Anonymous

07 Jun 2019

∙

Do you think it would be a good idea if I do daily saving into smartly and then withdraw when I have to pay for my premium for my insurance?

As I'm a student trying to do a forced saving. I was thinking of using the small return earn by smartly to earn a bit of extra cash while doing a daily forced saving and then withdraw the amount need for the premium while keeping the extra return still in smartly account. Should I do a 10/10 profile or a lower profile if I'm doing this?

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Gabriel Tham

07 Jun 2019

Tag Team Member at Kenichi Tag Team

Regular investing into smartly/roboadvisor is good. But your idea of withdrawing it to pay insurance premium is not.

Investments will fluctuate and by withdrawing the investments at its downturn point would actually hurt the portfolio returns in the long term.

If you need the daily savings to pay off insurance premiums, you should put it into a bank deposit or Singapore savings bonds. Just withdraw the singapore savings bonds 1 month before the premium due date.

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Would like to seek everyone's opinion on what credit card should i use to maximise the benefits. Mainly for paying 1) monthly insurance premiums 2) starhub bill 3) household electricity/water bill 4) very minor daily spending.?

What do you guys think of setting aside 25% of salary to pay for premiums for a total of 11 policies for protection (health-related insurance), retirement planning and savings (endowment)?

What is a good insurance plan I can buy using srs funds? Eg. Whole life, disability, critical illness ? If I'm paying premium for the long haul I might as well get a tax deduction was my thinking.

I am paying insurance for 25 years. Any recommendation on savings plan that I can save either single premium/monthly/annually which also help to pay off my insurance premium with some bonus to keep?

Singlife insurance savings plan states it's an insurance savings plan that credits interest, offers flexibility to make top-ups and withdrawals with no lock-in and charges. Sounds too good to be true?