Jonathan Chua

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 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...