Jonathan Chua

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 us...

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...