Debate (Quarrel) Over BTIR (Time to refresh)

Read? Debate (Quarrel) Over BTIR

Debate (Quarrel) Over BTIR

The best knowledge is always from our own personal experience after we went through it personally and digest them!

1) ILP

2) Endowment

3) Term

4) DIY Investing

Uncle8888 went through all the above!

Read Articles relating to insurance


Honestly; we are sold based on our needs and our level of investing experience and knowledge at THAT TIME by agents whom we know them quite well and likely to trust them too.

No need to bang your head if you have bought! That time was the right decision! But; now on hindsight that was wrong decision!

You Have Good Faith On Claiming Large Sum Of Money From Your Medical Insurance???

Uncle8888 doesn't!

That is why he has Tap 2 as self-insured medical and health care fund in addition to coverage by medical insurance.

"We have bought insurances coverage on good faith; but don't ever expect the insurance companies to pay our claims on good faith as they are not our father or mother who helps to pour milk into our mouth as they exist to make money for their Management and their shareholders." - Createwealth8888

ElderShield

Uncle8888 has received one-time rebate to offset his premium payable for 2017 renewal due to ElderShield claims have been lower than projected in last 5 years of the scheme.

Uncle8888 and his spouse actually don't need ElderShield; but they didn't opt out since Eldershield is social insurance pool.  

Just treat as charity contributions to pool and hopefully help to make it sustainable.

The Three Matters On Personal Finance: Saving, Insurance, and Investment!!! (Re-visit)

Read? The Three Matters On Personal Finance: Saving, Insurance, and Investment!!!


When Uncle8888 was approached to give Talk; he responded with questions to seek clarification on their objectives.

Question No 5 is ...

(5) Any financial planning will need to cover insurance, saving and investment; but investment part is the most difficult part to cover in short talk. Not sure to what level of investment tips you are expecting your audience to know?

Timeless Issue And Debate On ILP

Walau!  ILP is back again in the talking points in the cyber world over the past two weeks.

Read? ILP articles

CPF DPS Also Expired!!!

Read? My Long Term Personal Financial Goal - Self-insured Fund by 60!!! (2)


Important milestone in our life journey in Singapore; even CPF Ah Gong did the right thing by terminating DPS at 60. Above 60; the premium rises steeply! Every 5 years band; the premium rises even faster. 

Scary!

How come Whole Life policy is still paying the same premium way beyond 60?

Why arh?

Are you aware of guarantee and non-guarantee part of whole life policy?

Think why there is non-guarantee part?

Life Insurance Is Definitely Important Up To Point X In Our Life Journey!

In personal finance; we have to be competent over the three scopes covering saving, insurance and investment through our life journey.

On that night; one guy asked Uncle8888 for his view on life insurance; as usual he would illustrate his view on the flip chart with marker pen. LOL!

Now; he illustrated the same view with better diagram here.

Read? My Long Term Personal Financial Goal - Self-insured Fund by 60!!! (2)

The Three Matters On Personal Finance: Saving, Insurance, and Investment!!! (3)

Read? The Three Matters On Personal Finance: Saving, Insurance, and Investment!!! (2)


We will know we have arrived at high level of competency on personal finance and investment when we are able to build up our own self-insured fund in addition to our existing medical insurance coverage to replace those expensive premiums in our 60s and above. 

Once above 60; the premium is just too costly to transfer those risks to insurance companies. So, can we underwrite those risks on our own terms since many of us are aiming to be competent retail investors? Can right?


Younger ones while you work on your investment portfolio to reach your Financial Independence stage; you may want to think about self-insured funding in your 60s too.

Read?  Articles Relating To Insurance

My Long Term Personal Financial Goal - Self-insured Fund by 60!!! (3)

Read? My Long Term Personal Financial Goal - Self-insured Fund by 60!!! (2)

Today, Uncle88888 has received the Letter informing him of the final amount that he will be receiving on 6 Mar 2016.

XIRR over 20 years is 2.9%


Okay lah. Better than CPF OA!

My Long Term Personal Financial Goal - Self-insured Fund by 60!!! (2)

Read? My Long Term Personal Financial Goal - Self-insured Fund by 60!!!

 Read? I've gone naked! No more Life insurances!


Real life stories on Life Insurance from the Not Vested!


Uncle8888 will have another three months to Mar 2016 and then he will be half-naked as self-insured man with some built-in capability to grow his insurance fund with annual no claim bonus so there is nice incentive for himself to groom his aging body farther.

He will be spending at least a few hours a day focusing on personal wellness after his 60. There is no plan to upgrade Medi-Shield Life to Private Shield.

Health is Wealth!

If he manages to avoid any major heart disease leading to costly heart operation, he would save $XXX,XXX before passing his time on Earth. Right?

The Three Matters On Personal Finance: Saving, Insurance, and Investment!!! (2)

 Read? The Three Matters On Personal Finance: Saving, Insurance, and Investment!!!



That day when his doctor brought bad news to him. He was about to die. What did he do after hearing that bad news?


He spent the next few days busy working out his numbers on saving, insurance, and investment. For a single household income and three schooling children; it was money, money, and money!

He was quite relieved after knowing the number and he was also debt-free. His family shouldn't have any financial difficulty i.e. his family would reach financial independence when he has gone.

When such thing happened, a dead body is worth so much more. That is why life insurance matters during our active human asset phase.

Know the truth behind personal finance.

The Three Matters On Personal Finance: Saving, Insurance, and Investment!!!

No matters how.

For insurance matters, we always like to think we are right at the start and along the way; but it is only near to our grave or already has one leg in our coffin then we will know we are about right or far off from being right.


How about insurance?

Technically; it is about protection of assets and to cover liabilities i.e. why we pay premiums. But, emotionally, we use LIFE insurance to cover liabilities. 

Why? Emotion!!! We are sold emotionally on the need to protect liabilities and cheapness to do so.


Over the years Uncle8888 has no LIFE insurance coverage for his three children and his stay-at-home-wife. They are liabilities. They are not assets to be protected.

After Mar 2016; Uncle8888 will have no more LIFE insurance protection. When he was at his 30s; he has already thought out carefully and knew very well that his human asset at 60 will become too expensive to be protected and his three children should be able to be on their own. His stay-at-home-wife can retire from home and goes back to work if necessary. Life of an ant is like that. Think too much and plan too far ahead.

After Mar 2016, he will self-insure from his own fund consisting

1. $XX,XXX  for emergency medical and health care
2. Medi-Shield Life (self funding from the yearly interests from MA)
3. MA
4. SA
5. RA


Why maintaining cash for medical needs?

Uncle8888 has never voluntarily touch his MA since day one as it is 4% CAGR. He is interest-wise man!

By now, he is already sitting inside his coffin. He knows he is about right on life insurance matters and not emotionally right.

Read more? Articles relating to views on insurance matters


 

Paying Whole Life Insurance Premiums Way Into Our Retirement Life??? (2)

Read? Paying Whole Life Insurance Premiums Way Into Our Retirement Life???

 Read? My last life insurance policy maturing on Mar 2016 and no more for me!



Last annual life insurance premium paid!


No more dealing with life insurance agents for the remaining time of his time on Earth on the value of his human asset.
 

Ants are unlike Grasshoppers. We have Goals! We plan well ahead of our times. With carefully planning, foresight and some emotion check and balance, we can arrive there safety and on time at our own terms.

It is not good idea to go into retirement having persistent cash outflow of $XX,XXX to pay for annual life insurance premiums when our human asset value is much nearer to zero for protection. 

Value for money?





 

Shocking Discovery On My ILP. This is timeless blog post since ILP will be around for a long time! (2)

Read? Shocking Discovery On My ILP. This is timeless blog post since ILP will be around for a long time!

Words are not always helpful! 

How about a picture?

You still don't understand?

Shocking Discovery On My ILP. This is timeless blog post since ILP will be around for a long time!

Do you need to learn from your shock?


Read? Shocking Discovery On My ILP (Re-posting)

Invest now to retire in comfort

invest, thesundaytimes August 25, 2013


Investment-linked plans, ETFs and unit trusts are options for average S'porean with little time

Createwealth8888:

Okay. Fair enough as Red Flag has been raised too.

"As regular-premium ILPs usually  pay the insurance coverage charges by selling fund units, the liquidated amount for a fund that performs poorly may not be sufficient to cover the rising insurance coverage costs as you get older, may thus erode the investment objective."

If not, Uncle8888 is going to ........ (You know what. Right?)


Read? Shocking Discovery On My ILP (Re-posting)

Don't ever get yourself a Time Bomb to explode during your retirement!

My last life insurance policy maturing on Mar 2016 and no more for me!

"We have bought insurances coverage on good faiths but don't ever expect the insurance companies to pay our claims on good faith as they are not our father or mother who helps to pour milk into our mouth as they exist to make money for their Management and their shareholders." - Createwealth8888

Uncle8888 has read too many cases of disputed claims posted in the Cyber space and has lost faith in insurance companies.











Uncle8888's last life insurance policy will mature on Mar 2016 and thereafter he will self-insure and self-funding with Medi-save, Medi-shield, and internal resources.

Read? More articles on insurance

Shocking Discovery On My ILP (Re-posting)

.... I finally woke up and realised how the protection part was rapidly eating into the remaining units of the Investment part and can seriously deplete the investment value over multiple bear markets. So I bite the bullet and terminated the ILP at loss.

Read? Shocking Discovery On My ILP


Read? More articles on insurance


Study the long-term financial planning model below.

Think very carefully how should we plan for our long-term needs for income, risk management (insurance coverage), and growth solutions during our different stages of working life and after our retirement.

Good model. This is definitely worth your time and effort to study it very carefully!

For Risk Management and Growth solution, once we made some very serious mistakes and locked in negative return; it is very difficult to recover without pumping even in more money.

MediShield to be tweaked from March next year

SINGAPORE: The national medical insurance scheme, MediShield, will be tweaked from March next year to provide better coverage for the elderly.

The Ministry of Health (MOH) said on Friday that it is raising the limit on the amount that can be withdrawn from Medisave, a national medical savings scheme, to fully cover the premiums for basic MediShield schemes.

Those who are between 76 and 80 years old can withdraw a higher amount of S$1,000, compared with the current S$800; while those who are above 80 years old can withdraw up to S$1,200, compared with S$1,150 currently.

The age limit for MediShield will also be changed.

The government will scrap the maximum entry age of 75 so that more elderly people who are healthy but not insured can get insurance coverage.

At the same time, it will raise the maximum coverage age to 90 years, from the current 85.
Coverage will be extended to inpatient psychiatric treatment at S$100 per day, up to 35 days per year.

The coverage limit per policy year will be raised from S$50,000 to S$70,000, and the lifetime limit will be higher at S$300,000, compared with the current S$200,000.
In addition, coverage will be extended to short-stay wards in Emergency Departments.

Other adjustments include increasing the deductibles for Class C bills from S$1,000 to S$1500, and S$1,500 to S$2,000 for Class B2 bills.
The deductible is the amount of a hospital bill that patients have to pay before claiming insurance.

MOH decided on these changes after it consulted the public in July and August on ways to make MediShield more inclusive.

It is still looking into another suggestion on using MediShield to cover outpatient treatment, saying this involves a major shift in MediShield's focus and could have significant impact on the premiums.

- CNA/cc