Tuesday, November 8, 2016

Nov 2016 Updates

Hey everybody!

I know I haven't been posting a lot lately. I've been really busy with life this 2016, but the good news is that most of my big and stressful stuff are finally behind me and I suppose that means more regular blogging by me and more articles for yall to read!

I'll just dump whatever is on my mind out here in this post. Most likely I'll be coming back to revisit most of these topics in the near future.

Insurance

a) Shield Plan Rider

I recently saw this D&S article about the recent murmurs in the insurance market about doing away in the riders for Shield plans. They do have a good suggestion, which is to quickly sign up for riders if you currently do not have any riders.

I just did my own comprehensive insurance review and honestly, I'm very happy and satisfied with my insurance (over) coverage. However, I have the NTUC Assist Rider, which is different from the Plus Rider. The Plus Rider is the rider that covers all expenses. There will be zero out of pocket payments for anything covered. The Assist Rider has a 10% co-payment with a limit up to $3,000 per year.

The difference in premiums can really add up a lot. It honestly makes a lot more financial sense to have the Assist Rider and pay the 10% co-payment (up to $3,000) if you are hospitalized if you are not a very sickly person. From this age, by 43 you can be hospitalized once (this means that if you don't think you'll be hospitalized once by 43, it makes more sense for the Assist Rider). Of course, as the years go by and the premium difference gets bigger, you reach the "milestones" earlier. By 68 you would be able to be hospitalized and pay the maximum co-payment 5 times (for 5 years) and still be the same financially. At 65 (which is retirement age for most people), the premium difference between the riders would be a pretty substantial $13,415!

I did up a spreadsheet and I looked at the difference in premiums and I thought long and hard about it. I even wrote a short post about it. My conclusion is still the same though. In my entire life, I've never been hospitalized and it is actually one of my recent aims and goal to remain fit and healthy. Although I felt like taking action and upgrading to the Plus Rider when I saw this article, I actually think that my Assist Rider suits me well.

b) Early CI / Cancer

For most people, I would imagine that early CI is very unnecessary. In fact, even CI for most people isn't necessary. I heard the claim rate for CI is just 5%, but maybe I need to be fact checked on this. However, I feel that I am a special case because my family has quite a high incidence of getting cancer.

Almost every other male in my family has had cancer. It seems to me like the odds are quite against me for this one, although I do try and keep myself healthy, this seems to be a genetic disposition, as opposed to external factors. I'm focusing on early detection to stay safe.

Early detection however means that you would probably catch the illness in an early stage, which is not claimable under CI since from my understanding the cancer has to be fairly advanced. That is why I am focusing my attention to Early CI.

I'm currently am going to sign up for the CI + Early CI by Aviva through DIY Insurance very soon. I like the Aviva plan because it's super straight forward. Tio any stage of the CI will get 100% payout. No pro-ration factor based on level of advancedness.

I'm also considering the Tokio Marine Protect Cancer policy in the future which solely focus on cancer, although the CI + Early CI plans actually cover cancer as well and only has a slight premium (less than 20%) to cover the rest of the spectrum of critical illness.

Since the TM plan seems very simple and fuss-free to sign up for (and the minimum entry age is 30), I'll just make a mental note to consider this again in the future if I want to have additional protection. However, I am fairly confident that my current coverage will be more than sufficient for quite some time.

c) DPI Insurance w/ CI

With the new MHA insurance which is a souped-up version of the previous SAF GTL, I'm getting way more coverage for almost the same price with Aviva now. However, one of the things that has been bugging me is the fact that the it is a group plan instead of an individual plan.

FWD Insurance has came into the market recently. Most of you know them for the Lifetime 50% NCD for their car insurance, but they have gone into the life insurance area as well. I checked out comparefirst and they are actually cheaper than AXA! What's more is that I managed to find a discount code for 10% off for the first year of premiums, so that's a nice little added touch to it. FWD allows you to apply online and doesn't need you to meet an agent, which is AWESOME because that was one of the reasons I went with AXA DPI in the first place - no need to go down to their branch.

I went onto their website and filled out my info and got a quotation. I'm currently just sitting on it and thinking about it. Not only is it cheaper than AXA, it is also more hassle-free. The plan by FWD is covered by SDIC also, so I'm not too worried about FWD as an insurer. DPI products are highly standardized and plain vanilla, so again, less things to worry about.

However, I currently doubt that I need to increase my coverage, but it is nice to know that there are options out there even I am ever looking.

Housing

I think a lot of people know that I've been ready and waiting to pounce into the housing market at the right time. The right time isn't yet, but I have a strong feeling that it's really going to come quite soon. One of the things that I believe in is that a property agent is not worth it for plain vanilla transactions. If you already know which property you want, how much you're willing to pay, the only thing left are the admin processes which can be learnt pretty quick.

A lot of the info out there is for HDB DIY, which makes sense since HDBs make up most of our housing stock. However, I found a very useful infographic by The Edge when it comes to buying private resale property, which is my intention.

I will probably be making a comprehensive article on DIY private property purchasing, using their infographic and adding in links and also any other relevant info to have a proper, detailed, step-by-step timeline for DIY. Honestly, all articles online are too brief and are very intangible. I've delayed this for too long already, it's time to come out with a good guide!

Robo-Advisor

I did mention a while back that I met with the guys from Smartly and that I was very excited. Honestly, I love their idea and I am eager for it to be launched. From what I read from their FB page, they seem to be wrapping up on the regulatory process.

I do have access to the Beta and now that I'm done with my big events, I have the time to go through the Beta and I will write an article about the user experience and my thoughts and feedback. If things go well, perhaps I can pump out the article by Sunday?

Precious Metals

Just last month Silver dropped to $17.30 USD and I was licking my chops and about to pull the trigger. Unfortunately, I was too swamped with my work to monitor and act on it (although I did say that I was ready to execute!) and I have missed the first boat.

Now we have spiked up because of all the political uncertainty in the US and gold is up higher as well. I was all prepared to dump in a few K to pick up some shinys for myself, but alas the timing right now is not as good as I had hoped.

With the USD and the USD/SGD both looking like it is peaking out to me, and along with the financial shit storm about to hit the deck, along with political turmoil that is just around the corner, perhaps buying now at this slightly elevated prices isn't that bad. I might pull the trigger very very soon if I can find a good time to execute the order.

If we have a meaningful pullback that has legs, I'll be topping up my positions to be a bit more meaningful as well.

Portfolio

I just sold off PEC for a nice profit and I also heard news that Super Group has a privatization offer of $1.30, which gives me a very handsome 30+% profits. I'll probably write a quick post about my divestment in Super Group once I decide to either sell it off now or wait for the offer to go through. It seems like my portfolio is getting smaller and smaller and my winners are getting slowly sold off!

I am looking to dumpster dive into horrible performing names, such as, but not limited to the O&G and Maritime sector. If this weekend is undisturbed, I'll probably be able to pump out a list of companies which I find decent. After that, it's just the waiting game of trying to enter in at a price I'll focus more into.

My gut is telling me that the REIT run-up for earlier this year is short-lived and is gonna get smacked with reality soon. The telcos and the banks aren't doing that great either.

I'll also try to give an update on my SGX portfolio as of end Oct 2016, but I assure, it is mostly quiet on this front.

Giving Week

December is coming really soon, and that is actually our Giving Week in SG!

I wrote about #GivingWeek last year and because it fits in very well with my personal beliefs, I'll be taking part in it again this year.

I'll be taking stock of my adsense earnings and also figure out which are the charities that I plan to donate to, and also so philosophical musings about charity.

Travel

I've been working too hard this year and I only managed to travel once this year - to Japan! 2017 is coming up and I already have 1 trip booked, another trip in the works and I am hopeful for perhaps another trip in the later part of the year. I'm putting this out here because it seems to be that my posts on my budget but fun style of travelling gets quite a lot of views and I really am doing my next trip rather budget, but I think you guys will be quite amazed with the amount of awesome I can squeeze out from my budget!

Summary

2016 has been really busy for me on a lot of fronts, but things are settling down and I am growing and becoming stronger and more powerful. All the things that are coming for me in 2017 will be faced with more confidence and more experience, so I am leveling up in life and getting better at it!

As always, where do people find the time to do nothing? My life is a constant whirlwind and I think I've got above average time management skills and I deal with things quite decisively already! I'm also thinking of doing an article about my productivity and work flow, just to show how much stuff I can deal with, and how I manage to take down big tasks seemingly quick.

Oh well, time for self-reflection will come at the end of the year and when I'm away travelling! For now, it's all about crushing the rest of 2016 tasks and getting shit done!

TIME TO GET MORE SHIT DONE!

5 comments:

  1. Regarding buying the riders quickly ...will buying early mean one can keep the rider?

    Probably even if one can keep, I'm sure the premiums for riders will rise exponentially since the premiums renewed yearly

    ReplyDelete
    Replies
    1. Hi sgdividends,

      I am speculating that those policy holders with the riders will be allowed to keep it, but they would not allow anymore new policyholders.

      The premiums already naturally rise when moving into the new age brackets, but yes, I would also speculate that the premiums would be raised to keep up with the costs.

      Of course, as with the concept of this model, it's worth it only if you over-consume for medical treatment. Hopefully the Assist Rider will live on and the people that I am pooling risk together with are more prudent.

      The assist rider model with co-pay might be the new model for the future!

      Delete
  2. CI plan - Aviva or NTUC (saw another reader having this)?

    am thinking of just going for MHA/Mindef-Aviva GTL..is it not advisable? was thinking this is the cheapest plan around.

    ReplyDelete
    Replies
    1. Hi Anon,

      CI and Early CI sounds similar but are very different.

      For normal CI, DPI can be much cheaper.

      For Early CI, please see below.

      When I say Aviva Plan, I mean the standalone Early CI by Aviva.

      The MHA/SAF-Aviva GTL (Living Care + Living Care Plus combo) is the cheapest plan, but it must be said that the plan is reliant on the continued partnership with Aviva.

      For coverage until 65, the standalone Aviva plan is only 1.5% more expensive than the MHA/SAF-Aviva GTL plan based on my age.

      However, the plans are not apples to apples. The Aviva standalone plan is of course, standalone giving you more flexibility to mix and match your insurance needs. It also covers more, like expanded Loss of Speech due to neurological diseases, expanded HIV due to Assault / Organ transplant, mild burns. There is also the 10 extra conditions covered. There might be more differences, but these were the ones that I caught my eye.

      Delete
  3. This is interesting. I’ve recently been looking for insurance as well, as three other men in my family have also been diagnosed with cancer. Where did you even know where to start looking? There seems to be a million insurance companies and of course they all want you to buy them. So, how do you know which one to go with?

    ReplyDelete

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