Since 2003, we have been advocating the use of term insurances. While many Singaporeans appreciated our beliefs, the insurance and financial planning industry fought it. We stood out like a sore thumb and were a lone voice. So it was very encouraging for me when during the NTUC Income’s 40th anniversary dinner 2 weeks ago,…
When I started out my career as an insurance adviser many years ago, I was taught that insurance is a good instrument for accumulating one’s wealth. Not only does it gives a higher than bank interest rate, offers protection against death and disability, but it is also a systematic and organised way of savings. It is…
“If you buy insurance products like a whole life plan, you’re paying to be served a plate of garbage that in fact if you eat, you’ll have financial poisoning”. This is what CNBC personal finance editor and best-selling author Suze Orman said. About 7 years ago, I was guilty of serving this plate of poison….
Life insurance is meant mainly to protect us against loss of income due to death, disability and a medical crisis. It is also meant to provide us with sufficient resources to pay for medical expenses. We do not need insurance anymore if we no longer have these needs. When we do not or no longer…
Finally, your baby has arrived. After nine months of anxious waiting, the climax at the delivery ward is awesome,especially for first-time parents. Before long from basking in your bundle of joy, two things are almost certain – many years of sleepless nights and a myriad of financial products for your newborn vying for your attention. The trend…
As wealth managers, are we still taking time to truly understand clients’ needs? Whatever happened to the consideration to recommend what is best for clients’ profitability? Where is that fiduciary duty, that putting clients’ interest first? It’s been a long time since I wrote a provocative piece. Frankly, I hate to do so. You get…
Banks are a fiduciary and should place customers’ interest ahead of shareholders. Banks are for transaction, not advice. Once upon a time, on a sunny island in Southeast Asia, lived more than 4 million people. The government took care of the people and the people trusted their leaders. Although outsiders were often jealous, and scoffed at it being a nanny state, it was…
All these years, I know for a fact that many of us do not really understand our CPF well. To many, it is just one of the many ways our government uses to “hoard” our assets. Over the past 2 weeks, online postings and discussions have brought this mistrust to a higher level. To understand…
