Lim Wei Siang - Seedly
 
Lim Wei Siang

Actions leads to reactions. Knowledge increases your choices. Decide on your action to take and take back control!

Lim Wei Siang

Financial Consultant at Advisors Alliance Group - Aia Fa

4Upvotes

About

Actions leads to reactions. Knowledge increases your choices. Decide on your action to take and take back control!

Credentials

Financial Consultant at Advisors Alliance Group - Aia Fa

Lim Wei Siang

Financial Consultant at Advisors Alliance Group - Aia Fa

4Upvotes
  • Answers (14)
  • Questions (0)
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Investments

Insurance

Personally, the Sum Assured for any endowment product can be seen as a bonus. Your consideration should be based on: - Is the premium comfortable for you till 2050? - Will the payment of this premium affect your purchase of the WL w/ ECI? - How old will you be by 2050? Do you foresee yourself still working then? Endownment is a product that allows you to accumulate your wealth faster than any normal bank accounts. I would also put it across as a product that will compliment your future plans/lifestly when it matures. Therefore, you should really look into your whole portfolio first to determine how well prepared you are in other aspects and concerns. As your endowment has a longer tenure, the product’s ability to accumulate wealth through compounded interest is high and you will be able to benefit from that. But DO still go through your overall portfolio to determine your next course of action.

PFF Panel 1

Insurance

Seedly PFF 2019

Dollar paid vs Cover received Term offers the highest payout on every dollar you pay. A proper analysis, review and discussion should be done to identify the life stage you are in and what your concerns and priorities are. And as answered by Dawn, as Term premium increases with age, when you start buying will also be a factor you should consider. I think it is unfair to any Term product out there to received such a label. Every product has its purpose. Having a Whole Life with CI & ECI is important no doubt, but is that the basis for the switch? Have a proper review and discuss. Take control.

Insurance

Frankly, products will only get “better” as time passes. Do know that your previous decision was the best decision at that time. We can’t possibly be changing always, can we? Factors you may want to consider that may help you in your decision: - How long have you had your initial plan? - Does your policy comes with cash value? - Is that Critical Illness coverage important to you? - What are the stages of CI does the new proposed plan cover? - What are the claim process for both companies if any misfortune occur? The ease? A $1000 savings from the switch is attractive especially when a stand alone CI coverage policy will usually cost more. The savings can also be used for other plannings which you have been trying to start.

Investments

You can consider talking to a finacial consultant. But do think through these factors: - $30,000 - as a lump sum or divided into yearly contribution? - What is your risk appetite? - To save for retirement, how much do you have currently in your CPF account? - When would you like to retire and how much do you think you need monthly when you retire? - Other than $30,000, are you able to afford more if required? How much more? - When you retire, do you want the returns to be in a form of an annuity or a lump sum payout or fine with either?

Insurance

I would like to ask: - What made you purchase the endowment and ILP in the first place? - What do you want to achieve when you purchased them? - Is the premium within your comfortable budget? - What is your risk appetite? - How long do you intent to stay invested? (Because I believe there is some misunderstanding) I agree with Luke, ILPs do have the potential to reap good returns. ILPs too, have charges. Surrendering the ILP has it consequences and I hope that your consultant can explain it clearly to you. Talk to your consultant, I am not sure what was communicated between you and him/her but definitely certain facts weren’t communicated clearly. Not being bias, but Pro Achiever is one ILP I would propose to my clienots. Of course, when my clients queries, concerns and needs are duly addressed.

Insurance

Investments

ILPs usually have charges involved so before you make any decision, go through your policy again. I believe surrendering your ILP now would probably mean a lost to all the premiums you have paid so far. Is the current $300/mth premium to taxing? ILPs like what Hariz mentioned are flexible. Reducing premium/sum assured are options you should also consider. You may want to ask your friend to explain to you on: - charges involved from the investment - how has the premium holiday affected your value - is their an option to stop the premium and yet have the value grow - is there a year where surrender the ILP do not incur any charges

Family

Savings

General

I also believed that finding your accommodation asap will be recommended. When you are comfortable and stable with less worries, you may want to think through: - $400,000 is a bonus. - $1,500/mth can be saved after all liabilities addressed. - How much do you have in your CPF a/c - you can use the CPF Life calculator to estimate the amount of monthly income you can possibly receive. - Will that amount be sufficient? - Do you have the necessary insurance to protect yourself and the $400,000 savings you have? - What is your risk appetite if you have decided to do investment? - How long are you able to stay invested? - When do you think you would like to liquidate/cash out your investment? - What is the lifestyle you would like to lead from now? Like what they have mentioned, it is advisable to educate yourself in various financial instruments. Your actions will result in reactions/consequences. Your knowledge will help increase the number of choice you can make. Get more information and make a decision with a consequence you are willing to bear.

AMA First Investment

Have you spoken to any Financial Consultant? I would encourage you to do so. - Having that inheritance is a bonus - Do up a cash flow to understand your spendings and amount you are able to set aside - I believe you are young so time is to your advantage if you are looking at insurance coverage or investing for your lifestyle or future retirement needs - Understand your own risk appetite and what you wish to achieve if you were to do any form of investment - Understand that financial wealth is only figures in your bank account with no value if you are not using it to generate more wealth for you. Fixed deposit, Regular Saving Plan, Endowments, ILPs and investments are some different avenues you can look into. Your actions will lead to reactions/consequences. Equiped yourself with the knowledge to increase the number of choices you have. Only then, a decision with a consequence you can bear will be made.

General

AMA SG Budget Babe

You will have to determine your budget and comfort level. I’m afraid no one has the ability to determine that for you. If you did set up the CDA, that is one avenue that you should not forgo. Based on: - Your budget - How long do you intend to save/invest - Risk appetite Endowments, ILPs or Regualr Saving Plans from banks are some of the available options. Actions leads to reactions/consequences. Choices available depends on the knowledge you hold. Get more information to increase your choices and then you will be able to make a decision that is best for you.
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