Singapore Public and Private Hospitals Locations and Info

Public Hospitals

Alexendra Hospital
http://www.alexhosp.com.sg/

Changi General Hospital
http://www.cgh.com.sg/

KK Women's and Children's Hospital
http://www.kkh.com.sg/

National University Hospital
http://www.nuh.com.sg

Singapore General Hospital
http://www.sgh.com.sg

Tan Tock Seng Hospital
http://www.ttsh.com.sg

Private Hospitals

East Shore Hospital
http://www.eastshore.com.sg

Gleneagles Hospital
http://www.gleneagles.com.sg

Mount Elizabeth Hospital
http://www.mountelizabeth.com.sg

Mount Alvernia Hospital
http://www.mtalvernia-hospital.org

Raffles Hospital
http://www.raffleshospital.com

Thomson Medical Centre
http://www.thomsonmedical.com

PS: I will add in the hospital locations when I have the time :)

Polyclinics in Singapore

POLYCLINICS IN SINGAPORE

Ang Mo Kio Polyclinic Blk 723 Ang Mo Kio Avenue 8 #01-4136 Singapore 560723 Tel: 64582116	Bedok Polyclinic Blk 212 Bedok North Street 1 #03-147 Singapore 460212 Tel: 62436740
Bukit Batok Polyclinic 50 Bukit Batok West Avenue 3 Singapore 659164 Tel: 65603400	Bukit Merah Polyclinic Blk 163 Bukit Merah Central #04-3565 Singapore 150163 Tel: 62713911
Choa Chu Kang Polyclinic 2 Teck Whye Crescent Singapore 688846 Tel: 67659641	Clementi Polyclinic Blk 451 Clementi Avenue 3 #02-307 Singapore 120451 Tel: 67775051
Geylang Polyclinic 21 Geylang East Central Singapore 389707 Tel: 68422440	Hougang Polyclinic 89 Hougang Avenue 4 Singapore 538829 Tel: 63862377
Jurong Polyclinic 190 Jurong East Avenue 1 Singapore 609788 Tel: 65623011	Marine Parade Polyclinic Blk 80 Marine Parade #01-792 Singapore 440080 Tel: 63450049
Outram Polyclinic No.3 Second Hospital Avenue Singapore 168937 Tel: 64353980	Pasir Ris Polyclinic 1 Pasir Ris Drive 4 #01-11 Singapore 519457 Tel: 65855390
Queenstown Polyclinic Margaret Drive Singapore 149692 Tel: 64719530	Sengkang Polyclinic 2 Sengkang Square #01-06 Sengkang Community Hub Singapore 545025 Tel: 63153500
Tampines Polyclinic 1 Tampines Street 41 Singapore 529203 Tel: 67864070	Toa Payoh Polyclinic Blk 2003 Lorong 8 Toa Payoh Singapore 319260 Tel: 62596833
Woodlands Polyclinic 10 Woodlands Street 31 Singapore 738579 Tel: 63677880	Yishun Polyclinic 100, Yishun Central Singapore 768826 Tel: 67577790

24 Hours Clinics

24 Hours Clinics

Please let me know if any of the clinic details are wrong or missing, so that I can update for everyone reference :)

Care 24-Hr Medical Centre 190 Toa Payoh Central #01-590 Singapore 310190 Tel : 6356-3633 Fax : 6356-2622	Cck 24-Hr Family Clinic 304 Choa Chu Kang Ave 4 #01-653 Singapore 680304 Tel : 6891-0338 Fax : 6891-0983
Central Clinic & Surgery 25 Bendemeer Rd #01-579 Singapore 330025 Tel : 6298-4545	Centramed International Pte Ltd 681 Hougang Ave 8 #01-831 Singapore 530681 Tel : 6387-6787 Fax : 6385-8716
General Outpatient Clinic Pte Ltd 17 Ang Mo Kio Avenue 9 #02-07/08 ANG MO KIO COMMUNITY HOSPITAL Singapore 569766 Tel : 6459-2385 Fax : 6459-2687	Grace Polyclinic (East Coast) 24HR 132/134 East Coast Road Singapore 428817 Tel : 6447-0400 Fax : 6447-3556
Horizon Medical Centre 200 Up Thomson Rd #01-11 Singapore 574424 Tel : 6250-2692	Lifeline Medical Group Sengkang Pte Ltd 501 Bishan St 11 #01-376 Singapore 570501 Tel : 6259-8969
Life-Link 24 Hours Clinic & Surgery 153 Serangoon North Avenue 1 #01-534 Singapore 550153 Tel : 6281-3977 Fax : 6383-0538	Lifelink 24Hrs Clinic & Surgery 153 Serangoon Nth Ave 1 #01-534 Singapore 550153 Tel : 6281-3977
Lifelink Clinic & Surgery 446 Pasir Ris Dr 6 #01-120 Singapore 510446 Tel : 6583-4402	Medihealth Bishan 24 Hours Clinic & Surgery 121 Bishan St 12 #01-95 Singapore 570121 Tel : 6258-3212
Raffles Hospital Pte Ltd 585 NORTH BRIDGE ROAD Singapore 188770 Tel : 6311-1111 Fax : 6311-2390	River Of Life 24H Family Clinic 12 Woodlands Road Singapore 677907 Tel : 6760-0501 Fax : 6764-5683
Shenton Family Medical Clinics (24HR) 372 Bukit Batok Street 31 #01-378 Singapore 650372 Tel : 6566-5671 Fax : 6385-2218	Silver Cross 21 Pte Ltd 2 Chun Tin Rd Singapore 599589 Tel : 6875-1191 Fax : 6875-1911
Silver Cross Healthcare Pte Ltd 923 Yishun Central 1 #01-352 Singapore 760923 Tel : 6759-9181 Fax : 6758-3731	Silver Cross Medical Centre Pte Ltd 275A Holland Ave Singapore 278993 Tel : 6462-2818 Fax : 6469-4730
Silver Cross North Pte Ltd 302 Woodlands St 31 #01-297 Singapore 730302 Tel : 6363-3646 Fax : 6363-3349	Tampines 24-Hr Family Clinic 201D Tampines St 21 #01-1151 Singapore 524201 Tel : 6786-7228 Fax : 6786-7229
The Healer Medical Practices Pte Ltd 153 Serangoon Nth Ave 1 #01-508 Singapore 550153 Tel : 6285-9866	Thomson Medical Centpte Ltd 1 Thomson Rd #04-338G Singapore 300001 Tel : 6352-8390 Fax : 6254-5268
YSL Bedok Clinic & Surgery 539 Bedok North Street 3 #01-631 Singapore 460539 Tel : 6245-2684 Fax : 6245-0043

Varsity fees go up - Education costs in Singapore

University Schools fees will be increasing again. Just a 4 years (esp. Engineering, computing at NTU) can cost about $25,500 for fees alone. If you include hostel fees, food and transport, that figure may be well over $50,000.

Varsity fees go up but cost fixed for entire course of studies
By Hoe Yeen Ni, Channel NewsAsia - 13 Feb, 2008

SINGAPORE: All three public universities in Singapore will raise the tuition fees for the new intakes of students starting school in the next academic year.

Existing students and returning National Servicemen admitted earlier will not be affected by the fee increase.

For Nanyang Technological University (NTU), the fee hike is about 4 per cent. This means that incoming students at NTU will pay an annual fee of S$6,360, up from S$6,100 last year.

Most of the schools in National University of Singapore (NUS) will also limit the fee increase to about 4%. However, the Law and Business faculties at NUS will raise their fees by a higher amount.

On top of the fee hike, NUS and NTU will also implement differentiated pricing, where Singapore PRs pay 10 per cent more in tuition fees. International students will pay 50 per cent more compared to their Singaporean counterparts.

The two universities have also decided to implement a new fee structure called the "cohort-based" structure that is currently in place at the Singapore Management University (SMU).

This means tuition fees for all new undergraduates will be 'locked in' for their entire duration of studies. So for those entering NUS and NTU, they will pay a fixed amount of S$6,360 each year till they graduate.

For NUS, this applies to those in the Arts and Social Sciences, Computing, Design and Environment, Engineering and Science faculties. Fees for the other faculties will be higher.

Explaining the advantage of the "cohort-based" fee structure, Professor Dr Meng-Hwa Er, NTU's Associate Provost, said: "They (students) know exactly what to expect in terms of financial needs, so they can make the necessary arrangements for their university education."

"It definitely gives more predictability, and you're not caught unawares as to when fees will increase," said Donald Koh, president of NUS Students' Union.

For SMU courses, except for the law course, the cost is fixed at S$9,130. That's 10 percent more than what the previous cohort has to pay.

Fees for law students will be higher. At SMU, the jump is over 11 per cent, to S$10,050 for Singapore students. At NUS, it is 20 percent higher, at S$7,340.

Other than the increase in tuition fees, the hostel fees at NUS will also be raised by between S$10 and S$40 per week over the next three years.

NUS says this is because current fees are not enough to cover maintenance and upgrading costs.

The hike has caused some students to reconsider their options. "I think it's very expensive, I think it's not worth it. I'll probably take a cab to school instead of staying in a hostel," said a student.

Both NUS and NTU say the fee hikes are necessary to meet the increase in manpower and operating costs in order to continue providing a quality education.

NUS Provost and deputy president, Tan Eng Chye, said that the fee increase was delayed from last year due to the GST hike, but it could not be held off any longer.

He said: "70 per cent of our budget goes to salaries. Look at what the salary increase has been in the industry, 4 per cent and 5 per cent. The increase that we are looking for, it's quite clear that the fees only give us a small bit in terms of the increase.

"People would want to see their salary increase, so I think the same thing I would say is if you expect salary increase for yourself, you should also expect the university has to function, I have to give salary increase for my staff as well. So it's not unusual to expect a fee increase."

All the three universities have assured that needy students will not be denied a place as there will be enhanced financial aid packages to help them cope. - CNA/ir

Application for Personal Accident Plan - AccCare Plus II

Application for Personal Accident Plan

1. Please send your enquiry/questions to melvin.lkw@gmail.com

Please include the following details:

1. Your desired coverage, and specific requirements (e.g. daily hospitalisation allowance, max is $300). Feel free to check with me if you are not sure.
2. Name, Mr/Ms/Mrs/Mdm/Doc
3. Company/Occupation
4. Contact details

All information will be kept and dealt in strict confidence.

Personal Accident Plan - AccCare Plus II

Personal Accident (PA) plans maybe overlooked during financial planning. Although Personal Accident plans form a small portion of the entire risk management portfolio, it is recommended to be included, as it's coverage includes total and partial disability. Normal insurance plans only provides coverage for TPD (Total Permanent Disability)

AccidentCare Plus II also covers hazardous activities/sports
Mishaps that occur during hazardous activities like mountaineering, scuba-diving, parachuting, martial arts, motorcycling or military or policy service of a peace-time nature, are eligible for claims at up to 50% of the state benefit payment. ** However, no benefits will be payable if losses occurred while engaging the activities in a professional capacity

Below is a brief intro of the Personal Accident Plan

AccidentCare Plus II

Overview
Protect yourself and your family from the financial burden of a sudden accident with Great Eastern Life’s yearly renewable personal accident insurance policy, AccidentCare Plus II.

This flexible policy allows you to tailor your coverage and premiums according to your budget and needs, and also provides 20% more coverage exclusively for women.

AccidentCare Plus II is available to anyone between the ages of 17 and 65, as well as to your children between the ages of 1 and 16.

Key-Benefits
		The freedom to mix and match the types of benefits and level of coverage
		Substantial payouts of up to 150% of the Capital Sum Insured for major permanent disablement depending on severity of loss
		Weekly disability benefit for up to 104 weeks if you’re unable to work
		Medical and hospitalisation benefits including daily hospital cash benefits for up to 180 days
		24-hour worldwide protection
		Terrorism coverage for death and total & permanent disablement.
		20% more coverage for death, permanent disablement and hospitalisation benefit at no extra cost for women

The premium you pay depends on the Occupational Class you fall under:

Class I Persons engaged in professional, managerial, administrative, clerical and non-manual occupations in general Class II Persons engaged in work of a supervisory nature and others not in Class I whose duties do not involve use of tools and machinery or are exposed to special hazards. Persons engaged in work involving substantial amount of traveling, e.g. salesmen. Class III Persons engaged in manual work not of particularly hazardous nature but involving the use of tools and machinery. Class IV Persons engaged in manual work involving the use of tools and machinery of a hazardous nature, e.g. welders. Note: This classification is for reference only. The exact Occupational Class will be determined by the Company.

For free quotation, please fill up the coverage required using the form below, and fax to me at 6417-5522, Attention to "Melvin Lim" please. Thanks. I will revert to your request asap.

NTUC Incomeshield - Client anguish

Click picture to enlarge it:

Article extracted from Strait Times, Forum section - March 12, 2008

Global Advantage - Having the best doctors & healthcare in the world

Global Advantage Plan

Overview
When it comes to maximising your chances of recovering from a medical condition, you need to gain access to the best medical practitioners, treatments and advice- not just locally but globally. With Global Advantage, the best advice and treatments in the world are just a phone call away.

Key-Benefits*
		2nd opinion service by world’s top ranking doctors including diagnosis review and recommendation of treatment options.
		Hassle free arrangement that takes care of your medical appointments, hospital admission and accommodation.
		Up to $2 million annual benefit limit for overseas hospital and treatment expenses reimbursement on the 5 covered treatments.
		$5,000 travel allowance.
		$5,000 lump sum Get Well Benefit should you choose not to go overseas for treatment.
		Affordable premium that gives you access to the best doctors and treatment worldwide.
	*Terms and conditions apply

Click on picture below to enlarge the Benefit Table

For brochures, quotations or questions, please click here to send email

TotalShield with Optional Rider for extra ASEAN coverage, daily cash benefit and more!

Comprehensive Supplementary benefits
Unlike other similar hospitalization plans in the market, TotalShield is a highly comprehensive plan packed with supplementary benefits including Get Well Benefit, Ambulance Services and Emergency Outpatient Treatment.

Lifetime guaranteed renewability
Best of all, TotalShield comes with guaranteed lifetime renewability. This means that you can renew your policy, even if you have made claims against it.

Wide medical coverage
Unlike most hospitalization plans, TotalShield also covers areas such as pregnancy complications, congenital diseases, stem cell as well as organ transplants, and even confinement in community hospitals to help ease the financial distress of such medical problems.

Extra cash for ward downgrade
Get up to $250 for each day that you are admitted to a lower ward class than the ward class that you are entitled to.

Child and renewal discounts
To ensure that you enjoy the most comprehensive medical coverage year after year, we are extending a 5% discount every year from the second year onwards. If you wish to have your child covered as well, we will also take 10% off his or her first year policy premium.

Exclusive 20% premium discount
You will also enjoy a 20% premium discount as long as you are also covered under our SupremeHealth (As-Charged) Plan.

TotalShield Plus (Optional)

Full cover for ASEAN region
There is a growing trend for overseas postings to ASEAN countries, such as Malaysia and Thailand. TotalShield Plus gives you full cover should an unfortunate event occur when you’re in any of the ASEAN countries, whether you are out-stationed for work or for leisure.

Extra benefits for less premium especially for SupremeHealth (As-Charged) lives assured
Enjoy your SupremeHealth (As-Charged) coverage even if you are overseas. What’s more, as our loyal customer, you will enjoy an exclusive 20% discount!

Emergency Assistance Services
For Advance Plan policyholders, you can also benefit from the services of International SOS whenever you need medical advice or emergency medical assistance while you are overseas.

Other-Benefits
		24/7 Worldwide Coverage
		Attractive Suite of Hospitalization Benefits – Hospital Income Benefit, Cancer Treatment
		Guaranteed Renewability till age 85 yrs next birthday
		Enjoy a comprehensive inpatient and outpatient Cancer Treatment benefit, including medication and consultation
		10% first year discount for your children if you are covered under the plan
		5% Renewal Discount regardless of your claims status

For brochures, quotations or questions, please click here to send email

Greatlink SMS Fund Codes

List of Fund Codes SMS Code ABBREVIATION FUND NAME F1 F2 F3 F4 F5 F6 F7 F8 F9 F11 F12 F16 F17 F18 F19 F20 F21 F22 F23 F24 F25 F26 F27 F28 F29 F30 F31 F32 F33 Cash AseanGR Enhancer GLBSup PanAsia EuroEQ GLBEQ GLBOpt GLBTech GLBGRTrend GLBBond GLBValEQ FarEastEQ SinEQ GLBInt StaBond LSecure LSteady LBal LProg LDyn GLBRESF ChoiceSep2010 ChoiceOct2010 ChoiceAug2013 ChoiceDec2013 LionJpnGR LionChinaGR LionIndia CASH FUND ASEAN GROWTH FUND ENHANCER FUND GLOBAL SUPREME FUND PAN ASIA FUND EUROPEAN EQUITY FUND GLOBAL EQUITY FUND GLOBAL OPTIMUM FUND GLOBAL TECHNOLOGY FUND GLOBAL GROWTH TRENDS PORTFOLIO GLOBAL BOND FUND GLOBAL VALUE EQUITY FUND FAR EAST EX JAPAN EQUITIES FUND SINGAPORE EQUITIES FUND GLOBAL INTERSECTION FUND STABLE BOND FUND LIFESTYLE SECURE PORTFOLIO LIFESTYLE STEADY PORTFOLIO LIFESTYLE BALANCED PORTFOLIO LIFESTYLE PROGRESSIVE PORTFOLIO LIFESTYLE DYNAMIC PORTFOLIO GREATLINK GLOBAL REAL ESTATE SECURITIES FUND GREATLINK CHOICE (SEP 2010) GREATLINK CHOICE (OCT 2010) GREATLINK CHOICE (AUG 2013) GREATLINK CHOICE (DEC 2013) GreatLink Lion Japan Growth Fund GreatLink Lion China Growth Fund GreatLink Lion India Fund SMS Code DESCRIPTION FUND INCLUDED All Ls Bal GlbEq RegEq NonEq Other All the funds GL Lifestyle Portfolios Glb Balanced Funds Glb Equities Funds Regional Equities Funds Non-equity Funds Others FS1 - FS33 F21, F22, F23, F24, F25 F04, F08 F07, F09, F16, F19, F11, F26 F02, F03, F05, F06, F17,F18, F31,F32,F33 F01, F12, F20 F27, F28, F29, F30

Demo on Retrieving Individual Fund Prices [ Type the Fund Code ] e.g. F2 [ Send to ] 96992000 or 97772000 If your SMS has been sent to us successfully, you will receive: As at 19/09/2003 AseanGR Bid: $1.0390 Offer: $1.0930 Send MENU for other codes or ALL for all funds.

SupremeHealth (As Charged) - SHP

If only there is a hospitalisation plan that gives wider coverage and more premium discounts, and reimburses you fully for your medical bills. Yes, there is! SupremeHealth gives you so much more, it is clearly a comprehensive Shield plan for your whole family's health and medical needs. Not only will you enjoy a guaranteed lifetime cover, you can also use your Medisave to pay the premiums.

SupremeHealth is the ideal solution for guarding against hefty hospitalisation bills. Here's why this plan stands tall above all others.

Please click Benefit Table to enlarge picture

For brochures, quotations or questions, please click here to send email

Retirement age going to raise to 65?

Judging from the news, it seems like the prevalent retirement age may be raised to 65 pretty soon. Which means that the CPF withdrawal age will be increase from the 62 to 65 too. Hopefully, CPF will look into increasing their interest rates and adjust some of the policies

Although this may be necessary because of our life expectancy and aging population, similar to Japan...we really need to ensure that we got work to do ! otherwise no money $$

If you decide to retire early, age 55?, you need to have enough savings to last you for the next 10 years before you can enjoy the fruits of your CPF savings...and if you have insufficient funds, then you definitely need to work or spend lesser=no holidays, no excessive spending, no car

Work hard and plan ahead

Cheers

Article on Rates of Returns of Life Insurers in The Sunday Times

Article on Rates of Returns of Life Insurers in The Sunday Times
(17 September 2006)
We have received some queries about an article on the returns of participating policies which was published in The Sunday Times on 17 September 2006. Written by Lorna Tan, it is entitled, "What you see may not be what you get". This paper addresses any concerns you may have arising from the article.

The article contains highly misleading information.

1. The journalist quoted the "Insurance Commissioner's Report" as the source of information. This is not true. The Monetary Authority of Singapore (MAS) has not published such figures since 2000 (probably because these figures had been misquoted in the past).

2. In the MAS reports prior to 2000, it was clearly stated that the net rate of return included net interest and did not take into account any profit or loss on the realisation or revaluation of assets. As such, these figures do not represent the actual investment performance of our insurance funds, where gains from equities and other asset classes form an important part of the overall return.

The journalist did not include this important point in her report and wrongly used these rates as investment rates of return of Par funds.

3. The net rate of return shown in the MAS reports (i.e. prior to 2000) was the aggregate net rate for all life insurance funds (i.e. Par fund plus non-Par fund plus Investment-linked fund, where applicable) of an insurer. It was not the net rate for the Par fund.

The aggregate net rate for all insurance funds is obviously not the same as the net rate for the Par fund.


Click here to read more

Source: Great Eastern Website

Article on How Insurers Invest in Their Par Funds in The Business Times

Article on How Insurers Invest in Their Par Funds in The Business Times
(27 September 2006)
There is an article entitled, "A peek at how insurers invest" in The Business Times on Wednesday, 27 September 2006. The journalist, Genevieve Cua, reported on what insurers invest in their Par funds. Her article included a table of asset allocation for Par funds and the capital adequacy rates of all life insurers. We would like to draw your attention to some points in relation to the article.

Click here to read more

Source: Great Eastern Website

IKEA Vouchers and $10,000 IKEA Extreme Makeover Package!

<PROMOTION IS OVER>

If financial planning is something really new to you, why not make use of this opportunity to find out more. And if you find our plans suitable - that $10,000 IKEA extreme makeover package may be yours!

For an appointment or more information, kindly drop me an email,
or call

Are you considering a degree course?

Perhaps you are contemplating to obtain a degree 3 or 5 years from now, or maybe you are wondering how much the cost of education will be when your kids grow up.

Well, according to the article published on last Sunday on Sunday Times, Jan 15, 2006 - you may need to set aside a substantial amount should you decide to further your studies, or send your kids to the university.

Not surprisingly, education costs will rise with inflation. Hopefully our pay cheque will increase at a rate faster than inflation :-)

Overheard at the coffeeshop from a uncle in his 50s

"Better to die lah, falling sick is worse than dying. So expensive, how to afford the medical expenses?"

He's not alone.

I know of a provision-shop uncle who operates 24/7 in Serangoon. The reason was that he used to have a good friend who fell very sick due to cancer. His good friend's family spent every cent they have on him. With the lost of the breadwinner, they relied on the savings, borrowed and sold everything to get money for his treatment.

Despite all the efforts and struggles, the uncle lost his good friend.

His good friend's family lost a breadwinner, loss of income, end up in debts and is no longer the same. It brought the family into dire circumstances

It was like a wake-up call for the uncle. It prompt him to earn as much money as possible. Which is why his provision-shop is open 24/7. He doesn't want to end up in that kind of situation, nor does he wants to subject his family to this ordeal. He said that he copes by having his wife to work in the morning, while he works from mid-noon all the way to till dawn. From the look of his face, I can see that it's strainful on him, especially for someone his age.

I shared with him that there's another alternative - buying a comprehensive health plan that will pay for all medical bills starting from the first dollar.

He's convinced and much happier today. And I don't see the provision-shop opening 24/7 hours anymore.


***

Do not underestimate the costs of medical care. Say "No" to huge medical bills. Feel free to send me an email or call 81-888-232 for more information

5 Things You Need to Know When Investing Your CPF

1. Investing your CPF should be seen as a medium to long term investment. In that way, better returns can be expected. Successful investment is not purely luck. It's about consistency and staying invested.
   

   
   Do you know that contrary to public perception, investing in unit trusts has been more profitable than leaving your money in CPF accounts? (source: Straits Times, Year 2005)
   
   Over the past seven to 10 years, nearly 75 per cent of all unit trusts have outperformed CPF returns. The average annual return on equity and bond funds was 6 per cent, compared with CPF interest earned of 2.5% to 4%.

   
   
2. Preferably, you should set aside part of your CPF for your house loans or your kids education loan. That way, you will not worry unnecessarily about your investment in the short-term.
   
   
3. The fund management fee. Usually equities funds charge a higher management fee, however you may wish to check if the management fee is justified. If the performance of the fund is so-so only, you may wish to look for another alternative.
   
   
4. The funds performance. Find out how the funds have performed over the last 3 to 5 years. Although past performance is not indicative of future perfomance, it can still serve as a benchmark.
   
   
5. Ultimately, the fund(s) that you choose should be based on your:

• Time Horizon;
• Asset Allocation;
• Diversification;
  
• Expectations (of returns and inflation)

Policy Loans

Taking a loan from your existing policies may be a good idea when you need cash urgently. This usually applies to traditional policies, also known as Whole Life policies. And the interest rate is definitely much lower compared to credit cards at 24% per annum. Normal policy loan interest rates ranges from 6% to 8%.

At the same time, you enjoy the coverage provided by your policies. However, your policy must have certain cash value before you can take out a policy loan; and subjected to the conditions set by the insurance company. Do note that when you take out a loan, your return on investment will be reduced, depending on the amount you cash out.

On the other hand, if you own a ILP (Investment-Linked Policy), you need not take out a loan. You simply cash-out the amount you need. This is one of the beauty of an ILP. An ILP is a combination of investments (Unit Trusts) and life insurance in one plan. Insurance charges are deducted from the investment component of the ILP.

You can even go for premium holidays, which means you don't have to any premiums, and yet enjoy continuous coverage.* I believe this is useful, especially when the individual is in a temporary financial difficulty and unemployment. In the case of a traditional policy, to stop paying premium may impact the return rates severely, and in worse cases, the policy may even lapse.



* terms and conditions varies with different companies. For all plans, needs and concerns must be taken care of, before determining whether the plan is suitable for the individual. Feel free to drop me an email to discuss further.

The Cost of Waiting

Many people hesitate when it comes to investments or savings, hoping and waiting for the best deal.

What they don't realise is that by waiting, there's a cost involved too - The Cost of Waiting

Imagine one day you see a Fix Deposit (or investment) advertisement, giving an interest rate of 3% every year. The plan is to start from Year 2005 to Year 2010. By putting $50,000 with the financial institution for 5 years, you will get $57,963.70 at the end of the term. You can earn a total interest of $7,963.70 if you invest now.

But something is pulling you back, you are wondering is there any better opportunities or higher interest rates. You decide to wait.

1 year later ...

Indeed, there's a higher interest rate being offered this time -

3.2% interest rate!

And this offer is sweeten even further, only 4 years required. You decided to take up the offer. It's year 2006 now.

Four years later. Year 2010 ...

Your $50,000 became $56,713.81. Total interest earned is $6,713.81.

Cost of Waiting?

$7,963.70 - $6,713.81 = $1,249.89

Given a fixed time frame (until year 2010), the cost of waiting is $1,249.89

What are you waiting for? :)

PS: To obtain the same amount of interest (i.e. $7,963.70), an interest rate of 3.764% per annum is required.