[Newsletter]Which estate cannot be distributed by Will?

Which estate cannot be distributed by Will?
The answer is CPF-OA (Ordinary Account)

[Newsletter]Which estate cannot be distributed by Will?

Which estate cannot be distributed by Will?
  o Bank Account
  o CPF-OA (Ordinary Account)
  o CPF-IS (Investment Scheme)
  o Insurance Policies (without nomination)
  o Property held under "Tenancy In Common"

Click here to answer this question and the first 10 correct answers will win a USB Mobile fan (for Android)

[Newsletter]We can only surrender our insurance policies back to the insurer. True or False?

The answer is FALSE.

Before proceeding on surrendering your policy, do take note the following:
1) Insurance purchased is meant for long term
2) If you intend to surrender/sell your insurance policy because you plan to buy new ones, it's recommended to get the new policy approved first (clear any additional underwriting) before surrendering the old one. If everything is the same (no extra condition/underwriting e.g. health is as good), then can consider to proceed surrendering your old policy.
3) Do note also that though some old insurance policy covers lesser things e.g. number of Critical Illness, but the terms used is more generic also. The more generic the term, someway it can mean more coverage. Currently the new terms used are quite specific like which specific artery burst then only can be claimed.

Recently I wanted to surrender my policy (for personal reasons), I checked the company website and the amount indicated is the exact amount in the "Projected 5.25% investment return" column in my policy 5 years ago. So far this is the only company that never gives below the higher end of the projected target. My policy:

   Company: Tokio Marine
   Plan: Towards My Legacy Plus (LP)

Yup, it's "Tokio Marine". The famous company that so far, the only company that never fails to pay at the higher end of the projected investment return column in your policy.

Luckily or coincidentally, I read an article from "The Edge" (dated 20th June 2016) about selling your life policies to 3rd party. You can even submit it online for a free quote. Since I plan on selling, I gave it a try. I emailed them my details and within 2 working days, they came back with a quote. And to my surprise, it's about 5% (~$300) more than the surrender amount that my original company provides.
According to the PIC, if the policy is endowment policy, the surrender amount is even higher.
Especially if you bought an endowment for the first year and plans to sell it the 2nd year. Normally the original company (or provider) have no surrender value for first year or two. But the 3rd party does. And I heard, it's quite substantial also.

So I agreed with him on the amount, and he ask me to go directly to Tokio Marine office to meet him. There I sign a "Absolute Assignment of Insurance Policy Proceeds" form to the company. Once signed, the cheque of the full amount is given to me immediately.

Currently the 3rd party companies which I know that accepts policy selling are:
1. Purvis Capital - Accepts both Endowment & Whole Life Policies
2. REPs Holdings - Accepts only Endowment Policies
As my policy is Whole Life, I used "Purvis Capital" and the service is quite prompt.

So if you plan to surrender your policy, check out some of the 3rd party website for "free quotation".

[Newsletter]We can only surrender our insurance policies back to the insurer. True or False?

When we want to surrender our insurance policies, we can only surrender it back to the insurer whom issues the policies. True or False?

Click here to answer this question and the first 10 correct answers will win a USB Mobile fan (for Android)

[Newsletter]Can your brother/niece claims your Insurance policy(ies)?

The answer is Yes!

This is because if there's no nomination or Will is made, the insurance company may pay up to $150,000 of the policy proceed to any person who is considered as a "proper claimant".

Who is "proper claimant"? They can be any of the deceased's parent, child, brother, sister, nephew, niece, widower or widow.

So, if you have not done your Nomination, please contact your Financial Consultant for it. It's simply filling up of forms and it's FREE.

You might also be interested to check with your Financial Consultant about "Will" & "LPA" where one takes care of your welfare when you are no longer around and the other when should you loose your mental capacity one day.


You can download the latest "Your Guide to the Nomination of Insurance Nominees" from the LIA website here:
http://www.lia.org.sg/node/93

While you are at it, you can also check the unclaimed insurance proceeds here:
http://www.lia.org.sg/consumers/unclaimed-proceeds/list

[Newsletter]Can your brother/niece claims your Insurance policy(ies)?

If you have not made a Will/Nomination, do you think your sibling or even your nephew/niece could be proper claimants to your Insurance policy(ies)?

Click here to answer this question and the first 10 correct answers will win a USB Mobile fan (for Android)



The answer will be disclosed in our Newsletter next month & more details on such framework will be shared. So, do stay tuned!