Jonathan Chua

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Many of the people who engage the services of a financial planner tend to do so as retirement approaches. This is natural; retirement is a big step. Here is a financial planning to-do list if you are within 10 years of retirement. Sock Away as Much as Possible For many retirement savers, these are the highest income years of their careers. This is the time to contribute the maximum amounts possible to your employer’s retirement plan, IRA accounts and the like. While these contributions will not have the years to compound as those made in your 20s and 30s, every bit helps. (See also: Financial Planning: It's About More Than Money.) Check Social Security While there is some discussion as to the future solvency of Social Security, it's likely that those currently in their 50s will receive their benefits. You can get your statement and check your benefits here. The Social Security Administration has also indicated that they will resume mailing statements, so keep an eye out f

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Some medical doctors are paid commission fees of 20% to 30% of the physiotherapy bill if they refer their patients – such as those who require rehabilitation due to injury or illness – to private physiotherapy clinics Dodgy practices have emerged in the healthcare industry, involving doctors, physiotherapists, insurance agents & third-party administrators (TPAs) splitting money from inflated insurance claims among themselves via a referral and commission system, TODAY has learnt. Responding to queries, the Ministry of Health (MOH) said it has received feedback on such practices, & will be looking into the matter. “MOH takes a serious view of any attempts to defraud the healthcare system at the expense of Singaporeans,” a ministry spokesperson said. “Fraudulent behaviour such as unnecessary referrals & false claims for services not rendered raises the overall costs of healthcare in Singapore, and leads to Singaporeans paying more for their healthcare services and ins

Homeowners insurance is a contract designed to protect you as a homeowner against sudden and accidental losses. The home insurance policy is a contract between the homeowner, also known as the insured, and the insurance company. The contract creates an agreement that, in exchange for the premium paid by the home owner, the insurance company will compensate the homeowner for unexpected, sudden, and/or accidental damage or disasters that occur to the home, and/or the contents of the home, as agreed upon in the policy wording. Homeowners insurance protects a homeowner's assets and ensures that a covered loss, risk or disaster will not leave them in financial distress. Whether you are looking to buy insurance as a first time homeowner, referencing information to make sure you are getting the best value for your money, or looking for help to understand your policy, here are some basics about homeowners insurance. How Does Homeowners Insurance Work? Your insurance policy is a c

While shares and bonds and time deposits are more traditional investments, a large number of Singaporeans also use life insurance policies for long-term investments. Indeed, consumers here hold more than 13.1 million life insurance policies & insurance now accounts for 9.3% of households’ net worth. A key question some investors may have is whether buying a whole life insurance policy as an investment is better than buying a cheaper term insurance policy & investing the difference elsewhere. It is important to start by looking at why one should buy life insurance at all. Fundamentally, the goal of life insurance is to make sure beneficiaries such as young children or elderly parents have enough money to pay for their needs if something happens to the breadwinner in the family. There are several types of life insurance that can achieve this objective. The simplest option is term life insurance. You pay a premium, and the insurer guarantees that it will pay your benefi

When is Universal Life Insurance a Good Option and What to Look Out for When you are starting out, protecting what you are building is important. Insure your life, insure your dreams. Credit: CaiaImageCLOSED / CaiaImage / Getty Images Universal life insurance (UL) is a hybrid life insurance policy which combines elements of term life insurance with an investment savings option. Universal life combines the ability to build savings at the same time as providing you a life insurance policy. This allows flexibility in what you can do with the savings or investment portion of the premium. Universal life insurance also contains an element of long-term investment strategy because it required you build the values in the investment portion through part of the amount you pay monthly. Universal Life Insurance Options: Indexed Universal Life Insurance (IUL) vs UL The success of a universal life insurance plan depends greatly on the investments in the plan you choose and market performance.

The principle behind life insurance is simple, in theory. It's also morbid, at least compared to other financial services. You pay small amounts at monthly intervals, so that when you die, a beneficiary of your choice gets a sum of money approximating what you would have earned had you stayed alive. That's the stark truth right there, which a lot of life insurance customers fail to comprehend: the service is supposed to be nothing more than a replacement plan. The idea is that should your family suffer a crisis that transcends finances, at least their finances won't be impacted too negatively. If you die, your spouse and kids won't have to take on multiple jobs, beg for alms, nor lose the house and car. Hedging Your Bets It's important to remember that life insurance isn't really "insurance" in the dictionary sense. When you buy life insurance, you're not "insuring" anything. No matter how much money you give them, Ameriprise can'

Emerging markets shine for yield seekers Contrary to popular belief, emerging markets are returning to favour as investors seek yield away from mature and often expensive financial markets in the developed world. While many retail investors are yet to realise the opportunities presented by emerging markets, professional investors are increasingly tapping into the potential for these markets to deliver a level of yield that is no longer possible from many developed economies, notably the US and parts of Europe. Emerging market bonds in particular have gained traction in recent months, with the JP Morgan EMBI Global Core Index, a benchmark index of US dollar-denominated emerging market government bonds, achieving total returns of 10.2% in 2016. read more

It may be an integral part of the modern world but many find the ins and outs of insurance relatively confusing. One is often left to draw necessary information from sales agents in the field, a group notoriously and justifiably known for harbouring vested interest in keeping their KPIs and sales targets healthy. One area of the industry that is touted as a necessary add-on to the likes of basic health cover is life insurance. As of May 2016, Singaporeans collectively possess 13.1 million life insurance policies with overall insurance accounting for 9.3% of the country’s households’ net worth. We explore the basics of this sub-sector as well as the reasons why it may not always be the best option for everyone. Life Insurance Explained The industry is equipped with more plans than one can keep up with. This article will concentrate on two popular life insurance covers – term life insurance and universal life insurance. The term life insurance variant is basically what comes t

Single people with no children often don't need life insurance because no one is relying on their income. But there are some reasons why you might need life insurance if you're single. If you died, who would pay for your funeral? Even a simple ceremony could be costly. If you don't have life insurance, someone else (e.g., your relatives) may have to foot these bills. Even if you have only a small policy, the death benefits could be used to cover these expenses. Do you have debts in excess of your assets, or do you owe money together with someone else? Perhaps you're a joint debtor with your sister on her mortgage. If you died, she'd be responsible for the entire debt. Would she be able to make the monthly payments on her own? A life insurance policy naming her as your beneficiary could give her enough funds to cover your share of the mortgage, or perhaps to pay off the entire debt. Finally, is it possible that your health will deteriorate? Maybe you have a fam

Whatever your insurance needs, focus on your desired financial outcomes "no matter what happens," not on the specific routes to those outcomes. Insurance companies and their salespeople are very effective at tugging on your heartstrings, but does it actually matter whether you cannot work (and cannot generate an income to support yourself and your dependents) because a bus ran you over or because you suffer from dementia? No, it doesn't, yet insurance policies vary in whether they will cover "all risks" or not. (By the way, dementia is a much more statistically common risk than accidents.) Read the policy documents very carefully to understand what is included and what is not. Then buy only the insurance you need in your personal circumstances. Term life insurance Payout in the event of death (or "total and permanent disability," narrowly defined) within a specified period, for example before age 65. Life insurance is intended to support the lifesty