Singapore Financial Planners

Annuity & Retirement Plans in Singapore: What are they? Retirement plans, also known as annuities, are plans that are meant to mitigate the risk of running out of resources when you’re retiring. Most retirement plans pay a regular monthly income for as long as you live. Other types allow you to collect a large lump sum amount upon maturity or have payouts in the last few years of the policy. Depending on your needs and what you can afford, there are different plans that best suit you. Therefore, it is always best to consult with an independent financial advisor to obtain the best advice. Some Singaporeans are unaware that by default, they already have retirement plans. In fact, the CPF Retirement Scheme and CPF Life are one of them! But if you think you will need more than what CPF Life has to offer, read on!   When will you need annuity plans? As mentioned previously, most Singaporeans will have an annuity plan called the CPF Retirement Scheme or CPF Life if their Ordin...

NTUC Income offers a range of 3 different retirement plans. In this article, we will be collating and summarising each product in each category.     NTUC Income Gro Retire Ease The NTUC Income Gro Retire Ease is a retirement plan helping you secure your finances for your golden/retirement years. It has a premium payment term of 5 or 10 years, or up to 5 years before the end of the accumulation period. The accumulation period lasts for either 10 or 15 years. With capital guaranteed on the basic plan, you can choose the number of years (10, 20, or 30 years) you’d like to receive your monthly cash payouts for. You can start receiving your monthly cash benefits after the accumulation period or at the retirement age of 50, 55, 60, or 65 years old. On top of your guaranteed monthly cash benefits, you might receive non-guaranteed cash bonuses as well. There is also a guaranteed yield upon the policy’s maturity of up to 2.7% per annum. Together, your guaranteed and non-guaran...

Many Singaporeans do not understand the importance of having disability income insurance. Say, touchwood, you get into an accident and are temporarily disabled. What insurances can you claim from? Probably personal accident insurance and your health insurance, if you have one. Now notice how I mentioned temporary disability. If you think your total permanent disability (TPD) coverage from your life insurance plan is going to give you payouts, chances are, it won’t. That’s where the disability income insurance comes in. In the scenario where you’re temporarily or partially disabled and are unable to work, this insurance provides you with income, usually in the form of monthly payouts, until you are well enough to start working again. Before we talk more about disability income insurance, it is crucial to understand the different types of disability insurances in Singapore.   Types of Disability Insurance Policies Total Permanent Disability Total permanent disability insurance...

A critical illness can strike you anytime. With the changing economy and the increasing costs of healthcare, paying medical bills might put you in debt. That’s why hospitalisation insurance is essential. However, what happens after you’re discharged and are undergoing extended recovery from critical illnesses? Being prepared for whatever comes gives certainty that you can provide for yourself without burdening your family. It is, therefore, necessary to insure your life with critical illness coverage at an early age. With the new reforms in the critical illnesses definitions and the policy decisions surrounding it, one needs to be well informed about how things might turn. This informative read will help you understand everything that you need to know about critical illness insurance in Singapore.   What is Critical Illness Insurance? Critical illness insurance provides the beneficiary with a lump sum of money in the event of being diagnosed with a critical illness. The most...

NTUC Income offers a range of 13 different savings / endowment plans. In this article, we will be collating and summarising each product in each category.   NTUC Income Gro Capital Ease The NTUC Gro Capital Ease is a single premium savings plan with a policy term of 3 years. Depending on how you invest, the minimum is S$5 000 online or S$20 000 via a financial advisor. This plan’s maximum investment amount is S$200 000, where you can choose to save via cash or SRS. It provides guaranteed returns of 1.96% per annum at the end of this plan, where you will receive 106% of the amount you’ve invested, assuming it was S$10 000. Gro Capital Ease protects against death, permanent, and total permanent disability before age 70. It also provides guaranteed acceptance regardless of your health condition. Features: Single premium savings plan Minimum investment of S$5,000 or S$20,000 Guaranteed returns at 1.96% per annum Receive up to 106% of capital invested (Capital Guaranteed) C...

Aviva offers a range of 12 different savings, retirement, and investment plans. In this article, we collate and summarise each product from each category. Aviva Savings Plan Aviva offers 6 different savings plans for you to choose from – Aviva MyEduPlan, Aviva MyLifeSavingsPlan, Aviva MyWealthPlan, Aviva MySavingsPlan, Aviva MyRegularPay, and Aviva MyEasySaver.     Aviva MyEduPlan The Aviva MyEduPlan is a savings plan that lets you have secured and structured savings for your child’s education. There is a 100% capital guaranteed cash benefits that will be distributed for four years during your child’s education. There are also guaranteed returns of up to 1.46% per annum. You can select a payout age of 19 or 21 Age Next Birthday (ANB). The first payout is 40% of the selected Sum Assured, and Payout 2 to 4 is 20% each. It also guarantees 2 extra cash benefits that you can receive 2 years before the Payout Age. The payout will be 5% each of the selected Sum Assured. Th...