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Tan Li Xing

Tan Li Xing

Financial Consultant at Prudential Assurance Company (Singapore)

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Financial Consultant at Prudential Assurance Company (Singapore)

Tan Li Xing

Financial Consultant at Prudential Assurance Company (Singapore)

  • Answers (80)
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Insurance

Hi Anon, The top priority for insurance coverage is firstly the hospitalisation plan, and after that look into getting a personal accident policy. Once you have those 2 policies in place, then you can consider looking into a whole life or term policy which will cover the other crucial aspects of life, death, total permanent disability, critical illness & early stage critical illness. Once you have all the policies that I just mentioned in place, then you can start looking into accumulating your wealth, as with inflation, we definitely want to be make out money work the best for us These are just some of my thoughts, but do reach out if you have more questions

Investments

Insurance

Investment Linked Policies (ILP)

Hi Sora, I think those are the distribution charges, admin charges related to the policy. In regards to cheaper way to invest under insurance, are you able to afford 3k/ mth? Cause this is an investment, you do know that your capital invested is not guaranteed. Just thought to you know and make an informed decision

Insurance

Early Critical Illness (ECI)

Whole Life Insurance

Hi Anon, I think Hariz has painted out to you the best possible products on what he can offer as a FA. As for us who are tied to our agencies, like Prudential and AIA. We can only advise you on what we have on hand. I think in regards to insurance, most insurers actually look at each others' products and try to match them closely as we all know Singapore is a very competitive market, so at the end of the day, you are the one who makes the final decision to follow which insurer. But I would just add that, for insurance it's really not just about the price, but it's about the peace of mind when one has to do their claims. Similar to why some of us would still choose to get an iPhone as compared to a cheaper android phone, haha. If you are open to options, do reach out

Insurance

Retirement

Investments

Savings

Hi Leon, Just wondering for this current policy, do you know when will you stop paying the premium? I think that will help ascertain if it makes sense on whether you should surrender your policy. I think 1 possible suggestion is also to change this policy into a paid-up policy if you still need to pay premiums, as doing so will stop the premium payments, and if you do not surrender the policy, I believe it will still be liable for the yearly bonuses declared by the insurer. I think there is no harm looking around for another whole life policy as with the recent changes in the industry, most coverages have been extended in terms of their expiry age. For example, most TPD benefits now extend to 70 or 75 years old. And at your current age, I believe the premiums will still be affordable, do reach out if you have any other questions

Insurance

AXA Shield

Hi Anon, I think for shield plans, the insurer that issued the plan has the right to change the terms and conditions. Also just to highlight, the shield plan is one of the highest loss making product for insurers so I am not surprised that they are making changes to the policy terms. There might even be changes to the premiums as well due to this loss. Of course, you might also want to look at whether you do need to have the highest possible coverage as some of us might just go to a restructed (government) hospital when we seek medical treatment.

Insurance

Whole Life Insurance

Hi Clement, The Aviva NS insurance is the cheapest possible term insurance 1 can get, however the coverage is till 70 years old. Based on the average mortality age of 85-86 years, I think it would be better to get a whole life policy. Of course what you can also do is to get both. As that is what some people do, buying both term and whole life to get up to 1mil coverage in the event of death, TPD and CI.

Insurance

Investments

Savings

Retirement

Term Life Insurance

Hi Anon, Just wanted to ask for both plans, when do they expire? Also like what Hariz mentioned abt how Great Life Adv is an ILP, it would be best to take note that there will be rising mortality charges with age. Though if you do continually pay the premium, it should act like a life protection policy. Just wanted to ask, did you look into getting an integrated shield plan and personal accident plan as well?

Insurance

Hi Anon, Just putting my thoughts which I believe many would have replied you. 1st priority would definitely be the hospitalisation plan, because healthcare is a rising cost in Singapore, you want your income to be protected in the event something happens to us. Also based on your age, I believe the premiums should be covered via medisave if you are singaporean. 2nd, I would put personal accident in this, as accidents are always unforeseen, and also this is also a very affordable policy especially for someone who just started work. After you have these 2 affordable policies for protection, then we can look into a whole life/ term policy, where this will address death, total permanent disability & critical illness coverages. But of course it would be best to meet up and agent and see what they can present to you and you can decide to see what would suit your needs. Do reach out if you have any questions or would like a meet up :)

Insurance

Hi Anon, Just to ask, when did you purchase this policy? And in regards to the newer plan, it's the policy where there is a deductible and also 10% co-payment?

Insurance

Hospitalisation Insurance (H&S)

Hi Anon, I think in regards to ISP, most of the coverages are pretty similar, and I think it might be better to have meet up and see what works best for you. In regards to ISP, are you looking at the highest possible coverage? Meaning Private healthcare with the rider that will subsidise the deductible and co-payment portion?
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