Dementia-Specific Insurance Plans: Is It Worth Getting?
In recent weeks, there has been a growing interest in dementia-related insurance plans. Many are questioning the value and importance of obtaining such coverage. In this article, I will explore what dementia is, how it affects our daily lives, its potential financial impact, alternative options for addressing our concerns, and whether investing in a dementia-specific […]
Should You Get a Term Life Plan or Whole Life Plan?
When embarking on insurance planning, you will encounter terms like whole life coverage or term insurance and may be unsure which plan best suits your needs. Whole life plans are often marketed aggressively, with insurance advisers emphasising the necessity of permanent life coverage. However, at Havend, we strongly advocate term insurance in most cases, and […]
The False Insurance Pitches We’re Tired of Hearing – The Woke Salaryman
What are some of the “logical fallacies” used by insurance agents to sell you policies or persuade you to buy more insurance than you need? The Woke Salaryman identifies fallacies like “Kill two birds with one stone with the investment-linked policy” and “Whole Life is better than Term insurance, which is a waste of money.” […]
How Much Insurance Is Required? (Part 2)
You can read part 1 of this article here. Scenario Using the earlier case study: Dan, a sole breadwinner, male, age 40, non-smoker, with a family of two children, working as a sales manager in an MNC and earning an annual income of $200,000. Assuming that this is Dan’s financial situation: Family income required: $120,000 […]
How Much Insurance Is Required? (Part 3)
You can read part 1 of this article here. Critical Illness The benefits of critical illness (CI), commonly referred to as dread disease, have evolved over the last three decades. In the 1990s, CI coverage encompassed only four severe critical illnesses. Over the years, the Life Insurance Association (LIA) has standardised coverage for 37 severe […]
How Much Insurance Is Required? (Part 1)
You can read chapter 3 of our eBook here. Understanding the amount of coverage that you need can be tricky as different individuals may approach the coverage calculation (sum assured needed) differently. However, there is no right or wrong way to any of the methods. In this chapter, we have identified a few common methods […]
Duration of Insurance Required (Part 2)
You can read chapter 3, part 1 of our eBook here. Lifetime Coverage When do you need permanent insurance coverage that covers you for a lifetime? If there is a continuous risk tendency throughout your lifetime, it is advisable to keep this area protected for life. This risk is often associated with financial impact risk, […]
Duration of Insurance Required (Part 1)
You can read chapter 2 of our eBook here. Insurance Planning Methodology: Duration In the previous chapter, we explained the different risks involved and discerned which risk should be transferred to insurance. Moving on, understanding more about the duration required to cover these risks is an important aspect as often individuals may underestimate this area […]
Key Risks for Consideration (Part 2)
This article is a continuation of Part 1. As we review the several types of life crisis events, we identify the five core areas of risk to transfer that are crucial to addressing these concerns. These risks persist consistently, enduring through changes in products over time. In Havend’s guideline of insurance planning, we cover five […]
Key Risks for Consideration (Part 1)
You can read chapter 1 of our eBook here. Insurance Planning Framework – Types of Losses It is crucial to comprehend the various types of losses that may occur in the event of a life crisis. In our insurance planning framework, we specifically focus on addressing the fundamental core insurance needs to which you are […]