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Patricia Law

Financial Service Consultant, AIA Singapore

Patricia Law

Financial Services Consultant at AIA

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Financial Service Consultant, AIA Singapore

Credentials

Financial Services Consultant at AIA

Patricia Law

Financial Services Consultant at AIA

  • Answers (25)
  • Questions (0)
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Investments

Online Brokerages

Stocks Discussion

Insurance

I am 36 yrs old. I have no debts and have emergency fund for 6 - 12 months and i have insurance to cover medical emergency for me and my family. How would u go about investing 100k?
Hi SK, I will split my investment to - 20% for unit trust - 80% for retirement It is a good time to invest now due to COVID-19 and fund / stock prices are relatively low. I will personally prefer to keep my investment hassle free and allow organisations to manage it rather then investing it myself. For unit trust funds you can consider investing in AIA investeasy product where you can choose a variety of AIA managed funds from low to high risk. For retirement products, you can look at AIA Platinum Retirement Elite or AIA Platinum Wealth Elite (later with death coverage). I do not know you age so it will be harder to advise. These 2 retirement products that allows you to invest while you get payout during your retired years. The projected investment return is around 8%. For example if you are 49 and you plan to retire in 15 years' time, by investing a single pay of $80k, you will be expecting a monthly payout of $2,236 per month for 10 years (total payout $268,320) or $1,470 per month for 20 years ($352,800) in comparison to the investment of $80k. This plan allows you to customise the number of payment, top-up if you like (min $1,000 per top-up), target payout period, target retirement age. You can also choose to postpone the payout age to a later age if you prefer.
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Insurance

Early Critical Illness (ECI)

Critical Illness (CI)

Term Life Insurance

Whole Life Insurance

I’m 30 am a smoker I have a only pru hospital plan. I am on a Budget constraint. Should I go for whole life or term life? And what about ci? Should I go for multi or single claim ci standalone?
Hi there, If you have budget constraint, it is best that you get your CI (multi claim) covered first. Especially the definition will be changing in 26 Aug 2020. You can consider buying AIA Power Critical Cover (one of the best CI plan in the market) that covers up to 100 years old. This plan has cash value if you decide to surrender after 75 years old and it covers critical illness from early, intermediate and major. The plan has a power reset & relapse benefit that will reset the sum covered after 12/24 mth of claim up to 500%. Currently AIA has a promotion for the above plan with 15% first year discount and additional 10% discount for AIA Vitality members (you can apply for it at $96 per year). This promotion is till 15 Aug 2020. Do let me know if you are interested as we are left with less than 2 weeks before the expiry of this promotion. For life plan, you can consider term life due to budget constraint. As term life has a high coverage value and for AIA term life, you can convert to whole life plan without underwriting in the future when your budget allows. Hope the above clarifies your question.
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Investments

CPF

Unit Trust

Retirement

Would you use your CPF OA to invest in Unit Trust? Any views on this ?
Hi there, You can consider AIA Investeasy. There is a portfolio of managed unit trust that you can invest in it and currently due to the economy, the fund prices are relatively low. You are able to do fund switch without any charge as well. The expected return should be good for the next few years. I have personally invested $60k of my SA into this fund and it has grown 1% over 2 weeks. Hope the above clarifies.
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CPF

HDB BTO

Retirement

Property

Investments

How and where can I put my CPF's OA to some investment (super low risk type) so that HDB would not wipe out most of my OA when I buy BTO? I just wish to park the OA somewhere for a short period and put the money back soon after. Any advice please?
Hi Joseph, You can consider investing in a managed fund example AIA Investeasy for your OA. Fund prices are relatively low now due to the economy. It is a good time to start investing at least for the next few years.
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Endowment Policies

Retirement

Insurance

Savings

Is it a better for us to get an endowment that provides a lump sum maturity or a retirement plan that provides stream of income for a number of years? Which would be more effective in terms of return?
Hi there, I will personally prefer to have regular payout as a stream of income and keep the rest invested. You can consider retirement products that will allow you to invest in a lump sum or pay over 5 years. I do not know you age so it will be harder to advise. But AIA has 2 very good retirement products that allows you to invest while you get payout during your retired years. The projected investment return is around 8%. For example if you are 49 and you plan to retire in 15 years' time, by investing a single pay of $30k, you will be expecting a monthly payout of $838 per month for 10 years (total payout $100,560) in comparison to the investment of $30k. This plan allows you to customise the amount to be invested, number of payment, top-up if you like (min $1,000 per top-up), target payout period, target retirement age. You can also choose to postpone the payout age to a later age if you prefer.
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Retirement

Investments

How should you draw on your investment portfolio during your retirement years to ensure that it lasts?
Patricia Law
Patricia Law
Level 4. Prodigy
Answered 2w ago
Hi there, You can consider retirement products that will allow you to invest in a lump sum or pay over 5 years. I do not know you age so it will be harder to advise. But AIA has 2 very good retirement products that allows you to invest while you get payout during your retired years. The projected investment return is around 8%. For example if you are 49 and you plan to retire in 15 years' time, by investing a single pay of $30k, you will be expecting a monthly payout of $838 per month for 10 years (total payout $100,560) in comparison to the investment of $30k. This plan allows you to customise the number of payment, top-up if you like (min $1,000 per top-up), target payout period, target retirement age. You can also choose to postpone the payout age to a later age if you prefer.
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Hospitalisation Insurance (H&S)

Critical Illness (CI)

Insurance

Health Insurance

I heard from my friend that he has a hospitalization plan with a CI rider. And cash portion payment is only about $600 per annum. Is the CI rider same as a stand-alone CI plan?
Patricia Law
Patricia Law
Level 4. Prodigy
Answered 2w ago
Hi there, The CI rider should be similar but most will cover only the major stage CI. Most rider pays out only one time, so in the event of recurrence or relapse, there will be no further payout as the rider will terminate upon payment. You can consider buying AIA Power Critical Cover (one of the best CI plan in the market) that covers up to 100 years old. This plan has cash value if you decide to surrender after 75 years old and it covers critical illness from early, intermediate and major. The plan has a power reset & relapse benefit that will reset the sum covered after 12/24 mth of claim up to 500%.
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Insurance

Whole Life Insurance

Critical Illness (CI)

Early Critical Illness (ECI)

I'm 25M, non-smoker, and healthy now. I have no dependents or liabilities. Is a whole life + CI/ECI insurance appropriate for me?
Patricia Law
Patricia Law
Level 4. Prodigy
Answered 2w ago
Hi there, Priority for you now will be to cover Critical Illness as in the unfortunate diagnosis of critical illness, you will be paid a sum to cover living expense as compared to life plan where you will only get the paid out upon death / TPD / CI - one time payout (if you have a CI rider). You can consider buying AIA Power Critical Cover (one of the best CI plan in the market) that covers up to 100 years old. This plan has cash value if you decide to surrender after 75 years old and it covers critical illness from early, intermediate and major. The plan has a power reset & relapse benefit that will reset the sum covered after 12/24 mth of claim up to 500%. As you have mentioned, the definition will change from 26 Aug 2020. You can consider whole life plan at a later date but priority should be to have a good CI coverage before this date. Hope the above clarifies.
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Critical Illness (CI)

Insurance

Fresh Graduates

Early Critical Illness (ECI)

Term Life Insurance

I’m in my 20’s. Intending to get a stand-alone CI, may I ask for term CI, how long should I get coverage till? 70/80/85? Any advice?
Patricia Law
Patricia Law
Level 4. Prodigy
Answered 2w ago
Hi there, You can consider buying AIA Power Critical Cover (one of the best CI plan in the market) that covers up to 100 years old. This plan has value of 75% if you decide to surrender after 75 years old (additional 1% after every year) and it covers critical illness from early, intermediate and major. The plan has a power reset & relapse benefit that will reset the sum covered after 12/24 mth of claim up to 500%. Hope the above clarifies your concerns.
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Retirement

CPF

Assuming that one has more than $500k in my OA after 55. Can CPF allow us to setup a monthly withdrawal of $2000 from OA after 55?
Patricia Law
Patricia Law
Level 4. Prodigy
Answered 3w ago
Hi there, If you already have the maximum enhanced retirement sum , you may want to consider retirement plans from insurance companies to complement your CPF life monthly payout as living expenses. From AIA there are 2 good plans (one with death and TPD cover and the other is purely retirement plan). Assuming if you are 49 years old this year, with single payment of $200K into Platinum Retirement Elite. In 10 years' time at age 59 years old, you potentially can get a monthly payout of $2,666 per month for 20 years (total payout of $639,840). Let me know if you are keen to find out more.
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