In my line of work...

...How much is enough?

Assuming a fresh grad earns $2,500 a month, being self employed means you lose out 14.5% of employer's contribution to your CPF, which means I must earn $2,950 approx to be on par.

On a desk bound job, transport are kept minimal. Being a outdoor salesman, travelling by public transport will set you back by at least $300 a month, assuming most trips are by bus and train, or $1,200 if you drive. Entertainment expenses should be another $150 to $1,000 depending on the scale of business you do.

I should go out and take a desk bound job if I am not drawing $3,400 a month.

Choices

Sometimes I have people coming to me and ask me why I don't join companies which can offer insurance policies from many insurers, which brings me to the question of why people would want to go there? And why are there still companies out there with only one offering? Shouldn't such companies be driven out of the system?

Long ago, the 3 top insurers in Singapore, namely AIA, Great Eastern and Prudential, do not distribute their products to Independent Financial Advisors (IFA), for a very simple reason which I have mentioned. They are the best around, so why would you pass a good product to strangers to sell, knowing there is a possibility that they might mis-sell it? (see recent article on Finexis great work with AXA, here and here).

I usually tell my price-sensitive clients that things are expensive for a reason, especially in a competitive market like this. Why is Magnolia milk priced higher than HL milk since both are milk? The difference lies in the quality, which means the process of producing that milk you drink is of a higher cost. Similarly, some insurance policies have returns, which are superior to their competitor, and of course not forgetting quality customer service and claims process.

Would you buy a policy which takes 3 weeks to process a claim, when you need the money most?

Insurance and You - An open letter to my friends

100,000 Lack MediShield (The Straits Times 29 July, 2009)

The topic tells it all. 100,000 Singaporeans lack the basic MediShield that everyone of us MUST have due to the escalating medical costs in Singapore. On top of that, the government is encouraging all of us to take up a private integrated shield plan that has the ability of offset the cost of medical treatment to zero.

As it is a government effort, this plan can be paid by CPF Medisave account that cost no more than $15/month. Those who have not taken up any yet, please contact me for an appointment so that I can let you understand more on this government initiative. And for those who already have it (whether with me or not), please help your friends who do not know by forwarding this to them. I am one of the top producers on Healthcare insurance in my agency, so be rest assured that I know my stuff well that cancer treatment can easily cost $300,000 in Singapore.

Health insurance is the hardest to buy. Get it when you are still healthy, or you will never need it again. Everyone is entitled to the best medical care, including you.

Regards

Ong Ze Qi Jacky
Life Planner
Financial Services

Mobile: 9637 0459
Direct: 6417 6617
Fax: 6417 5985

Representing: The Great Eastern Life Assurance Company Limited Reg. No. 1908 00011G (Members of the OCBC Group)

Insurance and You - Part 1

This ad made me cry for we know this can happen to ourself or our loved ones. It will become ugly if the financial loss is shown in the ad as well.

We are the only insurance company in Singapore to cover stem cell therapy. You can't change your life but you can protect your loved ones.

Act now to have a piece of mind

Jacky Ong 9637 0459
Representing Great Eastern Life

A Story of a Friend of Mine

He was a friend of mine and I never asked him to buy life insurance. I didn't want him to think I was the kind of person who would use friendship for personal gain.

He was a friend of mine and when he got married, I was glad. I know his wife and knew they were the kind of people who deserved all the good things in life. But I didn't want to embarrass him so I never tried to find out how much he could afford to start a life insurance program.

He was a friend of mine, and when the twins came along a year or so, I was awfully proud, but I never told him how he could guarantee their education.

He was a friend of mine, and when I attended the housewarming in his new home six months later, I thought about mentioning mortgage insurance, but I decided to wait until he had a chance to catch up with all his new expenses.

He was a friend of mine, and when his car missed the curve in the storm last night I was the first person his widow called.

Day after tomorrow, I'll be standing beside my friend's grave, and I'll still be trying to rationalise my failure ever to talk to him about life insurance. I'll be thinking even more bitterly about the staggering price his family paid for my false pride and foolish sensitivity.

But most of all, I'll be wondering when the time comes to pay my last respects whether, if he could speak, he would say of me as I do of him, "he was a friend of mine".

Life Planner

One week into this job and I'm gaining new knowledge every work day. Starting out my career in this office is great as I get to mingle with successful people everyday. Being in this line, offices should be empty as agents must be arranging appointments and meeting prospects. Those managers taught me a few life lessons and reminded me that I should never see myself as a salesman but as a person with rich financial knowledge, helping people to plan their finance.

Right now I am working hard on market products, define my winning edge as compared to other people and I'm going to pin this up my vision board so I won't lose my focus. My first responsibility is to do proper planning for the friends who trust me and had approached me even before I got my license. I want to make sure they can leave all these worries to me and one fine day should anything happen to them (choy), I want to visit them with chicken essence and look at them recovering fast, grateful to me for protecting them when they needed it most.

I don't know why but I feel damn happy to know that I possess such skill. I even went to the extent of asking my agent friend to give me a quotation from their company. If it's good I will help her get that product instead. At this moment, I know I am loving my job. This is called job satisfaction.

I would not say that buying insurance will make you rich or retire happily like what others claim. I say buying insurance will eliminate unnecessary worries about the future. We have many case studies and the one that stuck me most was seeing a copy of a hospital bill. This person was admitted into government hospital for 80 days staying in B2 ward. The bill came out to a whopping $222,000. Got cancer and took experimental drugs, which explains the amount. Kua zhang right? Think about it. It is possible in Singapore. We have heard people saying "In Singapore you can die, but cannot afford to fall sick." With proper medical insurance and through the competition of insurance industry, now it covers from the first cent.

You say that there is no need to buy it now since we are young. Ya wait until an illness strike and buy. Don't be so naive. Your illness will not be covered cos you will be considered high risk. You think people stupid like you.

I just asked my father how much CPF he has left. My jaw nearly dropped when he said the remaining amount will be paid in monthly instalments of about $300 when he reaches 63. Being the only son I ho seh liao lor. Please listen to me my friends. If you don't bloody know how to save, then better get someone to save for you!!

Remember, you are born into this world with nothing. But you will leave with a heap of burden. Your dependants (parents/children) need your income. You leave this world together with the skill to earn. What other way is there you tell me. I will help my friends.