Tag Archives: Insurance

Early Stage Critical Illnesses Insurance Plans

Posted on by
Reply

Be Prepared When You Are Healthy

Recently, insurance companies in Singapore have been launching early stage critical illnesses insurance plans. These plans pay a lump sum of money should a person contract stage 1 cancer, lower severity of heart attacks or other less severe critical illnesses. Normally the payout is about 25% of the original sum insured amount for a full blown critical illness.

Should you jump in straight away and get this plan immediately?

There are two schools of thought here… 1) Buy it as it is good to have and you have the excess cash waiting to be spent. You have heard of cases where insurance companies did not pay when someone got “carcinoma in situ” of the breast, now this type of plan will pay upon a claim. 2) Don’t buy it as you already have a solid 100% as charged Hospital and Surgical (H&S) plan to cover all your hospital expenses. You have a good savings amount to tie you over a period of time and you have a good critical illness plan that will pay you 5 times of your annual income should it worsen to stage 4 cancer.

Whatever it is, you should discuss this with your financial adviser and decide if you need to improve on your wealth protection plans.

Let me know if you need more details of these pre critical illness plans.

Insurance Is The Foundation Of Financial Planning

Posted on by
Reply
IPP Financial Advisers Pte Ltd

IPP Financial Advisers Pte Ltd

Many people mix up insurance planning as financial planning. This is partial truth only. Why? Financial Planning involves 4 areas of planning, namely wealth protection, wealth accumulation, wealth preservation and wealth disribution. As you can see now, insurance falls under the wealth protection portion.

Why is wealth protection a vital part of financial planning? A simple ananlogy is like a trapeze artiste who flys through the air without a safety net below or worse still if the net is there but with holes all over it. Imagine if the trapeze artist makes a small mistake and falls down, will the net hold him or just tears apart when he hits the net. It would be disasterous for him if the net fails on impact!

Now you get the picture… yes, insurance will cushion us financially when we need it most. As we climb the corporate ladder, build our business empires or simply earning a simple living for our families, we need this financial cushion should we “fall”.

How do we fall? 4 things that will cause us to fall are premature and unexpected death, partial disability, total disability and finally a major & critical illness that stops us from working completely. Our loved ones will suffer financially if we are the sole bread winner of the family. We will suffer financially, become a financial burden to our family and relatives if we were to become disabled due to an illness or accident. 

Yes, it is true, insurance IS the foundation of all financial planning. It is of paramount importance that we get adequate insurance coverage for a complete peace of mind as we build our financial kingdom.

Revocable Nomination

Posted on by
Reply
 
 
 
 

Insurance

Insurance

Since 1st September 2009 a new Insurance Nomination law allows you to nominate who you wish to receive the proceeds from your insurance policy in the event of your death.

It is not compulsory to make a nomination, but if you choose not to, the insurance company can pay up to $150,000 of the policy proceeds to anyone who qualifies as a “proper claimant” under the Insurance Act .

For more details, please visit this website

You should call up your insurance agent to get you the forms for the nomination. One form per insurance policy.  Each form has the individual insurance company logo, please don’t mix them up if you have multiple insurance company policies!