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Yong Zheng

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Yong Zheng

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Yong Zheng

3Upvotes
  • Answers (6)
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Investments

Insurance

Yong Zheng
Yong Zheng

()

Level 2. Rookie
Answered on 22 Nov 2018
People who buy ILP is either they don't know about the plans or they know what the plans can give to them. Why people still buy ILP. 1) Flexibility (increase/decrease coverage wo medical underwriting at milestones, premium holiday, these can be very importance for self employed, free lancer) 2) This is not the only protection plans that they have, usually they will have a base plans, when their loans, responsibility does not require that much coverage, they have the option to decrease or surrender the plan.

Insurance

Yong Zheng
Yong Zheng

()

Level 2. Rookie
Answered on 21 Oct 2018
If price is a big concern for you. Then term is the best solution for you. in the market, there are some company that provide convertible term, meaning you have the option to convert the term to a whole life plan without medical underwriting. This type of plan is very suitable for young adult like you. Next, Income is your main important component, you can consider cover that portion with disability income protection, this will provide you monthly income in the event you cannot continue working due to illness or injury.

Expenses Tracking

General

Insurance

Yong Zheng
Yong Zheng

()

Level 2. Rookie
Answered on 21 Oct 2018
Usually 10% is consider a reasonable guide to Budget your insurance premium. Like what Kenneth say, it also depend on your liabilities, if you do have Lot of liabilities, you will need to increase the %, usually Insurance Agent will do cashflow exercise with you to find the affordable budget. And for single man(John), he must also get his minimum coverage such as h&s and also term plan. In the event, sickness happen to him, all the problem will not go to him, but to his parent who suppose to retire.

Insurance

Yong Zheng
Yong Zheng

()

Level 2. Rookie
Answered on 21 Oct 2018
Around 10%. If you are smoker, maybe 12-15% should be sufficient.

Rent

Salary

Loans

CPF

Condominium

Property

Yong Zheng
Yong Zheng

()

Level 2. Rookie
Answered on 21 Oct 2018
Market rate now for a bedroom is around $500-$650, best is to get the lowest so you won’t be taking too much of your income to pay for rent.
Level 2. Rookie
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