Jonathan Chua

It seems that the recent speech by the Managing Director of MAS has triggered a strong response from the industry. I guess it is because he mentioned points that will have a significant impact to the industry like raising the entry criteria from the current 4 'O' levels to keep up with current education trends and removing commission based sales to fee based structure. Some opinions I heard include: - "Oh no, it is going to mean more exams and paperwork." - "It simply will not work! Customers will not pay a fee. They have been so used to receiving free advice." In my opinion, raising the entry criteria is only keeping up with the current education standards. Most of the population is at least a diploma holder. At least, it will make the industry seem a little more professional as this point is often poked fun at with comments like "If you only have 4 O levels and cannot find a job, just go and be an insurance or property agent.".

U.S. insurance consumers want their insurers to offer more personalized service and reward customer loyalty, according to Ernst & Young’s Global Consumer Insurance Survey 2012.The survey also finds that consumers of life/annuity and property/casualty policies are willing to buy multiple products from the same carrier if they are tailored to meet their individual needs, and that Millennials believe the strength and health of an insurer’s brand is more important than the price of the insurance product. Ernst & Young surveyed more than 24,000 consumers of insurance products in 23 countries across seven global regions, making this body of research one of the largest surveys of consumer attitudes about the insurance industry ever conducted. We designed this survey to be far-reaching, to touch across geographies and demographics, and as a way to help insurers contend with one of their biggest challenges: anticipating their customers’ needs and devising ways to serv

Retirement plans may not strike a chord with young investors. However, it is never too early to start saving for retirement. By selecting the appropriate wealth management platforms, including those providing financial protection, one can get a head start in achieving one's wealth goals and securing a comfortable life during their golden years. Investment-linked insurance The relatively modest returns of low-risk products may not match the expectations of younger investors, who tend to prefer fast returns and are willing to bear higher risks in exchange for higher returns. We have observed more young people joining the investment fray in recent years, growing their wealth through monthly investments in stocks, funds and similar products. While it is good for young people to invest early within their means, they should not neglect their own protection needs. Should an unfortunate accident result in the loss of ability to work, this will derail all of one's financial plans, no

New policies targeting older Singaporeans are hitting the market, but how much value do they add to your coverage? With one in five Singaporeans to be aged 65 and over come 2030, a new group of financial products designed to meet the needs of senior citizens has emerged in the insurance market in Singapore. Earlier this year, NTUC Income launched SilverCare, a personal accident plan aimed at seniors that provides benefits for caregiver training, home care, and home modification, apart from payouts of up to S$50,000 for permanent disability due to accidents, and coverage of hospitalisation expenses. Meanwhile, AIA Singapore offers Prime Assured, a personal accident plan for seniors that reimburses medical expenses and provides a daily accident hospital income benefit. The extras: Coverage for mobility aids if recommended by a physician and also an Alzheimer's or Parkinson's disease benefit of a lump sum payout of up to S$3,000. These policies are meant to addr

Help ease your financial burden should you contract a serious illness Sometimes, an event happens that has the potential to alter your way of life. Every day, 28 people in Singapore are diagnosed with Cancer+. If you are struck by a critical illness, the medical treatment you require may not be covered in part or in full by your hospital expense plan, and any prescription medication that you may need could amount to a lot of money. You may also wish to seek pioneering or experimental medical treatment. What’s more, the combination of the illness, treatments and medications can often prevent one from being able to work or care for family, resulting in loss of income and unanticipated expenses such as childcare support. Critical illness plans usually offer larger, lump sum cash payments and it’s up to you how you spend the money. Basic critical illness plans in the market provide coverage for 30 common critical illnesses such as cancer, stroke, heart disease and kidney

Dear Friends and Loved Ones, At AIA, we work to give you an extensive range of life, group and general insurance to best suit your needs. Risk protection is not simply about getting an insurance policy. Rather, proper planning and implementation of insurance strategies can reduce your risk exposure and give you greater peace of mind. AIA can provide a comprehensive review and evaluate your existing insurance policies. We can help you whether you are an individual or a business, and determine the types of insurance solutions appropriate for your exact needs.   Protection (Life and Term plans)   While people don’t plan to fail, most people do fail to plan. Should something unexpected should occur to you, your family may not be able to meet the financial obligations without you.   Critical Illness / Dread Disease plans   If Critical Illness should strike, it may well wipe out your entire savings overnight, especially if it is a prolonged illness.   Accident

Dear friends, How much do you know about Critical Illness? And why is it so important that we need adequate coverage?  Here are some alarming facts and figures: 1.    There are 30 Critical Illnesses, with Cancer and Heart Diseases topping the list 2.    Every day in Singapore, 28 people are diagnosed with cancer* 3.    1 in 4 men and 1 in 5 women will contract one of the Critical Illness before age 65 ^ 4.    1 in 9 women will develop Breast Cancer and 1 in 2 men a risk of Cancer by 2022 ^ 5.    Critical Illness hits young and old alike and an increasing number of younger people succumb to cancer these days 6.    With the advances in medical science, many survive a critical illness - but could face financial difficulties. One inevitably will be without a job when contracted with an illness and will be living off savings during the recuperation period. Upon recovery, getting back to the workforce may be a challenge as well ‘It will not happen to me’ seems the commo

A recent internal study showed that many Singapore home owners still harbour a significant misconception on the purpose of mortgage insurance. Only 43 per cent of the respondents were able to correctly identify that mortgage insurance helps to ensure the dependants are not financially hampered if an unfortunate event occurs to the home owner such as diagnosis of a critical terminal illness permanent physical disability or even death. Whether the residential property that you are eyeing is meant for own or family stay some factors you should consider when taking up mortgage insurance include • Tenure of the home loan commitment • Sum assured on mortgage insurance • Affordability and • Comprehensiveness of the mortgage insurance coverage required. If the property is for your own stay you can choose to stretch the home loan repayment schedule to the maximum term in order to better manage your cash flow. As a rule of thumb the mortgage insurance term should match

The AIA Group meets the protection, savings and investment needs of individuals by offering a comprehensive suite of products and services covering accident and health insurance, life insurance and retirement planning   Children's Education As a parent, you certainly want the best for your child. And that includes giving your child a bright future with the best university you can afford. But do you know that your child's university education cost over S$500,000 in 20 years time? For most parents, the escalating cost of higher education may come as a rude schok. While a local university education is projected to cost well over S$100,000, a degree course in the USA could cost a staggering S$352,738 by 2025. Critical Illness No one expect to suffer from a Critical Illness and most people don't prepare for it. Yet every day in Singapore, 28 people are diagnosed with Cancer*, Thanks to advancement in medical science, most survive and many recover. Often they must then

Many of the Republic's rising rich are inadequately insured, unnecessarily exposing themselves to financial risk. According to a research by UOB Wealth Banking, one in four of Singapore's growing affluent does not have insurance, while one in two are underinsured by industry standards, and only 22 per cent are adequately covered. UOB Managing Director and head of sales and distribution James Phoen said in a statement that apart from having insurance, the "coverage needs to match the increasing wealth." This way, living standards can be maintained if the unexpected happens. However, he added, not many of the insured increase their coverage as their income rises. An adequate insurance coverage should equal the sum of a person's annual salary multiplied by 11. For example, a person earning S$42,000 per annum should be insured for at least S$462,000. UOB observed that those who purchase insurance are opting for endowment plans with shorter premium terms of a

Some people say they fear sickness and disability more than death, as the former will drain their wealth. But you can easily avoid this problem by buying health insurance, and by buying it early when you are healthy. Do not think that you need insurance only when you are old, as the risk of illness goes up as you age. Once illnesses develop, insurers may slap on an extra charge, or choose not to cover your pre-existing conditions. A pre-existing medical condition is a condition, disability or illness that you have before you apply for health cover. Apart from basic medical expense insurance or hospitalisation plans, which pay for hospital and surgical expenses, there are hospital cash insurance plans which pay a fixed amount of cash should you be warded. You can also choose a critical illness plan or a disability income insurance. Then, there is long-term care insurance, which gives you a regular cash payout if you are too ill to look after yourself. The common mistake many peo

AIA Singapore wants you to make a change, one online pledge at a time. Its Facebook page and Living It Fully Everyday (L.I.F.E.) Facebook app, launched officially on April 28, are part of the insurance company's digital initiative to engage families. Instead of relying on traditional hard-sell models, AIA Singapore is aiming to take a different approach by building online relationships with potential customers first. The L.I.F.E. initiative is an interactive competition that encourages people to make personal pledges to improve their lifestyles. For example, if you have always wanted to spend more time with your family or learn a new language, submitting your pledge on L.I.F.E. may be that first step to making a change. Fans of AIA Singapore's Facebook page can get involved by encouraging others or voting for their favourite pledge. The 10 most inspiring pledges will win prizes at the end of the competition on July 17. They can also make a positive change i

In his Budget speech this year, Deputy Prime Minister Tharman Shanmugaratnam emphasised that Singaporeans must "retain a deep sense of responsibility for their families and seek every opportunity to improve themselves and do better". This year is an auspicious year and said to be a good time to plan for life's biggest moments. Before making that commitment, take a step back and review your current financial health to see if you are in good stead to proceed. Adjust your plans according to your priorities and needs as you journey through the various life stages and seek professional financial advice to review and map out a plan to achieve your financial goals. I'm starting work! Sally is 22 years and will be graduating soon. Her parents will stop giving her monthly allowances and will expect her to help pay the household expenses. While she has some savings, it is not enough to last her for long. She is currently job-hunting so that she can start wo

As Singaporeans, we are all about family. Compared with other Asia-Pacific countries, Singaporeans are more motivated to keep themselves healthy for family-related reasons, according to the results of AIA's healthy living index survey last year. Singaporeans attach a high importance to reasons such as "not relying on others" and a desire to "take care of my family longer" for leading healthy lives. Up to 62 per cent of respondents also indicated that good family relationships are an important driver of their health. While many Singaporeans rightly want to keep healthy for their families, some tend to overlook the importance of ensuring that they have adequate protection for themselves and their family members in the event of a serious illness, injury or disability. Many remain concerned about costs, with 84 per cent of Singaporeans saying they would go for more frequent health checks if they were made more affordable. Given the rising costs of