The Central Provident Fund Board (CPFB) announced on 2 October 2020 that, from 1 April 2021, CPF members under the Dependants’ Protection Scheme (DPS) will enjoy a higher sum assured of $70,000 at more attractive premiums. The scheme will also cover members up to age 65. Currently, the sum assured is $46,000 and DPS coverage is […]
Why Aviva Singlife Merger Is a Big Deal
By now you are probably aware that Aviva and Singlife are going to merge into one company. You may be wondering how it affects their policyholders and what is the impact of Singapore’s financial industry. Recently, I was interviewed by the Straits Times regarding my views on the merger. If you think about it, since the […]
Does Your Insurance Cover Novel Coronavirus COVID19 – A Comprehensive Guide
The new Coronavirus Covid-19, commonly known as Wuhan virus, has certainly spread fears globally. With the increasing number of the death toll and affected people, have you wondered if your insurance is a line of defence of your family’s wealth? After all, you have purchased the insurance to protect the uncertain in life right? Insurance […]
MediShield Life Claim Limits for Surgical Procedures Changes from 1 January 2020
On 27 December 2019, the Ministry of Health Singapore announced changes to MediShield Life claim limits for surgical procedures, which will take effect from 1 January 2020. The following table shows the revised MediShield Life structure and claim limits for surgical procedures.
2.25% Guaranteed Interest for Aviva’s 3-year Single Premium Endowment Plan (Eligible for SRS)
The single premium endowment plan has gained popularity over the recent years. With the successful launch of NTUC Income’s Capital Plus and China Taiping’s i-Save, Aviva decided to jump on the bandwagon by offering a similar three-year endowment plan called MySecureSaver. The plan offers 2.25% Guaranteed Interest per year for 3 years, which is higher than […]
Universal Life Insurance: How it fits into your legacy planning and retirement planning
Universal life insurance is one of the best solutions for legacy planning and retirement planning. It provides guaranteed returns and liquidity in a volatile time like now. But universal life insurance is a very complex and highly customizable product too. That is why it is often poorly advised, if not mis-sold. As a licensed independent […]