Jonathan Chua

When our firstborn son was just shy of two years old, he was struck with a high fever in the middle of the night. Even as inexperienced young parents, my wife and I knew he needed immediate medical care. As we scrambled to prepare to bring him to A&E, I remember my wife asking me which hospital we should take our son to. She was mindful of the high cost of hospitalisation. As it turned out, he had to be warded for two days and the medical bill came up to a whopping S$5,000! Thankfully, everything was covered by the insurance company as we had bought hospitalisation insurance for the whole family. It certainly was one worry less for this pair of jittery young parents at the time. Financial planning for parenthood isn’t just about budgeting for the big and obvious things like pregnancy cost, medical care, education and enrichment classes. It is also about being ready for the little things that crop up along the way. It’s about being financially resilient as a family unit. There are o...

Love and Money are two of the most sought-after life goals, yet money troubles are consistently the root of relationship stress and breakdown. On the other hand, research2 also supports that married couples build more monetary wealth over their lifetime than those who are single. When two people decide to spend their lives together, it is important to get to know each other’s vision not just as life partners but also as a financial team. Regardless of the age you plan to marry, discussing your financial goals as a couple is a critical part of the conversation on your shared life goals. The discussion is even more crucial when you marry beyond your mid-30s, when you are effectively half way to your retirement age. If you have a financial consultant, get them into the picture about your couple goals. In the meantime, here are my thoughts on the top three things to do ahead of the most important day of your life: Show All Your Cards Plan As A Team Get The Edge As You Age source

The dawn of the robo-advisor began as recently as in the early 2000s1 in the form of automated portfolio allocation software. The first robo-advisor began working, taking real investments, in 2010 in the United States. So in all, robo-advisory is still in its infancy, mostly developed by startups leveraging emerging technologies or forward-looking financial institutions looking to remain relevant to their customers in an increasingly competitive, automation-frenzied world. In Singapore today, robo-advisory has a small and steady following with the presence of around a dozen brands offering the service. Not surprisingly, the market is predominantly younger, with investors who tend to be more experimental and looking for an affordable and easier way to grow their savings rather than just putting it in the bank. Robo-advisory also came at a time when bespoke portfolio management was a service reserved for the rich. However, this is no longer the case today. Professional financial advisory...

Diabetes is an expensive and silent disease costing Singapore over S$1 billion a year to manage1. Treatment costs for working-age people suffering from diabetes could increase to over S$10,000 a year2 in 2050, according to a National University of Singapore study. For patients and their families, the disease can also take a great emotional toll. Elevated blood glucose levels can damage nerve endings and blood vessels, leading to complications that can range from kidney failure to blindness, heart attack, and stroke. Diabetic patients often face a big challenge getting insurance protection because of the complexities of the disease. Some have repeated bad experiences with insurance products that do not adequately cover their needs while others have a hard time getting enough coverage because diabetics, up until recently, have been somewhat considered “uninsurable”. source

Buying insurance is not an option these days. It’s a responsibility. It’s an act that reflects your acknowledgement that life comes with risks as much as it does rewards. These risks must be managed by getting the right coverage you need to protect yourself, your loved ones and your future within your means. Here is my opinion of the top three types of insurance coverage for millennials who are new in the workforce. Top 3 Important Insurance Coverage for Millennials: Take up an integrated shield plan (IP) Get long-term disability income supplement Plan for income replacement that covers Total and Permanent Disability (TPD) and Critical Illness (CI) when you start work. Looking after one’s financial health is a lifelong exercise. SG Alliance has a platform of dynamic content and digital tools that provide you error-free, secure and seamless online insurance submissions. Let us do the hard work shortlisting the products right for you from our growing list of industry-leading insurance pa...