Understanding Term life insurance

When buying personal life insurance, you’d be introduced to Term life insurance, Whole life insurance, Endowment/savings plans, as well as Investment-linked policies. Each product type has its purpose, advantages and disadvantages. So what is Term life insurance? Term insurance is life insurance that provides insurance coverage only for a fixed period of time. An exampleContinue reading “Understanding Term life insurance”

How do people shop for life insurance?

The following is my answer to a Quora question: “How do people shop for life insurance?” Depending on where you are, there should be web sites that allow you to compare between different policies of similar type and coverage. For policy portfolio, you need to shop around for a good financial services consultant, instead ofContinue reading “How do people shop for life insurance?”

What are the top 3 life insurance policies you can recommend?

The following is my answer to a Quora question: “What are the top three life insurance policies you can recommend?” I am speaking strictly from a Singapore perspective, although I believe the general principle may be applied elsewhere. There are three types of insurance plans that form the foundation of our liability mitigation. Firstly, itContinue reading “What are the top 3 life insurance policies you can recommend?”

4 Lessons on Personal Finance from Covid-19

Perhaps you’ve read 4 Key Lessons That COVID-19 Has Taught Me About Personal Finance. They are: Always set aside Emergency savings. Diversify income streams and skill sets. Get suitable and sufficient insurance coverage. Prepare your Will and complete your Nominations. Here I’ll share additional comments and thoughts on the 4 lessons. 1. Always set asideContinue reading “4 Lessons on Personal Finance from Covid-19”

There’s nothing wrong to take a loan.. but..

Did the title catch your attention? I know it did when I first saw it appear on my Facebook newsfeed. I hope you didn’t miss out the end part “first, ask yourself these 5 questions”. What are they? Can you afford a repayment? Will a loan help you reach an essential goal? When will yourContinue reading “There’s nothing wrong to take a loan.. but..”

What arguments exist for whole life insurance over term life insurance?

The following is my answer to a Quora question: “What arguments exist for whole life insurance over term life insurance?” Both whole life and term have their uses. Generally, I recommend whole life when the client is younger. If they can afford it, I recommend a limited pay whole life, so they pay for theContinue reading “What arguments exist for whole life insurance over term life insurance?”

Do wealthy people buy life insurance?

The following is my answer to a Quora question: “Do wealthy people buy life insurance?” Wealthy people buy the most life insurance. It is an irony of sorts that the people who really need life insurance underinvest in it, whereas the people who might have a lesser need overinvest. People of a higher socioeconomic strataContinue reading “Do wealthy people buy life insurance?”

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