everything on life insurance

disclaimer: all the blog entries here are solely for your information only and does not have any regard to your specific investment objectives, financial situation and any of your particular needs. You may wish to seek advice from a financial adviser rep before making a commitment to purchase any insurance product. In the event that you choose not to seek advice from a financial adviser rep, you should consider whether the product in question is suitable for you.

Tuesday 10 March 2015

Thursday 26 February 2015

Tuesday 24 February 2015

Sunday 22 February 2015

does advance medical directive impact insurance?

a reader's letter, loon chee how was published in the straits times on February 14, 2015 in which was asked, if an advance medical directive would affect his insurance policies.

according to mr loon, the insurance companies did not seem to have knowledge of the AMD Act. instead, there was a standard answer given which was;

"The only response I received from one of them was the standard one: That the company would assess every insurance claim on its merit and on reports from the doctors. This is a very generalised and evasive reply."

chee how also wanted to know whether the insurance companies accept that an AMD death is not "unnatural" or "premature" and or what insurance policies are not affected by the AMD.

Ms Lim Bee Khim, durector, corporate communications of the MOH's response was published in The Straits Times on Feb 19, 2015 in which she states:

that the making of an AMD shall not affect the sale, procurement or issuance of an insurance policy. More on this found at:

https://www.moh.gov.sg/amd

ms lim further states that the AMD Act does not authorise any act that causes or accelerates death from the natural cause.

The AMD Act states that the making of an AMD shall not affect the sale, procurement or issuance of an insurance policy. More details are available at the MOH website (https://www.moh.gov.sg/amd). - See more at: http://www.straitstimes.com/archive/friday/premium/forum-letters/story/advance-medical-directive-insurance-not-affected-20150219#sthash.XAPUSg7d.dpuf

Lim Bee Khim (Ms)
Director
Corporate Communications
Ministry of Health
- See more at: http://www.straitstimes.com/archive/friday/premium/forum-letters/story/advance-medical-directive-insurance-not-affected-20150219#sthash.XAPUSg7d.dpuf

Thursday 12 February 2015

ntuc-income - launch of FlexRetire

ntuc-income has recently launched their latest participating endowment product, FlexRetire on Jan 28, 2015.

what is FlexRetire?

FlexRetire is a savings plan that lets you decide when you want to retire and the period of your premium payment. It provides regular payment every month at your selected retirement age1 and you can choose how long to receive this monthly retirement income to suit your desired retirement lifestyle.

1The first monthly regular payment is paid one month after the policy anniversary on which the insured reaches the selected retirement age.

benefits at a glance:

Flexibility to choose and change the period of your monthly retirement income before your selected retirement age
Choice of premium payment terms.2
Potential returns of up to 4.41% p.a.3
Capital guaranteed4 at your selected retirement age
Future Gift – A maturity bonus of up to 24 times your final monthly retirement income.5

notes:

² When you choose premium payment term of up to age 50, 55, 60 or 65, you must choose to receive your retirement income starting from age 55, 60, 65 or 70 respectively.
³ The projected return of 4.41% p.a. is not guaranteed and is based on: - Male, age 35 who saves with FlexRetire,
- Paying yearly premiums of $12,485 for 10 years, and
- Receives a projected monthly retirement income of $2,216 (of which $1,000 is guaranteed while $1,216 is non-guaranteed) for 20 years, starting from age 65.
⁴ Capital guarantee is on the basic plan only, on the condition that all premiums are paid, and that the policy is held until the policy anniversary at your selected retirement age with no policy alterations or related transactions.
⁵ “Future Gift” means the “maturity bonus” as referred to in the policy contract. The Future Gift amount of up to 24 times of the final monthly retirement income is not guaranteed and will be determined by NTUC Income at the point of policy maturity.

fake insurance policies?

Wednesday 4 February 2015

CPF Advisory Panel Recommendations

Today, the CPF Board made an announcement on Part 1 of the recommendations of the CPF Advisory Panel with regard to improvements to the current CPF (already accepted by the Government) and they are:

Monday 2 February 2015

prudential - launch of PRUadvance saver

Wednesday 28 January 2015

Claims specialists placed at call centre: Aviva

Ms Lee How Teck, Chief Operating Officer of Aviva has responded to 2 letters published in the online forum of The Straits Times, one by Mr Sim Eng Cheong calling for the setting up of an insurance hotline for emergencies (Jan 17) and the other by Mr Foo Der Chyang titled; Caught between insurer and hospital!

Ms Lee has clarified the matter with Mr Foo and apologised to him for the lapse in customer service.

In line with our efforts to make things as simple and easy as possible for customers, for the past year, we have placed claims specialists at our call centre in order to immediately resolve claims queries whenever possible. - See more at: http://www.straitstimes.com/premium/forum-letters/story/claims-specialists-placed-call-centre-aviva-20150128#sthash.RuiJK9oA.dpuf

To make things as simple and easy as possible for customers, Ms Lee mentioned that for the past year, Aviva have placed claims specialists at their call centre to immediately resolve claims queries whenever possible.

Ms Lee further reiterated that Aviva will continue to work closely with hospitals to improve the customer experience.

my comments:

i'm not too sure why mr sim and mr foo did not get in touch with their adviser to help them in their hour of need.

because i believe their adviser will do their utmost to be of service to them.

in my 18 years in the financial industry, i place the highest priority in servicing my clientele and believe me, this is where i do more than just walk the talk.

and having said this, servicing remains the biggest challenge to any company or individual because more often than not, customers can be downright demanding, often expecting the impossible to be executed almost immediately.

and as the saying goes, the customer is always right!

REFER to the letters ("Set up insurance hotline for emergencies" by Mr Sim Eng Cheong, Forum Online, Jan 17; and "Caught between insurer and hospital" by Mr Foo Der Chyang, Forum Online, Jan 5). - See more at: http://www.straitstimes.com/premium/forum-letters/story/claims-specialists-placed-call-centre-aviva-20150128#sthash.RuiJK9oA.dpuf

I REFER to the letters ("Set up insurance hotline for emergencies" by Mr Sim Eng Cheong, Forum Online, Jan 17; and "Caught between insurer and hospital" by Mr Foo Der Chyang, Forum Online, Jan 5)