Return Home ★ You are viewing blog posts categorised under Insurance.

The Financial Planning Process

Financial planning is a process where an adviser assists his client in areas such as cash flow management, investment planning, risk management, insurance planning, estate planning etc. Depending on the individual needs and complexity of one’s portfolio, financial planning can be quite a big project.

It is important for a systematic approach to be adopted in order to structure the process to ensure that it is productive, as well as to develop a plan that is suitable, relevant and useful to the client.

Read More ↵

NTUC Income VivoCare – Early Stage Critical Illness Whole Life Policy

I attended NTUC Income’s event this morning for the launch of VivoCare, a whole life policy that primarily focuses on providing early stage critical illness cover.

Traditional critical illness policies typically define critical illnesses as “late stage” conditions. For instance, a payout will be made only if both kidneys have failed. Under an “early payout” policy, the surgical removal of a single kidney can be admitted for a claim.

Read More ↵

Case Study on How Insurance Would Have Helped Unfortunate Man

I read in the papers about a very unfortunate case about a man who accidentally slipped and fell on a walkway wet from rainy weather, causing him to be paralysed from the neck down.

He is now suing the town council for negligence and seeking compensation for medical expenses, loss of earnings, transport costs as well as pain and suffering.

Read More ↵

The Critical Importance of Full Disclosure

What is similar across insurance policies? This statement:

“PURSUANT TO SECTION 25(5) OF THE INSURANCE ACT (CAP. 142) YOU ARE TO DISCLOSE IN THIS APPLICATION FORM FULLY AND FAITHFULLY ALL FACTS WHICH YOU KNOW OR OUGHT TO KNOW, OTHERWISE THE INSURANCE EFFECTED MAY BE VOID.”

It is as simple as it gets – When one applies for an insurance policy, he is to make known to the insurance company all facts that he knows or ought to know. If not, the insurer is well within its legal rights to treat the policy as though it never existed.

Read More ↵