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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 (202)
  • Questions (0)
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Insurance

Whole Life Insurance

Term Life Insurance

Hi Anon, Actually what the adviser recommended is something I would also agree on. ECI/ CI are the most unforeseen, and can occur at any phase of our lives, so we definitely would want coverage throughout out life time. Term is affordable and have the best value, yes. And due to that nature, it's best use is to cover us during our working years, as that is the period where we are still getting an income. So use this to cover you up till your retirement age, or to when you think you would most likely retire. In terms of how much coverage, I do agree with what Hariz recommended; 10x your annual income for death & TPD 5 - 7x your annual income for CI 2 - 3x your annual income for ECI Also like what Elijah said, we should get our protection set first as that is actually the vital part of our lives. Once that is settled, we can look into investing. Also in regards to your current income, I believe that there will be increments and bonuses, so your income will definitely increase as the years pass, so you would definitely have opportunity to invest. Also, though it's good to invest a relatively higher sum of money, the most ideal is to constantly invest even if it's a small amount of even 1 - 200 a month as doing it constantly will definitely bring in the returns due to the compounding interest in the investments. You can read this for more detailed explanation; https://www.investopedia.com/articles/investing/100615/investing-100-month-stocks-30-years.asp
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Insurance

Family

Hi Y, I think Hariz has given the most straight forward guideline as I am also a firm believer of that. If you are worried about your kids, what you can do is after factoring your own income, look into your kids expenses and then take the X number of years to them getting a job. So let's say if your kids are now 10 & 7 years old, and let's say that they should be getting a job when their 25, so meaning now you actually have to factor is that 15 - 18 years of potential expenses and plan to have sufficient coverage to help tide the kids through in the event something unforeseen happens. And what about their education fees? I do think it would be good to factor that component as well. This is known as the income & expense method when calculating how much coverage you actually need. Oh, also TPD's coverage is usually is the same as Life coverage cause when TPD happens, there is very minuscule chance of getting back into the workforce. Just thought you should know, do reach out if you have further queries
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Entrepreneurship

Savings

Hi Gabriel, Check out Easyship, they work with many couriers and ship around the world and give you the best possible rates at whatever form of transport you would prefer
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Investments

Insurance

Hi Nicholas, I think the crucial points have been answered. I just think it's more in regards to whether you are okay with paying that constant "admin fee" irregardless of how the funds are performing? I do think that there is good potential in the product, but of course I do believe that ther are better alternatives if you are looking to minimise charges and still gain the same or better returns due to the lack of a "middle-man". Returns from investments via an insurer is usually lesser because of the charges as the insurer provided you with that service of access to the funds and also have a fund manager who will manage the fund's manager. So question is, would you rather get the returns to yourself? Or share part of that with someone else?
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Financial Planners

Insurance

Hi Izz, The FA will only get an income if you do purchase a policy from him. I think that workshop was for the FAs to get potential leads so that they are able to arrange for meetups to see if there are potential business opportunities. And in this industry, our work is meeting up with people. You have the final say, and I think it would be good to be honest. However, I do think having a meet up is fine, cause there is no harm in getting a 2nd opinion in seeing if there are potential gaps or maybe even possible opportunities. But this is just my personal opinion
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Early Critical Illness (ECI)

Critical Illness (CI)

AVIVA MyWholeLifePlan

Whole Life Insurance

Term Life Insurance

Disability Insurance

Insurance

Hi Anon, In regards to whether to do Whole Life or Term, personally I'm more pro-Whole Life because insurance coverage when it comes to death and CI should always protect one for the whole of our lifetime. I think in regards to term being more expensive, it isn't necessarily so, actually if you buy a term insurance at your age as compared to a Whole Life, the Term might actually be cheaper, but of course a Term policy's coverage is based on how long you have decided, it could be 20 or 30 years, or even longer. Also, Insurance Premiums are affected by the age at when you make the purchase, so meaning if you buy now, the premiums are fixed at that rate through out the payment term. TPD is usually included in policies as when one is TPD... you do need the lump sum benefit as your cost of living increases drastically. In regards to whether you should include ECI, I think it would be a good to have, as with medical advances, certain forms of ECI can actually be detected early and treated early. And usually after such treatments, recovery is very likely. Whether to do minimal coverage, I think it would be good to follow the guideline of; 10x your annual income for death coverage 5 - 7x your annual income for CI coverage 2 - 3x your annual income for ECI coverage But of course this is the most straight forward method. If you'd like another method, we can look into the expense method, which takes your monthly expenses and multiply them by X number of years as you need. My suggestion is, look at a Whole Life policy with limited pay (15-20 years payment term) to cover what you need, then get a term later to further boost your coverage as term is the cheapest form of insurance with the highest possible coverage in sum assured.
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Insurance

Term Life Insurance

AIA

Hi Anon, Just wondering is there a reason you are looking at Term Insurance? Also not looking to be covered for CI? In regards to which insurer to go for, I think it would be good to reach out to an agent to see what they can offer you to meet your needs and budget. In regards to what CH said, it's ultimately up to you who you would like to reach out to, but as Insurance is a very competitive market, usually coverages amount insurers are pretty similar, so do ask around, I believe the community here is more than willing to be of help to you
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Insurance

Whole Life Insurance

Term Life Insurance

Hi Anon, I think a good gauge on when you should get your own life insurance would be once you have gotten stable income and also if you have any study loans, they should ideally have been cleared already before looking into getting life insurance. Of course there are instances where our parents could have already bought us a life insurance the moment we were born. In regards to PruLady, its a term insurance that covers mainly female related illnesses. Which is a good add on if you already have a Whole Life Policy that provides you coverage for Death, Total Permanent Disability, Critical Illness & Early Critical Illness. So you might want to take a look at that coverage first before looking into getting PruLady or something similar. Also in regards to life insurance, I do believe that the first insurance one should look at is hospitalisation insurance, meaning the integrated shield plan, as medical costs are on the raise, and they will only keep rising, so we definitely want our income to be protected in the event we are hospitalised. After that you should look into getting a personal accident policy, as accidents are the most unforeseen circumstance, where we have no control of. Personal Accident policies do reimburse you when you visit a GP or TCM due to an accident, like a sprain, etc. Once you have those 2, then you can look into getting a Whole Life Insurance or Term Insurance. A Whole Life Insurance is mainly to provide us coverage against Critical Illness, cause Critical Illness can strike us within our life-time, so it makes sense to be covered against Critical Illness for the whole of life. Term Insurance is more ideal to protect our potential income during our working years, as taking a 3k/ mth income multiplied by 30 years, that is a potential earning of 1.08mil so a term insurance makes good sense to cover that amount as it's more affordable as compared to a Whole Life Insurance covering the same amount.
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Insurance

Investments

Hi Anon, Sorry to hear this in your case. But yes, there are many instances where the agent 'disappears' after the sale. Like what Alan said, yes you should be in control of your own policies. However ideally it would be to have an agent whom you can trust, who will be the pro-active one to engage you and keep you updated on matters, or is also contactable generally. Wells.. you could try contacting your agent on a once of basis, and see how things go, hopefully he or she will change and be more involved in your life journey.
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AIA

Investments

Savings

Insurance

Hmm... if you were sold this plan without proper understanding what you bought.... then I do think the agent might not have done right by you.. You have the option of free-look for the next 14 days, so you can decide whether you want to cancel it and have your premiums refunded back to you
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