Blog

Contributed by Michelle Ee, Wealth Management Director, Financial Alliance Pte Ltd
(The contributor can be contacted at michelleee@fa.sg)

While advances in medical science helps to prolong our lives, it also increases our health care and treatment costs. Therefore, it is crucial to have medical insurance – such as critical illness insurance and hospitalisation insurance – help pay for these costs. However, many people are confused over how critical illness insurance & hospitalisation insurance works. Here are some quick pointers to help you understand.

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Contributed by: Michelle Ee
Wealth Management Director, Financial Alliance Pte Ltd
(The contributor can be contacted at michelleee@fa.sg)                                                                                                                                                                                                                                                                             
Premium hikes have been occurring since IPs were introduced in 2005. This is mainly due to adverse claims experienced by all IP insurers.  In recent years, the claim situation became worse, particularly for IPs that cover private hospitals. To cope with the unexpectedly high frequency of claims, insurers have to increase premiums.

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Contributed by: Estelle Heng
Intern from Gerontological Management Studies, School of Humanities and Social Sciences, Temasek Polytechnic.

‘I’m too young to think about this’ is probably the most common excuse not to start financial planning in Singapore. However, if we think twice, we’re never too young. Parents buy insurance for their babies as soon as they are born, some before they even take their first breaths. What’s so important about insurance that it is this urgent? The reality is that unexpected things happen. And when they do, you can’t afford to give up your future because of piled-up debts from hospitals or leaving your dependents to pay them off. So really, insurance is more than just protecting yourself, it includes supporting your loved ones as well.

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Getting health insurance cover is an important part of financial planning, even for young adults who live in a country like Singapore where the government actively exhorts healthy living as a priority and maintains a world class medical hub. It is understandable why young adults in Singapore find it difficult to wrap their minds around the idea of getting health insurance, especially since they live in one of the cleanest countries in the world.

However, getting health insurance is not just about protecting yourself today, it is also about planning ahead and protecting yourself in the future. Below are some examples of how youths in Singapore can benefit from having health insurance in place:

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Contributed by Michelle Ee,
Wealth Management Director, Financial Alliance Pte Ltd
(The contributor can be contacted at michelleee@fa.sg)

In your financial planning endeavours, you may encounter the question of whether to switch your Integrated Shield Plan (“IP”) insurer. I urge you to take a step back and consider the pros and cons before you decide to switch.

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Contributed by Raymond Wee,
Financial Advisory Director representing Financial Alliance Pte Ltd
(The contributor can be contacted at raymondwee@fapl.sg)

Contrary to popular belief in Singapore, financial planning requires more than just a single meeting with your financial adviser. Planning for your finances is a complicated matter, mainly because your income, expenses, and debt changes as life progresses. As such, financial planning requires regular reviews. Here are top 5 reasons why financial advisers keep telling you you’re under-insured:

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