Jonathan Chua

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....

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 boa...