Term Versus Whole Life Insurance: Protecting Your Future and Making Wise Financial Choices
About a month ago, I gave a talk at the Seedly Personal Finance Festival entitled “Insurance – Cutting Out the Fluff” to an audience of almost 1200 young people. In the talk, I shared about how most of our needs can be solved by using low cost term insurances and there is no need to buy costly […]
Unveiling CareShield Life in 2020: Impact and Implications for You
Long-term severe disability is one of the health risks that may befall a person. Usually, this is most likely to occur when a person is older. When someone suffers from long-term severe disability, he/she would be so affected that it would be a challenge to perform even one of the following activities of daily living […]
Understanding the 2019 Critical Illness Standardisation and Its Impact
In 2019, the Life Insurance Association (LIA) proposed a revised set of standardised critical illness definitions that eventually were implemented by insurers. From 26 August 2020, all critical illness policies sold here must adopt this new set of definitions. The definition is important as it is the yardstick for the insurance company to determine if […]
The Changes to Integrated Shield Plans: What Do They Mean for You
The most recent changes to the Integrated Plan (IP) or sometimes known as the Integrated Shield Plan (ISP) caused a hot debate between the insurers and the doctors over the past 3 weeks. So, what are the issues here? One of the biggest concerns amongst many is that if one is seriously ill, there will […]
Unpacking ‘Buy Term and Invest the Rest’: Should That Always Be the Case?
Two years ago, after a few months of research, thinking and hesitation, I surrendered a whole life insurance policy that I had purchased and replaced it with a term insurance policy. As it was still early in its premium payment term, it meant losing a large portion of my premiums paid. I did it because […]
Contemplating Critical Illness Coverage After Recovery
Critical Illness Coverage, otherwise known as Dread Disease Coverage, is a type of insurance policy founded back in 1983 in South Africa. The coverage was founded primarily and simply with the intention of providing financial protection to individuals following the diagnosis or treatment of an illness deemed critical. Back then, coverage was limited to only […]
From Pregnancy to Parenthood: The Financial Surprises – Part 1
Pregnancy can mean the beginning of a new stage in a woman’s life, with all the changes that new stage can bring. There are the obvious ones such as the cravings, fatigue, nausea, and changes to your body shape. But there are also the pragmatic aspects such as financial and social change. A lot of […]
Protecting Your Little One: A Parent’s Guide to Children’s Insurance
At the time of this writing, I just came back from celebrating a relative’s son’s 1 year old birthday. It was a joyous occasion. The baby was distracted by the helium balloons oblivious that he was the reason for the celebration. It is all about him today and I rejoice with the first-time parents. […]
From Pregnancy to Parenthood: The Financial Surprises – Part 2
This article is a two-part series and you can find part 1 here. Given the cost of the delivery options, check-ups, cost of complications during prenatal & delivery and potential congenital illness costs, how could the available insurance plans help? In this section, we go through the types of insurance plans that may be applicable to […]
Insuring Your Health: Preexisting Conditions and Insurance Solutions
“Can I still buy insurance? Which insurance companies are willing to cover me?” These are the questions I recall having asked by a prospective client who suffered from a heart condition while I was still a financial adviser with my previous financial advisory firm more than 5 years ago. In the span of my financial […]