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Everything surrounding financial planners and agents

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Insurance

Financial Planners

If I die, how does my insurance agent know that I am dead?
As part of my professional practice, I meet my clients at least once every 6 months. This is to ensure that we keep each other in check. More Details: The Importance for a Semi-Annual Financial Portfolio Review In like manner, I will invite my clients to enrol into the Witness Programme. Through this programme, I will get to know 3 closest people in my client's life. When death occurs, I may not be the first to know. However, either of the 3 person will know and inform me. Thereafter, I will fulfil my role and assist my client in claim and other related matters. I share quality content on estate planning and financial planning here.
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Life Insurance

Insurance

Whole Life Insurance

Financial Planners

Should I buy a whole life plan 25 years term from an agent around your age or an agent whose age is 20 years more than yours?
Hey there! There are many schools of thought regarding this. Some people feel that you can only get your insurance from acquintances, some feel you can only get it from people 20 years your senior since they have been in the business long enough.. The list goes on. In general, a good agent will be someone who can offer objective advice based on a client's needs and budget and lifestage. Granted that an agent who has been doing this long term has more experience, it's important to find someone who can journey through a client long term. He may want to look for someone his age/life stage since its highly likely agents in their 50s at some point will retire in the near future. So this is to offer some perspective and narrow down some options. But of course, it all depends on what your friend is looking for as well. A young agent who is driven to serve, caring and objective in offering financial planning may be an option. Financial planning is an integral part of life. You can reach me here to find out more.
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Career

Savings

Insurance

Financial Planners

Should I consult a financial advisor/consultant in my situation?
Frankie Rappaport
Frankie Rappaport
Top Contributor

Top Contributor (Jun)

Level 9. God of Wisdom
Updated 3d ago
When you need more resources an independent advisor could be of help some of integrity are on this Seedly board (hint: among those with the most answers) otherwise, generally it is, as with doctors (or with all professions): how to find the one free of conflicts of interest ? difficult.
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Insurance

Financial Planners

What are some of the important questions that you should ask an insurance agent before committing into a policy with him/her?
Frankie Rappaport
Frankie Rappaport
Top Contributor

Top Contributor (Jun)

Level 9. God of Wisdom
Answered 1w ago
The most important question is, whether his mother, father, brother, sister and wife also committed into it ... Take care.
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Investments

Blue Chips

Regular Shares Savings Plans (RSS/RSP)

OCBC

Financial Planners

Meeting up with an OCBC advisor next week, may I know what kind of questions should I be asking?
Hi anon, As Arron has so succinctly put it, we are here to provide advice, but it is ultimately your choice to act on it (or not). So go with an open mind and remember not to commit anything on the spot; always take some time to go home and think it through. On a side note, is there a reason why you are meeting the advisor? Did you ask to meet someone, or was this a cold call? Did you have some specific query that this advisor contacted you to answer and subsequently arranged this meeting? If you could provide more details, I could give you some questions that you would want to ask.
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Insurance

Financial Planners

I have been seeing some insurance FA getting "likes" when the answer they gave is just average Joe answer. Is this even allowed to get friends/agents to "like" for you here?
YT
YT
Top Contributor

Top Contributor (Jun)

Level 9. God of Wisdom
Answered 2w ago
I am not from the finance or insurance industry. I feel as long the answer provided answers to the question and is helpful to the question poster and value-adding to the community, then a 'like' can help spread the message. I think it is not acceptable if the intention is to solely promote themselves or their business.
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Insurance

Health Insurance

Whole Life Insurance

Term Life Insurance

Financial Planners

I am 25F, currently working. I am looking into buying Life and Health insurance (probably ISP). I read through Seedly and many recommended to look for IFAs. Any IFA recommendations?
Hi Anon, Life and Health Insurance are quite different. Just to share the differences below Health insurance is the ISP that you mentioned. This insurance is a policy is for reimbursement of your hospitalisation bills. Do note that there is now a co-payment component in the bills, where we will bear a minimum of 5% of the bills, depending on the policy and the attached riders to the policy. For Life Insurance, this provides you coverage for the following; Death, Total Permanent Disability, Critical Illness & Early Stage Critical Illness. So in the event if any of these occur, there will be lump sum payout to yourself or your nominees. Also the main reason IFAs are recommended is because they are able to offer you a wide range of the same kind of products from different insurers and are able to cater to your budget specifically. There are a few here in the Seedly Community and are very active is replying questions. They might reply this question shortly as well.
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Insurance

Financial Planners

Are independent FAs able to sell products from all insurance companies? What are the pros and cons of engaging an independent FA over an FA of a specific insurance company?
Hi anon, IFAs will be able to distribute products from a wide range of companies, depending on the distribution arrangement that their companies have with the insurers. Only GE and Prudential products cannot be distributed by IFAs. By engaging an IFA, you'll be able to get information on all these products from one source without having to separately look for tied agents from each and every insurer and then trying to do the comparison on premiums and features yourself. However, ensure that you are comfortable with sharing your information with the IFA and working with him/her.
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Financial Planners

Insurance

Lifestyle

Do you have one financial advisor, or many? What qualities do you seek in your financial advisor(s), if any?
Tay WenHao
Tay WenHao
Top Contributor

Top Contributor (Jun)

Level 7. Grand Master
Answered 4w ago
I talked to multiple advisors from different companies and also multiple IFAs. Basically as you have mentioned, I dont really 'trust' them due to the bad reputation of hard selling for commission etc. Aside from hard selling, the fact that they represent a certain company, they will be biased to their products. I mean if you work for Company A, you can't tell your customers that your product is bad and tell them to go Company B. Also, sometimes the FA does not have enough knowledge about other products/companies and is unable to give a good comparison. That's where IFA comes into play. They carry multiple product from different companies (except Pru and GE, etc) to provide more options to consumer. Back to my answer, I choose to talk to multiple agents and FA so that I can eliminate bias-ness as much as possible. Everyone will be biased towards their product but after listening to multiple views, I can decide the best for myself.
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PolicyPal

Investment Linked Policies (ILP)

Financial Planners

Savings

Savings Accounts

I do not know what's the difference between savings plan and Investment linked policies. Which gives higher protection or coverage?
Hi Elijah, They are actually very different. An ILP would invest in Unit Trusts which would be chosen by you or the advisor, depending on the status of the CKA. There are many types of unit trusts, but they are all non-guaranteed and you will be exposed to the full upside and downside risks of the market. Generally ILPs come in two sort, one with protection elements, and one that is purely geared for investments. Both will usually have a regular premium mode whereby you contribute monthly, but they will come with fees and some T&Cs with regards to withdrawals and premium holidays. Your coverage is either based on what you choose, or 101% of your premiums or account value, whichever is higher. Saving or endowment plans are different in that they have a guaranteed maturity value from the very start. There are non-guaranteed bonuses as well, which depend on the performance of the insurer's participating fund (which is where your monies are invested in). However, no matter how bad the markets are, your guaranteed maturity value will always be there. Thus, you have potential upside return, but a downside protection from market downturns. Good plans will have returns that are better than capital guaranteed when held to maturity. However, due to the conservative nature of the portfolio (they hold mostly fixed income), the returns can only be so much. Coverage wise, they are definitely not meant for covering events like CI or death/TPD. You would want to get a separate policy for that. They are best suited for time bound commitment such as children's education, creating guaranteed retirement income streams, or as legacy planning, whereby your monies cannot be put at risk. I would suggest that you speak to an advisor to understand the finer details of these types of plan. There is no 'one size fits all' plan, but rather, a plan that suit you and your objectives and budget.
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