Jonathan Chua

Why do you need Life Insurance cover If you have a family, a partner or someone who depends on you financially and who would not be able to cope financially without your income,  it is essential that you have life insurance .  It is never too young to get life insurance cover because the younger you are the cheaper it is to buy life insurance. On the other hand, the older you are the more you will have to make sure your family and love ones have enough money to live on if you pass away. More importantly as you get older, medical problems could also mean that life insurance premiums will get much more expensive. If you buy life insurance with guaranteed premiums when you are young the amount you pay will stay the same until the end of the policy. How much does Life Insurance cost? Over the last decade the cost of life insurance has fallen between 20 to 30%. Prices for both term and whole of life insurance policies are now almost a third cheaper than they were in the 2000s. Howev

We all experience life events we don't expect—and can't control. For instance, we could end up in an accident on the freeway during rush hour. A nagging pain might turn into something serious, requiring us to buy emergency or long term treatment. Or the family home could catch fire, killing a loved one unexpectedly and leaving a spouse or family struggling to survive—and buy a new home. Though far from pleasant, any of the above scenarios could happen at any time. But if we prepare now to take care of the "what ifs," we can save ourselves major emotional and financial hardship. Why Buy It? Quick quiz: what's the first thing that occurs when something unexpected happens? Answer: well being, security and finances are threatened. Families that once earned enough money to pay the bills, buy clothing and electronics, send teens to college and support loved ones in nursing homes suddenly can't make ends meet—and that throws everyone and everythin

If you're concerned about being able to afford care when you get old, long-term care insurance can help. Long-term care helps you if you become chronically ill or disabled. Some long-term care is medical care, but most long-term care is what's called "custodial care." For example, long-term care can help you with personal tasks, such as: Eating Grooming Getting out of bed It can also help with household tasks such as: Housework Preparing meals Managing your money You can receive long-term care in different places, such as: Your home An assisted-living facility A nursing home How Can Long-Term Care Insurance Help? Long-term care can be costly. But long-term care insurance can help cover some of your bills. If you're thinking about buying coverage, follow these tips: Start planning early. The best time to start thinking about buying coverage is when you're between 55 and 65, says Jesse Slome. He is executive director o

Think you don’t need life insurance if you don’t have kids? Think again. It may seem like an unnecessary expense. But there are many reasons to have life insurance, even if you’re not supporting a family. 1. Mortgage protection Whether you live by yourself, with a spouse or significant other, you may want to buy life insurance as mortgage protection. Think about it − you don’t want the person you live with to be homeless if you pass away unexpectedly, do you? Term life insurance can be used to pay off an outstanding mortgage balance. Just select a term that matches the length of your mortgage payment period. Some companies even offer decreasing term insurance, which means the death benefit decreases along with your mortgage balance. 2 Income replacement You and your significant other may have planned for a future based on two incomes − but what if one of you passes away unexpectedly? Life insurance can be used to rep

Leave a legacy for your loved ones Take Care of the Future: Legacy planning is no longer just for the rich and famous. As long as you desire to make a difference to someone financially, a legacy plan is for you. Your Finances We all want our loved ones to be well taken care of, even after we're no longer around. One way to do that is by passing on one's wealth to the next generation through a legacy-planning-specific insurance policy. But what does the concept involve and how should one decide on an appropriate, purposeful plan? My Paper spoke to Ms Michelle Teo, a financial-planning director at Tokio Marine Life Insurance Singapore, and asked her to shed some light on the topic. What is legacy planning? In the financial-planning arena, the term "legacy" commonly refers to the money or property bequeathed to a party in a will. Legacy planning involves a process of identifying, defining, preserving and distributing or transferrin

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 disease, and

Critical illness (CI) cover  and its complex medical definitions can be confusing, never mind that the conditions and their exact nature are clearly listed in the policy. But then, how many people really understand the meaning of “carcinoma in situ” or “non-invasive cancer”? Most people simply take it that as long as they have bought CI insurance, they will receive cash if stricken with cancer. That wrong assumption can, obviously, cause unnecessary distress. Read on to better understand the role of CI policies in healthcare-insurance planning. FINDINGS: AIA HEALTH MATTERS SURVEY In March this year, the AIA Health Matters survey, pulling together responses from 508 Singaporeans, aged between 40 and 70 years, uncovered alarming findings: 35% 1 in 3 believes they will need to downgrade their standard of living should they be afflicted with a critical illness in the future. 30% 1 in 3 does not have CI cover. Of those who do, almost half bought it more than 10 years ago. B

Life insurance is one of many types of insurance that are gaining popularities among the working adults of Singapore Insurance can be a very good investment option if chosen carefully and wisely. Infact a good number of professionals and traders in Singapore consider insurance to be the best option for a risk free investment. Life insurance is one of many types of insurance that are gaining popularity among the working adults of Singapore. By investing in a life insurance policy, a person can effectively transfer the financial risks of dying early and ensure guaranteed payout for the family members who might otherwise be left in some sort of economic turmoil. Most life insurance policies have cash value attached, which means the premiums are greater at the start of the policy than they would be in a term policy. The excess premium is invested in a separate account by the insurer for building up the cash value. As most insurers are experienced and skilled investors,

Insurers to combat fraudulent claims A group of insurance professionals is forming a working group to find ways to combat fraud, especially exaggerated and inflated motor claims. The group, which will be formed in the coming months, will be made up of representatives from the General Insurance Association of Singapore (GIA) and its members, and aims to tackle the problem in a structured and systematic way. GIA president Derek Teo said in an interview with The Straits Times that although the industry has made progress in fighting certain aspects of insurance fraud, there are still loopholes to be closed. source>> Singapore steps up efforts against fraudsters At least  3 masterminds of motor insurance fraud scams were sentenced to jail over the last 2 years, says MAS. In a welcome address delivered by  Luz Foo, Executive Director, Monetary Authority of Singapore at the GIA Combating Insurance Fraud Seminar yesterday (July 25), the official boasted that

When a customer took up a home loan from a bank, he will be entitled to first year free fire insurance. For this free fire insurance, what does it cover? Generally, it only covers the structure of the property.This means that if your property structure is severely damaged (non liveable condition) then you are able to claim up to the current valuation of the property.The claim rate for this kind of insurance is extremely low as Singapore is a very safe country with no natural disaster or terror attack that will eventually destroy the entire structure. Take note that some fire insurance exclude natural disaster claim. Some banks are being more generous. Besides the fire insurance, they also provide home content insurance for their customers. Home content insurance will pay for the damage or loss of customers' possessions located within the house. Usually the coverage for home content insurance is from $5,000 to $10,000 Mortgage insurance covers the life of the insured. Sho