Hi folks,
It's almost at the end of the year. How was your past 1 year? Have you achieve what you want to achieve?
To those who procrastinate and never plan, do you realize you have just lost 1 year of potentially getting good return? Now you are late by 1 more year....again.....
Procrastination will kill your dreams and goals.
That's why start the new year with a new mind set so that you can be closer to your goal.
Start a solid and good saving plan and I can guarantee you that end of 2013 will be much better than your 2012.
I also know that most of you may get your bonuses at the end of the year, that's why it is a good time to set aside some of that and put it in a saving plan.
A good saving plan will ensure you that your money will grow faster and you can enjoy the return year after year for whatever you want. Whether it's holiday, gadget, dining, etc.
So do it right, don't procrastinate again. Putting all your money in a bank is one of the worst way to save. Diversify and ensure that your money is not eaten by inflation year after year.
Cheers! Have a good holiday and be happy. See you guys in January 2013.
Labels:
Insurance Talk
Money making machine
Hello people, long time no see. I hope you are well and have become more aware and better in doing your financial planning.
Now, my work involves in seeing a lot of people, to advise them so that they are in a better place financially. But every now and then, I get to see people who cannot see or cannot accept that insurance planning is one of the most important tool in financial planning.
Risk management to me is the most fundamental in everyone's planning. But sadly, not many people can see that.
Everyone actually knows how important insurance is, but because they think all the unfortunate events will not happen to them, they put insurance as the least importance in their priorities.
Funny thing is if I give them this question, everyone's answer is the same.
From nostradamus2012.com
"If you have a money making machine at home that will give you money everyday and will keep increasing in value year after year and give you and your family more money, will you insure/protect it as best as you can?"
EVERYBODY answer YES! It's because they want to make sure that the machine can keep working and give them money everyday. They do not want the machine to stop working and if it brake downs, they want to make sure that the insurance will continue give them money while the machine is being fixed.
Now many of these people forget that the machine is actually themselves. They are the one that make money everyday and keep increasing in value everyday. But the difference is, they forget or they do not want to insure themselves because they think nothing bad can happen to them. Sorry to say, the facts are different than what you think.
It does not matter what you think, bad things happen everyday. Just open the news and you can see it.
So be true to yourselves. You know that many of you need it. When I ask you if you want to insure the machine, you said yes. Then why don't you insure yourselves? I think you are worth far more than that machine.
Cheers! Have a great day.
Now, my work involves in seeing a lot of people, to advise them so that they are in a better place financially. But every now and then, I get to see people who cannot see or cannot accept that insurance planning is one of the most important tool in financial planning.
Risk management to me is the most fundamental in everyone's planning. But sadly, not many people can see that.
Everyone actually knows how important insurance is, but because they think all the unfortunate events will not happen to them, they put insurance as the least importance in their priorities.
Funny thing is if I give them this question, everyone's answer is the same.
"If you have a money making machine at home that will give you money everyday and will keep increasing in value year after year and give you and your family more money, will you insure/protect it as best as you can?"
EVERYBODY answer YES! It's because they want to make sure that the machine can keep working and give them money everyday. They do not want the machine to stop working and if it brake downs, they want to make sure that the insurance will continue give them money while the machine is being fixed.
Now many of these people forget that the machine is actually themselves. They are the one that make money everyday and keep increasing in value everyday. But the difference is, they forget or they do not want to insure themselves because they think nothing bad can happen to them. Sorry to say, the facts are different than what you think.
It does not matter what you think, bad things happen everyday. Just open the news and you can see it.
So be true to yourselves. You know that many of you need it. When I ask you if you want to insure the machine, you said yes. Then why don't you insure yourselves? I think you are worth far more than that machine.
Cheers! Have a great day.
Labels:
Insurance Talk
Types of insurance plans
As you know, there are many insurance plans out there in the market. Sometimes, it make people confuse. Here I will explain to you in brief many of the insurance plans that you need to know. I will not explain all, because there are too many. So we will just stick with the core plans that you should know and may consider. There are only 5 plans that I think are important.
Remember! Even if the type of insurance plan is the same, each company have their own definitions and their own terms and conditions. So even if you are looking at the same insurance plan, the way the plan work and the way you can claim will be different for each insurance company.
So let's start.
1. Life insurance.
This insurance mainly will be divided into 2 categories, which are TERM plans and WHOLE life plans.
-Term plans are insurance that provide protections with NO cash value. This will be the cheapest life insurance that you can get in the market. You have to pay the premium as long as you want to get covered.
-Whole life plans are insurance that provide protections and at the same time giving you cash value (savings), so that you can accumulate for the long term. Which means, in the future if you think that you don't need the coverage anymore, you can surrender the plan and get the cash value that have been accumulated. The premium for whole life plan are more expensive than term plan. But now there are many whole life plans which you can choose the premium terms, example you can choose to pay just 10 years and cover for whole life.
Life insurance mainly will cover: death, terminal illness, major critical illnesses and total permanent disability.
2. Health insurance.
This insurance will take care mainly your medical expenses if you are sick. There are a lot of health insurance in the market and they varies a lot in terms of benefits and premiums.
The most basic health insurance is the plan where it covers you when you are hospitalised (to me, this is most important because when you are hospitalised, it can cost you a big hole in your pocket). But there are health insurance which are very comprehensive where it even covers outpatient benefit, e.g. to see a GP or a specialists (you don't need to be hospitalised to claim), covers pregnancy, covers dental/optical, annual check up, etc.
This insurance is payable as long as you want to be covered. There are no cash value.
3. Accident insurance.
This insurance is like a combination of health and life insurance, BUT you can only claim if it is due to accident. This plan is good to complement your life and health insurance, because this plan will boost your overall coverage and the premium is very affordable and remain the same throughout your life, unlike life and health insurance whereby the premium increases as you get older.
So accident insurance mainly will cover death, total permanent disability and also give medical reimbursement.
This plan is also popular to those people whose health is not good anymore and they cannot buy life and health insurance. But since this is an accident plan, they still can buy and at least have some coverage.
This insurance is payable as long as you want to be covered. There are no cash value.
4. Comprehensive critical illness insurance.
This insurance will give you a lump sum payout in case you are diagnosed with one of the critical illness listed. Usually the plan will cover about 30 or more critical illnesses. The most common critical illnesses are cancer, stroke and heart attack.
Now, maybe you are a bit confused. Because if you have been reading carefully, a life insurance plan can also cover critical illness. So why should I get this plan?
It is because in life insurance plan, the critical illness coverage only pays when the insured is diagnosed with major stages of the illness. For example, cancer stage 3 or 4.
But in this comprehensive critical illness insurance, it will cover every stage. So for example, it will even pay for cancer stage 1.
This insurance is payable as long as you want to be covered. There are no cash value.
5. Disability income insurance.
This insurance will give you a monthly payout, usually up to 75% of your monthly income, if you cannot work due to disability or illness. Monthly payout will be payable until you are age 65, which is the retirement age.
I believe your income is important and if it is important, I believe it is worth protecting. This plan will ensure that you can meet your monthly expenses even if you cannot work.
A lump sum cash from your life insurance is a good payout if you are disabled. But many people tend to underestimate their worth when they buy life insurance. For example, people in their 30s who are earning $4500 a month usually only have life insurance maybe $500,000. They think it is already a lot coverage. But if you calculate it, by the time you are 65 years old, you will accumulate about $4 million. So there is a gap of $3.5 million there that you would have earn if you can work.
So this plan will definitely complement your life insurance as the monthly payout will make sure that you get your true net worth.
This insurance is payable as long as you want to be covered. There are no cash value.
So there you are, the top 5 insurance plans that everyone should know about and consider in their insurance planning. I can guarantee you that the above plans will help you in your financial planning.
Again, remember! Even if the type of insurance plan is the same, each company have their own definitions and their own terms and conditions. So even if you are looking at the same insurance plan, the way the plan work and the way you can claim will be different for each insurance company.
Read and understand the above 5 plans. See what you have and see if you have any gaps in your planning. Because all the 5 plans really complement and help each other. If you see any gaps, make sure you cover it. You will not want to fall into the gap and suddenly you cannot claim from your existing insurance plans.
Image from: trackmeback.com
Cheers! Have a great day.
Remember! Even if the type of insurance plan is the same, each company have their own definitions and their own terms and conditions. So even if you are looking at the same insurance plan, the way the plan work and the way you can claim will be different for each insurance company.
So let's start.
1. Life insurance.
This insurance mainly will be divided into 2 categories, which are TERM plans and WHOLE life plans.
-Term plans are insurance that provide protections with NO cash value. This will be the cheapest life insurance that you can get in the market. You have to pay the premium as long as you want to get covered.
-Whole life plans are insurance that provide protections and at the same time giving you cash value (savings), so that you can accumulate for the long term. Which means, in the future if you think that you don't need the coverage anymore, you can surrender the plan and get the cash value that have been accumulated. The premium for whole life plan are more expensive than term plan. But now there are many whole life plans which you can choose the premium terms, example you can choose to pay just 10 years and cover for whole life.
Life insurance mainly will cover: death, terminal illness, major critical illnesses and total permanent disability.
2. Health insurance.
This insurance will take care mainly your medical expenses if you are sick. There are a lot of health insurance in the market and they varies a lot in terms of benefits and premiums.
The most basic health insurance is the plan where it covers you when you are hospitalised (to me, this is most important because when you are hospitalised, it can cost you a big hole in your pocket). But there are health insurance which are very comprehensive where it even covers outpatient benefit, e.g. to see a GP or a specialists (you don't need to be hospitalised to claim), covers pregnancy, covers dental/optical, annual check up, etc.
This insurance is payable as long as you want to be covered. There are no cash value.
3. Accident insurance.
This insurance is like a combination of health and life insurance, BUT you can only claim if it is due to accident. This plan is good to complement your life and health insurance, because this plan will boost your overall coverage and the premium is very affordable and remain the same throughout your life, unlike life and health insurance whereby the premium increases as you get older.
So accident insurance mainly will cover death, total permanent disability and also give medical reimbursement.
This plan is also popular to those people whose health is not good anymore and they cannot buy life and health insurance. But since this is an accident plan, they still can buy and at least have some coverage.
This insurance is payable as long as you want to be covered. There are no cash value.
4. Comprehensive critical illness insurance.
This insurance will give you a lump sum payout in case you are diagnosed with one of the critical illness listed. Usually the plan will cover about 30 or more critical illnesses. The most common critical illnesses are cancer, stroke and heart attack.
Now, maybe you are a bit confused. Because if you have been reading carefully, a life insurance plan can also cover critical illness. So why should I get this plan?
It is because in life insurance plan, the critical illness coverage only pays when the insured is diagnosed with major stages of the illness. For example, cancer stage 3 or 4.
But in this comprehensive critical illness insurance, it will cover every stage. So for example, it will even pay for cancer stage 1.
This insurance is payable as long as you want to be covered. There are no cash value.
5. Disability income insurance.
This insurance will give you a monthly payout, usually up to 75% of your monthly income, if you cannot work due to disability or illness. Monthly payout will be payable until you are age 65, which is the retirement age.
I believe your income is important and if it is important, I believe it is worth protecting. This plan will ensure that you can meet your monthly expenses even if you cannot work.
A lump sum cash from your life insurance is a good payout if you are disabled. But many people tend to underestimate their worth when they buy life insurance. For example, people in their 30s who are earning $4500 a month usually only have life insurance maybe $500,000. They think it is already a lot coverage. But if you calculate it, by the time you are 65 years old, you will accumulate about $4 million. So there is a gap of $3.5 million there that you would have earn if you can work.
So this plan will definitely complement your life insurance as the monthly payout will make sure that you get your true net worth.
This insurance is payable as long as you want to be covered. There are no cash value.
So there you are, the top 5 insurance plans that everyone should know about and consider in their insurance planning. I can guarantee you that the above plans will help you in your financial planning.
Again, remember! Even if the type of insurance plan is the same, each company have their own definitions and their own terms and conditions. So even if you are looking at the same insurance plan, the way the plan work and the way you can claim will be different for each insurance company.
Read and understand the above 5 plans. See what you have and see if you have any gaps in your planning. Because all the 5 plans really complement and help each other. If you see any gaps, make sure you cover it. You will not want to fall into the gap and suddenly you cannot claim from your existing insurance plans.
Cheers! Have a great day.
Labels:
Insurance Talk
The consequences
Hi everyone, it's been about 2 weeks from my last post. I have been busy. But I'm happy that I managed to help more people do their insurance planning and they are now in a better financial situation and most importantly, they have peace of mind.
I felt very grateful that I met people who really do love and care for their families. Not like some people who just talk but never plan. These people that I met, they DO IT, they PLAN, they don't just talk. They show their love to their families through action.
In life, things can happen unexpectedly. A lot of things is out of your control. An illness can strike anyone, whether you are healthy or not, young or old. An accident as well, it can strike anyone. If you don't believe me, just open the newspaper. Everyday I guarantee you will see news that you won't expect. For example, people walking on the pedestrian got hit by a car that is out of control, passenger in a taxi on the way to her home suddenly got hit by a Ferrari and died, a man died during soccer match, a young male athlete died after a marathon and so on and on and on.
That is why, never take your life for granted. By the grace of God, you are still here now in this world, alive.
My motto in life is "Always dream, expect and strive for the best BUT always prepare for the worst."
I can tell you that if people never prepare for the worst, the world is doomed.
Examples:
- People said they will never get sick. So we don't need to build hospital and train people to be a doctor. Can you imagine if suddenly you got sick or got accident and there is no hospital or doctor to help you?
- People said their home is safe, there is no robber or murderer. So we don't need police station and policemen. Can you imagine if suddenly you encounter a threat and no policeman to help you?
- People said there will be no fire striking homes or factories. So we don't need fire station and firemen. Can you imagine if your house suddenly got fire and there is no firemen to help you?
To me, people who don't prepare for the worst are just plain foolish and being ignorant.
It is the same for insurance, it's a tool to transfer your risks and prepare for the worst (especially for people who are low to middle income earners).
Can you imagine if you get sick and have no health insurance?
-You may be postponing going to the doctor.
-You may delay the treatment because you don't have enough money.
-Statistics have shown that people with no health insurance will die younger, simply because they cannot afford the treatment that they should get.
-Of course you may sell the house, sell the car, borrow from people, etc to raise money for treatment.
-Then you will become bankrupt.
Can you imagine what happen to your family if you are the breadwinner of the family and you passed away early and you have no life insurance?
-Your spouse will have to find work.
-Continue to pay all the existing debt (such as the house loan, car loan, etc).
-Your kids may have to be taken care by someone else, maybe the grandparents.
-Your spouse will lose the quality time with the kids.
-If your parents are also dependent on you, that means your spouse also have to keep providing for your parents.
Can you imagine if suddenly you cannot work due to disability or illness and you have no disability income insurance?
-You will lose your income.
-Your expenses will go up because you are disabled and you need a care taker to help you get around the house.
-Your spouse will have to find work.
-Your kids will need to be taken care of by the maids maybe.
Just imagine it. Feel it. What will your family think about you if you as the head of the family never plan? You will leave them with a lot of debts, hardships and financial troubles because you are suddenly not around to provide for them.
Be the person that you should be, a responsible person who truly care for your families. I know most of you have some sort of insurance, but come on, a $100k or $200k life insurance policy is not enough. You think that amount of money enough to provide for your family, enough to pay all the existing debt, enough to send your 2 kids to good universities, etc?
You should know that an average person who earn let say just $3500 a month will accumulate at least $3 million by the time he is age 65. That is your real worth! Your financial worth is not $100k or $200k, it's that $3 million! So plan properly!
I tend to ask my client, which one is easier, to pay a premium of let say $2,000 to get a $3 million life insurance or to find $3 million when something unexpected happen to you? To me, it's definitely easier to pay $2,000 now rather than finding $3 million when I or my family need it. What about you? Which one is easier for you at this time?
Many times you will think paying $2,000 is hard, am I right? But if you think that is hard, try imagine how can you get $3 million when you really need it. I can guarantee you that it's damn sure harder than paying $2,000.
Cheers! Have a great day.
I felt very grateful that I met people who really do love and care for their families. Not like some people who just talk but never plan. These people that I met, they DO IT, they PLAN, they don't just talk. They show their love to their families through action.
In life, things can happen unexpectedly. A lot of things is out of your control. An illness can strike anyone, whether you are healthy or not, young or old. An accident as well, it can strike anyone. If you don't believe me, just open the newspaper. Everyday I guarantee you will see news that you won't expect. For example, people walking on the pedestrian got hit by a car that is out of control, passenger in a taxi on the way to her home suddenly got hit by a Ferrari and died, a man died during soccer match, a young male athlete died after a marathon and so on and on and on.
That is why, never take your life for granted. By the grace of God, you are still here now in this world, alive.
My motto in life is "Always dream, expect and strive for the best BUT always prepare for the worst."
I can tell you that if people never prepare for the worst, the world is doomed.
Examples:
- People said they will never get sick. So we don't need to build hospital and train people to be a doctor. Can you imagine if suddenly you got sick or got accident and there is no hospital or doctor to help you?
- People said their home is safe, there is no robber or murderer. So we don't need police station and policemen. Can you imagine if suddenly you encounter a threat and no policeman to help you?
- People said there will be no fire striking homes or factories. So we don't need fire station and firemen. Can you imagine if your house suddenly got fire and there is no firemen to help you?
To me, people who don't prepare for the worst are just plain foolish and being ignorant.
It is the same for insurance, it's a tool to transfer your risks and prepare for the worst (especially for people who are low to middle income earners).
Can you imagine if you get sick and have no health insurance?
-You may be postponing going to the doctor.
-You may delay the treatment because you don't have enough money.
-Statistics have shown that people with no health insurance will die younger, simply because they cannot afford the treatment that they should get.
-Of course you may sell the house, sell the car, borrow from people, etc to raise money for treatment.
-Then you will become bankrupt.
Can you imagine what happen to your family if you are the breadwinner of the family and you passed away early and you have no life insurance?
-Your spouse will have to find work.
-Continue to pay all the existing debt (such as the house loan, car loan, etc).
-Your kids may have to be taken care by someone else, maybe the grandparents.
-Your spouse will lose the quality time with the kids.
-If your parents are also dependent on you, that means your spouse also have to keep providing for your parents.
Can you imagine if suddenly you cannot work due to disability or illness and you have no disability income insurance?
-You will lose your income.
-Your expenses will go up because you are disabled and you need a care taker to help you get around the house.
-Your spouse will have to find work.
-Your kids will need to be taken care of by the maids maybe.
Just imagine it. Feel it. What will your family think about you if you as the head of the family never plan? You will leave them with a lot of debts, hardships and financial troubles because you are suddenly not around to provide for them.
Be the person that you should be, a responsible person who truly care for your families. I know most of you have some sort of insurance, but come on, a $100k or $200k life insurance policy is not enough. You think that amount of money enough to provide for your family, enough to pay all the existing debt, enough to send your 2 kids to good universities, etc?
You should know that an average person who earn let say just $3500 a month will accumulate at least $3 million by the time he is age 65. That is your real worth! Your financial worth is not $100k or $200k, it's that $3 million! So plan properly!
I tend to ask my client, which one is easier, to pay a premium of let say $2,000 to get a $3 million life insurance or to find $3 million when something unexpected happen to you? To me, it's definitely easier to pay $2,000 now rather than finding $3 million when I or my family need it. What about you? Which one is easier for you at this time?
Many times you will think paying $2,000 is hard, am I right? But if you think that is hard, try imagine how can you get $3 million when you really need it. I can guarantee you that it's damn sure harder than paying $2,000.
Cheers! Have a great day.
Labels:
Insurance Talk
Win if I die
That is one of the objections why people don't buy LIFE insurance. They said that "I only win if I die, because when I die then the policy will pay out the money."
That's funny to me. Are you saying that you are not going to die? We all going to die, sooner or later.
Whether you have life insurance or not, we are going to die. But if you have life insurance, you know that your loved ones will be provided for. You know with insurance that you instantly prepared enough amount of money so that they can continue living.
It does not matter how much you have in the bank as of now, maybe you don't have much because you just started working. But insurance will immediately give your loved ones the pay out that they need if something happens to you.
More over, there are a lot of insurance plans now that comes with cash value, just like savings. So that when you die, there will be a payout. But if you still living, you can choose to surrender the plan and enjoy the cash value that have been accumulated over the years.
Life insurance payout is a matter of "when", not "if". You cannot say "if" I die, because it's just a matter of "when" we die.
Besides, if you are blessed with a long life until you are old age, are you going to complain that you haven't got the chance to use your life insurance yet? I hope not. I hope you be grateful.
To me, life insurance is a win-win tool to help people to be in a better financial position and to have a peace of mind.
Cheers! Have a great day.
That's funny to me. Are you saying that you are not going to die? We all going to die, sooner or later.
Whether you have life insurance or not, we are going to die. But if you have life insurance, you know that your loved ones will be provided for. You know with insurance that you instantly prepared enough amount of money so that they can continue living.
It does not matter how much you have in the bank as of now, maybe you don't have much because you just started working. But insurance will immediately give your loved ones the pay out that they need if something happens to you.
More over, there are a lot of insurance plans now that comes with cash value, just like savings. So that when you die, there will be a payout. But if you still living, you can choose to surrender the plan and enjoy the cash value that have been accumulated over the years.
Life insurance payout is a matter of "when", not "if". You cannot say "if" I die, because it's just a matter of "when" we die.
Besides, if you are blessed with a long life until you are old age, are you going to complain that you haven't got the chance to use your life insurance yet? I hope not. I hope you be grateful.
To me, life insurance is a win-win tool to help people to be in a better financial position and to have a peace of mind.
Cheers! Have a great day.
Labels:
Education
Funding your child's education
I just read this article in Sunday Times recently. It talked about the different ways of savings toward our children's education fund. I think this is a very important subject. Because many people do not seriously plan for their children, they think it still a very long time until their kids enter university.
Education is expensive! It's true. Even now, it's expensive already. Many students have to take up a student loan because the parents are not able to pay for the university's tuition fee.
If you are a parent your self, I'm sure you want to be able to give your kids the best education right?
If you can, you do not want to burden your kids with debt for their study right?
Then start planning now! Give the best future for your kids if you really love them.
20 years from now, just a local university education which is non-medical course will be about $60,000. If you have 3 kids, you would have to save at least $180,000. I think that is not a small amount of money for many people.
Let me share some quotes from the article which I believe are very important
1. "The key is to plan early and start saving as soon as the child is born".
2. "...when parents start saving earlier, the outlay can be smaller".
3."...with a longer time horizon, there are wider choices of funding vehicles to consider".
As for some of the key instruments for savings are:
1. Fixed deposits in the bank.
2. Endowment plans.
3. Investments : whether it's shares, unit trusts or investment link plan.
Take note that there are pros and cons for each instrument.
E.g. Deposits have limited return due to very low interest rate. Endowment has better return but there are penalty if you surrender before the maturity period. Investments have much more potential for superior return but can fluctuate greatly due to market volatility.
So go and discuss with your financial planner and see what's best for you.
Taken from Sunday Times
Remember this, the longer you wait to save, the less time you will have to save toward your child's education fund and the more money you have to put in. In other words, do not wait! It will be much harder on you and you are risking your child's education.
Cheers! Have a great day.
Education is expensive! It's true. Even now, it's expensive already. Many students have to take up a student loan because the parents are not able to pay for the university's tuition fee.
If you are a parent your self, I'm sure you want to be able to give your kids the best education right?
If you can, you do not want to burden your kids with debt for their study right?
Then start planning now! Give the best future for your kids if you really love them.
20 years from now, just a local university education which is non-medical course will be about $60,000. If you have 3 kids, you would have to save at least $180,000. I think that is not a small amount of money for many people.
Let me share some quotes from the article which I believe are very important
1. "The key is to plan early and start saving as soon as the child is born".
2. "...when parents start saving earlier, the outlay can be smaller".
3."...with a longer time horizon, there are wider choices of funding vehicles to consider".
As for some of the key instruments for savings are:
1. Fixed deposits in the bank.
2. Endowment plans.
3. Investments : whether it's shares, unit trusts or investment link plan.
Take note that there are pros and cons for each instrument.
E.g. Deposits have limited return due to very low interest rate. Endowment has better return but there are penalty if you surrender before the maturity period. Investments have much more potential for superior return but can fluctuate greatly due to market volatility.
So go and discuss with your financial planner and see what's best for you.
Remember this, the longer you wait to save, the less time you will have to save toward your child's education fund and the more money you have to put in. In other words, do not wait! It will be much harder on you and you are risking your child's education.
Cheers! Have a great day.
Labels:
Insurance Talk
Ironic
When people are young and healthy, many do not want to try understand about insurance and they try to be ignorant. Those who understand do not want to buy because they think it is a waste of money. Many of them think that they do not need it since they feel that they are somewhat invincible. So when we try to advise and help them, they scold us.
On the other hand, many people want to get insurance but they cannot because they are not young anymore and they are not that healthy anymore. Ironically, these people are those people who are when they are young, they do not believe in insurance and they hate insurance agent for trying to advise them.
So we got people who are healthy BUT do not want to buy insurance.
Then we got people who are not healthy anymore BUT desperately want to buy insurance.
When we want to help, you refuse our help.
But now that it is too late and you cannot be help already, you ask for our help.
That is why I keep reminding people, insurance is just like a life boat. You get it when you don't need it. You buy your life boat before the ship goes out to the sea. So that when you are in the middle of the ocean and your ship start to sink, the life boat can instantly help you.
Many of you knows the importance of the life boat, but do not want to buy because you think the ship is unsinkable. But sorry to say, a ship can sink and that is a fact.
If you want to buy the life boat only when your ship is starting to sink, I know for sure that you cannot get it because you cannot buy a boat in the middle of the ocean. So you will just have to wait to drown yourself.
It's the same with insurance. Go and get it before you need it. Because when you need it, you may not be able to get it anymore.
If you understand this simple common sense, you know what to do.
God bless.
Cheers! Have a great day.
On the other hand, many people want to get insurance but they cannot because they are not young anymore and they are not that healthy anymore. Ironically, these people are those people who are when they are young, they do not believe in insurance and they hate insurance agent for trying to advise them.
So we got people who are healthy BUT do not want to buy insurance.
Then we got people who are not healthy anymore BUT desperately want to buy insurance.
When we want to help, you refuse our help.
But now that it is too late and you cannot be help already, you ask for our help.
That is why I keep reminding people, insurance is just like a life boat. You get it when you don't need it. You buy your life boat before the ship goes out to the sea. So that when you are in the middle of the ocean and your ship start to sink, the life boat can instantly help you.
Many of you knows the importance of the life boat, but do not want to buy because you think the ship is unsinkable. But sorry to say, a ship can sink and that is a fact.
If you want to buy the life boat only when your ship is starting to sink, I know for sure that you cannot get it because you cannot buy a boat in the middle of the ocean. So you will just have to wait to drown yourself.
It's the same with insurance. Go and get it before you need it. Because when you need it, you may not be able to get it anymore.
If you understand this simple common sense, you know what to do.
God bless.
Cheers! Have a great day.
Labels:
Insurance Talk
Who needs it?
Many people are resistant to insurance planning. Many people think it's evil. Many people think if they buy insurance, they will lose money and some even think if they buy, bad things will start to happen to them.
Of course those of you who are smart knows that all the above statements are FALSE. Insurance is always about facts and figures. Whether you buy insurance or not, bad things still can happen. Insurance is not created because of fear, but it is created because many people need it and it is based on the facts of life.
In life people can get sick, get critically ill, get disability and die. Unfortunately when one of these happens, many people are in financial trouble, thus insurance are born so that people can have financial safety net. People will be in a better financial situation if they do a proper insurance planning.
So who do you think needs insurance? Let's take a look at the checklist below.
1. If you have debts and liabilities, such as home loan, student loan, car loan, credit card debt, etc.
2. If you are dependant on your income, which means you need your salary to survive and pay your expenses.
3. If you have dependants such as your spouse and children and even parents who rely on you, which means if you are not around or unable to work, they will be in a financial distress.
4. If you do not have sufficient savings, which means an illness or disability can get you bankrupt in no time.
Just take a look at the 4 simple questions above. Ask your self. Really ask your self and answer it truthfully. If you are in 1 of those categories, that means you definitely need insurance. If you don't get the insurance now, you may be screwed if something unexpected happens. It's a fact.
If you are the lucky few who are not in any of the categories above, congratulations! That means you have no debt whatsoever, you are not dependant on your income, your dependants are not relying on you and you already have sufficient savings. You may not need insurance! Yup, you may not need it. But I still can tell you that you can even be better off if you have insurance.
Take me for example. I got sufficient savings if I got sick and need to be hospitalised. But it doesn't mean that I want my money to reduce if I get sick. I rather have my health insurance to pay for all my bills. This way, I still retain all my savings and I just need to pay my small insurance premium.
So take control of your finances now, be better in managing it. Build your savings, grow your investment and transfer your risks. Then you will be on your way to financial freedom.
Cheers! Have a great day.
Labels:
Insurance Talk
Why pay more?
Insurance is about transfering your risks. You will only need to pay a small premium to get a relatively huge coverage. Then we will take your financial burden if something unexpected happens.
For example, a 25 years old in Singapore only need to pay about $350 a year to get a $500,000 medical coverage. No matter what, you will never pay premiums more than the coverage. Even as you get older and your premium increases, you will still pay less than the coverage that you get.
To me, that is a good damn bargain! Where in the world can I get $500,000 for $350?
To those who hate insurance, try saving $350 a year and see how long can you save till you accumulate $500,000. That's about 1428 years to save, considering the bank only gives 0.125% interest per year.
So why do you want to save that money your self and take on the risks? Why do you want to pay more when something happens? Isn't that considered foolish?
Take advantage of insurance to make your finances better. Why pay more when you can pay a little and we take on your risk and we cover you at all times?
You never know when you will get sick, no one knows. If you do know, please let me know, I want to ask you to predict the future of everyone.
With insurance, just $350 will give you $500,000 from the first day onward. If you save that money yourself, $350 will still stay at $350 on the first day.
Of course, if you still wish to accumulate $500,000 by saving your self, just remember that it will take 1428 years! Enjoy the journey.
I am happy because I know my money works hard for me. I got peace of mind knowing that I got $500,000 protection.
Are you happy seeing that $350 in the bank? Do you have peace of mind knowing that you only have $350 in the bank? I'm very sure you can imagine what is going to happen to your finances if something unexpected happens.
Cheers! Have a great day.
For example, a 25 years old in Singapore only need to pay about $350 a year to get a $500,000 medical coverage. No matter what, you will never pay premiums more than the coverage. Even as you get older and your premium increases, you will still pay less than the coverage that you get.
To me, that is a good damn bargain! Where in the world can I get $500,000 for $350?
To those who hate insurance, try saving $350 a year and see how long can you save till you accumulate $500,000. That's about 1428 years to save, considering the bank only gives 0.125% interest per year.
So why do you want to save that money your self and take on the risks? Why do you want to pay more when something happens? Isn't that considered foolish?
Take advantage of insurance to make your finances better. Why pay more when you can pay a little and we take on your risk and we cover you at all times?
You never know when you will get sick, no one knows. If you do know, please let me know, I want to ask you to predict the future of everyone.
With insurance, just $350 will give you $500,000 from the first day onward. If you save that money yourself, $350 will still stay at $350 on the first day.
Of course, if you still wish to accumulate $500,000 by saving your self, just remember that it will take 1428 years! Enjoy the journey.
I am happy because I know my money works hard for me. I got peace of mind knowing that I got $500,000 protection.
Are you happy seeing that $350 in the bank? Do you have peace of mind knowing that you only have $350 in the bank? I'm very sure you can imagine what is going to happen to your finances if something unexpected happens.
Cheers! Have a great day.
Labels:
Disability
Useless
Yup. Useless. What is the point of working so hard and earning an income but not protecting it? It's useless in my opinion.
Most of my clients and prospects are working adults, ranging from late 20s to 50s. Most of them are working. They are working to earn a good income and hopefully they can save and grow their money. They have good intentions. But many are forgetting about protecting their income.
You should know by now that your ability to earn an income is your biggest asset. But many of you think that maybe $300,000 or $500,000 is a good and big enough coverage. You are dead wrong!!
Do you know a worker in his 30s who earns $4,500 a month, with let say a pay rise of 5% a year, will earn about $4 million when he reach retirement age of 65? I'm not even counting bonuses and job promotions.
Now my question to you, if you are in your 30s, do you have $4 million cash in your bank account now? Maybe most of you don't. It is because that $4 million is your future worth that is unrealised yet. You will reach there assuming nothing unexpected happens. But can you guarantee 100% for the next 35 years you will not get sick or accident, etc?
Imagine if you are struck by illness or disability and you cannot work, that means you lose the opportunity to earn that $4 million. Now you are left with whatever you have in the bank and you have to continue living with what you have. It's not a fun situation I believe.
This is why a disability income benefit plan is created. The insurance company will pay you maybe up to 75% of your monthly income if you cannot work due to illness and disability. With this plan, you can rest assure that you don't have to worry about your family and the monthly expenses, because this plan will be your substitute income earner. You will be able to achieve your future worth, no matter what happen.
Cheers! Have a great day.
Most of my clients and prospects are working adults, ranging from late 20s to 50s. Most of them are working. They are working to earn a good income and hopefully they can save and grow their money. They have good intentions. But many are forgetting about protecting their income.
You should know by now that your ability to earn an income is your biggest asset. But many of you think that maybe $300,000 or $500,000 is a good and big enough coverage. You are dead wrong!!
Do you know a worker in his 30s who earns $4,500 a month, with let say a pay rise of 5% a year, will earn about $4 million when he reach retirement age of 65? I'm not even counting bonuses and job promotions.
Now my question to you, if you are in your 30s, do you have $4 million cash in your bank account now? Maybe most of you don't. It is because that $4 million is your future worth that is unrealised yet. You will reach there assuming nothing unexpected happens. But can you guarantee 100% for the next 35 years you will not get sick or accident, etc?
Imagine if you are struck by illness or disability and you cannot work, that means you lose the opportunity to earn that $4 million. Now you are left with whatever you have in the bank and you have to continue living with what you have. It's not a fun situation I believe.
This is why a disability income benefit plan is created. The insurance company will pay you maybe up to 75% of your monthly income if you cannot work due to illness and disability. With this plan, you can rest assure that you don't have to worry about your family and the monthly expenses, because this plan will be your substitute income earner. You will be able to achieve your future worth, no matter what happen.
telegraph.co.uk
Cheers! Have a great day.
Labels:
Critical Illness,
Insurance Talk
The "Cake boss"
Do you know who is the "Cake boss" ?
I'm sure many of you knows. If you don't know, go watch TV or YouTube, you will find him.
He is Buddy Valastro!
I love his shows, it's entertaining, creative and fun. He always look very happy in the show, but I never thought that his dad died because of lung cancer when he was young and he went through so much hardship to get by in life.
Now that he is the Life insurance awareness spokesperson for year 2012, I just learned about his life.
Have a look at the video.
Embedding is actually disabled. Just click the video and watch on YouTube. Thank you.
I think he is a great guy. He learned from the past and do the right thing now for his family. He knows that protecting his family is very important and he do not want to give financial burden to his family if something happens to him.
Many people know what they should do. Many people have seen how devastating it can be if a breadwinner in the family passed away unexpectedly. Many people know the mistakes that other people have done. But until now, they keep repeating the mistakes again. They do not want to plan and they are just hoping that something bad will not happen.
Hoping will not help your family if you die. But planning does help.
Do not take tomorrow for granted, as it may never come. You do not know what will happen next. Illness and accident can happen to anyone.
Life insurance is not bought because "you want to die", but it is bought because your loved ones need to continue living. Living with dignity and pride, because you planned ahead and provide for them.
Cheers! Have a great day.
I'm sure many of you knows. If you don't know, go watch TV or YouTube, you will find him.
He is Buddy Valastro!
I love his shows, it's entertaining, creative and fun. He always look very happy in the show, but I never thought that his dad died because of lung cancer when he was young and he went through so much hardship to get by in life.
Now that he is the Life insurance awareness spokesperson for year 2012, I just learned about his life.
Have a look at the video.
Embedding is actually disabled. Just click the video and watch on YouTube. Thank you.
I think he is a great guy. He learned from the past and do the right thing now for his family. He knows that protecting his family is very important and he do not want to give financial burden to his family if something happens to him.
Many people know what they should do. Many people have seen how devastating it can be if a breadwinner in the family passed away unexpectedly. Many people know the mistakes that other people have done. But until now, they keep repeating the mistakes again. They do not want to plan and they are just hoping that something bad will not happen.
Hoping will not help your family if you die. But planning does help.
Do not take tomorrow for granted, as it may never come. You do not know what will happen next. Illness and accident can happen to anyone.
Life insurance is not bought because "you want to die", but it is bought because your loved ones need to continue living. Living with dignity and pride, because you planned ahead and provide for them.
Cheers! Have a great day.
Labels:
Disability,
Insurance Talk
1 second
Yes 1 second can really change your life. Just like what happened to this family. An accident in an instant changed their life forever.
http://www.lifehappens.org/portfolio/nicolas-virgen-still-watching-over-them/
"Nicolas, a self-employed painter, had life insurance for himself but was reluctant to buy a policy for his stay-at-home wife, Teresa. But his insurance agent was persuasive and convinced him to cover her too. When a terrible car accident killed Teresa and left Nicolas badly injured, the money from her policy is what paid the bills and kept the family in their home until Nicolas could return to work." Taken from youtube.
Every husband and wife according to my opinion have to be insured. It does not matter if the wife is a stay at home mom or not. It does not matter if she is working or not. She is valuable! She have to be insured.
After you see the video, you will understand how a stay at home wife need an insurance as well. It is because Teresa had an insurance, her husband can recuperate from his injury without worrying about the bills. The kids are able to continue their school and they are able to keep their home. She continue to keep watch over them even when she is no longer around.
Cheers! Have a great day.
http://www.lifehappens.org/portfolio/nicolas-virgen-still-watching-over-them/
"Nicolas, a self-employed painter, had life insurance for himself but was reluctant to buy a policy for his stay-at-home wife, Teresa. But his insurance agent was persuasive and convinced him to cover her too. When a terrible car accident killed Teresa and left Nicolas badly injured, the money from her policy is what paid the bills and kept the family in their home until Nicolas could return to work." Taken from youtube.
Every husband and wife according to my opinion have to be insured. It does not matter if the wife is a stay at home mom or not. It does not matter if she is working or not. She is valuable! She have to be insured.
After you see the video, you will understand how a stay at home wife need an insurance as well. It is because Teresa had an insurance, her husband can recuperate from his injury without worrying about the bills. The kids are able to continue their school and they are able to keep their home. She continue to keep watch over them even when she is no longer around.
Cheers! Have a great day.
Labels:
Insurance Talk
Financial Fitness
I just read this article today and I found it very simple to understand and digest. So to those who want to do something for their financial situation, try read the article. This is mainly about how people in their 30s can improve their finances and how to start planning.
Let me share the key points of the article:
1. Get rid of existing debts, such as student loans, credit lines or credit card debts.
2. Start diversifying, maybe do some retirement planning or investing.
3. Find a financial adviser to help you plan and set up your portfolio.
4. Have at least 6 months of income as emergency funds.
5. Get an insurance, whether it's life, disability, mortgage, accident, critical illness or health. It's because when you just started off building your portfolio, any unexpected or unfortunate event can derail your plans.
I truly agree with all the points. We have to start somewhere and do something. We can't just let our money sit in the bank and earn tiny bit of interest while that value of money is also eroded by sky high inflation.
We need to diversify and try to invest somewhere so that we potentially can earn better return and beat inflation. At the same time, it is a must to buy insurance to protect the money that you are building up.
I'm quite amazed by my experienced that I saw a lot of people that do not have insurance while they try to save money. To me, that is foolishness. Why do you try to save so hard but risking it to be wipe out by just 1 single unfortunate event (e.g. You fall sick and have to be hospitalized) ?
I believe if you follow what the article said, you will have a good start.
Cheers! Have a great day.
Labels:
Insurance Talk
A life lived fully but wisely
Nothing inspired you more than a great story isn't it.
It makes you fresh and hopefully give you more wisdom and courage as well.
Take a look at this video:
http://www.lifehappens.org/portfolio/melissa-knoll-a-life-lived-fully-but-wisely/
No one want unfortunate events to happen in their life, but sometimes it just happens and you can't say no to it. You will just have to face it.
To be sick, to die prematurely, to be disabled, to be critically ill, etc, are never part of anyone's life plans.
Melissa in the video knows that very well. Her husband illness and death is never part of the plan. She and her kids need him. As a husband, as a father, as a provider.
But it just happened, out of nowhere. Fortunately, Greg is a great man. He planned properly and adequately because he loves his family.
Even though he got coverage from his company, he still add more insurance because he knows it won't be enough if something happens to him. He just want to make sure that he provide the best for his family.
It is because he planned, the family are able to:
1. Paid off debts that were accumulated when Greg was ill.
2. Paid off the mortgage, which means she and her kids do not have to sell the house.
3. Set up college funds for their 2 daughters.
4. Have an income replacement and lead a stable life.
Can you imagine if Greg never plan? What will happen to his family?
Can they survive? Yes of course they can survive. That is the basic essence of a human being. But they will survive with lots of hardships, especially financial burden. They will have to sell the house, she will have to find job, she will have to find someone to take care her 2 daughters, she may have to beg from relatives or friends for money, go back to her parents place and use their retirement money, etc.
It's definitely not something that I want my family to go through. What about you?
Cheers! Have a great day.
It makes you fresh and hopefully give you more wisdom and courage as well.
Take a look at this video:
http://www.lifehappens.org/portfolio/melissa-knoll-a-life-lived-fully-but-wisely/
No one want unfortunate events to happen in their life, but sometimes it just happens and you can't say no to it. You will just have to face it.
To be sick, to die prematurely, to be disabled, to be critically ill, etc, are never part of anyone's life plans.
Melissa in the video knows that very well. Her husband illness and death is never part of the plan. She and her kids need him. As a husband, as a father, as a provider.
But it just happened, out of nowhere. Fortunately, Greg is a great man. He planned properly and adequately because he loves his family.
Even though he got coverage from his company, he still add more insurance because he knows it won't be enough if something happens to him. He just want to make sure that he provide the best for his family.
It is because he planned, the family are able to:
1. Paid off debts that were accumulated when Greg was ill.
2. Paid off the mortgage, which means she and her kids do not have to sell the house.
3. Set up college funds for their 2 daughters.
4. Have an income replacement and lead a stable life.
Can you imagine if Greg never plan? What will happen to his family?
Can they survive? Yes of course they can survive. That is the basic essence of a human being. But they will survive with lots of hardships, especially financial burden. They will have to sell the house, she will have to find job, she will have to find someone to take care her 2 daughters, she may have to beg from relatives or friends for money, go back to her parents place and use their retirement money, etc.
It's definitely not something that I want my family to go through. What about you?
Cheers! Have a great day.
Labels:
Insurance Talk
Great husband and father
http://www.lifehappens.org/portfolio/connie-hobson-insurance-preserves-a-familys-way-of-life/
Please have a look at the video above.
What do you think? Does it make sense to you?
To me, that is the miracle of life insurance. The family's well being and their way of life is preserved because that great man (as a husband and a father) have done an insurance planning properly.
When he could not work, he got disability benefit that helped the family to cover their monthly expenses. Then when he passed away, the life insurance benefit helped the family to continue their life as usual. The wife and kids do not have to worry about the mortgage, expenses, etc. He even turned the death benefits into an income stream so that his family can have continuous income, they can even go for holiday occasionally.
This man is a great man, he truly loves his family and he loves them as long as they live, not only as long as he live.
I wonder how many people are like him. Most people I met said they love their family, but they do not have the commitment to follow through. It's only from the lips but no actions.
Cheers! Have a great day.
Labels:
Disability,
Medical
Melbourne crash victims
Financial difficulties. No one in this world ever want financial difficulties. But it's funny that many people do not want to plan for the unexpected, because they think it will never happen to them. But take a look at the recent accident of a family from Singapore while they are on holiday in Melbourne.
It is very devastating, I think almost everyone were hospitalised, some with major injuries and some with minor injuries. Furthermore, 1 child died because of the accident. Now there is still 1 more child in the hospital while the rest of the family members need regular check up to the hospitals. They need to be in Melbourne for another 3 months before they are fit for travel.
They are now facing financial difficulties because they need about S$6,500 per month for all the expenses and they will need it for the next 3 months at least. For now, the Muslim community have been providing packed meals for them. Then an informal group on facebook have raised A$1,300. But it is far from enough.
Luckily, the insurance company is now in the process to help the family. So I guess the family had bought some insurance before, which I'm really really glad. That means somewhere out there, there is a good adviser who have done their job. Well done in protecting this family!
In this scenario, a travel insurance is very useful. It will cover all your medical expenses and even giving you hospital income (e.g. $200 for each day you are hospitalised) which can be use to cover the other expenses such as food and accomodation. It is also useful because travel insurance cover medical evacuation, repatriation and even death and disability.
Other insurance which can be useful in this scenario is disability cover. Which means if you are unable to work, we will give you replacement income. Even if its partial disability, you still can enjoy the pay out and you won't have to worry about your expenses.
So let me end this post with a quote from the article, "The parents are extremely distressed. They've had to deal with loss of a child. Money problems don't help at all."
Insurance will not replace your loved ones. Let me say that again, insurance will not replace your loved ones. But I can guarantee you that insurance will help you in times of need, so that you will have less things to worry about. You will not have to worry about the burden of financial difficulties!
Cheers! Have a great day.
Labels:
Critical Illness
In sickness and in health
Taken from Sunday Times
I'm sure that many people know the above title, especially those who are already married. In my vow, I said that I will love my wife and take care of her in sickness and in health. That is a part of the vow and a very important one. So that is what the article above will tell you, how couple take care their spouse and still loving him/her no matter what. You will know what are their struggles and triumphs as being a care giver for their spouse.
I will just share with you some of the quotes that I felt are very important:
1. "...when one falls ill, it is inevitable that the spouse is the first line of support."
2. "Whatever the gender, there are big lifestyle changes when one partner falls critically or chronically ill. Often, too, there is emotional fallout."
3. "You are grieving but you can't let that part show when the other party is sick and down. If both spouses are down, that's it."
4. "Hefty medical bills add to the stress and often, there are complications to illnesses which can range from stroke to heart attack to chronic ailments such as diabetes".
5. "...gave estimates ranging from $60,000 for Mr Wong's treatments and day care services, to $800,000 for private oncology treatments for Mrs Chan."
1 couple even told their story how they upgraded their house from a 3 room flat, to a maisonette and to a private apartment during their 40 years marriage. Then they are forced to sell the apartment and their car to pay the medical bills.
I was so emotional reading this kind of story. Real story, real people and real love.
I know for sure that people will survive, no matter what kind of storms coming to their life. But to me, if we can mitigate the financial risks of being critically ill, why don't we do it now?
At least it will take away the burden of the monetary issue. You will be able to focus and take care your spouse better. You will not have to worry about selling your house, selling your car, paying your daily bills and expenses, etc.
If you love your spouse, why don't you give the best? Is your vow an empty vow?
Plan now and don't keep waiting. No one knows who will get sick next.
Cheers! Have a great day.
Labels:
Critical Illness
Cancer can "kill" you financially
Apart from hospital insurance which cover your medical bills during your hospital stay and maybe cover some outpatient treatments, critical illness insurance now is also very important.
Why?
1. Drugs are expensive.
In a basic hospital plan, chemotherapy or radiotherapy are usually covered. But not the drugs and injections that have to be taken regularly. These drugs and injections are expensive! Furthermore, many drugs even though they are effective, they are still in experimental stage or in clinical trial. Which means even if you have a comprehensive medical plan, it will not be covered. You will have to bear the cost yourself. The monthly medical cost for cancer patient is about $5,000 a month, just for the drugs and injections. These drugs can usually extend your life by at least 10 years, meaning you will need $600,000 over 10 years.
http://www.healthxchange.com.sg/News/Pages/Discoveries-in-cancer-by-Scientists.aspx
2. Survival rates of cancer patients are increasing but they may have to stop working.
You need money to sustain your living. You can keep paying the medical cost and your living cost provided that you can continue to work as usual. Of course I'm assuming here if your salary is enough to cover the drug cost and living cost. If your salary is not even enough, you are starting to eat your savings already.
Most of the time, if you are diagnosed with critical illness like cancer, you may have to stop working. Because you need to cut the stress and you need your body to recuperate. Of course you can use your savings to live, but how long will it last? Your mind and body is surviving, but what about your finances? Will your money survive if you are still going to live for a long time to come?
http://www.healthxchange.com.sg/News/Pages/Women-Have-Better-Cancer-Survival-Rate-Than-Men.aspx
Here is an example of a cancer patient who still work but have to cut down the working hours and took a pay cut. Now he only work 3 days a week to cope with his cancer. You just can't abuse the body anymore by working endlessly if you are critically ill. You will have to change your lifestyle and this affect your finances!
http://www.healthxchange.com.sg/News/Pages/He-Stopped-Working-12-hour-Days-to-Cope-With-Cancer.aspx
Just for the 2 above reasons, you should understand that critical illness insurance is important. It is because critical illness insurance will pay a lump sum amount to you, if you are diagnosed with a critical illness such as cancer.
So if you have a $1 million critical illness coverage, we will give you $1 million cash if you are diagnosed with critical illness. Then you can use this money to pay all the drugs, injections even alternative treatments all over the world so you can get better. You also can use the money to cover your daily expenses without worrying about working to get the income.
With critical illness plan, you are in the best position to fight cancer!
Cheers! Have a great day.
Why?
1. Drugs are expensive.
In a basic hospital plan, chemotherapy or radiotherapy are usually covered. But not the drugs and injections that have to be taken regularly. These drugs and injections are expensive! Furthermore, many drugs even though they are effective, they are still in experimental stage or in clinical trial. Which means even if you have a comprehensive medical plan, it will not be covered. You will have to bear the cost yourself. The monthly medical cost for cancer patient is about $5,000 a month, just for the drugs and injections. These drugs can usually extend your life by at least 10 years, meaning you will need $600,000 over 10 years.
2. Survival rates of cancer patients are increasing but they may have to stop working.
You need money to sustain your living. You can keep paying the medical cost and your living cost provided that you can continue to work as usual. Of course I'm assuming here if your salary is enough to cover the drug cost and living cost. If your salary is not even enough, you are starting to eat your savings already.
Most of the time, if you are diagnosed with critical illness like cancer, you may have to stop working. Because you need to cut the stress and you need your body to recuperate. Of course you can use your savings to live, but how long will it last? Your mind and body is surviving, but what about your finances? Will your money survive if you are still going to live for a long time to come?
Here is an example of a cancer patient who still work but have to cut down the working hours and took a pay cut. Now he only work 3 days a week to cope with his cancer. You just can't abuse the body anymore by working endlessly if you are critically ill. You will have to change your lifestyle and this affect your finances!
Just for the 2 above reasons, you should understand that critical illness insurance is important. It is because critical illness insurance will pay a lump sum amount to you, if you are diagnosed with a critical illness such as cancer.
So if you have a $1 million critical illness coverage, we will give you $1 million cash if you are diagnosed with critical illness. Then you can use this money to pay all the drugs, injections even alternative treatments all over the world so you can get better. You also can use the money to cover your daily expenses without worrying about working to get the income.
With critical illness plan, you are in the best position to fight cancer!
Cheers! Have a great day.
Labels:
Insurance Talk
You don't have to believe
Really!
You don't have to believe, just to know that certain thing is working.
Just like insurance. You don't have to believe it.
You just need to know that it will take care of you and your family financially if something unexpected or unfortunate were to happen.
Don't argue with me whether you believe or not about insurance and making this the critical factor in your buying decision. Because it is never about that.
The most important point is always "Do you really really love your self and your family?".
Insurance is about love in action. Planning ahead for rainy days so that you and your loved ones will never have to face financial devastation if something that you don't want to happen, happened.
Cheers! Have a great day.
You don't have to believe, just to know that certain thing is working.
Just like insurance. You don't have to believe it.
You just need to know that it will take care of you and your family financially if something unexpected or unfortunate were to happen.
Don't argue with me whether you believe or not about insurance and making this the critical factor in your buying decision. Because it is never about that.
The most important point is always "Do you really really love your self and your family?".
Insurance is about love in action. Planning ahead for rainy days so that you and your loved ones will never have to face financial devastation if something that you don't want to happen, happened.
Cheers! Have a great day.
Labels:
Finance
Dollar cost averaging
Taken from TODAY newspaper.
One of the ways to grow your wealth is by investing. But many people do not really know how to invest. Even people who are used to investing have a dilemma during economic uncertainties.
The article point out 2 things about investor dilemma, which are:
1. When investor are waiting for the best opportunity to enter the market, they may miss out on potential gains when the market turns around and prices start to rise.
2. On the other hand, investors who enter the market in a lump sum risk losses in the short term if prices fall after that. In addition, they may not have enough liquidity to offset their losses.
So the current volatility in the market may provide excellent opportunity to pick up investment at dicounted prices, but it also means that the prices could plunge even more.
Then what should we do?
The article said that the solution may be dollar cost averaging, which involves placing a fixed amount at regular intervals, into a particular investment.
This means the investors will buy more units when prices are low and less when prices are high. This helps to smooth out the investment costs and risks presented by fluctuating prices in the market.
On the whole, this approach can help investors reap the benefits of staying invested while mitigating the risk of market volatility.
Thank you to TODAY for the article.
I in my opinion also agree that dollar cost averaging is a good way to invest.
Cheers! Have a great day.
One of the ways to grow your wealth is by investing. But many people do not really know how to invest. Even people who are used to investing have a dilemma during economic uncertainties.
The article point out 2 things about investor dilemma, which are:
1. When investor are waiting for the best opportunity to enter the market, they may miss out on potential gains when the market turns around and prices start to rise.
2. On the other hand, investors who enter the market in a lump sum risk losses in the short term if prices fall after that. In addition, they may not have enough liquidity to offset their losses.
So the current volatility in the market may provide excellent opportunity to pick up investment at dicounted prices, but it also means that the prices could plunge even more.
Then what should we do?
The article said that the solution may be dollar cost averaging, which involves placing a fixed amount at regular intervals, into a particular investment.
This means the investors will buy more units when prices are low and less when prices are high. This helps to smooth out the investment costs and risks presented by fluctuating prices in the market.
On the whole, this approach can help investors reap the benefits of staying invested while mitigating the risk of market volatility.
Thank you to TODAY for the article.
I in my opinion also agree that dollar cost averaging is a good way to invest.
Cheers! Have a great day.
Labels:
Insurance Talk
Prevention is better
What do these things have in common?
Items that you must have before you need it, so that you can prevent unintended things to happen.
Example:
1. Umbrella.
You need the umbrella before it rains, so that you can prevent yourself from getting wet. Agree?
2. Helmet.
You need to wear the helmet before you ride the bike, so that you can prevent head injury in case you fell from the bike. Agree?
3. Life jacket.
You need to bring the life jacket before you get into a boat ride, so that you can wear it and prevent yourself from drowning in case the boat is sinking. Agree?
4. Fire extinguisher.
You need fire extinguisher in your home before anything happens, so that you can use it and prevent damages in your house in case there is fire. Agree?
5. Air bags.
You need airbags in your car and make sure it's properly installed before you start any journey, so that you can prevent your self from injury in case accidents happen. Agree?
There are many more examples that I'm sure you know of and these items are all important.
Do you know why?
Because most people like to be safe, they like certainty.
Let me give you example. If I give you a free holiday on a ship (cruising around the open ocean), would you like to go on the ship that have life boats or ship that do not have life boats?
I'm pretty sure the answer is very clear.
As you can see, all the items above are important. But they all need to be in place BEFORE you need it. Let me ask you, how can you get a life boat if your ship is sinking in the ocean, in the middle of no where? You can't!
Just remember Titanic. They only bring a few life boats because they are overconfident with the ship. Thinking that it will never sink. Then you know the result, majority of the people died.
Insurance is the same like all the above items. It is very important to have before anything happened, so that you can prevent financial catastrophe that can happen to you and your family. If you wait and then something happened, it's going to be too late.
Life is full of uncertainty, that is why all of the products above are there, to help people and give people peace of mind.
Cheers! Have a great day.
Image from mariasmover.com
Image from prweb.com
Image from watersafety.com
Image from masterfireandelectric.com
Image from gerocarnews.com
You guessed it. All these items are "Prevention items".Items that you must have before you need it, so that you can prevent unintended things to happen.
Example:
1. Umbrella.
You need the umbrella before it rains, so that you can prevent yourself from getting wet. Agree?
2. Helmet.
You need to wear the helmet before you ride the bike, so that you can prevent head injury in case you fell from the bike. Agree?
3. Life jacket.
You need to bring the life jacket before you get into a boat ride, so that you can wear it and prevent yourself from drowning in case the boat is sinking. Agree?
4. Fire extinguisher.
You need fire extinguisher in your home before anything happens, so that you can use it and prevent damages in your house in case there is fire. Agree?
5. Air bags.
You need airbags in your car and make sure it's properly installed before you start any journey, so that you can prevent your self from injury in case accidents happen. Agree?
There are many more examples that I'm sure you know of and these items are all important.
Do you know why?
Because most people like to be safe, they like certainty.
Let me give you example. If I give you a free holiday on a ship (cruising around the open ocean), would you like to go on the ship that have life boats or ship that do not have life boats?
I'm pretty sure the answer is very clear.
As you can see, all the items above are important. But they all need to be in place BEFORE you need it. Let me ask you, how can you get a life boat if your ship is sinking in the ocean, in the middle of no where? You can't!
Just remember Titanic. They only bring a few life boats because they are overconfident with the ship. Thinking that it will never sink. Then you know the result, majority of the people died.
Insurance is the same like all the above items. It is very important to have before anything happened, so that you can prevent financial catastrophe that can happen to you and your family. If you wait and then something happened, it's going to be too late.
Life is full of uncertainty, that is why all of the products above are there, to help people and give people peace of mind.
Cheers! Have a great day.
Labels:
Critical Illness
Spartacus "Andy Whitfield"
Just something different from my normal post.
I'm sure many of you know Spartacus TV series. This guy is the main actor, Andy Whitfield.
I was so impressed by his acting in the series that I like it so much. I watched the season 1 about 6 months ago and I just recently watched the season 2. Then I realized that he is not the main actor anymore. Of course I was just thinking that maybe he refused the role. But the reality turned out to be even worse. He died in September 2011 because of cancer, and I didn't even know. I was so shocked and sad. Because he looked so strong in Spartacus. You will not have the slightest idea that he can fall sick. Just take a look!
Image from tulsaworld.com
Andy actually want to be in season 2 of Spartacus, but because of the illness, he had to withdraw him self from the role. Then he went everywhere to try and find cure for cancer. Doctor even told him that he only had 3 to 6 months to live. But in the end he managed to live on until 18 months. He left behind a spouse and 2 young children.
Please have a look at the preview of his documentary about cancer. It is about his battle against cancer. They are also trying to raise money so that they can complete the documentary. He wanted this video to help other people who also suffer cancer like him and hopefully to be able to find the cure in the future.
Be here now! that is Andy motto. Enjoy and live the moment because we really never know when our time is up. But of course do not forget to take care your loved ones.
Andy, we missed you. I'm sure that your wife and 2 kids are very proud of you. Rest in peace. God bless.
Cheers! Have a great day.
I'm sure many of you know Spartacus TV series. This guy is the main actor, Andy Whitfield.
I was so impressed by his acting in the series that I like it so much. I watched the season 1 about 6 months ago and I just recently watched the season 2. Then I realized that he is not the main actor anymore. Of course I was just thinking that maybe he refused the role. But the reality turned out to be even worse. He died in September 2011 because of cancer, and I didn't even know. I was so shocked and sad. Because he looked so strong in Spartacus. You will not have the slightest idea that he can fall sick. Just take a look!
Andy actually want to be in season 2 of Spartacus, but because of the illness, he had to withdraw him self from the role. Then he went everywhere to try and find cure for cancer. Doctor even told him that he only had 3 to 6 months to live. But in the end he managed to live on until 18 months. He left behind a spouse and 2 young children.
Please have a look at the preview of his documentary about cancer. It is about his battle against cancer. They are also trying to raise money so that they can complete the documentary. He wanted this video to help other people who also suffer cancer like him and hopefully to be able to find the cure in the future.
Be here now! that is Andy motto. Enjoy and live the moment because we really never know when our time is up. But of course do not forget to take care your loved ones.
Andy, we missed you. I'm sure that your wife and 2 kids are very proud of you. Rest in peace. God bless.
Cheers! Have a great day.
Labels:
Insurance Talk
Funny conversation
Sometimes, this is what happen when insurance professional (I) ask their prospects (P).
Conversations (of course this is just a short version):
I: Sir, would you like your medical expenses to be paid by us if you are hospitalized?
P: Yes of course, I would like that.
I: That's great. What if we give you a monthly income for a lifetime if you got an accident or illness that left you unable to work?
P: Wow, of course I would like that too.
I: Good. What if we promised you that we will take care of your loved ones financially if God forbid you are not around anymore to provide for them?
P: Yes, definitely. Because I love my family so much. I want them to continue living with enough money, so that my kids can go to a good school in the future and my wife can take care of the household.
I: Fantastic. You are a great husband and father. From the fact find that we did together, I understand that you have this surplus amount of money that you can set aside every month to get the insurance that you need so that you can achieve all the things that we said just now.
P: Yes, I understand that. But I think I want to use the money for something else first, maybe save it to buy a car or go for a vacation. And I think I'm still very healthy now, I don't think I will get sick or die. I'm also very careful that I'm certain that I will not get into an accident. So I can wait for all that insurance stuff.
I: But Sir, as we can see from your finances, you do know that you have outstanding home loan, credit card debt, your university debt and you are also supporting your parents. If something were to happen to you, you do know that your family will be left with all the debt and there will be no one supporting your parents. Is that okay with you?
P: Hmmm.......hmmm......hmm......Ya I understand, it's just that I still think that I won't get sick or die in the time being. I know it........I just know it..... Maybe I will plan next time....
As you can see above, this is how sometimes the conversation will turn out.
People want what insurance can give to them. They really do. But they still have this mind set that "bad things" only happen to other people and they can afford to wait and always want to use their money for other things that are more "exciting".
I'm not saying that you should not spend for yourself and your family. I believe that you should enjoy the moment but also plan ahead for the future.
But unfortunately, too many people fail to plan for the future because they are too short sighted.
They think that they are some kind of "God" who knows the future, they know when they will get sick or die.
Anyway, I will just move on from these kind of people and do what I do best to help others who really love themself and their family.
Cheers! Have a great day.
Conversations (of course this is just a short version):
I: Sir, would you like your medical expenses to be paid by us if you are hospitalized?
P: Yes of course, I would like that.
I: That's great. What if we give you a monthly income for a lifetime if you got an accident or illness that left you unable to work?
P: Wow, of course I would like that too.
I: Good. What if we promised you that we will take care of your loved ones financially if God forbid you are not around anymore to provide for them?
P: Yes, definitely. Because I love my family so much. I want them to continue living with enough money, so that my kids can go to a good school in the future and my wife can take care of the household.
I: Fantastic. You are a great husband and father. From the fact find that we did together, I understand that you have this surplus amount of money that you can set aside every month to get the insurance that you need so that you can achieve all the things that we said just now.
P: Yes, I understand that. But I think I want to use the money for something else first, maybe save it to buy a car or go for a vacation. And I think I'm still very healthy now, I don't think I will get sick or die. I'm also very careful that I'm certain that I will not get into an accident. So I can wait for all that insurance stuff.
I: But Sir, as we can see from your finances, you do know that you have outstanding home loan, credit card debt, your university debt and you are also supporting your parents. If something were to happen to you, you do know that your family will be left with all the debt and there will be no one supporting your parents. Is that okay with you?
P: Hmmm.......hmmm......hmm......Ya I understand, it's just that I still think that I won't get sick or die in the time being. I know it........I just know it..... Maybe I will plan next time....
As you can see above, this is how sometimes the conversation will turn out.
People want what insurance can give to them. They really do. But they still have this mind set that "bad things" only happen to other people and they can afford to wait and always want to use their money for other things that are more "exciting".
I'm not saying that you should not spend for yourself and your family. I believe that you should enjoy the moment but also plan ahead for the future.
But unfortunately, too many people fail to plan for the future because they are too short sighted.
They think that they are some kind of "God" who knows the future, they know when they will get sick or die.
Anyway, I will just move on from these kind of people and do what I do best to help others who really love themself and their family.
Cheers! Have a great day.
Labels:
Insurance Talk
Is money = love?
Many people that I saw told me that they do not see the urgency to plan. Most of them don't even want to think about unfortunate things that can happen to them and bring financial ruins to them and their loved ones. Even though it's clearly shown to them.
They also told me that they know how to care and love their family in their own way. They said that they do not need to have insurance to show that they love their family. Insurance payout is not love.
To me personally, money is not love. Just by giving money, it doesn't mean love. But to me, leaving behind a financial burden to your family is definitely NOT love. That is called ignorant and stupidity.
That's why if you really really really really really love your family, show them that you are commited to what you said. If you love them and you know that you don't have enough if something unfortunate are to happen, go and get the insurance that you need! Whether it's to pay the outstanding house loan, the medical expenses, the living expenses and etc.
Getting an insurance is a real show of commitment of your love!
Let me ask you, "Do you want a husband who said I love you, but never buys you any gifts, any flowers, bring you for dinner, walk in the park, help with the household, kisses/hugs and etc?".
To me that is one crappy husband. Saying love but no action.
But that's what most people out there are doing. Do not follow them!
You are people of value. You know that you care for your loved ones. You know that you want to provide and give the best to them.
If you still have parents, spouse, kids and people that love you, please plan! If you dont want to do it for your sake then do it for their sake!
Can you imagine, if you got ill or got into an accident and you cant work anymore, who is going to take care of you? Your loved ones definitely will. Your parents will take their retirement money to support you, your spouse will have to find work to earn for you, your relatives and friends may try to raise donation for you, your kids will have to be taken care by a maid and etc.
Do you know how much burden you give to others if you are being ignorant? Don't you feel ashamed?
Cheers! Have a great day.
Image from mamaroo.com
They also told me that they know how to care and love their family in their own way. They said that they do not need to have insurance to show that they love their family. Insurance payout is not love.
To me personally, money is not love. Just by giving money, it doesn't mean love. But to me, leaving behind a financial burden to your family is definitely NOT love. That is called ignorant and stupidity.
That's why if you really really really really really love your family, show them that you are commited to what you said. If you love them and you know that you don't have enough if something unfortunate are to happen, go and get the insurance that you need! Whether it's to pay the outstanding house loan, the medical expenses, the living expenses and etc.
Getting an insurance is a real show of commitment of your love!
Let me ask you, "Do you want a husband who said I love you, but never buys you any gifts, any flowers, bring you for dinner, walk in the park, help with the household, kisses/hugs and etc?".
To me that is one crappy husband. Saying love but no action.
But that's what most people out there are doing. Do not follow them!
You are people of value. You know that you care for your loved ones. You know that you want to provide and give the best to them.
If you still have parents, spouse, kids and people that love you, please plan! If you dont want to do it for your sake then do it for their sake!
Can you imagine, if you got ill or got into an accident and you cant work anymore, who is going to take care of you? Your loved ones definitely will. Your parents will take their retirement money to support you, your spouse will have to find work to earn for you, your relatives and friends may try to raise donation for you, your kids will have to be taken care by a maid and etc.
Do you know how much burden you give to others if you are being ignorant? Don't you feel ashamed?
Cheers! Have a great day.
Image from mamaroo.com
Labels:
Insurance Talk
Selling money on a discount
Yes that's what we do somewhat. We give you money much more than what you give us. It's like selling money on a discount!
Example: You put $1000 into an insurance plan, we give you $1,000,000 instantly when something happens (let say you are disabled and cannot work). Which means you buy $1 million with only $1000!!!
That's the miracle of insurance. The one and only financial product which can do that.
If you put that $1000 into blue chip stocks and something happens to you tomorrow, it may worth $2000 or $500 or still at $1000. Depends on the market condition.
It's not only stocks but whatever investment you choose, it will only be worth the market value of the investment. Which can be higher or lower than the money you put in. It's definitely not a good place to create a financial safety net.
Insurance is the only one that can help you in the above scenario. We can take on your risks and provide you with a comprehensive protection and a huge pay out with only a little money.
Can you imagine, if there are no insurance in this world, how many more people out there will be suffering?
You are lucky if you can buy insurance. Which means you still can protect your self and your family. You can get what you want, not what you have in times of need. We the insurance company will provide that for you. Giving you much more than what you have.
I do have many prospects which cannot buy insurance anymore because their health is not good. I feel sad for them. It is because they can only self insure them self. There are no insurance company to protect them. Whatever happens to them, they can only rely on their own money in the bank. If they have $10,000, it's only worth $10,000. But let say if you have insurance, you will have much more than that.
If you can buy insurance, consider it a priviledge.
Cheers! Have a great day.
Example: You put $1000 into an insurance plan, we give you $1,000,000 instantly when something happens (let say you are disabled and cannot work). Which means you buy $1 million with only $1000!!!
That's the miracle of insurance. The one and only financial product which can do that.
If you put that $1000 into blue chip stocks and something happens to you tomorrow, it may worth $2000 or $500 or still at $1000. Depends on the market condition.
It's not only stocks but whatever investment you choose, it will only be worth the market value of the investment. Which can be higher or lower than the money you put in. It's definitely not a good place to create a financial safety net.
Insurance is the only one that can help you in the above scenario. We can take on your risks and provide you with a comprehensive protection and a huge pay out with only a little money.
Can you imagine, if there are no insurance in this world, how many more people out there will be suffering?
You are lucky if you can buy insurance. Which means you still can protect your self and your family. You can get what you want, not what you have in times of need. We the insurance company will provide that for you. Giving you much more than what you have.
I do have many prospects which cannot buy insurance anymore because their health is not good. I feel sad for them. It is because they can only self insure them self. There are no insurance company to protect them. Whatever happens to them, they can only rely on their own money in the bank. If they have $10,000, it's only worth $10,000. But let say if you have insurance, you will have much more than that.
If you can buy insurance, consider it a priviledge.
Cheers! Have a great day.
Labels:
Insurance Talk
Ignorance is bliss
Have you heard that statement before? It means that if you ignore things, you believe you can feel happier. Because what you don't know, you believe it won't hurt you.
Many people that I met have that kind of mentality. They will just ignore the reality that bad things do happen in life. They will said "That will not happen to me! I'm just going to think about happy things. So bad things won't happen to me". Even though the facts are there, in front of their eyes! You can just turn on the TV, read the newspaper, browse websites and etc. It's there, everyday, everywhere! Whether it's about illness, death, accident, etc.
I'm totally confuse why people think they are invincible. It does not matter if they want to ignore it or not. When it happen, it happen. By that time, it may be too late to do anything. You are practically screwed and your loved ones as well.
I read this statement in Yahoo answer and I totally agree with this person. He said "Actually ignorance is not bliss. If you are ignorant, perhaps you won't feel bad realities, but still they do exist and cause the problems, and doesn't differ whether you know or not, but one difference: if you know the reality, since you are a Homo sapiens and have a creative mind, you can think of solutions and get over them."
This is the important message that I too want to convey to people. It does not matter if you want to ignore it or not, the problem is still exist. Isn't it better for you to be aware now and plan for a solution to that potential problems?
Of course the potential problems that I'm talking about here are premature death, disability, critical illness, hospitalization, accident, etc. which can cause financial difficulties for people if it were to happen. So I'm asking you to stop ignoring already. Plan for rainy days.
Cheers! Have a great day!
image from http://thecitymadcat.blogspot.sg/2009/11/some-thoughts-in-my-head-1.html
statement from http://answers.yahoo.com/question/index?qid=20100623215630AAMpLDh
Many people that I met have that kind of mentality. They will just ignore the reality that bad things do happen in life. They will said "That will not happen to me! I'm just going to think about happy things. So bad things won't happen to me". Even though the facts are there, in front of their eyes! You can just turn on the TV, read the newspaper, browse websites and etc. It's there, everyday, everywhere! Whether it's about illness, death, accident, etc.
I'm totally confuse why people think they are invincible. It does not matter if they want to ignore it or not. When it happen, it happen. By that time, it may be too late to do anything. You are practically screwed and your loved ones as well.
I read this statement in Yahoo answer and I totally agree with this person. He said "Actually ignorance is not bliss. If you are ignorant, perhaps you won't feel bad realities, but still they do exist and cause the problems, and doesn't differ whether you know or not, but one difference: if you know the reality, since you are a Homo sapiens and have a creative mind, you can think of solutions and get over them."
This is the important message that I too want to convey to people. It does not matter if you want to ignore it or not, the problem is still exist. Isn't it better for you to be aware now and plan for a solution to that potential problems?
Of course the potential problems that I'm talking about here are premature death, disability, critical illness, hospitalization, accident, etc. which can cause financial difficulties for people if it were to happen. So I'm asking you to stop ignoring already. Plan for rainy days.
Cheers! Have a great day!
image from http://thecitymadcat.blogspot.sg/2009/11/some-thoughts-in-my-head-1.html
statement from http://answers.yahoo.com/question/index?qid=20100623215630AAMpLDh
Labels:
Finance
Financial planning pyramid
Let's have a look how easy it is to plan your financial. It's as easy as 1, 2, 3 steps.
See, it's very simple right? Am I right? If you can follow this pyramid, you will be good financially.
Step 1: The base is PROTECTION.
As you all know, not all of us are born with a silver or golden spoon. We have to start everything by ourself from the bottom. We start working and save little by little to try build up our savings and then have more money to be invested and to grow that money. Thus the importance of protection. You MUST have insurance to make sure that your hard earned savings will not be lost or wiped out by any unfortunate events, such as getting sick and hospitalised, getting into accident and you are disabled and can't work, diagnosed with critical illness such as cancer and need expensive treatment, etc. You cannot afford not to have insurance!! Make sure you have huge and comprehensive coverage. Also do not forget to have at least 6 months of cash emergency funds for any unexpected expenses.
Step 2: The middle is SAVINGS & ACCUMULATION.
Please go back to step 1 if you have not done it. Only once you secured the step 1, you can efficiently do step 2. Here we want to start having some basic savings. You can have a savings account to handle all your daily cash needs and deposits account for your long term goals. Then you can start to set aside funds for any goals that you want, be it home ownership, education for your kids, vacations, cars, retirement and etc. You can also start endowment plans to achieve these goals.
Step 3: The top is GROWTH.
Once you have set up your basic savings/deposits accounts in step 2 and you have saved a good enough amount, you can start to be more adventurous. Set aside some money from your savings/deposits and put it into any investment vehicles that you know and understand and you believe have a good potential return in the future. It can be shares, unit trusts, metals, properties, businesses and etc. But only invest to achieve your goals which are long term, which maybe will take about 15 years or more, such as your kids education fund or your retirement funds. It is because something like the stock market can be volatile, in bad years the value can go down by 50% or more. You will need the time to wait for the market to bounce back. So if you are investing only to reach your short term goal (e.g. within 5 years), it is not advisable. It is possible of course, but it will not be easy.
Now that you know these 3 steps, can you do it? Most people that I know lacked in step 1 which is the base. You know from common sense that the base must be the strongest and biggest area, because that is what supporting the rest of the pyramid. I just do not understand why people keep making this mistake.
An ideal example should be like this. Mr A have a $50,000 worth of investment, $100,000 worth of savings and $300,000 insurance coverage.
If Mr A is to fall sick and the bill mounts to $100,000, the insurance is more than enough to cover that. So his investments and savings are untouched.
Not so ideal example is this. Mr B have a $50,000 worth of investment, $100,000 worth of savings and $20,000 insurance coverage.
If Mr B is to fall sick and the bill mounts to $100,000, the insurance is not enough to cover that. So he has to take $80,000 from his savings to pay the bill. He waste his savings because he do not have adequate insurance. Why do you want to do that? That is your hard earned savings. If you just plan properly in the first place, you don't need to waste your savings.
You choose, do you want to be Mr A or Mr B?
Cheers! Have a great day.
Step 1: The base is PROTECTION.
As you all know, not all of us are born with a silver or golden spoon. We have to start everything by ourself from the bottom. We start working and save little by little to try build up our savings and then have more money to be invested and to grow that money. Thus the importance of protection. You MUST have insurance to make sure that your hard earned savings will not be lost or wiped out by any unfortunate events, such as getting sick and hospitalised, getting into accident and you are disabled and can't work, diagnosed with critical illness such as cancer and need expensive treatment, etc. You cannot afford not to have insurance!! Make sure you have huge and comprehensive coverage. Also do not forget to have at least 6 months of cash emergency funds for any unexpected expenses.
Step 2: The middle is SAVINGS & ACCUMULATION.
Please go back to step 1 if you have not done it. Only once you secured the step 1, you can efficiently do step 2. Here we want to start having some basic savings. You can have a savings account to handle all your daily cash needs and deposits account for your long term goals. Then you can start to set aside funds for any goals that you want, be it home ownership, education for your kids, vacations, cars, retirement and etc. You can also start endowment plans to achieve these goals.
Step 3: The top is GROWTH.
Once you have set up your basic savings/deposits accounts in step 2 and you have saved a good enough amount, you can start to be more adventurous. Set aside some money from your savings/deposits and put it into any investment vehicles that you know and understand and you believe have a good potential return in the future. It can be shares, unit trusts, metals, properties, businesses and etc. But only invest to achieve your goals which are long term, which maybe will take about 15 years or more, such as your kids education fund or your retirement funds. It is because something like the stock market can be volatile, in bad years the value can go down by 50% or more. You will need the time to wait for the market to bounce back. So if you are investing only to reach your short term goal (e.g. within 5 years), it is not advisable. It is possible of course, but it will not be easy.
Now that you know these 3 steps, can you do it? Most people that I know lacked in step 1 which is the base. You know from common sense that the base must be the strongest and biggest area, because that is what supporting the rest of the pyramid. I just do not understand why people keep making this mistake.
An ideal example should be like this. Mr A have a $50,000 worth of investment, $100,000 worth of savings and $300,000 insurance coverage.
If Mr A is to fall sick and the bill mounts to $100,000, the insurance is more than enough to cover that. So his investments and savings are untouched.
Not so ideal example is this. Mr B have a $50,000 worth of investment, $100,000 worth of savings and $20,000 insurance coverage.
If Mr B is to fall sick and the bill mounts to $100,000, the insurance is not enough to cover that. So he has to take $80,000 from his savings to pay the bill. He waste his savings because he do not have adequate insurance. Why do you want to do that? That is your hard earned savings. If you just plan properly in the first place, you don't need to waste your savings.
You choose, do you want to be Mr A or Mr B?
Cheers! Have a great day.
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Critical Illness
Cancer case will rise 75%
As you can read from the Reuters website (please go there to read more stories), cancer cases will rise 75% by 2030! That is a tremendous increase. This is no joke anymore. Everyone have that probability to get cancer in their lifetime and sadly there is no way to prevent cancer yet. We only have the ways to reduce the chances to get cancer, but not prevent it.
Let me quote a few things what the article said:
1. "..an increase in cases of cancers linked to poor diet, lack of exercise and other bad habits associated with affluence..."
2. "Cancer is already the leading cause of death in many high income countries and is set to become a major cause of morbidity (sickness) and mortality in the next decades in every region of the world..."
It really does not matter where you live, whether you are in a poor country or a rich country, you can get it. Whether you expect it or not, you can get it.
To me, what important for us to do is just try to be as healthy as we can, have a good diet, enough exercise, plenty of sleep and lower your stress level. Again, this will not prevent cancer. But it certainly will give you more strength and fight back if cancer ever hits you.
Of course, do not forget to check your self with the doctor regularly and if you dont feel well or something seems wrong, please go and see your doctor.
Last thing is to equipped your self with a good hospital plan (which covers your hospital bills) and a good critical illness plan (which gives you a lump sum amount if you are diagnosed with a critical illness).
Cancer can be devastating, emotionally and financially. Let us take care the financial part and in return, you will also be stronger emotionally.
Cheers! Have a great day
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Disability
Biggest asset
Do you know what is the biggest asset in your life?
Do you think it is your house? your jewellery? your car? your money? your business? etc.
Of course not!
It is you!
It is your ability to earn income. That is the biggest asset in your life. All the plans that you have for yourself and your family's future is based on the assumption that you can continue to earn an income. Whether working in your job, managing your own business, managing your investments, etc. All of that takes your ability and your time to earn the income. If you lose that ability, how can you maintain your life style? can you service your home loan? can you send your kids to good universities? can you build up a retirement fund? Can you?
This is why a disability coverage is important. It is to replace your lost income. You can even calculate your self how much future earnings you will lost if you suddenly are unable to work.
Let's assume a 35 years old earning $50,000 a year. If he is suppose to work until he is age 55 which is the retirement age, that means he still got another 20 years to earn. What if he is suddenly disabled, how much future earnings does he lose? With a simple calculation, it will be $1 million worth of income that he lose. This is very simple calculation. But the number should be much more, because I did not take into account his increase in wages when he got promoted, I also did not take into account his yearly bonuses, etc. Maybe the number could be $2-3 million.
Believe me. Majority of people's savings will only be enough to last them a few years at most. Maybe only a few months for many of them. Then what will happen?
Think!! It is your life and your loved ones. Take action and be responsible now.
Cheers! Have a great day.
Image from totalticketsystem.com
Do you think it is your house? your jewellery? your car? your money? your business? etc.
Of course not!
It is you!
This is why a disability coverage is important. It is to replace your lost income. You can even calculate your self how much future earnings you will lost if you suddenly are unable to work.
Let's assume a 35 years old earning $50,000 a year. If he is suppose to work until he is age 55 which is the retirement age, that means he still got another 20 years to earn. What if he is suddenly disabled, how much future earnings does he lose? With a simple calculation, it will be $1 million worth of income that he lose. This is very simple calculation. But the number should be much more, because I did not take into account his increase in wages when he got promoted, I also did not take into account his yearly bonuses, etc. Maybe the number could be $2-3 million.
Believe me. Majority of people's savings will only be enough to last them a few years at most. Maybe only a few months for many of them. Then what will happen?
Think!! It is your life and your loved ones. Take action and be responsible now.
Cheers! Have a great day.
Image from totalticketsystem.com
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Insurance Talk
Truly love your children
I am sure most people love their children. But have you done enough?
If you say you love them, do what you know you need to do. It's not only about the NOW where you play with them, eat with them, bring them to school, reading them stories so they can sleep, etc. But it's also about their FUTURE that is not realised yet. What if you are not around to provide for them? How can they go to college and university? How will your spouse cope with the house loan, car loan, credit card debt, etc and at the same time have to take care the children?
Saying that you love them is easy. But why don't you show your commitment by taking action? Protect their precious future NOW!
Cheers! Have a great day.
If you say you love them, do what you know you need to do. It's not only about the NOW where you play with them, eat with them, bring them to school, reading them stories so they can sleep, etc. But it's also about their FUTURE that is not realised yet. What if you are not around to provide for them? How can they go to college and university? How will your spouse cope with the house loan, car loan, credit card debt, etc and at the same time have to take care the children?
Saying that you love them is easy. But why don't you show your commitment by taking action? Protect their precious future NOW!
Cheers! Have a great day.
Labels:
Insurance Talk
Millions excuses
See this video after you read my previous post.
Cheers! Have a great day.
Labels:
Insurance Talk
People do have strange thinking
I just recently read an article about a survey in America about people's thinking towards insurance. Let me share with you what it said.
Interesting results:
1. Many Americans procrastinate when it comes to buying life insurance because they believe they have plenty of time.
2. Only 2 percent of those surveyed said they plan to purchase a life insurance policy within 30 days.
3. But then,it also shows that if adults knew how little time they actually had, they might actually rush toward purchasing a policy.
4. The percentage climbed to 62 percent if participants were told they only had 30 days to live.
So what can you conclude from the survey's result?
In my opinion, it just shows that many people do actually need insurance. They know the family will need the money if they are not around to support them anymore. They want to make sure that their family is taken care of.
It's clear to me that people actually have the good intention to love and care for their families. It's just that many times, it is too late. They think they have all the time in the world. That good intention is nothing without you taking action of buying that life insurance that you and your family need.
Let me say it again. The good intention that you have means nothing without action! You never know how much time you have in this world, it can be another 2 days or 20,000 days. So why do you wait if you don't know? You are putting your family's well being at risk every single minute.
http://www.allstate.com/insurance-industry-news/life-insurance-news/too-many-americans-put-off-purchasing-life-insurance-800735567.aspx
Cheers! Have a great day.
Interesting results:
1. Many Americans procrastinate when it comes to buying life insurance because they believe they have plenty of time.
2. Only 2 percent of those surveyed said they plan to purchase a life insurance policy within 30 days.
3. But then,it also shows that if adults knew how little time they actually had, they might actually rush toward purchasing a policy.
4. The percentage climbed to 62 percent if participants were told they only had 30 days to live.
So what can you conclude from the survey's result?
In my opinion, it just shows that many people do actually need insurance. They know the family will need the money if they are not around to support them anymore. They want to make sure that their family is taken care of.
It's clear to me that people actually have the good intention to love and care for their families. It's just that many times, it is too late. They think they have all the time in the world. That good intention is nothing without you taking action of buying that life insurance that you and your family need.
Let me say it again. The good intention that you have means nothing without action! You never know how much time you have in this world, it can be another 2 days or 20,000 days. So why do you wait if you don't know? You are putting your family's well being at risk every single minute.
http://www.allstate.com/insurance-industry-news/life-insurance-news/too-many-americans-put-off-purchasing-life-insurance-800735567.aspx
Cheers! Have a great day.
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