Joyce Chan - Seedly
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Joyce Chan

I'm a Financial Consultant with a heart of a Police Officer. Your financial security and freedom is my priority.

Joyce Chan

Senior Financial Consultant at Prudential Assurance Company Singapore

About

I'm a Financial Consultant with a heart of a Police Officer. Your financial security and freedom is my priority.

Credentials

Senior Financial Consultant at Prudential Assurance Company Singapore

Joyce Chan

Senior Financial Consultant at Prudential Assurance Company Singapore

  • Answers (15)
  • Questions (0)
  • Reviews (0)

Savings

Family

Lifestyle

How do I budget for unforeseen costs?
Different FCs will advice you on different savings ratio but they all have the same gist - set aside a sum of money (typically 10% to 20% monthly income) that is always liquid for emergency purposes. If the unforeseen circumstances are disability, personal accidents or critical illnesses, you can always take up insurance to transfer the risk to the insurer. This is the easy part - you just need to have your plans set in place. However, there are also unforeseen circumstances that are uninsurable (i.e. an elderly parent who does not have insurance and who is currently unable to purchase insurance falling critically ill and requiring long term care) or a sudden loss of income due to retrenchment. In these circumstances, your emergency funds will come into action to help you through those periods. You can either set these emergency funds aside in the banks or in plans that allow you flexibility of taking out monies when you need it. I normally advice my clients to set aside at least 10% of their monthly income for emergency savings (or to have at least 6 months of their monthly income in liquid savings). This is so that they know that they can at least have an income replacement of 6 months should uninsurable unforeseen circumstances occur. Hope this helps!
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Insurance

I am thinking of getting additional screening of colonoscopy during my medical check few months from now. Can I make use of My shield plan for the hospital stay?
Hi, most integrated shield plans do cover procedures like colonoscopy (as long as it is medically necessary) and if you are warded (i.e. inpatient) for more than X hours (as stipulated in the policy), your medical bills are also eligible for the shield claim. However, if this is due to a pre-existing condition (at the point of purchase of your shield plan), it is likely that it will not be covered. (Most plans are the same). If it is not (i.e. your shield plan has been in force for a long time since you were healthy and fit and you only recently required a colonoscopy), the procedure and hospital stay (if any) is likely covered. You may want to refer to the fine print in your policy to check this. :) Hope this helps!
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Insurance

Term Life Insurance

Whole Life Insurance

Investments

Is it true that insurance agents don’t want you to buy term so that they can sell more life policies for more commission?
There are term policies that carry higher commissions than whole life policies and vice versa. I think what's most important is that you understand the rationale for that recommendation and the other options that are available to you. At the end of the day, Financial Consultants should educate and recommend, but the decision is ultimately left to you - since these are your policies and your plans. :) Hope this helps!
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Insurance

Family

Personal Accident Insurance

Is Personal Accident Plan necessary for a newborn?
Personal accident plans are often seen as useful complements for your baby's hospital and surgical plan. Most personal accident plans also cover accidents such as food poisoning, insect bites etc. In these instances, you baby is not necessarily warded and the hospital and surgical policy will not be activated. However, if you have a personal accident plan, the paeditrician/doctor/outpatient fees will be reimbursed by the personal accident policy. Some policies even cover certain viral infections common amongst children, like HFMD. Personally, I always recommend personal accident plans to go along with hospital and surgical plans. Personal accident plans are often super affordable and I prefer to transfer risks of paying for medical treatment arising from accidents over to the insurers. For more information, you can refer to the following articles: https://blog.seedly.sg/how-can-you-fully-insure-your-child-with-child-insurance/ https://dollarsandsense.sg/type-baby-insurance-buy-newborn-child/ https://blog.moneysmart.sg/family/child-insurance-singapore/ Hope this helps! :)
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General

Savings Accounts

Credit Cards

What is the best easy way to cancel a CC?
Just call in to the credit card hotlines (tip: call during offpeak hours) to cancel. Be firm about wanting to cancel and voila, it's usually processed within the day. :) Hope this helps!
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Keppel Electric

Promo Codes

Electricity Retailers

Anyone has promotional/referral codes for Keppel Electric?
As Prudential has a tie-up with Keppel Electric, most Prudential Financial Consultant would have a promo code for Keppel Electric. If you have a Prudential FC friend, you may ask him/her for the promo code. If you don't have any Pru friends, you can buzz me or any of the Prudential FCs here. Always happy to share a promo! Hope this helps! :)
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Savings

Lifestyle

Savings Accounts

Credit Cards

Hey guys, I’ve been working for 2 years now and I’m just starting to be more conscious of my savings and spendings. I earn around 3k plus every month (save in normal POSB account) and save around 1k -?
Hi, there! It's awesome that you're conscious of your savings - so kudos to that! Now, we can look at growing your savings. You might want to first start off by opening a bank account with potentially higher interest rates and credit your salary into that bank account to earn the said higher interest rates. You can look into the DBS Multiplier Account or OCBC 360 Account. Next, you can look at putting your savings into various instruments to make them work a little harder for you. Before you look into any instrument, make sure that you know what your risk appetite is and what products are more suitable for you. For a start, you can look at bonds like Singapore Savings Bonds for low-risk investments. I'd definitely suggest that you speak to a seasoned Financial Consultant / Financial Advisor to help you work through this. Or speak to several and get a sense of what is most suitable for you. As for the use of credit cards, you can look at cashback cards. Look out for credit card promos to ensure that you make the most out of a card. Of course, always pay your credit card dues in time so that you don't incur any additional charges! :) Hope this helps!
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Savings

Travel

Should I travel now in my 20s or save up and travel later in life?
For my personal planning, I choose to backpack within Asia for my personal trips. These backpack trips cost a lot lesser (enabling me to save more money in my 20s and 30s). Backpacking in Asia has been amazing and by backpacking, I truly immerse in the culture of the host country. Moreover, I probably wouldn't be able to backpack as much in later years due to physical stamina. I'll then choose to mature my savings and plans in later years to travel to further places in a more comfortable fashion. Of course, this is my personal preference - I hope it gives you a little more perspective in planning your travels. :)
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Career

Investments

Lifestyle

What's the best way to earn additional income as a civil/public servant other than stock markets?
As a previous public servant, I'm aware that the rules are pretty strict and no moonlighting is allowed. However, there are some side hustles that can somewhat qualify (but still do take precautions and check through the SOPs/IM) before you decide on doing them. 1. Selling things on carousell 2. Giving private tuition (as a favour, with a small remuneration of course) 3. If you have a car, giving GrabHitch rides (that fall within the rules of LTA - no more than 2 rides per day). 4. Getting a booth in a community flea market to sell pre-loved/new items (our SG equivalent of a garage sale) There may be more! Look out for answers to similar questions too! :) Hope this helps!
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Insurance

Car Insurance

What do most car motorists get - third party or comprehensive insurance? (3rd party don't cover damage to your own car)?
While it's ultimately a personal preference, there seems to be a trend. For new cars, people tend to get comprehensive cover so that damages to their own cars are covered. However, for older cars (e.g. cars that have renewed COE), some choose to go with 3rd party only as they can stomach the risks of scraping an older car due to an accident better than that of a newer car. Hope this quick answer helps!
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