Many of the times, i meet clients with different age band to discuss about how to use life insurance for your financial protection, savings and investment. Many of them will have the same excuses..
1) I already have a lot.
Think about it!!
How much coverage is enough?
Have You set aside cash savings equivalent to 6 months of your income for rainy days!!
You need to ensure that there is enough money to cover the family future expenses (including living expenses, child's education expenses) in case the sole breadwinner is not around anymore!!
2) Another exceses.. This happens for all age group..
I have no money..
Age 25
I am young and just starting my carrer. We dont make much money yet.
Age 35
Our Mortgage and family bills take all of our paychecks. We cant afford to save anything.
Age 45
We cant save now, the kids are in colleage.
Age 55
It is not easy to start at our age.
Age 65
We should have started long ago.
But it's too late now.
All this never come to a conclusion... But have you ever think...
what if the clock inside you stop clicking one day?
Are you responsibilty to your loved ones?
October 17, 2009
Financial Planning!!
What is Financial Planning?
For some of us make think that it is easy to understand but...
The key to financial planning is to understand the responsibilities of our life in the future.
It is the process of solving financial problems and achieving financial goal which take into account a person or family current situation and future goals...
Insurance premium is not a problem but it is a solution...
Financial Planning consists of six areas:
1. Cash Flow Management
This deals with how you allocate your income to meet daily expanses, and set aside sufficient money and other assets to meet future financial goals.
2. Risk Management
This is one of the most important areas of financial planning. It means making sure that you have enough family income in the event of unforeseen circumstances such as pre-mature death, disability or illness.
3.Investment Planning
This involves putting your assets in different financial instruments to meet your investment goals and to grow your wealth.
4.Retirement Planning
This focuses on building up wealth during your working years to achieve financial independence when you retire.
5.Tax planning
This deals with minimising your taxes through the use of various tax benefits and incentives
6.Estate Planning
This final phase of planning allows you to plan for the transfer of your assets to your beneficiaries with minimal hassles and estate taxes.
For some of us make think that it is easy to understand but...
The key to financial planning is to understand the responsibilities of our life in the future.
It is the process of solving financial problems and achieving financial goal which take into account a person or family current situation and future goals...
Insurance premium is not a problem but it is a solution...
Financial Planning consists of six areas:
1. Cash Flow Management
This deals with how you allocate your income to meet daily expanses, and set aside sufficient money and other assets to meet future financial goals.
2. Risk Management
This is one of the most important areas of financial planning. It means making sure that you have enough family income in the event of unforeseen circumstances such as pre-mature death, disability or illness.
3.Investment Planning
This involves putting your assets in different financial instruments to meet your investment goals and to grow your wealth.
4.Retirement Planning
This focuses on building up wealth during your working years to achieve financial independence when you retire.
5.Tax planning
This deals with minimising your taxes through the use of various tax benefits and incentives
6.Estate Planning
This final phase of planning allows you to plan for the transfer of your assets to your beneficiaries with minimal hassles and estate taxes.
October 14, 2009
Be satified!
Yesterday, i went to look for a Filipilo Friend who is working in singapore...
She told me that due to the second typhoon that occured last friday had destroyed her house. The typhoon strike while they were sleeping.. Her father and sister are still in Philippines. After the typhoon, her grandfather passed away. Her mother is very sad but was unable to go back due to financial situation....The whole island is gone.. This is the worst typhoon after 8 years..
My deepest sympathy to those who is homeless and those lost their family members...
Be satified of what you have and appreciate the love ones next to you...
She told me that due to the second typhoon that occured last friday had destroyed her house. The typhoon strike while they were sleeping.. Her father and sister are still in Philippines. After the typhoon, her grandfather passed away. Her mother is very sad but was unable to go back due to financial situation....The whole island is gone.. This is the worst typhoon after 8 years..
My deepest sympathy to those who is homeless and those lost their family members...
Be satified of what you have and appreciate the love ones next to you...
October 12, 2009
Are you under-insured?
I understand that many people have a very good existing arrangement (good policies) on hand.. But do you have your Financial Health check-up done regularly?
Your personal goals, lifestyle or circumstances may change. So do your needs for protection, savings and investment. It is therefore important that you review and update your financial plans regularly to make sure that they are aligned with your present and long term goals and needs..
Don't think that whenever an insurance agent want to meet you, he or she will ask you to take up any of the product...Be open minded.... Since January 2001, all financial advisers have to go through a needs analysis process before recommending and selling an insurance policy to their clients..
Based on the information provided, the needs analysis helps your financial adviser make particular recommendations, including the types of riders and policies that are most suitable for you.He should give you a detailed explanation of the costs or expenses involved and the features of the recommended products...
However, that does not mean your adviser should act alone in the decision making process.. As a customer, you have to play an active role in determining your own financial needs...
Think Long Term...
Once you have selected and purchases a suitable policy, you will have the peace of mind in knowing that you have paved the way towards your financial goals...
Do get an updated information from your advise as you might bought a policy long ago which may not be sufficient to adapt the current situation (i.e. inflation rate)...
Don't let the huge medical cost be a financial problem to your family members in the event that you are not able to work.....
Your personal goals, lifestyle or circumstances may change. So do your needs for protection, savings and investment. It is therefore important that you review and update your financial plans regularly to make sure that they are aligned with your present and long term goals and needs..
Don't think that whenever an insurance agent want to meet you, he or she will ask you to take up any of the product...Be open minded.... Since January 2001, all financial advisers have to go through a needs analysis process before recommending and selling an insurance policy to their clients..
Based on the information provided, the needs analysis helps your financial adviser make particular recommendations, including the types of riders and policies that are most suitable for you.He should give you a detailed explanation of the costs or expenses involved and the features of the recommended products...
However, that does not mean your adviser should act alone in the decision making process.. As a customer, you have to play an active role in determining your own financial needs...
Think Long Term...
Once you have selected and purchases a suitable policy, you will have the peace of mind in knowing that you have paved the way towards your financial goals...
Do get an updated information from your advise as you might bought a policy long ago which may not be sufficient to adapt the current situation (i.e. inflation rate)...
Don't let the huge medical cost be a financial problem to your family members in the event that you are not able to work.....
October 10, 2009
Live with no regret!!!
Last Thursday, I was shocked to received a sms from my ex colleague regarding our ex boss.
She passed away so suddenly that i didn't expect it to... I didn't seen her a long time but she is alway in my mind. Few years back, she was so healthy and energetic.
When I went to the wake, I then realised that she is down with colon cancer. Another scientific term called Colorectal cancer.(CRC)
CRC is the second commonest cancer in both males and females in Singapore. About 500 Singaporeans will develop colon cancer and 300 Singaporeans will develop rectal cancer yearly. To know more about it, http://www.singaporecancersociety.org.sg/c_colorectalcancer.htm
My greatest sympathy to her family, her husband and her four young beautiful girls.
All I have to say is, spend more time with your family, enjoy every moment you have and live with NO REGRET!
Life is s unpredictable..We either die too soon or live too long....
She passed away so suddenly that i didn't expect it to... I didn't seen her a long time but she is alway in my mind. Few years back, she was so healthy and energetic.
When I went to the wake, I then realised that she is down with colon cancer. Another scientific term called Colorectal cancer.(CRC)
CRC is the second commonest cancer in both males and females in Singapore. About 500 Singaporeans will develop colon cancer and 300 Singaporeans will develop rectal cancer yearly. To know more about it, http://www.singaporecancersociety.org.sg/c_colorectalcancer.htm
My greatest sympathy to her family, her husband and her four young beautiful girls.
All I have to say is, spend more time with your family, enjoy every moment you have and live with NO REGRET!
Life is s unpredictable..We either die too soon or live too long....
October 7, 2009
Be Insured
I think most of us would have purchased some sort of insurance, be it life insurance, personal accident insurance, medical insurance, fire insurance, auto insurance etc etc...there are plenty of different types of insurance out there. .
Medical insurance can be quite costly (I could have used the money for shopping!! Ha!) but looking at the high rocket price of medical fees, I honestly think it is a worth while investment. It is not easy to choose medical insurance from the market as there are just too many to choose from. You can get overwhelming with all the different terms and offers available in the market. But I guess for medical insurance, besides the obvious reasons of being affordable, comes from a reputable & stable company as well as offering good coverage of various types of illnesses, it should most of all have speedy Accident Compensation Claims.
I have never experience of having to claim any of my insurances yet. So I will not be able to share my experience on claiming of compensation with you. But my sister do undergoing an operation in Miri Medical Centre (Private hospital in Malaysia) which the rates can be pretty hefty. But thank goodness she is covered! She (just a student then) is only investing less than a dollar a day. She bought her hospitalisation insurance in Singapore but it has a worldwide coverage.
Anyway, back to compensation claims, as of now, she has nothing to worry about hospitalization fees as that is already settled by the insurance company. She was able to stay in a better ward (ward A), better service from the nurse... without worried of the hospital bills, all charges covered....
Medical insurance can be quite costly (I could have used the money for shopping!! Ha!) but looking at the high rocket price of medical fees, I honestly think it is a worth while investment. It is not easy to choose medical insurance from the market as there are just too many to choose from. You can get overwhelming with all the different terms and offers available in the market. But I guess for medical insurance, besides the obvious reasons of being affordable, comes from a reputable & stable company as well as offering good coverage of various types of illnesses, it should most of all have speedy Accident Compensation Claims.
I have never experience of having to claim any of my insurances yet. So I will not be able to share my experience on claiming of compensation with you. But my sister do undergoing an operation in Miri Medical Centre (Private hospital in Malaysia) which the rates can be pretty hefty. But thank goodness she is covered! She (just a student then) is only investing less than a dollar a day. She bought her hospitalisation insurance in Singapore but it has a worldwide coverage.
Anyway, back to compensation claims, as of now, she has nothing to worry about hospitalization fees as that is already settled by the insurance company. She was able to stay in a better ward (ward A), better service from the nurse... without worried of the hospital bills, all charges covered....
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