Lee Gek Lan,Financial Consultant (NTUC Income) - Seedly
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Financial Consultant at NTUC Income Insurance Co-Operative Limited

Lee Gek Lan,Financial Consultant (NTUC Income)

EEE at NTU

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Financial Consultant at NTUC Income Insurance Co-Operative Limited

Credentials

EEE at NTU

Lee Gek Lan,Financial Consultant (NTUC Income)

EEE at NTU

  • Answers (11)
  • Questions (0)
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Lifestyle

COVID-19

Where do you get the cakes for birthdays now since the circuit breaker rules are tightened with no confectionary shops and home bakers available. Do you use replacements or do you bake them yourself?
LG
Lee Gek Lan,Financial Consultant (NTUC Income)
Level 3. Wonderkid
Answered on 29 Apr 2020
A few days ago, we manage to get a small cake from 4 leaves. Not too big but at least its the thoughts that counts. Or perhaps can try some innovation and diy a milo cake, there are recipes on milo cake in the website where ingredients are milo, eggs, condense milk and steaming it. Hope this helps. :)
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Insurance

Financial Planners

How do we purchase new policies from insurers if cannot meet up with financial Advisors?
LG
Lee Gek Lan,Financial Consultant (NTUC Income)
Level 3. Wonderkid
Answered on 28 Apr 2020
Hi, yes we are still available online.
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Investments

Retirement

Family

SeedlyTV S2E02

For a single homemaker mom at 60 years old, what are the choices available for her to invest in for retirement and wealth preservation?
LG
Lee Gek Lan,Financial Consultant (NTUC Income)
Level 3. Wonderkid
Answered on 26 Apr 2020
Hi, for this age, there are still plans available, depending on what age one wishes to encash her money (eg: 3 yrs or 10yrs or 20 yrs ), and whether the person is looking at lump sum cashout or annuity payouts(eg monthly or yearly) For insurance, this include products that : 1.Limited time offer tranche (eg: 3 yr maturity period endowment plan) 2. Retirement plan ā€“ the key for this is to buy before one hits age 65, as some insurance plan does have age entry limits imposed Beyond age 70, its also important to look at a plan that covers disability care benefits. If you are keen, you can refer to my platform to reach me for more details regarding retirement.
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Personal Finance 101

For someone in their twenties in good health, is it worth it to pay more premiums for a private hospital plan, as compared to a restructured hospital class A plan, and upgradeā€™ later?
LG
Lee Gek Lan,Financial Consultant (NTUC Income)
Level 3. Wonderkid
Answered on 26 Apr 2020
Its better to get a plan that you can afford to sustain the premium. its better to buy a plan that you can afford, and downgrade later. because health insurance is subject to health underwriting, to upgrade later on, you need to be in good health condition to maximise your coverage protection
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PFF Panel 1

CPF

Seedly PFF 2019

What is the difference between saving for retirement via a insurance plan compared to placing it in a SA. Which is better?
LG
Lee Gek Lan,Financial Consultant (NTUC Income)
Level 3. Wonderkid
Answered on 26 Apr 2020
Insurance plan offers you protection coverage such as death, disability coverage, coverage depends on the types of savings insurance plan that is purchased, as different insurance plan may come with slightly different protection coverage. the best thing about putting into savings account is it allows more flexibility and liquidity in your money withdrawing. but savings account most of the time does not come with protection coverage. so the key maybi to put some money for your liquidity needs, and to set aside some money for your retirement savings and protection needs with a good insurance product
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Early Critical Illness (ECI)

Critical Illness (CI)

Insurance

Is the change to the critical illness definition after 26 August 2020 good or bad?
LG
Lee Gek Lan,Financial Consultant (NTUC Income)
Level 3. Wonderkid
Answered on 26 Apr 2020
Hi, its better to buy months before Aug 26 kicks in. Suggest if you are looking at Critical Illness insurance, to do some research and buy 2 to 3 months earlier than Aug 26, as Critical illness insurance after the insurance agent submit it up to office for you, most critical illness will be subjected to health underwriting which will take some weeks to approve. Hope this helps.
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Savings

Insurance

Critical Illness (CI)

Early Critical Illness (ECI)

Is it better to get Critical illness protection when you're younger or older?
LG
Lee Gek Lan,Financial Consultant (NTUC Income)
Level 3. Wonderkid
Answered on 26 Apr 2020
Hi there, in general its better to get health insurance - be it a 1. typical healthshield or 2. critical illness is when one is young and healthy. this is to allow yourself to have coverage and not to be subjected to pre-exsiting illnesses health underwriting exclusions. Premium is based on entry age. in general, its cheaper when you buy at a younger age for critical illness plan. Also do note that the definition for CI will be revised wef 26 Aug 2020 this year, so its good to get yourself a CI plan before this new definition kicks in. reach out to me for a no obligation details here
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Supplementary Retirement Scheme (SRS)

DBS Vickers Securities

Investments

Stocks Discussion

Is there a limit on how much SRS I can use to invest in shares?
LG
Lee Gek Lan,Financial Consultant (NTUC Income)
Level 3. Wonderkid
Answered on 26 Apr 2020
Hi, the investment limit depends on how much there is in your SRS account. If you are talking about contribution limit - there is a limit as in the contribution limit. As of date, the maximum yearly contribution is S$15,300 for Singaporeans and Singapore PRs, and S$35,700 for foreigners. Hope this helps
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Lifestyle

Marriage

Insurance

Situation : Married couple with no plan of having kids, ever. What sort of insurance planning (compared to the typical adult profile) is recommended for retirement and old age healthcare needs?
LG
Lee Gek Lan,Financial Consultant (NTUC Income)
Level 3. Wonderkid
Answered on 26 Apr 2020
Hi there, below are some considerations: 1. retirement product because there is no dependents to give you a income, this may form a cash avenue for 1) a lump sum payout or 2) monthly cashback annuity , which can acts as a supplement to CPF life annuity for a more desired retirement lifestyle. There are plans which offers earlier retirement than age 62 if you are able to plan early 2. critical illness This is to cover living expenses which will still be required should one be dia with a critical illness which may be so bad that he or she may be forced to stop work for a year or so due to the sickness 3. health insurance There should be some form of basic healthcare insurance as medical cost are rising. it serves as a protection for hospitalisation needs 4. Insurance for long term support or care needs some insurance companies offer this insurance for long term support and care needs for certain specified old age illness Hope this helps. Reach out for more info here
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Healthcare

Lifestyle

Insurance

Been reading posts advising on having a medical insurance as part of our retirement plan. Being a young and healthy working adult now, is there a need for me to buy medical insurance as young as possible and why?
LG
Lee Gek Lan,Financial Consultant (NTUC Income)
Level 3. Wonderkid
Answered on 26 Apr 2020
Hello, medical insurance should be the main basic building block for your insurance. For medical insurance, the golden rule in general is to buy when young and healthy. Why? Premium increases with age. On healthy aspect, because when a person is young, generally one is healthy and doesnt have pre-existing illness or condition. Should a person had pre-existing illness or condition, and purchase a health policy, at that stage it may be tricky as the pre-existing illness is subject to exclusion or loading ( pay more premium in order to get the condition insured to a certain extent possible depending on the final decision of underwriter of the insurance company). hope this helps.
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