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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

About

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

Credentials

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 (67)
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Career

Hi Anon, Our FA industry needs professional individuals. At least you mentioned "wish to make the transition when im able to make a stable income from it." It is important for everyone in the FA industry to be fully committed. The FA business is a results based business and there are a few revenue streams. I've this video that should help you. How much do financial advisors really earn? I Insider sharing Think through these two questions 1) What are your plans to commit time for training and developing skills and knowledge while being part time. Have a goal and a drive to accelerate it. 2) Do you have a foundation on doing marketing to individuals? If not what do you think is a possible solution to do well. Be hungry in learning and unafraid of rejection. Hope you've gotten some answers!

Insurance

Whole Life Insurance

Hi Clement, Yes you may apply for the AVIVA MINDEF Group plan again. But the plan has strengths and weaknesses in getting you covered comprehensively and sustainably. I've these suggestions for you. Firstly, the death coverage works best for ages 65 and less. Premium jumps up significantly after. Hence if you want permanent life insurance then AVIVA Mywholelife plan III or an AVIVA term plan can possibly be a solution to explore. On a personal plan, you can nominate beneficiaries also. Secondly, if you feel the need to cover CI and Early CI, it will likely be better with a personal term plan or with the AVIVA Mywholelife plan III. The MINDEF Group term plan's CI riders get expensive once past the age of 45, especially at a time when you may need it the most. I've more sharing on the pros and cons in this article over here. https://www.theastuteparent.com/2017/06/saf-group-term-life/ If in doubt, look for a qualified financial adviser for your AVIVA plans, or if you prefer drop an email to [email protected] and I'd assist you personally. Take care

Credit Card

Payments

Lifestyle

Hi Anon, From what I know from the pump attendant, its mobile phone pay (im using apple) that is less. Not recognised for some discount factor. Must be credit card paywave. I use ESSO. Hope it helps

Insurance

Whole Life Insurance

NTUC Income Life Insurance

Manulife Life Insurance

Critical Illness (CI)

Early Critical Illness (ECI)

Hi Ha Lai Wah Both these plans cover ECI with the rider attached. Coverage wordings on the ECI has strong similarities so both are good. The NTUC's VivoLife350 has a lower starting amount for ECI as compared to the manulife LifeReady Plus. The maximum cap you can purchase is also higher at $350,000 (vs $250k under LifeReady Plus) if you want that level of early CI coverage. The Manulife LifeReady Plus can do at a 5X multiplier if you want to reduce premium outlay at expense of surrender value. There is a guaranteed insurability option to add on more coverage at certain stages. If you happen to be planning for kid, this plan is also a top suggestion of ours. More here: https://www.theastuteparent.com/2018/08/whole-life-plan-manulife-lifeready/ Speak to a qualified IFA or contact me at [email protected](mailto:[email protected]) if you've further queries.

SG Budget Babe

Family

Hi Anon, Helper cost in total is about $1,000/m but it's not the biggest concern surviving day to day. Main question is alternative help like mum or MIL. If you have it, you could do without. If not, it's not really the cost. Hope it helps

SG Budget Babe

Family

Hi Anon, How old is your child? Why is it NOT working now already? A pre-schooler like mine would accept it. But a teenager would fight back. Of course there are other methods for that situation which is not a one fix method. Everyone's answer is what they imagine they would do or what they are doing now.

Insurance

Hospitalisation Insurance (H&S)

Josh Tan Jian Liang
Josh Tan Jian Liang
Level 6. Master
Answered on 10 Dec 2019
Hi Anon, I'm an IFA and personally also using NTUC incomeshield. Yes if you are upgrading to private plan, your Assist Rider will have to change to classic rider. Good part is, Classic rider is about 10-20% cheaper than assist rider because of the panel limitations. Bad is there's non-panel specialists limitations to claims as you are aware. Few points to clarify on NTUC Rider panels: For consultation fees, medicines, examinations and tests for outpatient hospital treatment claim, we will not apply the co-payment limit if the insured’s stereotactic radiotherapy, radiotherapy, chemotherapy, immunotherapy (if it applies) or outpatient renal dialysis is not provided by our panel1. For each claim that meets the limits on special benefits (if it applies) or limit in each policy year of your policy, the co-payment for that claim will not be added towards the co-payment limit of $3,000 for each policy year. With this rider, you will have to make an additional non-panel payment of up to $2,000 in each policy year for inpatient hospital treatment, pre-hospitalisation treatment, post-hospitalisation treatment or special benefits claim(s) (if it applies) if the treatment during the insured’s stay in hospital is not provided by our panel1. Should that be a factor for me to consider? This is a tough questions. If you chose advantage plan at the start, perhaps you were more inclined to government hospitals at the start? If government hospital claim, then the panel issue is a non-factor. It's only a factor if you now have a preferred specialist that is not in NTUC's panel (more than 200 specialist) over here https://www.income.com.sg/specialist-panel . If you've further questions or need policy servicing, do contact NTUC's hotline or email to [email protected] Take care

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/
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