Your most important action, after getting a healthcheck, is to get the right treatment.
If you carry out a financial healthcheck, you must select the right product to make your investment.
Many advisers offer you the wrong product that give you a poor return. This is due to the high commission that is paid to the adviser. The typical cost of the advice is 18 months of your savings. That is a lot of money to give away.
If you select a comparable product from a low cost provider, such as NTUC Income, you can about 15% more on the maturity of your savings over 20 years. If the maturity amount is $100,000, you can get $15,000 extra.
If you save for 30 years, the difference is larger. You can get 25% from a low cost provider.
This is based on a difference in yield of 1.2% per annum.
When you save for your future, make sure that you get the right product. Choose a product that offers you a better yield (from a low cost provider). Take care of your own financial future.
We need a good CEO to safeguard, closely monitor and ensure his staff can implement good financial policies in order to secure the people's financial future. This is a cause of serious concern and long-term implications. Policies with very good altruistic intentions get diluted when they are carried down to the lower levels.
ReplyDeleteFor those going to AIA Financial HealthCheck, please talk to NTUC Income Financial Adviser before you commit yourself to any product. Consider all the costs! NTUC Income is so far the lowest cost provider.
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