Comprehensive Financial Planning

Topic: How CPF Life works and how to enhance Retirement Income with Cash

Date: 22 February 2022

Time: 8pm - 9.30pm

Description:

Are you a CPF member soon approaching age 55? If yes, you have to make a choice between Basic Retirement Sum (BRS), Full Retirement Sum (FRS) and Enhanced Retirement Sum (ERS). Any one of the retirement sum schemes is to fund the premium of your CPF Life plan - a lifelong annuity that only commences at age 65.

Which retirement sum scheme is most suitable for you? Is it possible to enjoy an immediate regular income stream BEFORE age 65?

Please join us in our webinar if you are keen to plan your retirement sensibly.

Speakers: Francis Hoan

ZOOM Invitation and webinar description:

Do drop me a message with your name and email address

Do contact us for a comprehensive review on your retirement needs.

What Happens To Your CPF Contributions After You Hit Full Retirement Sum (FRS)? The Full Retirement Sum is the CPF milestone for many Singaporeans. Here’s what happens to our CPF contributions once we hit this milestone.

Have you received a welcome letter relating to Careshield, but you do not know what it is about? Don't worry, we have you covered.

Join us at our free online session to understand the 101s of Careshield Life. By the end of the session, you will learn some valuable tips to make an informed decision on how to optimize your privileges in this government scheme. Also, wouldn't it be nice to receive a paycheck whether you are physically well or not? In this webinar, let us share with you some trade secrets to lead a carefree life!

The following will be shared:

• What is Careshield Life?
• How does it benefit me?
• What are the alternatives?

Topic: Careshield Life, Carefree Life
Date: 5 October 2021
Time: 8.00pm – 9.30pm
Speaker: Mr Damien Goh & Ms Winnie Chan
Registration: https://bit.ly/2XeV6qm

Do drop me a message if you are interested so that i can register for you. Thank you

How property passes from a testator to be shared by the next-of-kin and other beneficiaries is best stipulated in a will by the testator. Wills work only when they are validly executed.

Well-meaning testators could unwittingly cause problems for their beneficiaries when they leave behind wills that are defective in some way. That's why a professional will writer will come in useful - to make sure the necessary requirements are met and to advise you on the pitfalls to avoid.

We have specially arranged a talk later this week by an experienced will writer that you should not miss:

Topic: Will Writing Webinar
Date: 22 July 2021
Time: 8pm - 9.30pm
https://bit.ly/3h1UmuK

Company and group insurance are among those affected. Are yours too ? Do come for a free complementary analysis with us.

PSA: Changes to Critical Illness Definition to Take Effect From 26 Aug 2020 Here is an extensive list of the major changes that will be happening to the Critical Illness Definition that will be implemented in August 2020.

Wishing everyone A Merry Christmas!

The cost of raising children: Saving for their education Educating your children can cost a lot. While schools in Singapore provide a superb education, parents are spending more on everything from tuition to independent schools and overseas universities. If you are a parent trying to do the best for your child, you will find that you have to put money

Do pm us if you want an unbiased opinion on your existing policies.

Are you protected against critical illnesses? AXA is on hand to address any gaps in your critical illness coverage. Read more at straitstimes.com.

Careshield Life - An enhancement to the current Eldershield scheme.

While there are numerous articles and infographics on roughly how the new implementation on Careshield Life will look like (refer attached pictures), I would like to share on several angles of Careshield Life

1. How is Eldershield (Upcoming Careshield Life) different from other private disability insurance products?

There are other private insurance products like disability income protection insurance which replaces a portion of the policyholder's missing income, in an event of disability which cause the person unable to work temporarily or permanently.

Another type will be the Total and Permanent disability coverage which provides a lump sum benefit for immediate to longer-term financial security, in event that the person is unable to work.

The different benefit structures in these different products will have different premium ratings, most of these products only provide coverage till age of 70. Hence they do not offer protection for individuals against the risk long term care (Severely disabled). Eldershield (Upcoming Careshield Life) will address protection needs for disability beyond age of 70, so long as you live.

2. Why Medishield Life premiums are gender-neutral and Eldershield premiums gender-differentiated?

Medishield Life is a hospitalization scheme that is designed to give lifetime coverage and policyholders needs to pay premiums for life. It does not need to insurance against the different life expectancy of each gender, as premiums are payable for every of coverage. Woman may make more claims since they have longer life expectancy and they would also have paid more years of premiums compared to men.

On the other hand, Eldershield (Upcoming Careshield Life) is a insurance scheme for severely disabled that is to provide lifetime coverage, but only requires policyholders to pay premiums from age 40-65 (Current), 30-67 (Proposed recommendations). Given that Eldershield premiums are paid by men and women for same number of years, and yet the life expectancy of each gender is different. Hence, it has to be gender differentiated to reflect the difference in risks.

3. What does pre-funding of Eldershield premiums mean?

Premiums are paid by each generation of policyholders during their working years are used to cover the generation's claims when they grows old.

When policyholders are younger, premiums collected are expected to be higher than claims disbursed since the likelihood of severe disability is low at younger ages. As the generation grows older, premium payment will stop at age 65 and as these policyholders grows older, they start to make claims and drawing down on the premiums that they contributed during their working years.

Pre-funding ensures each generation saves when they are young and working, to pay for their own long term care needs during old age. This helps minimize the need for intergenerational transfers which wont be sustainable with an ageing population.

More updates will be revealed when government agrees and implements the recommendations proposed. Stay tuned.

Source:

Resources | CareShield Life | Ministry of Health The ElderShield Review Committee has been studying ways to enhance the ElderShield scheme to better address the needs of Singaporeans who become disabled during their old age and has since concluded its review. The enhanced scheme will be called CareShield Life.