You will be shocked at some of the bad terms and conditions in the life insurance policy that you have bought. You can view these articles in www.fisca.sg. Look for this icon.
Friday, November 25, 2016
Will Tharman be a good prime minister for Singapore?
We know that he does not want to have this job. But what do the "wisdom of the crowd" think? you can view the results of the voting in www.wisdomofthecrowd.sg/result.aspx.
You can also vote for the current issues by clicking the "Vote" tab;.
You can also vote for the current issues by clicking the "Vote" tab;.
Will Donald Trump make a good President? Be surprised about the result of the voting by Singaporeans!
After Donald Trump was elected President of the United States, I posed the question - "Will Donald Trump make a good President?".
The voting has now closed and the results are avaialble. Be prepared for some surprise. Is the answer "Yes" or "No" or "Maybe" ?
You can view the result of the voting on this issue, as seen by Singapore residents, at www.wisdomofthecrowd.sg. You can also the results of the voting on other issues.
Click on "Vote" to give you votes on the pending issues. We need more votes to make the result more credible.
The voting has now closed and the results are avaialble. Be prepared for some surprise. Is the answer "Yes" or "No" or "Maybe" ?
You can view the result of the voting on this issue, as seen by Singapore residents, at www.wisdomofthecrowd.sg. You can also the results of the voting on other issues.
Click on "Vote" to give you votes on the pending issues. We need more votes to make the result more credible.
Insurance company increases the minimum monthly premium
A policyholder bought an investment linked policy that required him to contribute $833 a month for 3 years and to reduce the premium to $250 a month afterwards. After one year, he received a letter from the insurance company informing him that the minimum premium after 3 years has been increased to $500 a month. There was a term in the policy contract that allowed the insurance company to set the minimum and maximum premium under the policy from time to time.
Nevertheless, the policyholder felt that the increase in monthly premium was unfair. He asked me if he should terminate the policy or if he could lodge a complaint about this increase in minimum monthly premium. He did not want to have to save $500 a month for the next 30 years.
He would have to suffer a large loss if he terminates the policy now.
What is the name of the policy? You can find the answer in www.fisca.sg
Nevertheless, the policyholder felt that the increase in monthly premium was unfair. He asked me if he should terminate the policy or if he could lodge a complaint about this increase in minimum monthly premium. He did not want to have to save $500 a month for the next 30 years.
He would have to suffer a large loss if he terminates the policy now.
What is the name of the policy? You can find the answer in www.fisca.sg
Thursday, November 24, 2016
Premium for motor insurance
Mr. Tan,
Car prices have dropped due to lower COE. Will the motor insurance premium also drop?
REPLY
The motor insurance premium does not depend on the price of the car. It depends on many factors affecting the type of cover, the type of vehicle, driving experience of the owner, etc.
This is explained in the video here:
www.tankinlian.com/learn
Car prices have dropped due to lower COE. Will the motor insurance premium also drop?
REPLY
The motor insurance premium does not depend on the price of the car. It depends on many factors affecting the type of cover, the type of vehicle, driving experience of the owner, etc.
This is explained in the video here:
www.tankinlian.com/learn
Insuring against evacuation
Someone told me that she like travel insurance and had made a few claims. When I asked, she told me that the claims were quite small. She did not know how many times she had bought the travel insurance. I thought that it is probably not worth the trouble to buy this insurance and to take the trouble of making small claims.
She asked - what about evacuation. I told here that this is a rare occurrence. Even if there is a serious accident, the patient can fly back on scheduled flights or be treated overseas.
This video shows a better way to cover your risk when you travel overseas.
www.tankinlian.com/learn
She asked - what about evacuation. I told here that this is a rare occurrence. Even if there is a serious accident, the patient can fly back on scheduled flights or be treated overseas.
This video shows a better way to cover your risk when you travel overseas.
www.tankinlian.com/learn
Wednesday, November 23, 2016
Add your voice
You can view the results of the issues voted recently here:
www.wisdomofthecrowd.sg/result.aspx
You can also add your vote to the current issues. Please play your part to add to our collective voice. If we can get 50 or more votes on each issue, the results will be more credible. We need everyone to play a part.
www.wisdomofthecrowd.sg/result.aspx
You can also add your vote to the current issues. Please play your part to add to our collective voice. If we can get 50 or more votes on each issue, the results will be more credible. We need everyone to play a part.
Tuesday, November 22, 2016
Investing in a property for rental can be risky
Many people have accumulated substantial savings and are thinking of using it as a down payment to buy a property to be rented out.
They can take a loan from a bank for 80% of the purchase price and plan to pay the mortgage using the rental income. They are not aware of the high risk of this method of investing.
They can take a loan from a bank for 80% of the purchase price and plan to pay the mortgage using the rental income. They are not aware of the high risk of this method of investing.
This is explained in the short video on investing in a property for rental. www.tankinlian.com/learn
A life insurance policy is not a saving account
A common mistake made by consumers is to invest in a life insurance policy as a saving plan, thinking that it operates like a saving account.
The agent usually sells a life insurance policy to the consumer by pitching it as a saving plan that gives a better return compared to the low rate of interest that can be earned on a saving account or on a fixed deposit.
The agent tell the consumer that they can get their money back at any time after two years. The consumer thinks that he or she will get back all of the money back, like a saving account. That is not true.
Find out more at www.fisca.sg
The agent usually sells a life insurance policy to the consumer by pitching it as a saving plan that gives a better return compared to the low rate of interest that can be earned on a saving account or on a fixed deposit.
The agent tell the consumer that they can get their money back at any time after two years. The consumer thinks that he or she will get back all of the money back, like a saving account. That is not true.
Find out more at www.fisca.sg
Add your voice to these issues
We need you to vote on these issues concerning Singapore so that the results will be more credible. The voting will close after 14 days and you will be reminded to view the results. After you have voted the first time, the voting for subsequent issues will be quite straight forward. Come forward and exercise your vote, and give your voice to these issues.
www.wisdomofthecrowd.sg/vote.aspx
www.wisdomofthecrowd.sg/vote.aspx
Monday, November 21, 2016
Invest in a property at a discount
I have been approached on several occasions for my views on buying a property to be rented out. The investor wants to borrow 80% and use the rental income for the mortgage payment. They did their calculations and are convinced that it is a good way to make a large capital gain. They are tempted by a property that has dropped by 10% to 15% from its peak.
I give my views in this video
View of Singapore on a bus
You can see a beautiful view of the roads in Singapore by sitting on the upper deck of a bus. You see green trees, clean roads, nice houses and orderly traffic. Watch the short videos here and see if you agree with my statement.
https://www.facebook.com/kinlian/posts/1249583998447583
https://www.facebook.com/kinlian/posts/1249583998447583
Buy travel insurance?
Many people automatically buy a travel insurance policy when they travel. They may not realize that there is a better approach and that the travel insurance policy is not necessary. This is explained in an article here: www.fisca.sg
Invest in a property to be rented out
I have added a new video showing the points that you have to consider when you buy a property to be rented out. Some investors may wish to take advantage of the current correction in property prices to make this investment.
www.tankinlian.com/learn
www.tankinlian.com/learn
Sunday, November 20, 2016
Low mileage plan
If you have a car that is used mainly for weekends and the occasional evenings, or to be used mainly by the home maker, you can save on your insurance premium by opting for the low mileage plan offered by some insurers. Learn about it in the short video here:
Take advantage of drop in property prices?
Property prices have dropped. Some investors who bought condos for investment have sold their condos at a loss. Others are willing to take a loss also. There are opportunities available for home owners and new investors.
Should you buy these resale units at a price lower than the original selling price.
Before you take the plunge, you should learn the fundamentals about investing in property or home ownership.
Watch this short video in tankinlian.com/learn.
Should you buy these resale units at a price lower than the original selling price.
Before you take the plunge, you should learn the fundamentals about investing in property or home ownership.
Watch this short video in tankinlian.com/learn.
Beware of "as charged" plans
An integrated shield plans that offer "as charged" coverage, such as the enhanced Incomeshield plan from NTUC Income, looks good. The insured does not have to worry about the "inner limits" for their hospital stay. These inner limits are set for each type of treatment.
They only have to pay the co-payment (comprising of the deductible and co-insurance), which can be paid from Medisave savings.
However, they are not aware about the long term impact of the "as charged" plans. You can read about it at www.fisca.sg.
They only have to pay the co-payment (comprising of the deductible and co-insurance), which can be paid from Medisave savings.
However, they are not aware about the long term impact of the "as charged" plans. You can read about it at www.fisca.sg.
Friday, November 18, 2016
Singapore's score on human rights
How does Singapore fare on human rights compared to other countries. This is shown by the CIRI rating which is created by two professors.They meansured the scores based on 15 attributes for 200 countries.
You can view the data here:
http://tklcloud.com/MAS/ciri.aspx
Click on Singapore (or another other country) and see the trend over the past 25 years. See the trend of the indicators. If you see the breakdown, you will be surprised. Singapore's score is quite good on "physical integrity" which includes the imprisonment of political prisoners. But the score is quite poor on "empowerment" and "women rights".
You can view the data here:
http://tklcloud.com/MAS/ciri.aspx
Click on Singapore (or another other country) and see the trend over the past 25 years. See the trend of the indicators. If you see the breakdown, you will be surprised. Singapore's score is quite good on "physical integrity" which includes the imprisonment of political prisoners. But the score is quite poor on "empowerment" and "women rights".
Wednesday, November 16, 2016
Let our collective voices be heard
Here are the issues that are relevant to Singapore. They are local issues and foreign issue that have a bearing on Singapore.
You can vote on these issues and lend your voice to the collective results. Let our voices and views be heard.
www.wisdomofthecrowd.sg/vote.aspx.
You can also click on the link "Results" to see the results of the voting on issues that have closed. Many of the issues have a small number of votes, so the results are not credible. We need more votes to get more credible results.
Let our collective voice be heard. It is easy to vote on the issues. Just click on the Facebook or Google logo in the voting page to submit your vote.
You can vote on these issues and lend your voice to the collective results. Let our voices and views be heard.
www.wisdomofthecrowd.sg/vote.aspx.
You can also click on the link "Results" to see the results of the voting on issues that have closed. Many of the issues have a small number of votes, so the results are not credible. We need more votes to get more credible results.
Let our collective voice be heard. It is easy to vote on the issues. Just click on the Facebook or Google logo in the voting page to submit your vote.
Ask the right questions on financial planning
What are the most important questions that a young person should ask concerning financial planning? By asking the right questions, they will have achieved half of the journey to get the right answers. This is explained in the short video on "Financial Planning" that can be viewed at www.tankinlian.com/learn.
Most people ask the wrong question and they got the wrong answer that ruin their financial planning for the rest of their life.
Most people ask the wrong question and they got the wrong answer that ruin their financial planning for the rest of their life.
Dangers of "as charged" medical plans
Many consumers like the "as charged" medical plans offered by private insurers. They do not have to worry about the "inner limits" that is covered for each type of treatment.
However, there is a hidden danger. This is explained in the article here: www.fisca.sg
However, there is a hidden danger. This is explained in the article here: www.fisca.sg
Tuesday, November 15, 2016
Speech at Hong Lim Park, 10 December 2016
I will be speaking on Human Rights at Hong Lim Park on Saturday 10 December 4 to 7 pm. The United Nations has declared 10 December to be Human Rights Day. I hope to see many of you at the event.
How to get a rider for Medishield Life
Mr. Tan
Should I buy a rider to cover the deductible under my Medishield Life plan?
Reply
Medishield Life does not provide the rider. You have to buy an integrated shield plan from a private insurance to get the rider. However, I read that the private insurers will probably withdraw the rider.
I usually advice people not to buy this rider. It is better to self-insure this risk. You can get a clearer explanation from the video on the integrated shield plan in www.tankinlian.com/learn.
Should I buy a rider to cover the deductible under my Medishield Life plan?
Reply
Medishield Life does not provide the rider. You have to buy an integrated shield plan from a private insurance to get the rider. However, I read that the private insurers will probably withdraw the rider.
I usually advice people not to buy this rider. It is better to self-insure this risk. You can get a clearer explanation from the video on the integrated shield plan in www.tankinlian.com/learn.
We need more votes
Mr. Tan
I saw that there are only 10 votes for some issues in the wisdom website. Are these votes indicative of the popular opinion?
Reply.
No. We need to have more votes, maybe 50 or more, to make the results credible. I hope that more people will come in and give their votes. We must make our collective voice heard.
I have made it easy for people to vote. But they must be prepared to come forward and exercise their vote. They need to give their voice.
www.wisdomofthecrowd.sg/vote.aspx
I saw that there are only 10 votes for some issues in the wisdom website. Are these votes indicative of the popular opinion?
Reply.
No. We need to have more votes, maybe 50 or more, to make the results credible. I hope that more people will come in and give their votes. We must make our collective voice heard.
I have made it easy for people to vote. But they must be prepared to come forward and exercise their vote. They need to give their voice.
www.wisdomofthecrowd.sg/vote.aspx
Monday, November 14, 2016
11 countries with the best human rights
This is the ranking based on the CIRI index. It measures the score on 15 indicators. CIRI are the initials of the two professors who created this index.
I will be finding out the ranking of Singapore on this index, but it is definitely outside of the top 11 countries.
I will be finding out the ranking of Singapore on this index, but it is definitely outside of the top 11 countries.
The 11 countries with the highest ranking are all small countries. The top is Norway. Here are a short description of each country.
1 Norway
It can’t be said that Norway tops the list of the 11 countries with the best human rights ranking in the world, but it surely takes one of the winning places with a high score in the CIRI rankings.
2. San Marino
San Marino is a dwarf country in Europe which is known for its wealthy population and its low rates of crime and unemployment. To add to that, San Marino is also a notable upholder of human rights
3. Canada
Canada has been jokingly named the place with the most polite people in the world for a reason. There not only the state but also society respects people’s rights and proper treatment
4. Belgium
Aside from some of the best beers and chocolate, one more thing to love about Belgium is the freedom it gives its population. The country is highly culturally diversive and rich in cultural heritage.
5. Luxemburg
Luxembourg has long been known for its very high standard of living and its wealth. Now you also know that you can expect one of the most ethical treatments, were you to become a permanent resident.
6. Sweden
Denmark and Norway’s formal Scandinavian counterpart takes the sixth place in our list of the 11 countries with the best human right ranking in the world.
7. Finland
Finland is another (informally) Scandinavian country which excels in the areas of education, healthcare, civil right and freedom. What is more, it has one of the highest per capita incomes in the world.
8. Denmark
Denmark is another part of Scandinavia that is estimated to uphold human rights to a noticeably large extent. Aside from that, the country also offers a very progressive, high standard of living in general.
9. Iceland
Despite having the privilege to be righteously classified as being in “the middle of nowhere”, Iceland’s inhabitants at least receive some of the most ethical treatment in the world
10. New Zealand
The small island country of lush meadows and diverse culture has long been known as a home to some of the happiest people and now we see why.
11. Slovenia
The central European country of Slovenia takes the eleventh place in this list. Aside from being one of the most ethical countries in the world, Slovenia’s educational system is ranked as the twelfth best globally.
The CIRI Human Rights Dataset contains standards-based quantitative information on government respect for 15 internationally recognized human rights for 202 countries, annually from 1981-2011. It is designed for use by scholars and students who seek to test theories about the causes and consequences of human rights violations, as well as policy makers and analysts who seek to estimate the human rights effects of a wide variety of institutional changes and public policies including democratization, economic aid, military aid, structural adjustment, and humanitarian intervention.
It can’t be said that Norway tops the list of the 11 countries with the best human rights ranking in the world, but it surely takes one of the winning places with a high score in the CIRI rankings.
2. San Marino
San Marino is a dwarf country in Europe which is known for its wealthy population and its low rates of crime and unemployment. To add to that, San Marino is also a notable upholder of human rights
3. Canada
Canada has been jokingly named the place with the most polite people in the world for a reason. There not only the state but also society respects people’s rights and proper treatment
4. Belgium
Aside from some of the best beers and chocolate, one more thing to love about Belgium is the freedom it gives its population. The country is highly culturally diversive and rich in cultural heritage.
5. Luxemburg
Luxembourg has long been known for its very high standard of living and its wealth. Now you also know that you can expect one of the most ethical treatments, were you to become a permanent resident.
6. Sweden
Denmark and Norway’s formal Scandinavian counterpart takes the sixth place in our list of the 11 countries with the best human right ranking in the world.
7. Finland
Finland is another (informally) Scandinavian country which excels in the areas of education, healthcare, civil right and freedom. What is more, it has one of the highest per capita incomes in the world.
8. Denmark
Denmark is another part of Scandinavia that is estimated to uphold human rights to a noticeably large extent. Aside from that, the country also offers a very progressive, high standard of living in general.
9. Iceland
Despite having the privilege to be righteously classified as being in “the middle of nowhere”, Iceland’s inhabitants at least receive some of the most ethical treatment in the world
10. New Zealand
The small island country of lush meadows and diverse culture has long been known as a home to some of the happiest people and now we see why.
11. Slovenia
The central European country of Slovenia takes the eleventh place in this list. Aside from being one of the most ethical countries in the world, Slovenia’s educational system is ranked as the twelfth best globally.
The CIRI Human Rights Dataset contains standards-based quantitative information on government respect for 15 internationally recognized human rights for 202 countries, annually from 1981-2011. It is designed for use by scholars and students who seek to test theories about the causes and consequences of human rights violations, as well as policy makers and analysts who seek to estimate the human rights effects of a wide variety of institutional changes and public policies including democratization, economic aid, military aid, structural adjustment, and humanitarian intervention.
"Bad human rights" in Singapore
I was invited to talk about the "bad human rights" in Singapore. The talk is scheduled for 10 December which is Human Rights Day as declared by the United Nations.
I was not sure about what are the fundamental human rights. I looked up the Declaration of Human Rights by the United Nations.
I was disappointed. It was a badly written and confusing document. No wonder, few countries paid attention to it.
Surely, the UN could get someone to write a more concise and focused document?
Never mind!
What are the "bad human rights" in Singapore? Let me hear your views.
I was not sure about what are the fundamental human rights. I looked up the Declaration of Human Rights by the United Nations.
I was disappointed. It was a badly written and confusing document. No wonder, few countries paid attention to it.
Surely, the UN could get someone to write a more concise and focused document?
Never mind!
What are the "bad human rights" in Singapore? Let me hear your views.
Give your vote on three key issues facing Singapore
Here is your chance to give you view on three topics:
1) The reserved election will help to promote racial harmony in Singapore
2) Dr. Tan Cheng Bok has been unfairly denied of the opportunity to contest in the next presidential election.
3) Mr. Chan Chun Sing will make a good future prime minister of Singapore.
Give your vote at
www.wisdomofthecrowd.sg/vote.aspx
1) The reserved election will help to promote racial harmony in Singapore
2) Dr. Tan Cheng Bok has been unfairly denied of the opportunity to contest in the next presidential election.
3) Mr. Chan Chun Sing will make a good future prime minister of Singapore.
Give your vote at
www.wisdomofthecrowd.sg/vote.aspx
Keep up the good work, FISCA
A FISCA member said:
I do like what FISCA is doing so far.
Being a child of parents who were cheated of tens of thousands of dollars by unjust insurance policies, I do not want others to end up the same.
The insurance industry flourishes through the blood, sweat and tears of ordinary, hardworking folk.The industry is also made up of tons of under-qualified employees, whom are promoted based on their sales acumen, as opposed to their technical competence. This is really extremely unethical, in my opinion.
I would like for FISCA to continue to do what it does to empower the public to protect their money and health, even if what it does may not be the popular choice. I will support the organisation as much as I can. Keep it up =)!
I do like what FISCA is doing so far.
Being a child of parents who were cheated of tens of thousands of dollars by unjust insurance policies, I do not want others to end up the same.
The insurance industry flourishes through the blood, sweat and tears of ordinary, hardworking folk.The industry is also made up of tons of under-qualified employees, whom are promoted based on their sales acumen, as opposed to their technical competence. This is really extremely unethical, in my opinion.
I would like for FISCA to continue to do what it does to empower the public to protect their money and health, even if what it does may not be the popular choice. I will support the organisation as much as I can. Keep it up =)!
Dentist pulls out wrong tooth
If the dentist pull out the wrong tooth, should he compensate the patient and how much?
My answer is given here:
www.fisca.sg
My answer is given here:
www.fisca.sg
Big increase in cost of breakfast
I stopped at Bras Basah Road at 8 am and went to the food court at Manulife Center. It changed from Kopitiam to Food Republic. I was surprised that the coffee, toast and egg breakfast cost $6. It used to be $2.50 three years ago.
I went to the outlet at SMU. Their coffee set cost $5.
The price has increased a lot in 3 years. It is probably cost by the high levies for foreign workers. All the workers in the two outlets were from PRC, judging from their accent.
I went to the outlet at SMU. Their coffee set cost $5.
The price has increased a lot in 3 years. It is probably cost by the high levies for foreign workers. All the workers in the two outlets were from PRC, judging from their accent.
Five years to make a change
SMRT introduced the display board in their buses about 5 years back. I found the display board to be difficult to read. They have the unnecessary message "Please move to the rear ...". Most of the time, you see this message and have to wait to see the next bus stop. The most important information appears only a brief moment before this unnecessary long message appears.
They have finally removed the useless message. The new display is quite helpful. We see the name of the next bus stop and "Welcome Abroad" or "Bus Stopping". It took 5 years for them to recognize the obvious problem and make a change.
I like them to add the sequence number before the bus stop, e.g. 12: Thomson Plaza or 13: Flame Tree Park. The sequence number is helpful also. I shall wait patiently for another 5 years for this change to be done.
After that, maybe another 5 years for them to put in a display board for the bus route.
We do have an excellent standard of service in Singapore (sarcastic), but we have to wait one generation!
They have finally removed the useless message. The new display is quite helpful. We see the name of the next bus stop and "Welcome Abroad" or "Bus Stopping". It took 5 years for them to recognize the obvious problem and make a change.
I like them to add the sequence number before the bus stop, e.g. 12: Thomson Plaza or 13: Flame Tree Park. The sequence number is helpful also. I shall wait patiently for another 5 years for this change to be done.
After that, maybe another 5 years for them to put in a display board for the bus route.
We do have an excellent standard of service in Singapore (sarcastic), but we have to wait one generation!
Display a route guide in the bus
I took bus 132 from "opposite British High Commission" to "Thomson Plaza". As it was raining, I decided to wait a few more stop to get down at "Ai Tong School".
I looked around the bus to see a bus guide to make sure that the bus would turn into Sin Ming Avenue. I could not find one.
The bus continued straight. I had to get down and cross the road to take a bus back a few stops.
Why can't our bus display a guide to show the stops that the bus takes? I know that they do provide the printed bus guide but surely a proper poster in the bus would be a better option?
The bus continued straight. I had to get down and cross the road to take a bus back a few stops.
Why can't our bus display a guide to show the stops that the bus takes? I know that they do provide the printed bus guide but surely a proper poster in the bus would be a better option?
Sunday, November 13, 2016
How much should you spend on insurance?
Do not spend more then 2% of your income on insurance. If you earn $3000 a month, your insurance premium should be less than $60 a month or $720 a year. If you are paying more in insurance premium, that is too much. Why?
You can get an explanation from the video "Have a balanced Financial Health". It is available from
Have a balanced financial health
Do you have a balanced financial health? The answer to this question is set out in the video available from www.tankinlian.com/learn.
This video is targeted at slightly older people with some savings and need to know how to invest the savings safely and to get a reasonably good return.
More important, they have to know how to avoid scams and bad investments.
Saturday, November 12, 2016
A fun way to lean problem solving - for children
Your child needs to start with the right concept and develop this skill of problem solving through practice.
I give a 1 hour tutorial for a group of up to 4 children (preferably 7 to 10 years old) in my office on Saturday morning and afternoon. The parents can join in. You can organize the group among the friends and share the fee of $200.
I can also conduct the tutorial at a location outside my office for a fee of $250.
All places up to 3 December have been taken. There are a few slots left in the December holidays. If you are interested, book early.
http://www.tankinlian.com/tutorial.aspx
I give a 1 hour tutorial for a group of up to 4 children (preferably 7 to 10 years old) in my office on Saturday morning and afternoon. The parents can join in. You can organize the group among the friends and share the fee of $200.
I can also conduct the tutorial at a location outside my office for a fee of $250.
All places up to 3 December have been taken. There are a few slots left in the December holidays. If you are interested, book early.
http://www.tankinlian.com/tutorial.aspx
Buying the right property, based on budget
Many people are spending too much money on their property. They should set aside some savings for their future instead of using all their disposable income to pay the property.
What is the right amount of the monthly income to set aside for property? You can get some tips from the video "Buying a property" in
www.tankinlian.com/learn
What is the right amount of the monthly income to set aside for property? You can get some tips from the video "Buying a property" in
www.tankinlian.com/learn
Friday, November 11, 2016
Taxi driver tried to charge extra
I booked a taxi to take me from the hotel to the airport in Madrid. The hotel staff said that the standard fare was Eur 30. This was expensive compared to Singapore for the distance travelled.
On moving off after the luggages have been loaded, the taxi driver spoke in English, with some difficulty. The fare is 30 euro and 5 eur for booking.
I replied - the hotel told me that the standard fare is 30 euro. They did not indicate a booking fee.
He repeated - the fare is 30 euro and 5 euro for booking.
I did not continue the conversation. He was not fluent in English and I was not fluent in Spanish.
What happened?
On moving off after the luggages have been loaded, the taxi driver spoke in English, with some difficulty. The fare is 30 euro and 5 eur for booking.
I replied - the hotel told me that the standard fare is 30 euro. They did not indicate a booking fee.
He repeated - the fare is 30 euro and 5 euro for booking.
I did not continue the conversation. He was not fluent in English and I was not fluent in Spanish.
What happened?
After arriving at the airport terminal and unloading all the bags, my wife gave him exactly 30 euro. The taxi driver said "Gracias" and went to his taxi and drove off politely. He did not ask for the 5 euro booking fee.
This government practice lost a lot of wasted time
I went to the Ministry of Manpower website to apply for a work pass. They require me to open an account with my Singpass. They then ask me to apply for an ID to act on my company affairs. They told me that a password will be sent by ordinary mail to me within 4 days.
The letter did not come after one month. During this time, I had to travel, so I could not call IRAS to check on the letter that did not come.
Five years ago, I had a similar experience. After I lodged a complaint, they sent a staff to personally deliver the password and help me to set up the authorization.
Why make it so complicated. Why can't MOM just allow me to apply for the work pass online without the hassle of creating the access ID? Why can't they send the password by email? I have wasted so much time on a simple matter. Does the government realize that our mail delivery is now unreliable?
The ministers urged the small businesses to be more productive. How can we be productive when the government introduces processes that waste a lot of our time? I experienced difficulty with many government websites - not just with MOM.
The letter did not come after one month. During this time, I had to travel, so I could not call IRAS to check on the letter that did not come.
Five years ago, I had a similar experience. After I lodged a complaint, they sent a staff to personally deliver the password and help me to set up the authorization.
Why make it so complicated. Why can't MOM just allow me to apply for the work pass online without the hassle of creating the access ID? Why can't they send the password by email? I have wasted so much time on a simple matter. Does the government realize that our mail delivery is now unreliable?
The ministers urged the small businesses to be more productive. How can we be productive when the government introduces processes that waste a lot of our time? I experienced difficulty with many government websites - not just with MOM.
Big data - unreasonable expectation or scam?
Quote:
"Big data" has been a buzzword for the last decade in Silicon Valley. Investors and tech companies, from little-known startups to corporate giants, have poured billions of dollars into software and computer systems that promise to pore through mountains of information and glean useful insights into business trends or consumer behavior. David Dill, a computer science professor at Stanford University, said it has opened the door to do things that weren't possible before. It enabled the collection of vast stockpiles of information all while advances in computing hardware and online networking have made it possible to run more sophisticated analytical programs and crunch bigger sets of data more quickly.
Even so, there's plenty of hype and unreasonable expectations for what analytics can do.
"Even if you have a lot of data and you go after it with the most sophisticated, amazing techniques, it may not tell you anything or it may mislead, because the data doesn't have the information you need," Dill said.
Unquote:
Unquote:
Thursday, November 10, 2016
Questions asked by young people
From time to time, I receive a request from a young person asking for guidance regarding their financial planning and insurance.
I have created several short videos to address the common questions that they ask. These videos can be viewed here:
http://www.tankinlian.com/video.aspx
If they like to know more, they can attend a talk organized by FISCA (www.fisca.sg). They can also read the articles here.
I have created several short videos to address the common questions that they ask. These videos can be viewed here:
http://www.tankinlian.com/video.aspx
If they like to know more, they can attend a talk organized by FISCA (www.fisca.sg). They can also read the articles here.
Wednesday, November 09, 2016
There is hope for America and a lesson for Singapore
It does not matter whether Clinton or Trump will be elected as president of the USA in a few hours time.
America will change, and for the better.
Clinton will make the changes to their government policies and strategies, as set out in her campaign platform - on minimum wage, employment benefits, college education, trade agreements and health care. She might go back on her word, but that is not likely. At her age, she will look at her legacy and make the effort to change her reputation.
Trump will introduce policies that addresses the root of America's problems.
Even the senators and representatives that are elected in this election will get the clear message - they have to change the status quo. The establishment cannot continue their old ways. They need to deal with the root of America's problems.
The most important step to find a solution is to recognize the problem. America has taken this important step to know what their key problems are.
We need our political system in Singapore to change and be as dynamic as what is produced by America in this election.
America will change, and for the better.
Clinton will make the changes to their government policies and strategies, as set out in her campaign platform - on minimum wage, employment benefits, college education, trade agreements and health care. She might go back on her word, but that is not likely. At her age, she will look at her legacy and make the effort to change her reputation.
Trump will introduce policies that addresses the root of America's problems.
Even the senators and representatives that are elected in this election will get the clear message - they have to change the status quo. The establishment cannot continue their old ways. They need to deal with the root of America's problems.
The most important step to find a solution is to recognize the problem. America has taken this important step to know what their key problems are.
We need our political system in Singapore to change and be as dynamic as what is produced by America in this election.
Tuesday, November 08, 2016
Suggestions to simplify the government websites
I faced the following problems in submitting mandatory returns to government agencies, such as IRAS, MOM, CPF and ACRA.
a) I have to login with SingPass and also submit my business registration number. The introduction of 2FA for SingPass adds to the pain.
b) I have to navigate through a complicated website to reach the page to submit the return. Usually, this will require 3 to 6 clicks and reading through a few complicated pages.
c) I often don't know figures are required to be entered until I come to that page. They also ask questions which the lay person finds difficult to answer - e.g. are you an exempt company (under ACRA) or are you entitled to certain tax credits (under IRAS) or what are the different types of revenue under GST? After reading a complicated FAQ, I still don't know the answer.
d) I often have to abandon the entry and try to get the correct answer before trying again to make the submission.
Here is my wish list for a website that is simpler to use:
a) The relevent agencies should send the correct link by email to me. This link will show the information that I have to provide, without having to login. I can get the relevant information.
b) They should provide a hotline for someone to guide me through the areas of doubt. Their staff who handles the issues daily will know the answer. To the lay person who has to submit their entry once a year, it is a big challenge. (Currently, their hotline is difficult to get through).
c) After completing the online entry, the website can ask me to "sign off" with the SingPass and 2FA.
I have to spend a lot of time submitting the quarterly and annual returns. I am sure that many small business owners face the same difficulty. We have to spend a lot of time on these returns instead of doing our business.
a) I have to login with SingPass and also submit my business registration number. The introduction of 2FA for SingPass adds to the pain.
b) I have to navigate through a complicated website to reach the page to submit the return. Usually, this will require 3 to 6 clicks and reading through a few complicated pages.
c) I often don't know figures are required to be entered until I come to that page. They also ask questions which the lay person finds difficult to answer - e.g. are you an exempt company (under ACRA) or are you entitled to certain tax credits (under IRAS) or what are the different types of revenue under GST? After reading a complicated FAQ, I still don't know the answer.
d) I often have to abandon the entry and try to get the correct answer before trying again to make the submission.
Here is my wish list for a website that is simpler to use:
a) The relevent agencies should send the correct link by email to me. This link will show the information that I have to provide, without having to login. I can get the relevant information.
b) They should provide a hotline for someone to guide me through the areas of doubt. Their staff who handles the issues daily will know the answer. To the lay person who has to submit their entry once a year, it is a big challenge. (Currently, their hotline is difficult to get through).
c) After completing the online entry, the website can ask me to "sign off" with the SingPass and 2FA.
I have to spend a lot of time submitting the quarterly and annual returns. I am sure that many small business owners face the same difficulty. We have to spend a lot of time on these returns instead of doing our business.
Monday, November 07, 2016
Airline self service gives a lot of hassle
In designing their self service check in, the airlines have reached the level of insanity.
I received an email from Singapore Airlines asking me to check in online. I did. They send the boarding pass to me by email and asked me to print it out. I do not have a printer. So I saved it on my mobile phone, hoping that it would be accepted.
At Heathrow Airport, a staff managing the queue told me to go to the kiosk to print the baggage tag before dropping my bags. The kiosk asked me to scan mhy passport and printed the boarding pass. It ignored the fact that I had already checked in online.
The kiosk did not ask me to print out the baggage tag. I asked the staff where do I get the baggage tag. He asked me to check with the airline staff who was at another kiosk. That staff was busy serving another passenger, and refused to tell me what was happening.
I had to approach another staff who confirmed that the non-responding staff was printing out the baggage tags. Many other passengers were also confused with what was happening.
Finally, I got my baggage tag and had to join a long queue to drop the bag. I had to affix the baggage tag to my baggage. This requires some knowledge as some part of the tag had to be retained by me and other part has to be taken out to be placed on the luggage.
To an airline staff who does this a few hundred times each day, it is easy. To a passenger, it is easy to make a mistake leading to a loss of baggage.
I prefer the old system where the check in staff handle the entire process for the passenger. They are familiar with the process. To make the passenger do self service, they have to provide other staff to guide the passengers on what needs to be done. It is a big hassle.
The move towards self service has reached the level of insanity.
I received an email from Singapore Airlines asking me to check in online. I did. They send the boarding pass to me by email and asked me to print it out. I do not have a printer. So I saved it on my mobile phone, hoping that it would be accepted.
At Heathrow Airport, a staff managing the queue told me to go to the kiosk to print the baggage tag before dropping my bags. The kiosk asked me to scan mhy passport and printed the boarding pass. It ignored the fact that I had already checked in online.
The kiosk did not ask me to print out the baggage tag. I asked the staff where do I get the baggage tag. He asked me to check with the airline staff who was at another kiosk. That staff was busy serving another passenger, and refused to tell me what was happening.
I had to approach another staff who confirmed that the non-responding staff was printing out the baggage tags. Many other passengers were also confused with what was happening.
Finally, I got my baggage tag and had to join a long queue to drop the bag. I had to affix the baggage tag to my baggage. This requires some knowledge as some part of the tag had to be retained by me and other part has to be taken out to be placed on the luggage.
To an airline staff who does this a few hundred times each day, it is easy. To a passenger, it is easy to make a mistake leading to a loss of baggage.
I prefer the old system where the check in staff handle the entire process for the passenger. They are familiar with the process. To make the passenger do self service, they have to provide other staff to guide the passengers on what needs to be done. It is a big hassle.
The move towards self service has reached the level of insanity.
Sunday, November 06, 2016
Donald Trump as President?
America will vote for their next president on November 8. Will a Donald Trump presidency be good for America and for the world?
While the voters in America have to make this decision, you can also express your views here.
wisdomofthecrowd.sg/vote.aspx
A surprise on November 8?
Donald Trump conducts several rallies every day. He flies all over the country to give these speeches. You can watch the speeches in Youtube.
The speeches carry the same messages. They resonate with his supporters. If you listen to the speeches, you will find that they are expressed in quite moderate tones - unlike the characterization given by the mainstream journalists.
He has received a last minute boost in the polls. He has narrowed the gap with his opponents down to a small margin, within the margin of error
As he has enthusiastic supporters, who do not care about his negative points painted by the mainstream media, they are likely to turn up and vote. This may tip the balance in his favor.
The likelihood of a Trump presidency and a surprise in the voting on 8 November (2 days away) is getting to be quite possible. Be prepared for this possible change. I could be like Brexit again!
The speeches carry the same messages. They resonate with his supporters. If you listen to the speeches, you will find that they are expressed in quite moderate tones - unlike the characterization given by the mainstream journalists.
He has received a last minute boost in the polls. He has narrowed the gap with his opponents down to a small margin, within the margin of error
As he has enthusiastic supporters, who do not care about his negative points painted by the mainstream media, they are likely to turn up and vote. This may tip the balance in his favor.
The likelihood of a Trump presidency and a surprise in the voting on 8 November (2 days away) is getting to be quite possible. Be prepared for this possible change. I could be like Brexit again!
A big impact on your financial future
This page contains several short videos to guide a person person, who has recently started work, on how to manage their financial planning and the type of insurance policies they should buy, and those that should be avoided.
The videos are short and cover a specific topic that is frequently asked by young people. They are easy to follow.
Spend 2 hours to go through the videos. It will be a good investment of your time. It will help you to make the right decisions that have a BIG IMPACT on your financial future.
http://www.tankinlian.com/tutorial.aspx
The videos are short and cover a specific topic that is frequently asked by young people. They are easy to follow.
Spend 2 hours to go through the videos. It will be a good investment of your time. It will help you to make the right decisions that have a BIG IMPACT on your financial future.
http://www.tankinlian.com/tutorial.aspx
Saturday, November 05, 2016
Avoid insuring for risks that are vaguely defined
You should avoid buying insurance for risks that are vaguely defined, such as for critical illness cover. You may be treated for a specific disease, such as cancer, only to find that the condition does not meet the criteria for a claim. You need to be a doctor to understand what is, or is not covered.
Find out how to deal with this situation in fisca.sg.
Find out how to deal with this situation in fisca.sg.
Friday, November 04, 2016
Types of risk to insure
I have written an article to explain the risks that you should buy insurance for. These are risks that have a large financial impact and a low chance of occurrence. You can read my views here:
www.fisca.sg
www.fisca.sg
Confusing statement from the minister
I read this statement from our minister about our solar panel testbed in Tengah Reservoir
http://www.channelnewsasia.com/news/singapore/tengeh-reservoir-to-host-world-s-largest-solar-panel-testbed/3232878.html
Quote
Mr Masagos said the pilot test of 10 solar energy - or photovoltaic - systems at Tengeh Reservoir is the largest globally in terms of how much power it can produce and the number of systems being tested. He was speaking at the Joint Opening Ceremony of the 3rd Asia Clean Energy Summit and the 26th Photovoltaic Science and Engineering Conference.
The testbed can produce a maximum one-megawatt of energy, enough to power 250 four-room HDB flats for a year.
Unquote
Quote
Mr Masagos said the pilot test of 10 solar energy - or photovoltaic - systems at Tengeh Reservoir is the largest globally in terms of how much power it can produce and the number of systems being tested. He was speaking at the Joint Opening Ceremony of the 3rd Asia Clean Energy Summit and the 26th Photovoltaic Science and Engineering Conference.
The testbed can produce a maximum one-megawatt of energy, enough to power 250 four-room HDB flats for a year.
Unquote
I am confused by the statement that the testbed can produce enough energy for 250 HDB flats for one year.
Is the minister referring to the energy produced in one day that can power the flats for one year or does he mean that it is the energy produced in one year that can power the flats for one year?
If the latter is the case, why is it necessary to use the words "for one year"? Surely, it is sufficient to say that the testbed can produce enough energy to power 250 HDB flats?
I am surprised that the standard of English of our minister is quite poor and that our mainstream media cannot spot the error. Or perhaps it is my standard of English that is at fault?
Thursday, November 03, 2016
Invest regularly in an index fund
Dear Mr. Tan
I have watched your video about investing regularly in an index fund, ETF.
I plan to invest $500 a month. Which is the best way - POSB, OCBC or SGX?
REPLY
My reply is given here:
www.fisca.sg
I have watched your video about investing regularly in an index fund, ETF.
I plan to invest $500 a month. Which is the best way - POSB, OCBC or SGX?
REPLY
My reply is given here:
www.fisca.sg
Covering hospital care at older ages
Dear Mr. Tan
Recently, my friend had a major hospital operation that cost a lot of money. He was nearing 70 years old. What type of insurance policy should I have to protect myself from this event? I am now in my early 50s. As you know, the risk of getting a major illness increases as we get older.
Recently, my friend had a major hospital operation that cost a lot of money. He was nearing 70 years old. What type of insurance policy should I have to protect myself from this event? I am now in my early 50s. As you know, the risk of getting a major illness increases as we get older.
REPLY
You can watch my video "Have a Balanced Financial Health" . It takes about 20 minutes only.
You can watch my video "Have a Balanced Financial Health" . It takes about 20 minutes only.
I had covered the points in this video in a 90 minute talk. So, if you do not wish to spend 90 minutes, you can get the key points from the 20 minute video.
Wednesday, November 02, 2016
Review of first years's experience of Medishield Life
The Ministry of Health has issued a report covering the first year operation of Medishield Life. What does it tell us? Is Medishield Life operating well?
You can read my views here:
www.fisca.sg
www.fisca.sg
Tuesday, November 01, 2016
Best travel insurance policy
Over 1 million people buy travel insurance each year in Singapore. I share my tips on the best insurance policy that they can buy.
www.fisca.sg
www.fisca.sg
Sunday, October 30, 2016
Finding the right critical illness cover
A young man asked me about the critical illness coverage offered by several life insurance companies. He described them as "extremely complex". In particular, he asked about the Early Stage Cancer policy offered by an insurance company that provided 104 covers. He asked how to choose the policy that is "worth buying".
My answer is given here:
Understand the question, before you understand the answer
I often receive an email from my readers asking me, "Mr. Tan, is this a good policy to buy? Is this a good way to invest my money?"
I avoid giving the answer. The answer is useless to a person who does not understand the question that he or she is asking.
I have created several short videos (mostly 5 to 10 minutes) on the questions that are frequently asked by my readers. I have explained the question to give the context to the answer. If you understand the question, and ask the right question, the answer will become clear to you.
You can view the videos here. www.tankinlian.com/learn.
I avoid giving the answer. The answer is useless to a person who does not understand the question that he or she is asking.
I have created several short videos (mostly 5 to 10 minutes) on the questions that are frequently asked by my readers. I have explained the question to give the context to the answer. If you understand the question, and ask the right question, the answer will become clear to you.
You can view the videos here. www.tankinlian.com/learn.
The clock turned back 1 hour
I checked into a hotel in Wales. There were signs left in every room and at the lobby, "Polite reminder. Don't forget the clocks go back 1 hour tonight".
At midnight, the click is turned back 1 hour and became 11 pm again. This is called "Daylight Saving Time". They wanted to children to go to school 1 hour later when there is more light. But it gets dark earlier by 1 hour at night.
42 years ago, I had a similar experience. I was staying at a hotel in London. I went for breakfast at 7 am. But it was still closed. I asked the porter why the restaurant was still closed. He said, "What time do you have, Sir". "7 am". He said, "No, it is now 6 am. The clock turned back 1 hour last night".
Well, 42 years had passed since that eventful morning!
At midnight, the click is turned back 1 hour and became 11 pm again. This is called "Daylight Saving Time". They wanted to children to go to school 1 hour later when there is more light. But it gets dark earlier by 1 hour at night.
42 years ago, I had a similar experience. I was staying at a hotel in London. I went for breakfast at 7 am. But it was still closed. I asked the porter why the restaurant was still closed. He said, "What time do you have, Sir". "7 am". He said, "No, it is now 6 am. The clock turned back 1 hour last night".
Well, 42 years had passed since that eventful morning!
The self destruction of Deutsche Bank
This is a long article, comprising of many parts. I read it to the end. I was struck by the similarity between Deutsche Bank and Singapore Inc.
Deutsche Bank decided in the early 1990s to abandon its roots and solid values and to pursue globalisation. It brought in many new people from outside the bank to transform the culture of the bank. Isn't this what happened to Singapore Inc as well?
It is interesting to read about the disaster that had befallen what was once an icon of success. If you want to learn more, read the entire article for yourself.
http://www.spiegel.de/
Deutsche Bank decided in the early 1990s to abandon its roots and solid values and to pursue globalisation. It brought in many new people from outside the bank to transform the culture of the bank. Isn't this what happened to Singapore Inc as well?
It is interesting to read about the disaster that had befallen what was once an icon of success. If you want to learn more, read the entire article for yourself.
http://www.spiegel.de/
Benefit illustration for a life insurance policy
The benefit illustration of a life insurance policy provides valuable information on the return that you can get by investing your savings in the policy.
You are given a benefit illustration at the point of sale. Learn how to read it.
You can ask for a "post sale benefit illustration" to give you the information about a policy that you have taken many years ago. You can study it to calculate the "going forward yield". It will help you to decide if it is worthwhile to continue the policy.
You can read an example here: www.fisca.sg
You are given a benefit illustration at the point of sale. Learn how to read it.
You can ask for a "post sale benefit illustration" to give you the information about a policy that you have taken many years ago. You can study it to calculate the "going forward yield". It will help you to decide if it is worthwhile to continue the policy.
You can read an example here: www.fisca.sg
Friday, October 28, 2016
Waiting in queues
I had another bad experience with Ryan Air on my return from Madrid.
At the security checkpoint, the security officer did not allow one bag to be carried in. I had to check in the bag.
I went to the customer service. There was a queue. I asked the staff how to pay for the check-in bag. She asked me to go to the bag check- in counter. I had to wait in another long queue.
The bag check-in staff wrote a price of paper and asked me to pay at customer service (the same that I had approached at first). Another queue.
After payment, I had to go back to the bag check-in counter. Another queue.
The people who designed this system only consider how to reduce work for their staff. They do not care about the inconvenience to the customer.
We also face a similar issue with our hospitals. We have to wait in long queues to register, see the nurse, see the doctor, to make payment and to book another appointment. We spend 80% of the time waiting in queues.
At the security checkpoint, the security officer did not allow one bag to be carried in. I had to check in the bag.
I went to the customer service. There was a queue. I asked the staff how to pay for the check-in bag. She asked me to go to the bag check- in counter. I had to wait in another long queue.
The bag check-in staff wrote a price of paper and asked me to pay at customer service (the same that I had approached at first). Another queue.
After payment, I had to go back to the bag check-in counter. Another queue.
The people who designed this system only consider how to reduce work for their staff. They do not care about the inconvenience to the customer.
We also face a similar issue with our hospitals. We have to wait in long queues to register, see the nurse, see the doctor, to make payment and to book another appointment. We spend 80% of the time waiting in queues.
Wednesday, October 26, 2016
Options to invest in STI ETF
I have often been asked - is it better to invest in the STI ETF through POSB, OCBC or a stockbroker?
My answer is given here:
www.fisca.sg
My answer is given here:
www.fisca.sg
Questions asked by a young man
A young man sent me four questions on financial planning and insurance. I gave my answers here:
http://fisca.sg
http://fisca.sg
Bukit Panjang LRT system
Should the Bukit Panjang LRT system be decommissioned, as it was costly to maintain?
You can view the results of 39 people who voted on this issue, and see their individual comments here:
http://wisdomofthecrowd.sg/view_issue.aspx
You can view the results of 39 people who voted on this issue, and see their individual comments here:
http://wisdomofthecrowd.sg/view_issue.aspx
Financial products sold by banks
I have come across many cases of risk averse people actually end up making bad investments unknowingly. This mistake was made in a safe place, i.e. a bank. They wanted to place a fixed deposit but ended up making a bad investment. It is easy to fall into this mistake. I know, because I had a similar experience in a bank.
Learn how to avoid this mistake. Watch the video on Financial Products offered by Banks.
tankinlian.com/learn
Learn how to avoid this mistake. Watch the video on Financial Products offered by Banks.
tankinlian.com/learn
Tuesday, October 25, 2016
Medishield Life
I keep getting questions for the public - I am a young person. Should I stay on Medishield Life or move to an integrated shield plan?
The answer is - it depends on you. You can find out the facts and make your own judgement. I have given some tips in my video here:
The answer is - it depends on you. You can find out the facts and make your own judgement. I have given some tips in my video here:
Changes to the constitution on the Elected President
Did the PAP government proposed the changes to the constitution for the main purpose of excluding Dr. Tan Cheng Bock from contesting in the next election?
The voting has now closed and the results can be viewed at
http://wisdomofthecrowd.sg/view_issue.aspx
You can also view the results of the voting on two other issues relating to the presidential election;
a) ensuring minority representation
b) higher requirements for eligibility.
You should pay attention to the difference in voting between the younger generation, the middle generation and the older generation. These differences are startling.
The voting has now closed and the results can be viewed at
http://wisdomofthecrowd.sg/view_issue.aspx
You can also view the results of the voting on two other issues relating to the presidential election;
a) ensuring minority representation
b) higher requirements for eligibility.
You should pay attention to the difference in voting between the younger generation, the middle generation and the older generation. These differences are startling.
Pursue the right economic policies
http://www.channelnewsasia.com/…/we-are-pursu…/3231354.html…
Lee HL has been pursuing the "right strategy" for the past decade. It has led to
a) A large increase in population
b) Over crowding
c) Inadequate infrastructure and public services.
d) High cost of living
e) Unproductive work and wastefulness.
f) An uncompetitive economy
I don't think he has recognized the problems caused by his "right policies". I wonder how these same policies can make us competitive again.
Lee HL has been pursuing the "right strategy" for the past decade. It has led to
a) A large increase in population
b) Over crowding
c) Inadequate infrastructure and public services.
d) High cost of living
e) Unproductive work and wastefulness.
f) An uncompetitive economy
I don't think he has recognized the problems caused by his "right policies". I wonder how these same policies can make us competitive again.
Continue an existing life insurance policy?
A consumer should avoid locking up long term savings in a life insurance policy that gives a poor return. They should look for a return of at least 4% p.a. on a long term investment. The benefit illustration for most policies taken today shows a return of less than 3% if the policy is kept to maturity. It is usually negative when the policy is terminated during the first 10 years.
If you are already stuck in a life insurance policy that has been giving a poor return in the past, it may still be worth keeping the policy until maturity. Why? The "going forward" yield may be more than 4%.
Read a real case study here:
www.fisca.sg
If you are already stuck in a life insurance policy that has been giving a poor return in the past, it may still be worth keeping the policy until maturity. Why? The "going forward" yield may be more than 4%.
Read a real case study here:
www.fisca.sg
An excellent hotel in Saville, Spain
I checked in at the Melia Lebreros Hotel in Seville. I congratulate their management for exercising common sense, which leads to highly productivity and excellent customer service.
My tour group comprised of over 40 people. We were checked into the hotel with no hassle and quite quickly.
They do not require to scan the passports of the hotel guests. Most hotels around the world still carry out this unproductive exercise. What is the purpose, other than to give unnecessary hassle and work?
Quite likely, there is an outdated regulation that compels hotels to do this mindless activity. But the management of this hotel must have found a way to avoid it.
I connected to the hotel wifi and found, to my surprise and delight, that no password is required. They save a lot of their staff time in providing the password and in helping guests to get connected. All of this unproductive work is avoided.
What is the risk? Will some unauthorised person tap into the wifi of the hotel? They have to get into the guest rooms or corridors in the upper floors. Only those with key cards could access these places anyway.
I salute the management of this hotel. I hope that our hotels in Singapore can learn from them to be improve staff productivity and provide excellent service to their guests.
My tour group comprised of over 40 people. We were checked into the hotel with no hassle and quite quickly.
They do not require to scan the passports of the hotel guests. Most hotels around the world still carry out this unproductive exercise. What is the purpose, other than to give unnecessary hassle and work?
Quite likely, there is an outdated regulation that compels hotels to do this mindless activity. But the management of this hotel must have found a way to avoid it.
I connected to the hotel wifi and found, to my surprise and delight, that no password is required. They save a lot of their staff time in providing the password and in helping guests to get connected. All of this unproductive work is avoided.
What is the risk? Will some unauthorised person tap into the wifi of the hotel? They have to get into the guest rooms or corridors in the upper floors. Only those with key cards could access these places anyway.
I salute the management of this hotel. I hope that our hotels in Singapore can learn from them to be improve staff productivity and provide excellent service to their guests.
Sunday, October 23, 2016
Terrible experience with Ryanair
I took Ryanair from London to Spain. It was the worst check-in experience in a few decades of flying.
I did not check in online. Usually, I check in at the counter in the airport.
They required me to go to customer service, where the staff is very slow. He told me that I have to pay GBP 90 for failing to check in online for two persons. He said that this was stated in the website.
I had no choice but to give in to this kind of extortion. I consider the penalty to be excessive. I wonder why the British regulator allows this kind of deplorable business practice.
After spending nearly an hour on this process, I had to check in my bags. There was a long queue.
Many of the passengers had various kinds of problems with the check-in process. They were travelling with young children. Maybe they were also not familiar with the unusual check-in process.
I will never take Ryanair again.
I did not check in online. Usually, I check in at the counter in the airport.
They required me to go to customer service, where the staff is very slow. He told me that I have to pay GBP 90 for failing to check in online for two persons. He said that this was stated in the website.
I had no choice but to give in to this kind of extortion. I consider the penalty to be excessive. I wonder why the British regulator allows this kind of deplorable business practice.
After spending nearly an hour on this process, I had to check in my bags. There was a long queue.
Many of the passengers had various kinds of problems with the check-in process. They were travelling with young children. Maybe they were also not familiar with the unusual check-in process.
I will never take Ryanair again.
Saturday, October 22, 2016
Deducting premium from wrong GIRO account
An insurance company had been deducting the premium from the GIRO account belonging to another policyholder. The company discovered the mistake after 8 years and informed the account owner.
The account owner asked for compensation for the wrongful deduction. After a delay, the insurance company calculated the interest based on the average fixed deposit rate of 1.2% p.a.
The account owner had been paying interest at 5.5% on a loan taken from his own policy. He asked for the interest to be computed at 5.5%.
My comments:
a) The request for the interest to be computed at 5.5% is fair.
b) It is important for the account holder to check the GIRO deduction regularly to spot this kind of mistake.
Friday, October 21, 2016
Your voice matters - use it
Here are the topical issues available for your voting. When you vote, you will receive an email to view the results when the voting closes after 14 days. You only need to click on the Facebook or Google logo to register. After that, you can vote immediately. It takes less than 10 minutes.
wisdomofthecrowd.sg/vote.aspx
wisdomofthecrowd.sg/vote.aspx
Thursday, October 20, 2016
How to draw the bus route
c-pearl.com/bus_route.aspx
First, I need to have the data of the bus services and the bus stops in sequence. This data is provided by the Land Transport Authority. But the data comes in a complicated format. I have to write a script to extract the data that I needed in a form that is easy to use.
Second, I have to write a stored procedure to display the bus stops (and the GPS locations of the bus stops) in the sequence for each bus service. The GPS locations for each stop are obtained from another table.
Third, I have to write a webpage that display the data from Google Map. It also uses the Google API to plot the route of the bus by joining all the stops using the GPS location. This API has a function called "snap to road". It will attempt to draw the route to follow the road. It works most of the time, but does not work well when the bus stops are far apart.
Here is the map of the route for a few services. They are quite attractive.
Bus Route
You can have a quite look at the route taken by a bus service at this website. Here is an example of the route for bus 130. You can also see the actual stops on another tab. This can also be viewed on your mobile phone.
www.c-pearl.com/bus_route.aspx
www.c-pearl.com/bus_route.aspx
Voting Slip
Here is an example of a voting slip. You only need to click "For" or "Against". It is quite easy.
You can give your vote at www.wisdomofthecrowd.sg/vote.aspx
Sign in to vote in the Wisdom website
Mr. Tan
Why do I need to sign in to vote for the issues in your wisdom website? Can I be anonymous?
Reply
I only capture your name and email.
I wish to prevent some people from voting many times.
I also want to send the e-book prize to those who have voted 5 times or more.
I also need to know your age band, gender and citizenship to analyze the results.
You only need to register once. I capture only your name and email. Many people don't mind. This website is similar to many other websites.
www.wisdomofthecrowd.sg/vote.aspx
Why do I need to sign in to vote for the issues in your wisdom website? Can I be anonymous?
Reply
I only capture your name and email.
I wish to prevent some people from voting many times.
I also want to send the e-book prize to those who have voted 5 times or more.
I also need to know your age band, gender and citizenship to analyze the results.
You only need to register once. I capture only your name and email. Many people don't mind. This website is similar to many other websites.
www.wisdomofthecrowd.sg/vote.aspx
Self driving bus at NTU campus
I read a news article that Nanyang Technological University is testing the self driving bus. I was surprised at this approach.
If NTU wants to be "driverless" they could have introduced a tram system or a LRT system using tracks. The tracked approach is more suitable for fixed routes.
They do not need the technology of the "self driving car" to provide a public transport service within its compound.
Sometimes, I wonder, if people think?
If NTU wants to be "driverless" they could have introduced a tram system or a LRT system using tracks. The tracked approach is more suitable for fixed routes.
They do not need the technology of the "self driving car" to provide a public transport service within its compound.
Sometimes, I wonder, if people think?
Causing trouble unnecessarily - NTUC Income website
I logged into NTUC Income website to check my insurance policies. It asked me to change my password. It told me that I would receive an email within 2 minutes. It apologied for the delay during "peak hours". It never came after 10 minutes. It was not peak hours. It was 7 am in the morning.
Now NTUC Income is following the crowd to do stupid things. Why force its customer to change the password? Why have a buggy website that does not send out the email immediately?
What is the harm of keeping the old password? I hardly use it. It only provided information - which I do not consider to be important. If I did, I would have changed the password regularly on my own, without being forced to do so.
By introducing this "security feature", it is causing me to give up on accessing the website.
Now NTUC Income is following the crowd to do stupid things. Why force its customer to change the password? Why have a buggy website that does not send out the email immediately?
What is the harm of keeping the old password? I hardly use it. It only provided information - which I do not consider to be important. If I did, I would have changed the password regularly on my own, without being forced to do so.
By introducing this "security feature", it is causing me to give up on accessing the website.
Diversification of the index fund
The shipyards in Singapore are going through a difficult time. The shipping lines are similarly affected. The shares of companies in these sectors have dropped a lot. But the Straits Times Index is still holding above 2800.
This is the power of diversification of the index fund. While some shares perform badly, the other shares are doing well. The index fund is still showing an overall gain.
Learn about investing in the index fund, namely the STI ETF, in this short video.
www.tankinlian.com/learn
This is the power of diversification of the index fund. While some shares perform badly, the other shares are doing well. The index fund is still showing an overall gain.
Learn about investing in the index fund, namely the STI ETF, in this short video.
www.tankinlian.com/learn
Wednesday, October 19, 2016
A new future for central planning
Central planning failed in the past. The communist countries tried it and it produced dismal results.
After the collapse of central planning, we have nearly three decades of market economy. It has produced good results, generally. But it has also produced bad results with the wide income gap, the disappearance of the middle class, stagnant incomes, insecure jobs and high unemployment (including part time employment).
It is time to consider central planning at the macro level and market economy at the micro level. How will this work?
The state can take first step. Using the available data and proper analysis, it can determine the number of positions required for each major job category. It can train the young people for these jobs and give them the licence for that job. This will virtually ensure the availability of a job as the demand is likely to match the supply.
The supply can be calibrated according to the market demand. If there is higher demand for the jobs a few years in the future, the training and supply can be increased. More licences can be issued.
The actual employment can be left to the market at the micro level. The state can also set the minimum wage for each job based on the skill that is expected. The employer can pay more than the minimum wage to attract the skill and experience that they need.
If there is a big supply of labor to meet a smaller demand, the state can pass a regulation to reduce the working hours in the week. This ensures that the available work is fairly distributed to the available workers.
Matching at the micro level can be done efficiently using the Internet. Information is available to workers and employers to make the matching and provide fair terms of employment.
I see the market-oriented central planning to be a solution for the future. It combines the advantages of both systems. There will be problems that need to be addressed in this new system, but they can be addressed when they arise.
After the collapse of central planning, we have nearly three decades of market economy. It has produced good results, generally. But it has also produced bad results with the wide income gap, the disappearance of the middle class, stagnant incomes, insecure jobs and high unemployment (including part time employment).
It is time to consider central planning at the macro level and market economy at the micro level. How will this work?
The state can take first step. Using the available data and proper analysis, it can determine the number of positions required for each major job category. It can train the young people for these jobs and give them the licence for that job. This will virtually ensure the availability of a job as the demand is likely to match the supply.
The supply can be calibrated according to the market demand. If there is higher demand for the jobs a few years in the future, the training and supply can be increased. More licences can be issued.
The actual employment can be left to the market at the micro level. The state can also set the minimum wage for each job based on the skill that is expected. The employer can pay more than the minimum wage to attract the skill and experience that they need.
If there is a big supply of labor to meet a smaller demand, the state can pass a regulation to reduce the working hours in the week. This ensures that the available work is fairly distributed to the available workers.
Matching at the micro level can be done efficiently using the Internet. Information is available to workers and employers to make the matching and provide fair terms of employment.
I see the market-oriented central planning to be a solution for the future. It combines the advantages of both systems. There will be problems that need to be addressed in this new system, but they can be addressed when they arise.
Vote and win a prize
Here are 12 issues that you can vote on. Just click on the Facebook or Google logo, provide three data for analysis and give your vote. It is so easy. Takes less than 10 minutes. And you will get a prize.
http://wisdomofthecrowd.sg/vote.aspx
http://wisdomofthecrowd.sg/vote.aspx
10 short videos on financial planning and insurance
I have produced 10 videos covering different topics on financial planning and insurance. Most of these videos are from 5 to 10 minutes. They are short and give the key and relevant points. You can watch them here:
www.tankinlian.com/learn.
www.tankinlian.com/learn.
Buy the right type of critical illness policy
Many people are convinced that they should buy a critical illness policy to provide funds for treatment of cancer or heart attack. They need to buy the right type of policy that does not take too much money from them. This is explained in the video www.tankinlian.com/learn.
Renewabable energy for Singapore's future
Should Singapore invest in solar panels? Do we have enough space to catch the sunlight? Will the rooftop of HDB flats be enough?
How about building a covered walkway all over the place, with the roof being covered by solar panels? This will give shade to the people and cyclist walking below.
How about building a large roof over a park or field and put solar panels on the roof. This means that we cannot have trees or grass growing under the roof.
We should be planning for a future that is powered by renewable energy, instead of fossil fuel energy. The oil and gas sector will become less important in the future.
I am quite disappointed that Singapore is not even mentioned in this Wikipedia article.
https://en.wikipedia.org/wiki/Solar_power_by_country
How about building a covered walkway all over the place, with the roof being covered by solar panels? This will give shade to the people and cyclist walking below.
How about building a large roof over a park or field and put solar panels on the roof. This means that we cannot have trees or grass growing under the roof.
We should be planning for a future that is powered by renewable energy, instead of fossil fuel energy. The oil and gas sector will become less important in the future.
I am quite disappointed that Singapore is not even mentioned in this Wikipedia article.
https://en.wikipedia.org/wiki/Solar_power_by_country
Tuesday, October 18, 2016
Bus routes from Ang Mo Kio MRT station
Here are the bus services starting from Ang Mo Kio MRT station - 132, 165, 25, 261 268, 73, 74, 76 and 88. They are shown in different colors.
You can draw a similar map at c-pearl.com/bus_route.aspx
Motor policy - does it cover the accident
Many car owners do not pay attention to their motor policy until an accident happens. They stand the following risks:
a) The driver is not covered by the policy
b) The peril is not covered.
c) Should they make a third party claim?
d) A third party has claimed against them.
This video explains the coverage and how to deal with a claim.
tankinlian.com/learn
a) The driver is not covered by the policy
b) The peril is not covered.
c) Should they make a third party claim?
d) A third party has claimed against them.
This video explains the coverage and how to deal with a claim.
tankinlian.com/learn
Invest in a property
I have uploaded a video to give consumers about investing in a property in Singapore.
www.tankinlian.com/learn
www.tankinlian.com/learn
Invest in ETF or REIT?
Mr. Tan
I would like to enjoy better returns from my investments instead of parking the money in the local banks as FD rates has come down .I am considering buying 10 lots of STI ETF Or Suntec REITs. They both pay handsome dividends for the past years. What is your advice and preferences bet the 2 choices?
Monday, October 17, 2016
Bus routes
This website shows the route taken by a bus service. Enter the bus service and the route is displayed as a line from the starting point to the ending point.
http://c-pearl.com/bus_route.aspx
You can plot several routes in different colors.
http://c-pearl.com/bus_route.aspx
You can plot several routes in different colors.
Rise of China and engineering expertise
The rise of China should give a warning to America. China has developed expertise in engineering, high speed train, manufacturing, innovation and entertainment.
During the initial stage of its industrialisation, it depended on American manufacturing expertise. China has gone beyond that stage. It is now able to innovate and create its own products and brands.
America used its talents on financial engineering. This is just gambling and ripping off unwary investors. They do not create any value.
The jobs in America have gone to China and other countries where the people are willing to work hard to produce things.
Singapore should also learn the lesson of the decline of America. Like America, we have also been using our talents on financial services, financial engineering and wealth management. We should now move to non-financial services.
During the initial stage of its industrialisation, it depended on American manufacturing expertise. China has gone beyond that stage. It is now able to innovate and create its own products and brands.
America used its talents on financial engineering. This is just gambling and ripping off unwary investors. They do not create any value.
The jobs in America have gone to China and other countries where the people are willing to work hard to produce things.
Singapore should also learn the lesson of the decline of America. Like America, we have also been using our talents on financial services, financial engineering and wealth management. We should now move to non-financial services.
Yield on Life Insurance Policies
A policyholder of NTUC Income took two policies 30 and 22 years ago. He has now stopped working and asked me if he should continue these two policies. He does not need the life insurance cover any more, as he has provided adequately for his wife and children.
I asked me to get the benefit illustration for these two policies. I take the cash value now, the premium payable for the next four years and the projected cash value after another four years. The yields on these two policies were 5% per annum.
If he is able to continue paying the premium, he should continue the policies for the next four years to enjoy an attractive yield of 5% and "free" life insurance cover.
Lesson: Do a forward projection of the yield on your life insurance policy to decide whether to continue to termination the policy.
I also calculated the yield for these two policies to be 4.5% p.a. and 3.8% p.a. respectively. These two policies also provided substantial life insurance cover during the past years. He was able to enjoy a good yield and "free" life insurance cover.
I have seen the benefit illustration for several types of policies that are sold by NTUC Income today. The yield are much lower that the yields in the past.
Lesson: What was good in the past may not be good in the future. It depends on the situation from time to time. Study the benefit illustration and understand it. It will allow you to make an informed decision.
It is better for policyholders to invest in the index fund (STI ETF) to get a much higher return. They can buy term insurance to provide the life insurance protection.
I asked me to get the benefit illustration for these two policies. I take the cash value now, the premium payable for the next four years and the projected cash value after another four years. The yields on these two policies were 5% per annum.
If he is able to continue paying the premium, he should continue the policies for the next four years to enjoy an attractive yield of 5% and "free" life insurance cover.
Lesson: Do a forward projection of the yield on your life insurance policy to decide whether to continue to termination the policy.
I also calculated the yield for these two policies to be 4.5% p.a. and 3.8% p.a. respectively. These two policies also provided substantial life insurance cover during the past years. He was able to enjoy a good yield and "free" life insurance cover.
I have seen the benefit illustration for several types of policies that are sold by NTUC Income today. The yield are much lower that the yields in the past.
Lesson: What was good in the past may not be good in the future. It depends on the situation from time to time. Study the benefit illustration and understand it. It will allow you to make an informed decision.
It is better for policyholders to invest in the index fund (STI ETF) to get a much higher return. They can buy term insurance to provide the life insurance protection.
Vote and view the results
Here are the issues that are available for voting by the "crowd", i.e. the ordinary people. They include the performance of several ministers in the news lately.
http://wisdomofthecrowd.sg/view_issue.aspx
You can give your vote here:
http://wisdomofthecrowd.sg/vote.aspx
This is easy and should take you less than 10 minutes. You will receive a prize - "Financial Planning for Young People".
When the voting closes after 14 days, you will receive an email to view the results.
http://wisdomofthecrowd.sg/view_issue.aspx
You can give your vote here:
http://wisdomofthecrowd.sg/vote.aspx
This is easy and should take you less than 10 minutes. You will receive a prize - "Financial Planning for Young People".
When the voting closes after 14 days, you will receive an email to view the results.
Sunday, October 16, 2016
Ranked Voting System
Here are some views from experts on the ranked voting system. Each voter votes for the first and second choice. If their first choice candidate does not win a majority, the second choice candidate is taken into account.
http://www.nytimes.com/2016/10/16/opinion/sunday/a-better-way-to-vote.html?_r=0
http://www.nytimes.com/2016/10/16/opinion/sunday/a-better-way-to-vote.html?_r=0
Move back to Medishield Life
Someone said: When I signed the integrated plan, my intention was to ensure my medical bills are fully covered. I didn't think about going to ward A or ward B1.
After my mother in law hospitalisation, her insurance paid so little after all the deductions that I realised its wasn't really worth it for the premiums paid.
But since I'm on ISP for so many years, and now close to 65, I just continue with the plan, as I still don't really know exactly what to do.
REPLY
It is easy for you to convert back to Medishield Life. Call the insurance company and ask them if they will give you a pro-rata refund for the premium that you have paid for the integrated plan. If they can, you can convert immediately. If no, you can convert to Medishield Life at the next renewal date.
Increase in premium for integrated shield plans
Why are the premiums for the integrated shield plans going to increase significantly next year?
The main reason is that Medishield Life now covers people with pre-existing conditions. These people were excluded previously. They now contribute to more claims. Most of these claims should be covered by Medishield Life (i.e. CPF) and should NOT impact on the portion paid by the integrated plan (i.e the insurance company).
Apart from these claims, it is likely that the increase in premium for the integrated plan is caused by the higher charges from the private hospitals.
An industry expert told me that the "as charged" plans could be abused. The hospital or surgeon could find reason to inflate the bills and the integrated plan pays for the inflated bills. The insurance companies are now trying to establish benchmarks for the operations. I hope that they can find the right solution.
In the meantime, it is better for budget concious consumers to stay with Medishield Life. If they are insured under an integrated plan, the premium could be 2 to 4 times of Medishield Life. They will still pay to pay the Deductible and Co-insurance.
Learn more about making the right choice from my video, tankinlian.com/learn
Bad design for Medishield Life
Medishield Life is badly designed. It is extremely complicated. Here are the very bad features.
1. Look at the Deductible. It varies according to the size of the claimable amount.
2. Look at the Co-insurance. It varies according to the size of the claimable amount.
3. Look at the pro-ration factors. It varies according to a complicated table depending on the type of establishment and the type of treatment.
4. Look at the premium subsidy. It varies according to the family income level and age band.
5. Look at the premium rates for Medishield Life. I had a difficult time to look for it. I have to search many pages of the website.
6. Look at the integrated shield plans. There are many plans offered by each insurance company and there are many insurance companies offering these plans. Try to understand the difference in their plans. You need to be a rocket scientist.
Here are some simple facts that must have eluded the planners in Medishield Life.
7. It covers B2 and C wards. At these wards, the government provides a subsidy of 50% to 80% of the hospital charges. Medishield Life covers a small bill after the subsidy. There is no need for any Deductible. If a Deductible has to be applied, a flat sum of $200 would be sufficient. Similarly, the co-payment could be kept at a flat rate of 10%. We are talking of relatively small bills.
8. Similarly, the pro-ration factors can be simplified. We do not need a complicated table with so many variables.
The real challenge is in dealing with treatment in non-subsidized wards, i.e. B1 and A wards. The term "non-subsidized" is not a proper description. There is a small subsidy in B1 wards.
When you buy an integrated plan, or go to a non-subsidized wards, you are helping the government to reduce its subsidy. You get a ward with 4 instead of 6 patients and have the chance to choose your doctor. In most cases, these differences do not really matter to the quality of the care. But you are paying a much bigger bill (due to lower government subsidy) and you have to pay a much higher premium (maybe 2 or 3 times) to cover this difference. Is this really necessary?
It is better for the government to address this anomaly in its subsidy structure. By keeping this anomoly, it is passing the complicated to the Medishield Life system.
1. Look at the Deductible. It varies according to the size of the claimable amount.
2. Look at the Co-insurance. It varies according to the size of the claimable amount.
3. Look at the pro-ration factors. It varies according to a complicated table depending on the type of establishment and the type of treatment.
4. Look at the premium subsidy. It varies according to the family income level and age band.
5. Look at the premium rates for Medishield Life. I had a difficult time to look for it. I have to search many pages of the website.
6. Look at the integrated shield plans. There are many plans offered by each insurance company and there are many insurance companies offering these plans. Try to understand the difference in their plans. You need to be a rocket scientist.
Here are some simple facts that must have eluded the planners in Medishield Life.
7. It covers B2 and C wards. At these wards, the government provides a subsidy of 50% to 80% of the hospital charges. Medishield Life covers a small bill after the subsidy. There is no need for any Deductible. If a Deductible has to be applied, a flat sum of $200 would be sufficient. Similarly, the co-payment could be kept at a flat rate of 10%. We are talking of relatively small bills.
8. Similarly, the pro-ration factors can be simplified. We do not need a complicated table with so many variables.
The real challenge is in dealing with treatment in non-subsidized wards, i.e. B1 and A wards. The term "non-subsidized" is not a proper description. There is a small subsidy in B1 wards.
When you buy an integrated plan, or go to a non-subsidized wards, you are helping the government to reduce its subsidy. You get a ward with 4 instead of 6 patients and have the chance to choose your doctor. In most cases, these differences do not really matter to the quality of the care. But you are paying a much bigger bill (due to lower government subsidy) and you have to pay a much higher premium (maybe 2 or 3 times) to cover this difference. Is this really necessary?
It is better for the government to address this anomaly in its subsidy structure. By keeping this anomoly, it is passing the complicated to the Medishield Life system.
Talk on Balanced Financial Health
I gave a talk on "Have a balanced financial health" on 15 October. Over 40 people attended. There was an active discussion. You can watch the video of this talk here.
www.tankinlian.com/learn
www.tankinlian.com/learn
Presidential election on November 8
I will watch the November 8 presidential election in America with great interest.
Hillary Clinton is ahead in the polls by about 5%. This is a commanding lead. Donald Trump is getting massive crowds in his rallies.
The size of the crowds in the rallies is an indication of enthusiasm and grassroots support. This will lead to a higher turnout on voting day. It will give an edge for Trump. Will it be decisive?
There is another advantage for Trump. The ordinary people are tired of the corrupt establishment and wants to see a change. They do not care about the reputation of Trump. This negative reputation is generated by the corrupt corporate media.
The Brexit referendum in the UK was unexpected. Will we see a similar outcome in America on November 8?
Hillary Clinton is ahead in the polls by about 5%. This is a commanding lead. Donald Trump is getting massive crowds in his rallies.
The size of the crowds in the rallies is an indication of enthusiasm and grassroots support. This will lead to a higher turnout on voting day. It will give an edge for Trump. Will it be decisive?
There is another advantage for Trump. The ordinary people are tired of the corrupt establishment and wants to see a change. They do not care about the reputation of Trump. This negative reputation is generated by the corrupt corporate media.
The Brexit referendum in the UK was unexpected. Will we see a similar outcome in America on November 8?
Friday, October 14, 2016
Confused with integrated shield plan
I picked up a call to my office
Voice: Mr. Tan, I am in my late 60s. I am insured under NTUC Medishield plan. Should I stay with this plan or not? I don't know what to do.
TKL: If you are well off, and money does not matter to you, you can stick with the integrated shield plan from NTUC or from any other company. But if money matters to you, then you should compare the premium rate charged by Medishield Life and the integrated shield plan. You should also find out what is the difference in cover from the plan.
Voice: I went to NTUC's office in Bras Basah Road. The counter staff was not able to explain the difference to me. They do not know their product well. I am confused. I also find the integrated shield plans from other insurance companies to be confusing. So, I am asking for your advice.
TKL: Sorry, I do not have the time to explain the difference to you. If you don't know what you are being covered for, you should move back to Medishield Life. I am covered under Medishield Life. It is all right for me. I pay a premium of $600. I understand that the premium for integrated shield plan is several times higher.
Voice: Mr. Tan, I am in my late 60s. I am insured under NTUC Medishield plan. Should I stay with this plan or not? I don't know what to do.
TKL: If you are well off, and money does not matter to you, you can stick with the integrated shield plan from NTUC or from any other company. But if money matters to you, then you should compare the premium rate charged by Medishield Life and the integrated shield plan. You should also find out what is the difference in cover from the plan.
Voice: I went to NTUC's office in Bras Basah Road. The counter staff was not able to explain the difference to me. They do not know their product well. I am confused. I also find the integrated shield plans from other insurance companies to be confusing. So, I am asking for your advice.
TKL: Sorry, I do not have the time to explain the difference to you. If you don't know what you are being covered for, you should move back to Medishield Life. I am covered under Medishield Life. It is all right for me. I pay a premium of $600. I understand that the premium for integrated shield plan is several times higher.
330 people have watched my educational videos
I have uploaded 9 videos on financial planning and insurance. They have been watched a total of 620 times or an average of 65 times for each video.
330 people have watched the videos. The average is 2 video per person. I hope that they will return to watch the other videos.
If you want to join this crowd, go to tankinlian.com/learn.
I am now using login by Facebook or Google. I guess that most people would have 1 or both of these logins.
330 people have watched the videos. The average is 2 video per person. I hope that they will return to watch the other videos.
If you want to join this crowd, go to tankinlian.com/learn.
I am now using login by Facebook or Google. I guess that most people would have 1 or both of these logins.
Increase in premium for integrated shield plans
A task force was formed to look into the increase in health insurance claims. It has recommended the following:
a) Do away with the rider that covers the deductible and co-insurance.
b) Set medical fee guidelines.
http://www.straitstimes.com/singapore/health/panel-suggests-doing-away-with-medical-insurance-riders
The task force also hinted that the premium for integrated plans will increase by 9% to 15% next year.
My advice to consumers is:
a) Do not buy the rider. It is too expensive and encourages escalation of hospital bills. Everybody pays.
b) Stick to Medishield Life. Do not buy the integrated shield plans.
a) Do away with the rider that covers the deductible and co-insurance.
b) Set medical fee guidelines.
http://www.straitstimes.com/singapore/health/panel-suggests-doing-away-with-medical-insurance-riders
The task force also hinted that the premium for integrated plans will increase by 9% to 15% next year.
My advice to consumers is:
a) Do not buy the rider. It is too expensive and encourages escalation of hospital bills. Everybody pays.
b) Stick to Medishield Life. Do not buy the integrated shield plans.
You can watch my video at tankinlian.com/learn
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