Saturday, April 01, 2006

Car Sharing Scheme

NTUC Income operates a car sharing scheme with more than 3,000 paying members. This scheme is growing in popularity. Here is a feedback from a member:


You have got a great team and based on my experience with your team (guys like Kendrick, Dave and Yusoff and Han), are really proactive and go out of their way to support members like us.

Kendrick especially has supported me with the various issues that I faced eg. over the recent weekend, I had a car that was having some continuous sound coming from the back of the car.

Kendrick offered to return back to the office to look into arranging another courtesy car for me. Fortunately, the sound disappeared after an hour later.

Another time, again over the weekend, my car broke down and engine failed to start. Kendrick made altenate arrangement and that really helped a lot

As a result of such positive experience, I have thus always endeavour to recommend to people around me without a car to try out carcoop and refer them to
your website to sign up for trial services.

Friday, March 31, 2006

Reverse Mortgage on HDB Flat - 4th loan

Brief profile: case 4

Mdm X, aged 72 years old is a widow. Her 2 children migrated overseas and now give her a monthly allowance of $400. Her 2-room HDB flat in Jln Bukit Merah has a market valuation of $105k. There is no outstanding loan.

At her request, we have exceptionally approved a lumpsum of $28k over 10 years. Lumpsum is granted to settle outstanding policy loan taken under our Guaranteed Life Annuity.

Tuesday, March 28, 2006

Save for your child's education

The cost of university education can be quite high. The average cost is:

Singapore $40,000
Australia $160,000
USA $280,000

The cost is expected to increase in future years.

Are you saving for your child's education?

If you save $300 a month over 16 years, the total savings with interest will be:

2% per annum: $68,000
6% per annum: $95,000

You can get 40% more, if you can invest in a plan that gives you a higher return, and risk reduced through diversification.

Are Singaporeans working too hard?

In my view, the answer is "yes". Look at the people who work late hours most days of the week.

It is better to work "smart". One can be more effective by working less, and to work on the right priorities.

Here are my tips:

- communicate more
- do the easy things that produce quick results
- act promptly
- ask advice from other people
- do by trial and error
- think, use your judgement
- do not rely on your boss to tell you what to do.

These tips will lead you to more results with less work. It is working "smart".

Advantage of a Nomination

NTUC Income allows a policyholder to make a specific nomination for each insurance policy. This allows the proceeds to be paid to the nominees named in the nomination.

If there is no nomination, the proceeds (up to $150,000) will be paid to a "rightful claimant" which is defined in the Insurance Act as the spouse or a family member. The rightful claimant receive the money and distribute it in an appropriate member among the family members.

The policy proceeds will be part of the estate. There will be other assets as well, such as shares, property and cash.

If there is a will, the estate will be distributed according to the will. If not, it will be distributed according to the intestate law.

However, in most cases, the family members will agree on how the estate is to be distributed. They do not need to follow the formula in the intestate law.

The advantage of a nomination is for the policyholder to set aside a sum of money to be distributed specifically to the nominees. This is useful, if the policyholder has a specific intent. Otherwise, the distribution according to the will or intestate law is a fairer way.

Inflation rate over 50 years

50 years ago, the Reader's Digest magazine cost $1. Now, it cost $9.50.

What is the inflation rate over the past 50 years, for this magazine?

My financial calculator showed 4.6% per annum.

An inappropriate request

A customer was unhappy with his interaction with my manager. He lodged a complaint about his "poor professionalism".

I replied that I have taken note of your feedback and that it was probably a misunderstanding.

The customer asked, "I suppose NTUC has in some way going to compensate me for the unnecessary and inconvenience caused?"

I replied that we will not be making any compensation and that his request was inappropriate.

He withdrew his request and closed the matter.

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