general have a better long term track record. It will answer many of your questions. Look for a qualified financial adviser to talk through investment strategies if you are new to investing.
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Insurance

Family

Healthcare

Hi Anon, There are plans that can also be offered. Sharing these various plans so that more elderly can also be covered. They are 1) AVIVA MyCoreCI plan - covering life and 11 CI conditions 2) AIA diabetes care plan - covering life and 5 CI conditions 3) Merdeka Care - Personal accident plan Premiums for AVIVA MyCoreCI plan and AIA diabetes care plan are based on entry age and more details in this post: https://www.theastuteparent.com/2018/12/insurance-for-diabetes/ Merdeka Care is the easiest for application. For health insurance, the plan that may offer a coverage is Raffles Shield. I've put through plans on multiple occasions with different private clients. This should your first target to get as medical coverage is very important. There will be loading if an offer is given to you. Read more here https://www.theastuteparent.com/2018/12/raffles-shield-details-and-case-studies-that-you-must-see/ There is a strict underwriting guideline and a subsequent regime of health checkups needed to be done. If you are keen to discuss, do drop me an email at [email protected]

Insurance

Critical Illness (CI)

Hi Honestreview, I'd try my best to help simplify and explain the layers of coverage with the AVIVA MultiPay CI. Layer 1 is for Early or Intermediate CI. It pays 100% of the sum assured. It helps you cover your gaps in Early critical illness coverage. #Note: You can claim for 2 times with no waiting period between pots. Layer 2 is for CI. It pays 300% of your sum assured (less any payouts from layer 1). It helps you cover your gaps in CI coverage which typicall requires a bigger amount. A guideline will be 5-10x your annual income. Understanding these 2 layers first is mightily important. If you feel you have CI coverage settled already with other plans, then this layer 2 doesnt have much appeal. Maybe explore other multiple payout CI plans like AIA power critical cover or Singlife plan that can also cover you multiple times for early CI conditions. https://www.theastuteparent.com/2019/04/singlife-early-critical-illness-step-up-feature/ But if you don't have much CI coverage yet and there is a gap to address, then this plan can be a great fit. It can also be considered against the TM Multicare plan which has similarities in benefits. https://www.theastuteparent.com/2019/08/multicare-vs-multipay-critical-illness/ Now moving on to Layer3. There is a 2year waiting period. It is for re-diagnose of cancer, heart attack and stroke if it were already claimed in layer 2. The term "first-time CI for cancer, heart attack and stroke" is if it was not claimed in layer 2. To explain it, look to understand the "POT" definition of the AVIVA MultiPay CI. Pot 1: Cancer and illnesses related to major organs Pot 2: Heart related illnesses Pot 3: Nervous system and other systemic conditions An example would be Kidney failure, it will be in POT 1 with cancer. If you'd claimed kidney failure in layer 2, you'd be able to claim under layer3 for this with the 2y waiting period fulfilled. #NOTE: layer 4 is a similar understanding method for its benefits to you If in doubt speak, drop me an email to [email protected] or speak to any qualified advisor. Below is an image of the structure of benefits. Hope it helps =) !
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Investments

Hi Anon, B, C, D suggest a lack of investment experience. It is hoping to time the market. More often, big mistakes are made as shown in the image below ! Experienced investors hold cash or low-risk assets when they can't find opportunities to get invested into. The rest stays invested with no expectation of when is a market crash. Not rush in and out at opportune times. E) "Great Stock Sale" sounds nice until you are actually in it. In that period post-2008, the news was always pessimistic and economies were still fragile. If you imagine a "green light" in a market crash to invest, then beware, it does it not exist. Hence, A) is by far your best option. The reason is that it is easy to come up with a plan now to regularly get invested than during an actual market crash. I've got this post that helps you understand market crashes and strategies to prepare for it better. Hope it helps https://www.theastuteparent.com/2019/09/prepare-for-the-market-crash/

Insurance

Critical Illness (CI)

Health Insurance

As medical science advances, new medical definitions come up all the time. The objective is to reflect medical changes and REDUCE ambiguity as they arise. Analysis of the key changes by understanding the TOP 5 CI claims Do you know that 90 per cent of all severe stage claims received by life insurers are for five critical illnesses: 1. major cancer 2. heart attack of specified severity 3. stroke with permanent neurological deficit 4. coronary artery bypass surgery 5. end-stage kidney failure. This part is to examine how the new definitions reduce ambiguity by explicitly stating exclusions. 1) Major Cancer: It is now specified that: "Major Cancer diagnosed on the basis of finding tumour cells and/or tumour-associated molecules in the blood, saliva, faeces, urine or any other bodily fluid in the absence of further definitive and clinically verifiable evidence does not meet the above definition". There are cancer marker tests these days using body fluids but the conclusion is often with a scan. This is to specify that conclusive proof is needed NOT that it wasn't already previously. In the exclusions list, MORE has been explicitly stated. I'd highlight two of them A) Carcinoma-in-situ (Tis) or Ta; Below is an image (on bladder cancer) to possibly help you understand more on Carcinoma in situ (Tis) or Ta since it is common these days. Carcinoma in situ (also called CIS or Tis) means very early, high grade cancer cells. It is a non-invasive cancer of the flat urothelial or transitional cells. Source. Ta is now explicitly stated to be excluded moving forward. ! B) All grades of dysplasia, squamous intraepithelial lesions (HSIL and LSIL) and intra epithelial neoplasia. This is to specifically state because dysplasia, squamous intraepithelial lesions (HSIL and LSIL) and intra epithelial neoplasia requires further testing. Previously, the exclusion explicitly stated was only Cervical Dysplasia CIN-1, CIN-2 and CIN-3. NOT that HSIL and LSIL were previously payable. 2) Heart Attack of specified severity The new definition is Death of heart muscle "due to ischaemia" vs "due to obstruction of blood flow". Medical professionals use Ischaemia and medically it is the same thing. LIA specified that it replaced “obstruction of blood flow” with “ischaemia” to reflect the intent to cover Type 1 MI and Type 2 MI. I did some further reading and there is Type 3 MI which is actually for deaths due to heart attack before conclusions can be made. (source). In any case, death to the patient happened before the CI survival period so it is not for discussion here. 3) Stroke with Permanent Neurological Deficit From LIA: Deleted “with persisting clinical symptoms” as not necessary. In my opinion, this simply is one less criterion which is good for claiming. From LIA: Sometimes, after a cranial surgery, the pathological analysis of the resected tumour could show signs of “intra tumour” bleeding. Whilst there is intracranial or cerebrovascular bleeding, it is not a valid claim under the Stroke definition._ This is to remove ambiguity (by explicitly putting into exclusions) in my opinion for patients who exhibit stroke-like symptoms due to cranial surgeries. 4) Coronary Artery By-pass Surgery No changes made. 5) End-stage kidney failure LIA changed the header to reflect the intent of end-stage. BUT new definitions or old is not the REAL QUESTION. Moreover, there will likely be another "revised new definition" a few years later again. If you have a shortfall in coverage, get insured NOW because critical illness (CI) can impact you from a sudden disease or a sudden trauma. In addition, there is usually a further 90 day waiting period from your policy before you can claim for Critical illness (CI). Hope it helps. To read more: https://www.theastuteparent.com/2019/10/new-critical-illness-ci-definition-is-it-better-to-buy-now/
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Giveaways

Property

Condominium

HDB BTO

Resale HDB

Family

Before buying a property, clearly define the objective. This is from personal experience and seeing how friends made decisions. If you buy a property with the view that "maybe is a home and maybe is an investment", chances are you're going to stay in it and make it a home. You know the "I'm so tired of staying with my mum - maybe it will be cool staying alone"... Unknowingly the property became a luxury and an expense item. Clearly defining the property as an investment at the start of the purchase makes you sharp in evaluating it. What is the maintenance cost? How is tenant competition and what is average rent? You see it with the lens of a business owner. Every month wasted in it not being rented is missed revenue. Hence, there is an urgency to finding a tenant and there is discipline in investing to spruce it up. In conclusion, if it is somewhere to stay, listen to your heart. What makes you proud? Is it convenient for you? Renovate it to your satisfaction If it is an investment listen to your head. The cashflow numbers must make sense. The timing is important. Can it be sold? Avoid happily settling into it. Hope it helps!

Insurance

Tokio Marine TM Multicare

Critical Illness (CI)

Healthcare

Hi there, I've just the exact answer for you over here https://www.theastuteparent.com/2019/08/multicare-vs-multipay-critical-illness/ Tokio Marine Multipay pays 300% of sum assured if your second CI claim is for a different group - Layer 2. For this aspect Tokio Marine Multipay of claimable is potentially higher. Having said that, premiums are slightly higher as compared to the AVIVA Multicare. Both plans follow a similar "group/pot" definition for the multi-CI aspect and are amongst the best offerings in the market to cover shortfall for CI and Early CI concurrently. The Tokio Marine Multicare plan has only a few plan term structures (AVIVA Multicare is more flexibility) but can fit coverage if you are thinking of premiums till age75 or 85. A suggestion to decide between 75 and 85 is to look at your overall insurance portfolio. Is there a permanent coverage for early critical illness coverage from a wholelife plan? If there is perhaps the till age75 is sufficient as a complement. Also consider your overall budget. Below is Tokio Marine Multipay "Group" definition which is also in my article. ! Multi-CI plans have different payout structures. Singlife also has a plan that can be your solution. I would suggest speaking to an independent advisor who can assess your options and is competent in this area of planning. If you'd like a further discussion, you can contact me via email me at [email protected]
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