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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

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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 (15)
  • Questions (0)
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Insurance

Hospitalisation Insurance (H&S)

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.

Insurance

Critical Illness (CI)

Health Insurance

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

Healthcare

Retirement

Lifestyle

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 šŸ˜‚ 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 šŸ™‚

Insurance

Lifestyle

Personal Accident (PA)

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 šŸ™‚

Savings

Bank 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.

Insurance

Hospitalisation Insurance (H&S)

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.

Career

Lifestyle

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.

Insurance

Lee Jin Fei Andre
Lee Jin Fei Andre
Level 4. Prodigy
Updated on 07 Jun 2019
Post retirement there are only a few things to look out for. 1. -Most important- Integrated shield plan (last entry age 75) - This is especially important as older folks are very susceptible to chronic illnesses. It is very common that a person will rake up very high bills during the final 5 to 8 years of their life. 2. Personal Accident plan (last entry age usually 69/74) - Good to have, as older folk tend to slip and fall much more easily. Due to a more fragile body, they will also be more susceptible to fractures and injuries. This means more X-rays, MRIs and even prolonged treatment for bruises. - However even the longest term should only be till age 85 3. A small fund to foot for his integrated shield plan and personal accident premiums 4. -Least important- Any possible wealth preservation plans to transfer legacy This 4 are what I would recommend for people reaching retirement or already post-retirement to look out for. Hope this helps you out!

Investments

Lee Jin Fei Andre
Lee Jin Fei Andre
Level 4. Prodigy
Answered on 14 Feb 2019
What I could say is the other posters are right in their responses. Personally, I would follow, because higher buy volume is also a sign that people see additional value in the company's future hence they are buying now. It only makes sense, provided the company is stable and without any red flags, but you'll never know... More importantly, even if you followed, would you ever know when these millionaires are going to pull out their investment? If you can't tell, and don't pull out yours in time as well, I would say you're in the run to lose big. (Assuming the trades are legal and not any ploy for manipulation etc).

Lifestyle

Family

Lee Jin Fei Andre
Lee Jin Fei Andre
Level 4. Prodigy
Updated on 10 Dec 2018
To be honest, if you feel that cutting his allowance will cut you some slack, you are probably: 1. giving him too much in the first place; or 2. if you already are giving him lower than average, it's probably just enough money for recess and could affect his growth in this crucial period of his life Whether it's 1 or 2, he's probably too young to understand the true value of money, especially if he's spending everything you give him. He may not be able to empathise with you both with regards to the situation, and cause greater distress within the family. And if he does, it may cause developmental hindrance especially in matters related to money, which I have experienced before. You are currently at a very tricky crossroad - You can either suffer in silence and let your child come to some realisation (hopefully never and lead a blissful and ignorant childhood till he's old enough to realiseand thank you for all you've done for him) or hope for his understanding by telling him early through reducing his allowance and risk developmental issues. For either way you as parents will have the shorter end of the stick, and this is one of the challenges of parenthood you will have to face. So you have to make a difficult choice, bearing in mind for one's release from suffering, someone else has to pick up the pieces, whether it be you (the parents) or him (the child).
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