Lim Chun Long Jimmy - Seedly
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Lim Chun Long Jimmy

3-time AutoWealth quiz winner

Lim Chun Long Jimmy

Co-founder at PolicyWoke (We trade insurance policies)

About

3-time AutoWealth quiz winner

Credentials

Co-founder at PolicyWoke (We trade insurance policies)

Lim Chun Long Jimmy

Co-founder at PolicyWoke (We trade insurance policies)

  • Answers (126)
  • Questions (10)
  • Reviews (24)

Insurance

Investments

AIA Life Protection

Investment Linked Policies (ILP)

Life Insurance

In January 2020, I was pressured into buying a AIA Pro Lifetime Protector - Max. This is my first investment linked insurance policy. My yearly premium is 4K. Should I withdraw?
Hi Anonymous, If you were pressured into buying an investment-linked policy, and/or if you did not understand the policy's structure before buying, then something is not right between you and your FA friend. The questions you need to ask yourself is: - Did you mention your financial goals and gaps clearly to your FA? - Did your FA make suitable product recommendations to meet your financial goals and fill your financial gaps? In other words, it is important that you maintain good communication with your FA to help meet your financial needs. Now that more than 90 days have past, seek advice from your FA if your AIA Pro Lifetime Protector - Max policy is suitable for you to continue servicing. If the policy is deemed to be no longer suitable for your financial needs, you may either surrender it to AIA or sell it to a resale insurance policies broker for higher cashback. Disclaimer: I own a business trading insurance policies.
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Retirement

Insurance

Lifestyle

Endowment Policies

Are retirement/endowment plans from insurance companies a good way to grow retirement income? Or are there better alternatives?
There is a variant of endowment plans called Traded Endowment Policies/Plans (TEPs) which is pre-owned endowment policies that was bought-over and then re-sold by 3rd party brokers. The projected IRR is between 3.8% and 4.6%, and is usually higher projected IRR and shorter term to maturity as compared to newly incepted ones for the same policy structure. Disclaimer: I co-founded a business trading insurance policies.
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Investments

Insurance

Endowment Policies

What is endowment plan, how much returns will it provide me?
An endowment plan is a form of savings plan, with insurance component, that is design to help save up till maturity, or annual payout in the case of annuities. There is a variant of this called Traded Endowment Policies/Plans (TEPs) which is pre-owned endowment policies that was bought-over and then re-sold by 3rd party brokers. The projected IRR is between 3.8% and 4.6%, and is usually higher projected IRR and shorter term to maturity as compared to newly incepted ones for the same policy structure. Disclaimer: I co-founded a business trading insurance policies.
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FIRE Movement

Savings

Savings Accounts

Investments

Insurance

SeedlyTV S2E07

Endowment Policies

Is there any risk free investment that gives higher returns than endowment plans?
My personal take is, in order for an instrument to give returns, it must be exposed to risks to get a yield. If there is no yield, then there is no risks. Hence, personally there is no such thing as risk-free investments. There is a variant of endowment plans called Traded Endowment Plans (TEPs), which are endowment plans which were pre-owned, bought-over and then re-sold by brokers, for shorter term to maturity and projected higher returns as compared to newly incepted ones. TEPs are also low-risk instrument and not risk-free. Disclaimer: I co-founded a business trading insurance policies.
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SeedlyTV S2E07

Endowment Policies

Insurance

Savings

I have a 20 year endowment that my parents bought for me since I was young. Should I continue on holding to it if I want to invest instead?
As long as you are able to continue paying premium for the policy till maturity, there is no reason for you to give up on it, as it has likely accumulated an internal rate of return of around 5%-6% per annum as Hariz mentioned here. Disclaimer: I co-founded a business trading insurance policies.
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Insurance

Travel Insurance

Hospitalisation Insurance (H&S)

Financial Planners

General

From your personal experiences, how do you identify a good and reliable agent? What are some bad points that makes an agent seem unreliable? (eg. years of experience, the way they sell?
To identify a good and reliable agent, he/she has to have three I's: - Intensity - Integrity - Intelligence Oh it's true, it's damn true! !
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SeedlyTV S2E02

COVID-19

Investments

Stocks Discussion

Are there any types of investments that I can do and will never be affected by volatility? What are some extremely safe kind of investments?
Traded endowment policies (TEPs) are considered one of the low-risk investments with little volatility. Low-risk does not mean no-risk, hence ensure that you understand the risks involved before considering TEPs. Not sure what you meant by "extremely safe", but what I can say is, an investment has to have exposure to risks to have a yield. No risks, no yield. Disclaimer: I own a business trading insurance policies, including TEPs.
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Forex (FX)

Investments

Online Brokerages

Hi! I am currently trying to learn and understand about how to invest in Forex, and have signed up for a Demo account on one of the Forex Brokers (ig.com) in Singapore. I have the below questions, can those with experience please answer?
Hi, it seems that you're new to Forex trading. Forex trading should be treated as a form of trading and not investing. To answer all your question, you may try this free online course for beginners by Babypips: https://www.babypips.com/learn/forex
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SeedlyTV S2E01

Giveaways

[GIVEAWAY] Name three of the 5 pillars of the money framework and explain how it applies to you now during COVID-19?
Income : Keep current job as employee or self-employed and not solely depend on it as income source. Have as many additional income sources as possible to diversify risk of income loss, such as but not limited to: - Ad-hoc delivery agent such as Pickupp and Lalamove (flexible hours). - Software tester (flexible hours). - FX trading (30 min a day with proper risk management and strategies). - Dividends from equities (passive). Insurance : Ensure sufficient protection coverage for self and beneficiaries. Maintain good communications with licensed financial adviors to keep own protection coverage in check. Pay premiums on time to keep insurance policies in-force and not allowing them to lapse. Investing : Invest for the long-term, be it for own retirement or part of legacy planning. For my investment accounts with AutoWealth and Endowus, continue to add funds monthly to take advantage of dollar-cost-averaging to buy more units when the ETF/unit-trust price is low.
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