Jonathan Chua

Deciding whether you need life insurance can be a complicated process. The decision can be even harder when you are younger. This article highlights some of the issues that you should think about. We hope that this will help you to make an educated decision. Providing for Your Dependents If You Die Let's start with the most obvious reason for why someone should invest in life insurance ... the fact that it can replace your income if you die before your dependents. You may want your children to go to college and your family to enjoy a certain kind of lifestyle. Likely, you still want this to happen even if you die prematurely. But, if you are the primary bread winner for your family, they may not be able to afford it if you die and do not have enough savings to cover their expenses. You can address those concerns by buying enough life insurance. You Have Options You have the option of buying a term life insurance policy , which would cover you for a set n...

Life insurance premiums can be expensive. During times when money is tight and your financial future is uncertain, you can look for ways to save money. Rather than dropping your life insurance altogether, you may be able to do some things to reduce your  life insurance   premiums. Here are a few things you can try to get those life insurance premiums down to a manageable level: Get term, not whole life.  If you have a whole life insurance policy, cash it in and buy term life insurance. Term life insurance doesn’t build cash value the way whole life does, but it’s also a lot cheaper. You can get several times the face value for the same premium price when you switch to term. Reduce your term length.  The length of your term life insurance policy determines, in part, your premiums. Consider getting a shorter term policy, as that can reduce your premiums. Lower your face value.  One of the easiest ways to drop your rates is to lower your coverage. Figure...

Hi there, There are only a few guarantees in life, and paying taxes is one of them. Another is retirement. Everyone will face retirement someday, but have you planned for it? The reality is, most of us have not put enough thought into retirement planning and defer it only until much later in life. All of us have priorities at different stages of our lives, and very often our insurance needs get neglected. But if retirement is a certainty, shouldn’t planning for it then be our top priority? Do you know that if you wish to retire with S$2,000 a month for 20 years, you need to set aside S$480,000, without even taking into consideration inflation? Even then, S$480,000 is a hefty amount to set aside isn’t it? Retirement is the time when you are finally free from most financial obligations, and settle into the life you have always dreamt of. That’s why getting adequately prepared early is so important. So that when the actual day comes, you do not need to worry about whether you ...

7 2% of Singaporeans agree that they cannot afford to get sick these days due to high medical costs*. Healthcare costs are rising faster than the cost of other goods and services + . As the common saying goes, your health is your wealth. It couldn’t be more true. Unexpected medical expenses could represent a significant threat to your finances. If unexpected hospital bills came along and you have no protection, or only partial protection, the impact on your savings might be substantial. Wise financial planning involves both saving for the things you want, and protecting yourself against the unexpected. Isn’t it time to consider a plan that helps you with both? Introducing AIA HealthShield Gold Max, a Medisave–approved medical plan that helps you cope with rising healthcare costs AIA HealthShield Gold Max and AIA HealthShield Gold Max Essential represent the basic components of comprehensive health insurance planning. They offer affordable long-term protection against...

Even with a pension plan, experiencing financial freedom can be challenging in today's economy, what with inflation, increased cost of living and economic downturns. Fortunately, if you start preparing early, old age may not be so bleak after all. Ready for retirement Firstly, have a plan. Consider your health condition, besides the daily expenses you may incur in old age, and certain health matters you may be predisposed to. This requires you to alter your savings and spending habits for a secure and comfortable life in your twilight years. Out With: "I never have to work again". In With: "Retirement means I'll work less, but do more of the things I enjoy". Why: It's proven that part-time work in retirement is beneficial for overall health. It keeps your mind alert, sense of purpose intact and your physical mobility in better condition. Out With: "I'd paid for my home by the time I retire". In With: "I may still have...