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ValueChampion

ValueChampion is a team of research analysts carefully evaluating every financial decision in our lives.

ValueChampion

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ValueChampion is a team of research analysts carefully evaluating every financial decision in our lives.

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ValueChampion

  • Answers (17)
  • Questions (0)
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Insurance

Fresh Graduates

Health Insurance

Financial Planners

How is personal accident insurance different from term life insurance? Is term life insurance sufficient or should I also get personal accident insurance?
ValueChampion
ValueChampion
Level 4. Prodigy
Answered 2w ago
Hi! Term life insurance will pay out a lump sum if you die, become totally and permanently disabled or if you get diagnosed with a terminal illness. On the other hand, personal accident insurance will pay out if you die or become disabled after an accident. Personal accident insurance also offers miscellaneous benefits like infectious disease coverage, medical expenses and daily hospital income. Term life plans can be useful if you want to be able to support yourself or your family if you were to die or become disabled. Personal accident plans can be useful if you work in a hazardous occupation where an accident is more likely (though do note that some insurers raise premiums based on the your occupation) or you have hobbies where an accident may be likely (certain sports activities). If you'd like to learn more about personal accident policies, you can read our guide here. Alternatively, you can learn more about life insurance coverage with our guide here. As always, you should read the policy wording between the two plans to fully understand what they cover. For life insurance policies, it is also advisable to speak to a financial advisor unless you know exactly the type of coverage you need or are going for a Direct Purchase Insurance plan (these types of policies provide smaller amounts of coverage and you can buy them directly online).
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Retirement

Insurance

Life Insurance

Financial Planners

What's the difference between Aviva MyLifeIncome and the latest iteration, MyLifeIncome II (Seems like the guaranteed bonus has been revised to 0.95% from 2.2%...)?
ValueChampion
ValueChampion
Level 4. Prodigy
Answered 2w ago
This is essentially a response to the lower interest rates that have resulted in the US Federal Reserve's monetary policy. Since rates have gone back down to 0 in the US, SG rates are also coming down and investment returns will naturally be lower. Insurance companies & any other entities will have a much harder time providing higher guaranteed returns in such an environment. The offset is that the potential return in a good market could be higher given the higher variable return of 5% vs 4% before.
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Credit Cards

Lifestyle

Fresh Graduates

Is credit score important in Singapore?
ValueChampion
ValueChampion
Level 4. Prodigy
Answered 3w ago
Most banks list only annual income requirement for their credit card & loan eligibilities. However, credit score can impact the chance of your application getting approved, particularly if you already have many other cards or loans or have a particularly bad credit history.
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Savings

Investments

$20,000 in savings at age 23. Am I on track to reach $100,000 by 30? Should I start investing?
ValueChampion
ValueChampion
Level 4. Prodigy
Answered 3w ago
If you already found a way to save $10k per year, you will definitely be able to reach $100k in savings by the age of 30. At that rate, you wouldn't even need to invest actively to reach $100k; even safer options like deposit accounts could help you get there. But if you are trying to increase $20k to $100k in 7 years, you would need to grow it by 26% per year, which will not be easy. Investing in the US stock market (which has had the best return historically) has earned about 8% per year over the long run. Since you are young, having a preference towards growth assets like stock is likely the right way to go. However, the stock market is very frothy right now in my personal opinion. Take it slowly, be patient, learn about investing, and wait for the right opportunity to enter the market. Since you are young, you still have a lot of time to start when risk/reward is much better than it is now.
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Robo-Advisors

Promo Codes

Syfe

Investments

Anybody mind sharing their syfe referral code?
ValueChampion
ValueChampion
Level 4. Prodigy
Answered 3w ago
You can save up to S$100 with the promo code VALUECHAMPION. If you want to learn more about Syfe's platform and how it compare's to others in Singapore, our guide might be helpful.
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Credit Cards

Payments

Lifestyle

I would to ask about getting a credit card to pay bill and groceries. Any recommendations or should i not get one?
ValueChampion
ValueChampion
Level 4. Prodigy
Answered 3w ago
You can definitely save a lot by using a credit card geared towards grocery spending. Here's a list of the best grocery cards currently available.
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Personal Loans

Loans

Where would you suggest getting a personal loan from? Can you share the pros and cons of them?
ValueChampion
ValueChampion
Level 4. Prodigy
Answered 4w ago
It really depends on your preferences and borrowing profile. As the other comment suggests, HSBC is an excellent choice (competitive rates, low fees). However, if are unable to qualify for HSBC's best rates or you are interested in a flexible or short-term loan, there are a few other lenders to consider.
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Property

Family

Loans

Is fixed or floating interest rate cheaper when taking home loans?
ValueChampion
ValueChampion
Level 4. Prodigy
Answered 4w ago
As unsatisying as it may sound, the answer is "it depends". When rates are generally stable or declining (as they have been lately), it is typically cheaper to go with a floating rate. However, if you expect rates to increase, you can save money by locking in a good mortgage rate before market rates rise. It is also important to understand each loan offering's lock-in period, as this restricts your ability to refinance in the future. For more on this topic, and to compare the cheapest mortgage rates available, please refer to this guide.
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Loans

Interest Rates

HDB BTO

Property

What's the best home loan refinancing plan for a HDB with an outstanding amount of $266k?
ValueChampion
ValueChampion
Level 4. Prodigy
Answered 4w ago
Unlike other loans (car, education, etc.) home loan rates tend to change more frequently. This makes it important to keep an eye current refinancing rates. To see the best refinancing rates currently available, we recommend using this guide.
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Property

Loans

What can I do to reduce my home loan payments?
ValueChampion
ValueChampion
Level 4. Prodigy
Answered 4w ago
Given that interest rates are low at the moment, it might make sense to refinance your existing home loan. Before you do, we recommend reviewing the details of any refinancing offers and looking into any fees associated with refinancing.
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