importance of early stage critical illness

Critical illness insurance in an essential insurance arrangement that is common in Singapore and most of the insurance companies offer plans to its customers on the same. Well, before we continue, it is good to have a clear understanding of what critical insurance is and what is able to do    

In a simple term, we can say that critical insurance is an insurance that is able to give you a huge payment when you are diagnosed with any of the critical illnesses ion the plan that you selected. The amount given to you in case of any of the illness is huge and able to cater to the needs at that particular moment.    When going for this plan, there is usually two main insurance type that is involved one being standalone plans and add on plans. When we talk of the stand-alone plan, we mean the type of insurance that is usually covered without a life insurance policy that most of the insurance plans come with. On the other hand. when you are going for the add-on plan, you are required to go for life insurance first, and then you are good to go. The life insurance covers more than 30 illnesses of the 37 illnesses listed as critical illnesses in most of the insurance company.    

There are several critical illness insurance companies that come with different plans that suit everyone. Some of those insurance companies can be found on include    

1. Tokio Marine & TM Early Cover    

When you have already claimed an early critical illness, the plan of this insurance makes sure that all the other subsequent claims are waived. The amount assured is above $ 350,000 that allows your policy to be in place even after the first claim.       

2. Aviva MyEarly Critical Illness Cover     

This is one of the cheapest early critical illness plans that are premium in Singapore with the best benefit and reliable. This cover is able to deliver the agreed sum or the assured payment upon diagnosis of the covered illness  Also, something you should note is that Aviva covers 18 special benefits for you for just 255 of the sum assured on you without affecting the amount covered for the critical illness. The benefit is able to cover different illnesses and can be claimed up to 6 times.    

3. Manulife ReadyComplete Plan III    

This is a comprehensive cover that takes care of all stages of critical illness. There are different covers here as well like cover me again that is able to cover up to 9x your assured amount. Apart from that, it also comes with a health benefit for your family as well.    

All of the above insurance covers for the early critical illness are unique and suits the different people in the society. It may be not easy to choose the right insurance seems fit for you, but with the right information at your fingertips, it becomes much easier to do. Therefore, with all the information we have provided for you about some of the best insurance plans, you are able to select easily the one that interests you

Avoid Destroying Your Good Credit Rating


If you already have a good credit rating, how do you exactly maintain it? If you don’t, how do you improve it? The good news is there are so many things you can do to obtain excellent credit scores in your report.

Settle your debt promptly.

Avoid going on defaults or not paying your debt for at least two consecutive times. If you cannot meet the exact deadline, then better make sure you can pay for your dues within 30 days. At least 30 percent of the credit score is comprised of debts that are already more than 30 days unsettled.

Maintain your credit card.

If you have a credit card, don’t immediately think of cancelling your account. The credit bureau will use the information such as your credit history to establish your trustworthiness. If you don’t want to use your credit card, then just keep it someplace safe. If you’ve already settled your debt, maintain your account, but you can just shred or cut the credit card into pieces.

Nevertheless, avoid maintaining a lot of credit cards. For one, it means you have so many obligations to settle, and lenders may become apprehensive of trusting you. Second, it may just cause you to go on a default.

Get your own credit report copy.

Don’t wait for lenders to call your attention. Have your own copy. You can always request for a copy at Credit Bureau Singapore. This way, you can always check the data in the report. If you see any inaccuracies or discrepancies, immediately file for a dispute. The waiting time can be usually long.

Keep low balances.

If you have surpluses in your money, it’s ideal if you can use them to pay more of your existing bills, such as your credit cards and mortgage. This will not only reduce your repayments, but will also greatly improve your credit score.

Never lie.

You could get yourself blacklisted, not to mention ruin your reputation, if you do just that. Sometimes you can be sued, and it will only add more damage to your present credit score.

Increase Your Savings the Painless Way


Most people think saving money is painful. Although you know why you should allot a portion of your income to current account or savings account deposits, it’s always a struggle not to spend your disposable income. There are many ways and methods you can employ to make the process easier for you, from keeping a spending diary and making a very strict weekly budget to getting a savings account with required monthly deposits. These methods can help a lot.

Yet for some people, it has to be more direct. A spending diary can help you keep track of your spending, but that’s basically it. A budget gives you an idea on how much you should spend, but it doesn’t stop you from spending. Luckily, there are certain ways that can help you save money in a more proactive way.

The piggy bank method of saving

As a kid, you may have had a piggy bank.  Owning a piggy bank, or a coin jar, is still an effective way to save money, even if you’re already an adult. Make it a habit to put your extra coins on the jar every day. Every now and then, put some bills too. How much you put everyday is entirely up to you. You can set a specific amount every day or you can just go with how much coins you have for that given day. However, make sure it’s a jar or container you couldn’t open easily so you wouldn’t be tempted to check your savings. Open the jar only when it’s full and deposit it into your savings account or current account, or whatever bank account you have that offers the most competitive interest rates.

The current account-savings account connection

If you have savings accounts and account accounts from the same bank, consider linking them up and avail of a standing order.

Set the standing order so a part of your deposits for the current account goes immediately into your savings account. For instance, your salary goes into your current account. Set an order so your bank will transfer 100 dollars from your current account to your savings account every month. You wouldn’t even see the money since it’ll go directly to another account.

This helps since you won’t see the money on your current account, and you won’t feel tempted to spend it. You can do this technique if you want to set aside a specific amount of money every month for your savings account deposits, especially if you can’t trust yourself to do the savings deposits.

A similar method that can be employed on your current accounts and savings accounts, it is called sweeping. You set your current account to transfer money to your savings account at a specified date. This way, whatever money remaining on your current account will become your savings deposit.  This only works if you do not have to keep a specific amount of money on your current account. The rationale for “sweeping” is that you don’t have a current account to accumulate money for savings and interests anyway. So you have it for convenient access to your money. This works because it allows you to have deposits on your savings account automatically.

You have to take note of the specifications of this sweep. Make sure the bank does not “sweep” funds into your savings account when you do not have any funds on your current account, which is possible because of overdrafts. Normally, banks do not sweep in this kind of situation, but you have to make sure nonetheless.

This raises the question: is it wise to transact all your financial needs in one bank? As long as you’re not on the red, it is.

Special accounts

Consider opening special bank accounts that offer high interest rates. A fixed deposit bank account or a time deposit bank account, as it is called elsewhere, offers rates way above the bank standards, although it limits to your access to your funds. If your intention is to save as much money as possible, a fixed deposit account is perhaps the most viable option for you. You wouldn’t be able to withdraw your money until after a specific maturity date, which usually lasts for a couple of years.

A foreign currency savings account might also be a good idea, although this involves certain risks. Foreign exchange movement is unpredictable, so you can stand to lose money in an American dollar bank account, although you can also earn money from it as well.

Take advantage of bank accounts that offer incentives for saving. This kind of bank account may be difficult to find in Singapore but they do exist. For instance, some banks give you monetary or non-monetary rewards for depositing a specific amount of money into your current account. Others provide discounts and bonus “sweeps” when you use debit cards, which is connected to the current account.

Find banks that provide you with additional value for the service you are getting. If you’re getting a discount on your bank fees for depositing a specific amount of money into your current or savings account, that means you’re getting more than your money’s worth.

Assessing your accounts

Another way of building up your savings is by assessing the specifications of your bank accounts. This method isn’t exactly easy, but it is necessary.

Check how much money you’re making from your bank account and how much you’re paying to keep the account. You can also compare interest rates from other banks. The point of doing this is to figure out if your money is working as hard as it should, and if you can explore other options for saving. 

A Guide to Taking Personal or Cash Loans

A Guide to Taking Personal or Cash Loans

Perhaps one of the loans you should avoid is personal or cash loans. They normally have higher interest rates and shorter payment terms. Nevertheless sometimes they can be unavoidable, especially if you need cash as soon as possible. What is important, though, is you can take the time to evaluate your options before you make a choice.

Here is a simple guide you can follow:

1. Compare the offers.

The first thing you need to do is to compare offers from various lenders. What factors do you need to check? There are a number. First you need to know the interest rate. If you are getting more than 25 percent, then you should be wary. You may not be able to afford it. Second, determine the payment terms. How soon should you settle it? Unlike mortgages that can last for more than 20 years, cash or personal loans need to be settled in as short as a few weeks. You need to know when to have an idea if you will be able to raise funds by then to pay off your debt completely.

2. Do not go for too much money.

You may come across payday loan ads that say you will obtain a loan 4 times higher than your salary. That sounds really pleasing, as you can surely utilize the extra money. However, later on it will not prove to be a very good idea. Interest repayments will be very high, and you may end up using the extra money for things you do not really need. Moreover, considering that the loan is so much higher than your salary, you will be struggling to make ends meet.

Just borrow how much you need from the lender. At the very least, settle for at least a month’s worth or two of your salary. You can add a little allowance since there are charges or fees applied to your loan. Some lenders will reduce the amount with your interest repayments.

3. Check the credibility of the lender.

Lenders you are going to choose should be trusted. First the bank should be approved by the Monetary Authority of Singapore. They must have excellent track record, particularly when it comes to cash or personal loans. They should be very open on the charges and fees you have to pay along with the loan. A little research can surely go a long way.

Never, ever deal with loan sharks or ah longs. They are the ones who are not licensed to offer loans to you. But you may not be able to resist them because they offer instant money. Once you do, though, you become more prone to harassment from them. They can be very violent and threaten you. Interest rates are exorbitant, in fact, reaching as much as 40 percent. The interest grows as each day passes, so it is almost impossible to clear your debts with them.

4. Make sure there will be no hidden fees.

Be very careful with regards to hidden fees. A lot of lenders are good at this. They would make you believe you are not paying anything until they come up with scenarios where you are compelled to shell out some cash. Here is an example. You can read ads that say you no longer have to pay for admin fee. Well, it is partly true, but it usually happens only when your application is not accepted. If you qualify for a loan, then you need to pay for it. Some would also charge you by even checking your references or requesting your credit report and CPF standing. You may meet some who will come up with a variety of fees.

If you are unsure on the kinds of charges you need to pay with personal loans, you can always go to experts such as credit counselors. They are knowledgeable with anything about loans.

5. Determine the method of receiving money.

How do you receive your cash loans? Do you receive it immediately? Is the check sent to your mailbox? Or does the lender automatically credit the amount to your bank account? Of the three the most ideal will be the last one. First, you do not have to wait for checks to be mailed. Worse, they may get intercepted by somebody else. You also do not end up carrying a lot of money. By adding it to your bank account, you will have full control of how you use the personal cash loans.

6. Read the fine print.

Before you sign any document, read the terms and conditions. If something is unclear to you, ask not just the lender but also independent experts.

Cash or personal loans can make or break you. Thus, you need to be very careful in applying for one. Hopefully you will find the above tips helpful in your quest.

Credit Cards – Everything You Need to Know

Credit Cards – Everything You Need to Know

This article presents a primer that contains important information you need to know about credit cards and how to use them.

A credit card, as is suggestive of its name, is a card that allows a cardholder to buy goods and services on a credit basis without using cash. It is a very convenient payment method that is ideal for use as a long-term credit service provided by a bank or credit card company. Today, use of credit cards is so prevalent in Singapore as well. Credit cards can be used locally for most purchases and overseas in establishment that accept the brand of your card. In order to make a purchase, the card must be swiped onto a credit card slot and a sales slip must be signed by the card owner. Credit cards can also be used to make purchases online through secure payment technology provided by online companies. The total usage for the month is consolidated by the credit card company, and the total bill is charged to you through a monthly billing statement.

The Monthly Statement
The monthly statement provides you with a list of all the purchases you have made using your credit card. It contains the following information:

  • statement date
  • the total amount charged for the month
  • your outstanding balance (which is the total amount you owe your credit card company)
  • due date for payment
  • minimum payment due (usually 3% – 5% of the outstanding balance) – this is the minimum you have to pay in case you can’t pay the entire balance in full
  • interest charge – which is interest charged when your outstanding balance in the previous month was not paid in full (subject to bank determined interest rate)
  • late payment charge, if applicable
  • transactions made in other currencies

Using a credit card is much like borrowing money from your credit card company. This goes without saying that use the card must go with certain responsibility. When you accept the terms and conditions that go with the credit card, you are involving yourself in a binding contract with the card issuer. It is important that you understand conditions of usage including interest rates or finance charges, cash advance charges, liability for loss or stolen cards, late payment charges, membership fees, and so on. Although most banks offer comparable interests rates, charges and fees, card issuers may charge differently. Among fees and charges you have to be aware of are as follows:

Interest charges or finance charges – as mentioned earlier, this is the interest charged to your outstanding balance from the previous month. Interest rates range from 2.5% to up to 4.5% per month. It is important that you know how interest rates are computed as this can potentially go haywire in large sums if your balances are not paid over a long period of time.
Cash advance fee – this fee is charged to you if you use the card to obtain cash advance. This fee varies from 3% to up to 6% of the cash you advanced and may be subject to a minimum amount. Be aware though that this fee is in addition to possible interest charges.
Annual Membership fee – this is a fixed amount fee you have to pay yearly for use of your card
Late Payment charge – this fee is charged if you were unable to pay the minimum sum before the statement due date

Using Your Credit Card Wisely
Some say that credit cards are the root of evil. Unwise use of credit cards has led to many detrimental financial effects on many people. However, if credit cards are used wisely, then it actually offer more help than harm. Here are tips to help use your credit card wisely:

  • Buy only what you can afford. Even if you are not paying in cash, you are still spending money. Never lose track of how much exactly you have spent, and don’t spend more than your potential to earn.
  • Pay your bills on time to avoid additional fees and charges. If you can afford paying the outstanding balance, then do so. Racking up on finance charges can endanger your finances as interest is compounded month after month.
  • Do not collect credit cards. Limit your cards based on your needs and your ability to pay.
  • Do not spend right up to your credit limit. It is a good idea to save some for emergency purposes.

One All Too Common Problem with Credit Cards
What if you raked on those interest month by month and find yourself in more debt than you can handle? Not only can credit card non-payment problems affect your finances, it can affect your credit standing as well (which can have a marked effect if for instance, you apply for a loan). It is then important to manage your debt as early as possible. Credit card companies are usually open for compromise, so you can contact your creditors and request for more manageable payment schemes. You may also take advantage of debt consolidation services at lower interest rates available in many banks and companies. If you rake on debt higher than $10,000, you can opt to file for bankruptcy, although this can lead to serious drawbacks in your credit report. Protect Yourself from Credit Card Fraud
Another potential problem that credit card holders must know about is credit card fraud. This is when your card is used for transactions you don’t authorize or don’t even know about. These cases are more prevalent in online transactions, and must be avoided at all costs. To avoid fraud, make sure to keep your credit card safe, keep a record of all your cards, and avoid online purchases from unreliable websites. When using your card for physical transactions, be aware of ked0 List Tab