Insurance - Seedly
Seedly logo
 

Insurance

Protecting you for the rainy days

Questions answered
  • Recent Activity
  • Unanswered
  • Trending

Savings

Insurance

Hi. I am a 29 year old male who has no financial planning and no insurance. I have bare minimum savings. Where do I begin? To save and to grow my money? Thank you!?
Step 1: Build up your emergency funds first It depends on your financial obligations. Usual guideline is 3-6 months of expenses, for salaried employee; 6-12 months for self-employed. No hard and fast rule. Step 2: Ensure you get some basic insurance coverage Hospitalisation and critical illness coverage are important. After that, if you like, you can look at other stuff like personal accident, disability income. Once Step 1 & 2 are done, you can set aside some money for investing. While you're doing all these, if time allows, you can do some side hustle to boost your savings, plus also upgrade yourself. This is an increasing open world. Anyone can work with you from overseas, and vice versa. For example, there was this guy in The Burrow Facebook group who found his job via Reddit and has been working from home (remote work) for 4 years. Goes to show how technology has changed the way we work and find work. Hence, when we believe that we're not just competing locally but globally, it will spur us to improve our skill sets, and in turn, these will increase our value, allowing us to stay employable.
👍 2

Insurance

Savings

Investments

Has anyone used this tool called GoalsMapper? Any reviews please?
Hi anon, I have tried it and it's extremely flexible but most importantly, fast. I do my planning with good old pen and paper, with excel thrown into the mix, and basically GoalsMapper is able to provide calculations in a second, whereas I'd have to play around with my spreadsheets for a minute or so. This can really save time. However, the limitations of goalsmapper are that it is quite defined, so I am not able to easily map out scenarios such as the CPF SA shielding trick inside it, there's just no way to. Worth a shot for a good overview of your situation, but it won't be able to go too deep in terms of details and the finer aspects of planning.
👍 3

Critical Illness (CI)

Insurance

I understand some CI plans have already switched to the new definitions, although it is not Aug yet. Could GE/Aviva agents help to verify my plans? Any other plans with the new definitions already?
Hi Jasmine, I can assure you that Aviva's MyCoreCI Plan II is now on the newer CI definitions (ver 2019). MyWholeLifePlan III is still currently on the older 2014 definitions, as is the case for older plans such as accelerated CI rider on MyProtectorTerm Plan II which are also on the 2014 definitions. I'm sorry, I cannot speak for GE, you'll have to check with a GE agent for that. Hope that clarifies.
👍 0

Endowment Policies

Insurance

Savings

I am paying 20k annually for an endowment plans. I would like to cut as the premium is too high. Is it advisable to terminate one of the policies that I already paid first year of 3k with payment year of 15 years?
Hi anon, I'm sorry to hear about your situation. Unfortunately I do see such things happen, I have seen someone who ended up spending almost 50%-60% of her cashflow on a mix of ILPs and saving plans, as she was sold a plan by her old advisor every year for the past 5-6 years. Generally I would not recommend putting aside too much of your cash flow (as a percent of your take home) into endowments. However, your situation being what it is now, you will have to make the painful decision to see if your situation will improve. For policies that are very close to the end of their premium payment term, it is in your best interest to complete it. For those that have just started, you will have to make the final call, but be aware that you won't be getting anything back. I do not know how many plans you have, but I would suggest that you sit down with an advisor for a complete and thorough review to assess which plans to keep, and which plans that you might need to take action on.
👍 1

Insurance

Personal Accident Policy?
Gideon Ng
Gideon Ng, Blogger at FI Pharmacist
Level 4. Prodigy
Answered 17h ago
Hi Anon, I feel that a personal accident policy is something that is good to have, but not a must . Personal accident insurance usually covers all of your outpatient expenses , such as if you go to a GP when you experience a fall, or you go to A&E but are not admitted into the hospital. For these kind of expenses, though they may be slightly expensive, they are not going to take a significant chunk out of your savings. Since you mentioned that you are not in a high risk job, personal accident is something that may not be a priority to have. Also, your workplace may have some personal accident benefits, so I'd advise you to check what kinds of policies your company provides for you!
👍 1

Insurance

Critical Illness (CI)

Early Critical Illness (ECI)

MultiPay CI vs Early CI + Late CI Coverage?
It would depend on the policy term also. So a Term to 65 for both options are quite close, but once you extend the Multi Pay Term to after 75, it gets a lot more expensive than single claim types. There is definitely benefit in Multi Pay, but I would apportion a small amount to it, and have most of my claims still be a bigger single claim option.
👍 3

Insurance

Am looking for the whole life + Perm disability + ECI coverage. Which insurance provider provides the best value?
Hi anon, This does depend on a few factors such as your basic sum assured, multiplier amount and payment duration. However, concurring with Hariz, in general Aviva, China Taiping and lastly Manulife would provide the most value for money cover for your profile. In addition to what was mentioned by him, Aviva and China Taiping also provide lifetime TPD coverage as opposed to Manulife where the TPD cover stops at age 70. These two companies are thus always at the top of my recommendations to a majority of clients looking for a limited payment whole life plan.
👍 2

Insurance

Savings

Savings Accounts

How likely is Singlife able to maintain the 2.5% in the near future?
Hi Si Hong, As 2.5% p.a. is only on the first $10K, it is possible that they could sustain this since they have capped their liability in terms of how much interest they have to pay out. If they are hitting their limits, they could simply close new subscriptions to the Singlife account. If their underlying assets are investment grade coporates, it's still possible to get 2.5% p.a. returns, which they don't have to pay out all.
👍 2

Savings

Comparison

Insurance

Car Insurance

Where can I get Singapore car insurance quotes online?
Hi anon, I've been using https://www.gobear.com/sg/car-insurance as a point of reference to get some idea about the costs in order to help my clients. There are multiple insurers they help to compare and it helps you to narrow down your options.
👍 1

Car Insurance

Insurance

What is the main feature that attracts your attention when buying car insurance? How would you compare the different brands out there?
M
mrtaxi99
Level 2. Rookie
Answered 1d ago
Hello it depends on how much coverage you need and to get the best price point you should compare the insurance you want among different car dealerships. I personally recommend https://www.motorist.sg/car-insurance as the people there are rly helpful and the price is pretty sweet as well.
👍 0
Load more questions