Loh Tat Tian - Seedly
Loh Tat Tian

EX-Life FA, Traded Endowment / Life Broker, Insurance report, Associate Financial Planner (AFP)

Loh Tat Tian

Ex-Financial Advisor, Founder at Singapore Insurance Value Finding

132Upvotes

About

EX-Life FA, Traded Endowment / Life Broker, Insurance report, Associate Financial Planner (AFP)

Credentials

Ex-Financial Advisor, Founder at Singapore Insurance Value Finding

Loh Tat Tian

Ex-Financial Advisor, Founder at Singapore Insurance Value Finding

132Upvotes
  • Answers (309)
  • Questions (2)
  • Reviews (1)

Insurance

PFF Panel 1

Seedly PFF 2019

If there is no pre-existing condition, it really depends on their affordability. Minimum would be at least the standard plan or B1 to cover pre and post hospitalisation. That is if you can afford. Riders can be left out if you do not have enough cash to fund it.

PFF Panel 1

Insurance

Seedly PFF 2019

If you ever need more questions, do let me know. I am sorry to post this, but do join the group created for such opportunities https://www.facebook.com/groups/2289132611305701/ for Reps Holding and all, they do take the non-gauranteed portion. But if you need more info or is willing to look for partnership, do contact me on such arrangements.

Savings

Family

Lifestyle

I gave my parents 15%, because I am their retirement plan sadly. Can't negotiate less. But if you can we encourage to give about 10% of take home pay. That is easy and not taxing on your own savings and investment.

Insurance

Investment Linked Policies (ILP)

ILPs are not meant to be used as a WL until the investment units can cover all the fees and increasing COI. Its is best that you understand the product features (which includes all the fees required to be paid yearly, which may include polic admin fees, investment fees etc etc). There are two ways to do this. (1) Maintain the minimum to ensure it does not lapse. However the cost of insurance will climb by age 45 and is crazily high per $1000 coverage, so it may make sense to either drop it and self-insure by age 50 (which is the reason to maintain the account above your sum assured to remove the COI, but if that happens, it is essentially self-insured so....) (2) surrender once there is no surrender charges or when the COI is too high to be serviced. This is totally dependent on you, but my rule of the thumb is if the coverage is 1% of coverage, might as well self-insure through your own means due to rule 72 + a few more years to accumulate it as your own emergency fund. Always do your calculations, be satisfied with your objective.

Insurance

Savings

Investments

General

This is an alternative to CPF SA if you are looking at accumulating. I have done similar IRR calculations and it grow at 4% p.a if you hold it long enough for 30 years. First and foremost, you could look at it as a bond component (moving forward) instead of surrendering, because you are potentially losing 50% of your premiums paid. Can investing through DCA gives you higher returns for a better Alpha or Beta? Can you accept the risk? Are you satisfied that you truly wish to surrender? Do let me know if you wish to surrender as I can offer a higher surrender value than the insurance company. Most other Reps Holdings and all may not wish to buyback your policy because its not capital gauranteed (needs to reach 10th year).

Insurance

Most whole life policies returns plateau at age 70. So that is a good thought if you are not looking into the death benefit. IF you need a detailed 1, do purchase the report from my site. https://www.qoo10.sg/item/PROFESSIONAL-CONSULTANCY-SERVICES-FOR-INSURANCE-POLICY-FINANCIAL/646088766?bannerno=1305330

Career

Insurance

Savings

HDB BTO

Be prepared to learn a lot, and have less time for yourself if you are going sales / entreprenuership. I would ask you to understand yourself first. What is your current skillset? Which are the money making 1? Who will pay for your skillset? This is the most important to understand. If not, you can't even negotiate in a job interview. Then from there, go towards your financial goal. IF you can't type out and convince anyone, who will be confident that you can achieve it? IF you are inexperienced, go and take experiences now. Be it in intern etc etc. 3k debts is easily settled ($500 a month X 7 months to include horrendous interest rates). But always have a goal in mind.

Insurance

Healthcare

Health Insurance

Whole Life Insurance

Term Life Insurance

They have mentioned enough, so i would offer another opinion. (1) pros of having 1 insurer. You just need to submit 1 death certificate to the insurer to inform them of claims. (1) pros of having different insurer. Competitive premiums from different insurer. Spread out Risk of insurance for Policy Protection Scheme by SDIC (surrender value as at 14 August 2019 is insured at $100,000, while sum assured is at $500,000). The cons are what they cannot provide you.

CPF

Insurance

The premiums paid for the coverage is not worth once you hit age 45. You may wish to drop it and get private insurance as term premiums have progressively decreased, especially for death coverage.

Family

Savings

Loans

I do have a few solutions, which involves unlocking many assets to service and pay down the debt. The late fees and hefty interest will kill the OP and their parents, to the point where they are in huge debts of 6 figures and above. But the most important thing is over here. "Face" is one thing. But if you can't service the debts, you got more to worry about than just face. Your parents will need to be able to stand in your shoes, while you stand in their shoes to find solutions to either buy a HDB, rent out the condo for cashflow to support the debt etc etc. But if they are not listening or willing, nothing here I say can help since its implementation.
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