Havend’s Philosophy & The Purpose of Insurance (Part 2)
This article is a continuation of Part 1. There are several types of risks in a life crisis event that insurance covers. Let us have a look at what types of risk we can transfer to life insurance: Figure 2: Types of Life Risks The longevity risk type will not be covered in this eBook, […]
Havend’s Philosophy & The Purpose of Insurance (Part 1)
Philosophy Having a robust philosophy is of great importance as it guides us to set forth a belief, a doctrine, a framework, and a guideline to put into practice when it comes to insurance planning. It provides the groundwork for the commencement of proper insurance planning and implementation. A robust philosophy also sets a consistent […]
Navigating the World of Financial Products for Your Newborn
Finally, your baby has arrived. After nine months of anxious waiting, the climax at the delivery ward is awesome, especially for first-time parents. Before long from basking in your bundle of joy, two things are almost certain – many years of sleepless nights and a myriad of financial products for your newborn vying for your […]
Term Insurance: Our Case for It
Since 2003, we have been advocating the use of term insurances. While many Singaporeans appreciated our beliefs, the insurance and financial planning industry fought it. We stood out like a sore thumb and were a lone voice. So, Why Our Belief in Using Term Insurance? Some of the biggest risks in life include loss of […]
The Cost of Lifetime Coverage: Are Whole Life Insurance Plans Worth It?
Most of us own whole life insurance plans. They are meant to protect us against death, disability or a major illness for our entire life. But do we really need insurance cover for our entire life? From table 1, it becomes clear that most of our protection needs are temporary, with the exception of […]
The Shocking Reality of Under-Insured Singaporeans: Are You One of Them?
Sometime in September last year, The Business Times reported that the average insurance coverage of a Singaporean is equivalent to only one year of his/her income. And according to an OCBC survey as reported in The Straits Times dated 20 June 2002, one in three Singaporeans are not covered by insurance. The survey went on […]
Why Do We Prefer Term Insurance Over Whole Life Plans?
Mark is a good friend of mine. Some years back he had the opportunity of his lifetime to build his dream house on a piece of land given to him by his grandfather and he had a budget of $1 million. After many months of construction and renovation, it was finally completed. When Mark invited […]
Singapore CareShield Life 101 – Part 2
Frequently Asked Questions Regarding CareShield Life 1. How is TPD insurance different from CareShield life in terms of coverage and payout? Is there an overlap? Total and Permanent Disability (TPD) is defined as loss of both arms, or both legs or both eyes or alternate of them. Or when a person cannot work anymore due […]
Singapore CareShield Life 101 – Part 1
One of the key concerns of Singaporeans is that as we aged, we might be hit with severe disability and as such do not have enough financial resources to take care of ourselves. Severe disability happens when one cannot perform three out of six of the activities of daily living such as: ElderShield is […]
A Gracious Nation: Singapore as Seen Through MediShield Life and CareShield Life
Worried about not having sufficient financial resources to take care of themselves if they meet with an accident or suffer an illness, a group of friends decided to come together at age 40 to form a self-help group. Their plan (where participation was optional) was this: On a yearly basis and over the next 25 […]