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Lee Jin Fei Andre

Read as much as you can, and learn from as many people as possible. Doing insurance, but not your run-of-the-mill agent.

Lee Jin Fei Andre

Financial Services Consultant at A.I.A Singapore Pte Ltd

About

Read as much as you can, and learn from as many people as possible. Doing insurance, but not your run-of-the-mill agent.

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Lee Jin Fei Andre

Financial Services Consultant at A.I.A Singapore Pte Ltd

  • Answers (18)
  • Questions (0)
  • Reviews (0)

Insurance

Early Critical Illness (ECI)

Critical Illness (CI)

What is the difference between early critical illness and critical illness plans? What are the considerations to take into account when deciding if to purchase both or one?
Lee Jin Fei Andre
Lee Jin Fei Andre
Level 4. Prodigy
Updated on 25 Feb 2020
I think everyone has answered it quite adequately on the definitions portion, AKA early CI covers the additional earlier conditions of the major CIs, therefore it covers a higher number of conditions in total, inclusive (usually) of additional special conditions thrown in as a bonus. So let me shed some light on the long term effects of early and Major CI. In case no one ever told you before, TPD benefits on whole life/term life plans all expire at age 70, while personal accident plans all auto terminate at age 75. What this means is that all total permanent disability is not covered from age 70 onwards unless it is through an accident, and all partial of total permanent disabilities are no longer covered after age 75 even if there was an accident. Major CI benefits circumvent this by providing a TPD benefit (a little more stringent) till age 100. Additionally, early CI provides a partial disability benefit till age 100 as well. The only way to cover disabilities is through the CI coverages after age 70/75. So if you only have major CI, you must fulfil the option of "full paralysis", "loss of both limbs", or "blindness in both eyes" in order to claim, whereas for early CI you.only need to fulfill one limb/one eye to claim.
👍 0

FIRE Movement

Investments

Stocks Discussion

What are the most suitable investments for a 21 Y/O with no savings and no debts?
Lee Jin Fei Andre
Lee Jin Fei Andre
Level 4. Prodigy
Answered on 18 Feb 2020
Jumping into it is great and all. In this community, we advocate investing your money because money in the bank is not creating any additional value at all (since it doesn't really grow all that much). However similar advice to all the other gurus, please don't jump in blindly. When people talk about strategy, it's about knowing your invested time horizon, risk profile, how you should react when markets are correcting for the short term, and most importantly, what asset classes and amount to invest in & diversify based on your goals. If you have time to analyze and read financial reports, it'll give you some backing to investing directly into certain companies stocks and shares. However if you think you're unable to, or have no interest in it, continuing investing with robo-advisors or even putting your money into globally diversified ETFs/unit trusts will do the trick as well. Returns will be a little lower, but much less work is needed. Diversification is key to avoiding most headaches (or heartaches) in the long run. Don't be a fool and put all your eggs in one basket.
👍 0

CPF

Retirement

What's the criteria to withdraw my CPF at age 55?
Lee Jin Fei Andre
Lee Jin Fei Andre
Level 4. Prodigy
Answered on 07 Dec 2019
It's only not withdrawable if your balance under SA + OA is still below FRS each year till you hit age 55. But just bear in mind that your SA will continue growing at 4% p.a for now and as long as your total balance exceeds the FRS when you're age 55, you can still withdraw the excess. The leftover that you've contributed to hit FRS will be used for CPF Life when your RA is formed at age 55.
👍 0

Insurance

Hospitalisation Insurance (H&S)

Would I be able to double claim from my hospitalization insurance?
Lee Jin Fei Andre
Lee Jin Fei Andre
Level 4. Prodigy
Answered on 10 Oct 2019
It's sufficiently answered by the 2 gurus already, but there is actually one benefit that allows you for a double claim. Hospital income. That's it. Any expenses are on a reimbursement basis, but any benefit is stackable. Hospital income is a benefit, hence is stackable. PROVIDED there is this benefit in both your personal and corporate hospital plan. Cheers.
👍 1

Insurance

Critical Illness (CI)

Health Insurance

Should I rush to get a Critical Illness plan before Aug 2020, or will there be advantages in waiting?
Lee Jin Fei Andre
Lee Jin Fei Andre
Level 4. Prodigy
Updated on 09 Oct 2019
Interestingly, not all revised critical illness terms are an improvement. Some, like deafness, will become stricter to encompass irreversibility of loss of hearing instead of just purely loss of hearing (possibly to be temporary and improved). The only advantage in waiting is the saving of one year's premium. That being said, it will be nearly a year before the new changes kick in, so it's not so much about how much stricter or comprehensive the definitions in 2020 are going to be, but rather on how you treat CI as a whole. As an adviser, I will always recommend my clients to take up sooner than later, regardless of the changes for now. Why? Because within the year, can you guarantee 100% that you will definitely be safe from any of the current 37 conditions within the year? I'm sure you've heard of people who go for annual checkups with nothing wrong last year and suddenly getting stage 3/4 cancers the year after. Critical illnesses don't wait for you to get covered before happening. One day your body may go through sudden changes whether stress, binge eating, or just a sudden clot in your brain for no apparent reason. Not to mention there is a 90-day waiting period for the illnesses to be payable in claims, with the added advantage that buying today at a younger age would mean lower premiums for your critical illness coverage. I always tell people that every day is a dice roll; it just takes a single bad roll to ruin your life. So if you don't have much CI coverage, just take some up first. If the new definitions are really that much better, consider replacing in the future. But we leave things in the future for the future, because your present is the most important to you now. Feel free to drop your response below. I will be happy to answer them here or even in person if you are ever up for it. Cheers
👍 0

Healthcare

Retirement

Lifestyle

We spend so much time and effort planning our financials for retirement, but what about planning for our health?
Lee Jin Fei Andre
Lee Jin Fei Andre
Level 4. Prodigy
Answered on 09 Oct 2019
Interesting question. When we are young we begin by exchanging our time for money, but as we get older we start exchanging money for time (whether it be for health, family, or hobbies etc). But wealth is nothing without health. And you're right - it's something important to consider as well. Personally, as a financial adviser under AIA, I subscribe to the AIA Vitality programme, which is a programme tailored to keep yourself accountable in your health and wellness by giving you points for checkups, exercises, and even purchasing of healthy food. With that, I also joined a gym and I'm someone who has to make it worth my money so I go a minimum of 3 times a week (to get points under vitality with a side effect of keeping fit). Having a hobby of sports or CrossFit would also encourage and promote your physical well-being as well. I do tennis quite frequently, and its great fun while meeting new people as well. For the mental side of things, I read articles on current affairs, upgrade my knowledge on investment concepts, and regularly discuss with my colleagues on such issues. Occasionally I do some mahjong as well 😂 But there's one more aspect of our lives that's extremely important for our well-being, and that's social life. Whether in 5, 10, 15 years or even after retirement, you need friends or at least people to meet/hang out with. Without doing any such activities, the risk of dementia is extremely high, and God forbid I be a burden to my family when I'd rather take care of my future grandchildren. There's no long-term plan, but our actions today will affect our results for tomorrow (wherever the future takes us). As a close friend of mine always says, "a journey of a thousand miles begins with a single step". So just do something. Anything is better than doing nothing. Cheers 🙂
👍 2

Insurance

Lifestyle

Personal Accident Insurance

Is it worth it to subscribe to AIA Vitality?
Lee Jin Fei Andre
Lee Jin Fei Andre
Level 4. Prodigy
Answered on 08 Oct 2019
Personally speaking, it's a programme designed to keep you on track for your fitness and keeps you accountable for your health. How it does that is through awarding you points for health checkups, vaccination shots, fitness workshops, and buying of healthy food. Not to mention additional benefits like weekly vouchers, premium discounts on Vitality integrated policies, and even cash back on Emirates tickets of up to 50%. Whether your agent upsells you or not should depend on your current needs and requirements through comprehensive financial planning. So just focus on the benefits and enjoy your health while you're still young and active! Have fun with the programme. If there's a need to upgrade plans, let the agent advice and consider whether you do need to take it up or not. No one should force you to do anything you don't want to 🙂
👍 3

Savings

Standard Chartered

Savings Accounts

Anyone heard of the 2% p.a. Standard Chartered JumpStart account?
Lee Jin Fei Andre
Lee Jin Fei Andre
Level 4. Prodigy
Answered on 06 Sep 2019
It's like an absolute and foolproof way to assure your 2% p.a, and that's really attractive. Given that it's flexible as well I'd recommend parking your spare funds inside. The only problem is, the requirement to open the account is for 26 y.o and below.
👍 1

Insurance

Hospitalisation Insurance (H&S)

Should I buy insurance from friends or non-friends?
Lee Jin Fei Andre
Lee Jin Fei Andre
Level 4. Prodigy
Answered on 04 Aug 2019
Do what you want. There's no way for us to tell you which is better. But it's easier to speak to friends when you have a problem, though it gets sensitive if they are not professional enough with you. So end day, it depends on how comfortable you are disclosing your finances, goals and problems to either a friend or a stranger. Whichever you feel more comfortable with is the one you should go for.
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Career

Lifestyle

I'm in the army now, and they just had the whole "career talk" with us. I'm considering signing on, and they are offering a lump sum as well. Is there anything else I should consider?
Lee Jin Fei Andre
Lee Jin Fei Andre
Level 4. Prodigy
Updated on 07 Jun 2019
Depends on what your goals are, and whether you'd be willing to sacrifice the few years of your life if you're going to pursue something else after the bond ends. Do you see yourself in this career, or is it just a stepping stone to get some higher than average moolah ? I did consider signing on as a pilot once, but the bond was long and if I didn't like it I would be stuck in a profession for 10 whole years without any chance of leaving early (I mean you could but the penalty really is out of this world). When signing on there's no such thing as "I wanna just try it out and see how" because you're stuck for that few years. Bear that in mind and if your heart is still telling you the pros are so much better than the cons I guess you'll have your answer then.
👍 3
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