Shawn Lee - Seedly
Ā 
Shawn Lee

I help people make wise money decisions.

Shawn Lee

Client Adviser at MoneyOwl

7Upvotes

About

I help people make wise money decisions.

Credentials

Client Adviser at MoneyOwl

Shawn Lee

Client Adviser at MoneyOwl

7Upvotes
  • Answers (2)
  • Questions (0)
  • Reviews (0)

Insurance

Savings

Shawn Lee
Shawn Lee, Client Adviser at MoneyOwl
Level 3. Wonderkid
Updated on 01 Aug 2019
Hi Anonymous, thank you for serving the nation. It is great to see that you are proactive in managing your personal finance at your relatively young age. Do allow me to share some guidance of how you can consider planning for your insurance needs. Firstly, it would be important that your insurance expense is kept within your budget. The financial responsibilities on a young working adult are high as marriage, housing and baby plans could come soon for you. Health: Yes, medical insurance is important as it helps to defray huge hospital and surgical bill significantly. As Singaporeans, we are automatically covered by Medishield Life, which caters to hospital treatments in B2/C wards. If your expectation is higher, eg in B1/A wards or even in private hospitals, then you should consider upgrading to an Integrated Shield Plan (ISP). Death: Is there anyone who is financially dependent on you? If so, you may consider having sufficient death coverage. Critical Illness: This area could help replace income loss in the event of a critical illness. This might not be essential at this moment as you are not working. Personal accident: You could consider getting some coverage as it is low-cost. If your vocation as a NSF requires physical activity, you could be at higher risk of injuries. As a NSF, you can buy a very affordable Group insurance from Mindef and MHA as a base plan to cover the above needs. For $500,000 death benefit, it could cost as low as $20.50 a month. Once you begin working, you should review your insurance needs again. At MoneyOwl, we have also carefully designed a Young Working Adult Protection Bundle to cater to the typical needs of a young working adult, when you start working. It is something you could start with and customise to fit your needs and budget. Do refer to the following link for more information: https://www.moneyowl.com.sg/#/promotions/16 Hopefully this is useful for you to plan for your insurance needs.

Financial Planners

Insurance

MoneyOwl

Shawn Lee
Shawn Lee
Level 3. Wonderkid
Updated on 07 Jun 2019
Hi. Thank you for your questions and I hope to be able to help with your doubts. On your question if MoneyOwl is a non-profit, as mentioned in the recent Business Times article (3rd Nov by Genevieve Cua), MoneyOwl is not a non-profit organisation. However, we do not seek to maximise profits. What we really hope to do is to balance between being financially sustainable and yet still able to give good advice in an affordable manner. We believe that there is this gap that needs to be closed and consumers will appreciate it. It is not illegal to provide commissions rebates. In the case of MoneyOwl, what we are doing is to only rebate to consumers when they have a need. We can do that because we lower our cost through tech and hiring salaried advisers, and we pass on this savings to them. On your other queries, may I ask what your doubts are, what you are worried about, what you are fighting against and what do you mean, "it does not work very well from my knowledge of business operations"? This will help us better address your questions. Thank you.
Level 3. Wonderkid
7UpvotesGoal 20
13 UPVOTES TO LEVEL UP
Browse Rewards