Importance of critical early stage critical illness

Why not plan yourself like a home buyer who always takes life assurance when he is planning to take a mortgage. Today we don’t see a lot of people taking a financial protection which they know for sure that it won’t help them before they retire.  

Why can’t you take a financial protection on your health and prepare yourself like the home owner. The moment you take critical illness insurance your health is guaranteed. In case you’re diagnosed with a critical diseases such as cancer and heart attacks, the insurance would foot your entire medical bills on tax free basis. According to statistics you’re 5 times more likely to have a heart attack and cancer than for you to die before you attain the age sixty five.  

Why do you need critical illness insurance cover?      Today the life expectancy has increased and we have adopted lifestyles which aren’t healthy. This means in the next ten years we are likely to be diagnosed with critical illnesses such as, cancer, heart attacks, diabetes and so on. This is why the critical insurance is vital.     Look at this scenario; you suffer from a critical illness that stops you from working. In this crisis maybe you’re the breadwinner and you have bills to pay what you will do. Critical illness insurance would give a huge chunk of money and it will be paid only when you’re diagnosed with a critical illness. This money will help you a lot to foot your bills when you’ve stopped working.  

Probably you’re a parent or your own parents are old and you’re supporting them what will you do if they are diagnosed with a critical disease. It is very important that you take a critical illness cover so that the money you’ll ,get would help you to continue supporting your children or your aged parents.   

What is the cost of early stage critical illness?  

Here is an example maybe you’re a thirty year old and maybe probably you don’t smoke. Let’s assume you’ve taken critical illness insurance and your sum assured is probably $75,000. Maybe your policy states that it would cover you until you attain seventy five years of age. This will add up to $1106.55.Imagine you’ll pay less amount of$100,000. When you compare the five years you’ll stay at home with a critical disease with no income vs. paying these premiums you’d better take the premiums because it’s worth it.   The critical illness insurance is divided into two namely:   Manulife Ready Complete Care   Additional Major Critical Illness Benefit   In Manulife Ready Complete Care you’ll be covered for exactly 106 conditions. One you’re diagnosed with a critical illness at any level you’ll be covered under this plan. What is the cost of early stage critical illness under this cover? Once you’re diagnosed you’ll be able to up to $ 250,000. If your critical illness is advanced you’ll pay $350,000.   Don’t shy away from taking critical illness insurance why? Because whether you’re a male or female between the ages of thirty to fifty years, your coverage amount is $500,000 and you’ll eligible to receive $100,000 after every claim and it is payable for five times.      Also if you’ve attained the age of seventy years, the coverage amount will be the same. So it’s always good to take the critical illness insurance and it’s going to benefit you plus your dependants. }els

How Do You Buy Life Insurance in Singapore?

How Do You Buy Life Insurance in Singapore?

When it comes to getting a life insurance policy in Singapore and anywhere else in the world, there’s not much difference. It’s also helpful you have several insurers to choose from. Finding one that has the right package for you doesn’t have to be too stressful.

Why Apply for a Life Insurance Policy

There are many reasons why you should do so, but the most important of it all is you want to make sure that your loved ones have something to depend on just in case something bad happens to you. The life insurance coverage can be used as an exchange for the loss of income. It will help continue financial stability for your family. The money can also be utilized to pay off existing debts, such as mortgage, credit cards, and car loan.

If you have left some estate for your loved ones, such as a home, the proceeds from the policy may be utilized to cover for the taxes. Sometimes the tax payments can be so huge only a small amount will be left to the family. If you have children, the life insurance coverage can be cashed out, which will then be used to pay for their educational funds.

If you happen to live longer than your life insurance policy, you can use it to augment your retirement income as well as to cover for your health care expenses, especially if you’re suffering from a dreaded disease.

You can also cash out your insurance policy and give it away as a charitable donation.

How to Look for a Life Insurance Agent

Most of the insurance companies in Singapore offer all types of insurance policies, from health to life. This way, you don’t have to look for several agents for various kinds of insurance policies. Nevertheless, it is highly essential that they all belong to the Life Insurance Association of Singapore. They are the ones that maintain the standards in the industry for so many years. They work alongside MAS or Monetary Authority of Singapore. The insurance companies therefore should be approved or registered by MAS.

The good thing is it’s still possible for you to look for an insurance agent internationally, as it’s easy for you now to apply for one through the World Wide Web. Or you can apply in an insurance company that has offices in various parts of the world if ever you decide to not retire in Singapore but somewhere else.

The Types of Life Insurance

In general there are two broad types of insurance policies in Singapore. You have the term insurance and the whole life insurance. However, you may come across more specific insurance policies.

One of the cheapest types of life insurance policies is the term insurance. It is also the most basic. You cannot build equity on it, which means there’s no such thing as building up investments or savings. Moreover, it doesn’t last for a very long time. The term insurance will be good for only a few years. After that, you have the option to renew it or not. Do compare term insurance before you make your purchase

Though this life insurance policy doesn’t cover you for the rest of your life, it is the most practical. Remember, the reason for getting life insurance coverage is to secure your family’s financial future. If you happen to live longer than your term life insurance, there’s a huge chance you are already retired and thus can take advantage of your retirement savings plan. Your children may already be done with school. There’s no need to maintain a life insurance policy and pay premiums.

Whole life insurance, meanwhile, covers you for the rest of your life. Because of this the fees and premiums are extremely high, but how much you pay may be fixed. You can also build up equity or savings through whole life insurance, so your proceeds increase over time.

You can tie your life insurance policy with annuities. This way, you can have a stable monthly income while you’re growing old. But before you can do so, you may have to be a member of CPF or Central Provident Fund. Then you are qualified and have met your minimum sum scheme. The funds you get from CPF’s minimum sum can be invested to the life insurance company of your choice.

Some Tips

1. Apply while you’re young. Don’t wait until you’re in your forties to get a life insurance policy. You may not be able to live longer to build equity on it or enjoy its benefits. Moreover, you pay more for the policy.

2. Apply when you’re healthy. Healthy people can take advantage of more affordable premiums.

3. Choose a policy that fits your needs. If you like a no-frills insurance policy, you go for term insurance. If you want to make some investment, opt for whole life.

4. Read the fine print. Insurance policies can become void. You will know instances where it becomes non-enforceable by reading the terms and conditions prior to getting the coverage.

Banking Services for Non-Singaporeans: What You Can Really Expect

Banking Services for Non-Singaporeans: What You Can Really Expect Would you like to open a bank account in Singapore? Do you know what are needed? How do you want to be sure your banking experience is going to be pleasant while you’re in Singapore? What types of bank accounts can be opened by non-Singaporeans? First we have to define what we mean by non-Singaporeans. If you’re in Singapore and you wish to open an account, non-Singaporean should mean you are not born in the country. If you’re a foreigner who’s simply traveling and have just decided to open a bank account, then you’re going to meet a certain level of difficulty. In fact, you will find banks who will not agree to such after all. For you to understand the limitations you need to know the requirements. Topping the list is the fact that you need to prove you can take care of your Singaporean bank accounts and, most of all, you’re not trying to commit money laundering. Money laundering is a very serious crime in the country that can lead to dire punishment, including deportation and a very long period of imprisonment. That’s why even if you are a foreigner, you should be able to present your passport as well as your employment pass to the bank if you want to open an account. It’s much easier for you to open an account if you’re already a permanent resident or you’ve converted yourself to being citizen in the country. Your spouse, however, may not be able to open his or her account, especially if he or she is only in a dependent’s pass. Your best option together is to create a joint account. If you already have an existing bank account from a bank, check in Singapore if you can find a branch. It will also be easier for you to open a bank account this way since you can conveniently ask for references. Moreover, if the bank needs to verify your status and your credibility, they can easily check on your records. There are also three types of banks in Singapore. You have the full banks, which, interestingly have very limited products and services. They are found in only one location. You have the wholesale bank, where the opening balance can be extremely high, as much as 200,000 SGD. They also don’t have any savings account. Then you have the retail banks, which have the most number of consumer services. This is where you can apply for mortgages, credit and debit cards, and savings and current accounts. You can also easily tie your accounts to retirement savings plans, such as Minimum Sum scheme and CPF (Central Provident Fund) scheme. How to Open Bank Accounts You already know that there are limitations on who can open bank accounts in Singapore. However, how do you really open one? The requirements and processes can vary from one bank to another. It is always recommended to verify these pieces of information first before you open an account. You will less likely get rejected if you have all the documents needed during your application. You can call the bank, or you can use their website to gather the much-needed information. Usually, though, you will be asked of your credit report. They will simply make a request to Credit Bureau Singapore. Nevertheless, you should know the status of your credit report by getting your own copy. It costs 5 SGD and can be obtained from authorized venues such as SingPost and the main office of the credit bureau. Check if all the details are accurate. Even a wrongfully indicated non-payment can get you in trouble with banks. Interest rates and even minimum and opening balances can vary between Singaporeans and non-Singaporeans. Sometimes you hav to pay more. The good thing is you can take advantage of the impeccable customer support Singaporean banks provide to all sorts of people. You then have to determine what kind of bank account you should open. The most common ones are savings and current accounts. There’s not much difference betwene opening these accounts in Singapore and anywhere else in the world. You can also create foreign currency savings and current account deposits. This is ideal for those who want to diversify their accounts and for non-Singaporeans. Perhaps you still want to enjoy your own currency, or you’re still maintaining businesses there. This will also be a good strategy to implement if you want to avoid the effect of currency inflation in your account. Banks in Singapore are open for most times of the week. Some of them even work until Sunday. There are hundreds of banks all over the country, so you don’t have to travel far to open your own bank account. Their banking schedule is usually from 9 in the morning until 3 in the afternoon.

Banking Services for Non-Singaporeans: What You Can Really Expect

Would you like to open a bank account in Singapore? Do you know what are needed? How do you want to be sure your banking experience is going to be pleasant while you’re in Singapore? What types of bank accounts can be opened by non-Singaporeans?

First we have to define what we mean by non-Singaporeans. If you’re in Singapore and you wish to open an account, non-Singaporean should mean you are not born in the country. If you’re a foreigner who’s simply traveling and have just decided to open a bank account, then you’re going to meet a certain level of difficulty. In fact, you will find banks who will not agree to such after all.

For you to understand the limitations you need to know the requirements. Topping the list is the fact that you need to prove you can take care of your Singaporean bank accounts and, most of all, you’re not trying to commit money laundering. Money laundering is a very serious crime in the country that can lead to dire punishment, including deportation and a very long period of imprisonment.

That’s why even if you are a foreigner, you should be able to present your passport as well as your employment pass to the bank if you want to open an account. It’s much easier for you to open an account if you’re already a permanent resident or you’ve converted yourself to being citizen in the country.

Your spouse, however, may not be able to open his or her account, especially if he or she is only in a dependent’s pass. Your best option together is to create a joint account.

If you already have an existing bank account from a bank, check in Singapore if you can find a branch. It will also be easier for you to open a bank account this way since you can conveniently ask for references. Moreover, if the bank needs to verify your status and your credibility, they can easily check on your records.

There are also three types of banks in Singapore. You have the full banks, which, interestingly have very limited products and services. They are found in only one location. You have the wholesale bank, where the opening balance can be extremely high, as much as 200,000 SGD. They also don’t have any savings account. Then you have the retail banks, which have the most number of consumer services. This is where you can apply for mortgages, credit and debit cards, and savings and current accounts. You can also easily tie your accounts to retirement savings plans, such as Minimum Sum scheme and CPF (Central Provident Fund) scheme.

How to Open Bank Accounts

You already know that there are limitations on who can open bank accounts in Singapore. However, how do you really open one? The requirements and processes can vary from one bank to another. It is always recommended to verify these pieces of information first before you open an account. You will less likely get rejected if you have all the documents needed during your application. You can call the bank, or you can use their website to gather the much-needed information.

Usually, though, you will be asked of your credit report. They will simply make a request to Credit Bureau Singapore. Nevertheless, you should know the status of your credit report by getting your own copy. It costs 5 SGD and can be obtained from authorized venues such as SingPost and the main office of the credit bureau. Check if all the details are accurate. Even a wrongfully indicated non-payment can get you in trouble with banks.

Interest rates and even minimum and opening balances can vary between Singaporeans and non-Singaporeans. Sometimes you hav to pay more. The good thing is you can take advantage of the impeccable customer support Singaporean banks provide to all sorts of people.

You then have to determine what kind of bank account you should open. The most common ones are savings and current accounts. There’s not much difference betwene opening these accounts in Singapore and anywhere else in the world. You can also create foreign currency savings and current account deposits. This is ideal for those who want to diversify their accounts and for non-Singaporeans. Perhaps you still want to enjoy your own currency, or you’re still maintaining businesses there. This will also be a good strategy to implement if you want to avoid the effect of currency inflation in your account.

Banks in Singapore are open for most times of the week. Some of them even work until Sunday. There are hundreds of banks all over the country, so you don’t have to travel far to open your own bank account. Their banking schedule is usually from 9 in the morning until 3 in the afternoon.

Car Insurance: Why It Could Matter and How to Get One

Here’s a reminder: if possible don’t purchase a car in Singapore unless it’s absolutely necessary, not unless you have plenty of money. Owning a car in Singapore is very expensive. A lot of taxes and schemes have been set up by the government perhaps in order to deter citizens and residents from buying one.

You may ask why. You need to keep in mind Singapore is not very huge. To prevent traffic jams, it’s very important the government can control how many vehicles are plying in the streets. For example, they are implementing the vehicle quota system and certificate of eligibility, which means unless you’re a holder of a COE, you cannot drive your car in the country. Once you have the COE you can use it for only 10 years.

The country also has the electronic road price scheme, which is a pay-per-use tactic. All vehicles are attached with a special gadget that will calculate how much you’re going to pay.

Besides these you need to customs duty which is equal to 31 percent of the value of the vehicle, as well as road tax. On top these all, you need to get a car insurance coverage. You cannot drive your car even if you have a COE if you cannot present a car insurance policy.

Types of Insurance Policies

There are three known motor insurance policies in Singapore. These are called comprehensive, third party only, and third party fire and theft.

The best kind of policy you can obtain is the comprehensive coverage. As its name implies, it covers your vehicle in almost anything, from collision, fire, theft, and a whole lot more. You can even obtain coverage wherein you can claim compensation if a third party dies, suffers an injury or disability, or gets his vehicle damaged perhaps after a collision.

The third-party only coverage means that you can file a claim if the third party meets injuries, experiences damage in his or her vehicle, or if the person dies. Somewhat related to this kind of insurance is the third party fire and theft, which is basically the same with the third-party only except you get additional protection in cases of theft and fire.

How to Assess

Getting a car insurance policy is not as simple as filling out a questionnaire and getting ready to pay out the premiums. There are also qualifications used by the insurance companies to determine how much coverage they can extend to you, how much you will pay as a premium, and how long the coverage will last.

Normally the vehicle itself is used as a factor. Those that are often charged with high premium are used vehicles since they may need more maintenance than the new ones, as well as classy or sophisticated cars. They are highly susceptible to theft, and repairs for damages can be pretty expensive. Mileage will also be a criterion.

How the vehicle is utilized also matters. Those that are always on the road, such as for commercial or corporate use, are slapped with a high premium, as they are prone to accidents.

You will also be assessed. The older you are, the lower your premium will be. This comes from the assumption you’re a better driver than the younger ones. However, if you’re sickly, you may have to pay more for your premium. Female drivers, interestingly, can look forward to lower premiums since they are viewed as more careful drivers than the males.

If you have been driving for years and have not filed a claim or been issued tickets or arrested, then you’re in luck. It’s easier for you to negotiate for a very low premium. Lastly, you have the coverage. Of course, the more features and benefits you can obtain, the higher the premium can be.

How to Save Cash on Car Insurance

1. Present your no-claim discount. This is more applicable if you have brought a car from your previous country. A no-claim discount means that if you have not filed for a claim for a number of years, usually 5 years, you can avail of a discount for your premium. That would mean huge savings at your end.

2. Choose your car insurance coverage wisely. These days the best bet will still be comprehensive as it protects your car for all trouble. Moreover, because many are opting for it, the cost for it has dropped down significantly in the recent years.

3. Know where to get it. What most motor vehicle owners do is to ask around, asking for recommendations. One of the best places to ask for help is the Automobile Association of Singapore.

4. Be a good driver. Maintain a clean driving record, and you have a much higher chance to ask for a lower rate the next time you renew your policy.