Jonathan Chua

No one wants to be caught short when a life crisis strikes, so it's no wonder that the risk of being financially unprepared tops the list of concerns among Singaporeans. Buying appropriate insurance cover is a way of transferring this risk and getting some protection, but how much is enough and what policies should you consider? A 2012 study by the Life Insurance Association Singapore (LIA) on under-insurance identified a $462 billion gap for working Singaporeans and permanent residents. source

How much money should you save each month? The simple answer is, as much as you can. Everyone makes a different amount each month. They also have different monthly financial obligations. It is important to realize that one dollar amount is not going to work for everyone. Here are some basic guidelines you should follow when determining how much you should save each month. The 10 Percent Rule: The standard that many experts set is at least 10 percent of your income. This is a good starting point. It is an easy way to start because it is a set amount of money each month. It should not be that difficult to save 10 percent of your income, but you may want to increase this amount over time. Eventually, you can work up to 20 or even 30 percent to increase your savings and plan for your future. Beyond Retirement Savings: It is important that you are saving in addition to the money you are putting in your retirement savings account. If you do not, you will never save up money for an emer...

​CareShield Life takes effect from 1st Oct 2020. What is it all about? CARESHIELD LIFE gives basic financial protection against severe disability What you should know about CareShield Life: CareShield Life replaces ElderShield (Those who are on ElderShield can opt to switch). CareShield Life will be automatically effected on all Singaporeans born 1980 or after. CareShield Life provides basic financial protection in the case of severe disability. Premiums will be deducted from MediSave account. On 1st October 2020, the compulsory CareShield Life will take effect for all Singaporeans. CareShield Life is the national insurance scheme that replaces Eldershield (which covers those born in 1979 or earlier). It offers basic financial protection for those who suffer from permanent disability and need long term care. source

MediShield Life is a basic health insurance plan that protects all Singapore Citizens and Permanent Residents against large hospital bills for life, regardless of age or health condition. MediShield Life is a basic health insurance plan, administered by the Central Provident Fund (CPF) Board, which helps to pay for large hospital bills and selected costly outpatient treatments, such as dialysis and chemotherapy for cancer. It is structured so that patients pay less MediSave/cash for large hospital bills: Who is Eligible? What are the Benefits? How can I enhance MediShield Life coverage? Which IP should I choose? Can I pay my IP Premiums using MediSave? source related: National health insurance scheme MediShield Life Singapore’s Healthcare: MediShield Life "Buffet Syndrome” leading to rising healthcare costs