Someone asked me how to access the foreign currency rates offered by Phillips Securities.
You have to register as a subscriber to their online portal, POEMS. You can get the foreign currenct rates from the tab, FOREX/GOLD, FX/INVEST.
There may be an easier way. You can call Phillips Securities and ask them how you can use this service.
Saturday, June 7, 2008
Tips for Seniors on Investments
Many seniors ask for my advice on how to invest their savings.
I wish to give you two tips, set out in the following FAQs. You have to read them and see which is more appropriate for your situation.
> Financial Planning for Seniors:
http://www.tankinlian.com/faq/seniors.html
> Investing Savings at 60:
http://www.tankinlian.com/faq/age60.html
I wish to give you two tips, set out in the following FAQs. You have to read them and see which is more appropriate for your situation.
> Financial Planning for Seniors:
http://www.tankinlian.com/faq/seniors.html
> Investing Savings at 60:
http://www.tankinlian.com/faq/age60.html
Financial Speculators
There is a growing body of opinion that financial speculators are the major cause of the large increase in oil and commodity prices. These new financial bubbles will burst one day. In the meantime, the speculators make a lot of money and the ordinary people have to pay for their greed, through the high inflation and cost of living. The capitalist, free market system is falling apart. It will not stay long in this manner.
Life insurance up to age 65
Should you buy term insurance up to age 65 or whole life insurance?
The best plan is a decresing term plan, ceasing at age 65 or covering 25 years only. You do not need life insurance after age 65, as you are likely to have retired from work, and there is no lost income to be covered.
Read this FAQ:
http://www.tankinlian.com/faq/age65.html
Here are the benchmark premium rates:
http://www.tankinlian.com/faq/benchmark.html
The best plan is a decresing term plan, ceasing at age 65 or covering 25 years only. You do not need life insurance after age 65, as you are likely to have retired from work, and there is no lost income to be covered.
Read this FAQ:
http://www.tankinlian.com/faq/age65.html
Here are the benchmark premium rates:
http://www.tankinlian.com/faq/benchmark.html
Financial Planning and Inflation
The past 15 years have been a period of relatively low inflation. Inflation rate has picked up this year. It is likely to stay high in the future.
We now have to factor inflation into our financial planning. This article contains some tips on how you can take inflation into account.
http://www.tankinlian.com/articles/financial.html
We now have to factor inflation into our financial planning. This article contains some tips on how you can take inflation into account.
http://www.tankinlian.com/articles/financial.html
Save for your child's education
If you wish to save for your child's education, you have two options:
> endowment policy (also called education policy)
> low cost investment fund.
This FAQ explains the difference
http://www.tankinlian.com/faq/education.html
Tip: Save in a low cost investment fund. It gives a better yield and is more flexible.
> endowment policy (also called education policy)
> low cost investment fund.
This FAQ explains the difference
http://www.tankinlian.com/faq/education.html
Tip: Save in a low cost investment fund. It gives a better yield and is more flexible.
Participating Life Insurance Policies
The participating life insurance policies was created more than 100 years ago. The policyholder pays premium into the policy, to be used to pay the death benefits and expenses. The remainder is invested to earn a good rate of return (compared to the yield that the individual policyholders could get on their own). The actuaries were specially trained to treat policyholders fairly and to distribute the surplus fairly in the form of reversionary bonuses.
Much has changed during the recent 20 years. Many insurance companies have been converted into for-profit companies. There is greater competition to get new business, leading to the launching of new series of policies with complicated bonus structures. In this chaotic situation, it is likely that many policyholders will get less than their fair share of the returns.
Many policyholders wonder why their yield on maturity is so low, compared to the investment yield earned by the life insurance fund. Although a large part of the yield is taken away to cover the high cost and expenses, they wonder if they are given their fair share of the remaining yield.
In today's environment, the participating life insurance policy is an unsatisfactory product to the consumer. It gives a poor yield and is not transparent.
Tip: Do not put your long term savings in a participating life insurance product. It is better to buy term insurance for the protection and to invest in a low cost investment fund. Read this FAQ:
http://www.tankinlian.com/faq/savings.html
Much has changed during the recent 20 years. Many insurance companies have been converted into for-profit companies. There is greater competition to get new business, leading to the launching of new series of policies with complicated bonus structures. In this chaotic situation, it is likely that many policyholders will get less than their fair share of the returns.
Many policyholders wonder why their yield on maturity is so low, compared to the investment yield earned by the life insurance fund. Although a large part of the yield is taken away to cover the high cost and expenses, they wonder if they are given their fair share of the remaining yield.
In today's environment, the participating life insurance policy is an unsatisfactory product to the consumer. It gives a poor yield and is not transparent.
Tip: Do not put your long term savings in a participating life insurance product. It is better to buy term insurance for the protection and to invest in a low cost investment fund. Read this FAQ:
http://www.tankinlian.com/faq/savings.html
Sudden Shift left me high and dry
Dear Mr. Tan,
My company had a Workmen Compensation Insurance Policy with X. In a letter to my company dated about 1 month before the expiry (but in fact posted late as I only received it only 2 weeks before the expiry), X said that they will not renew the policy any more.
On checking with my agent, I found that the X's new practice requires my company to buy "fire and theft" insurance with premium of 100% more than the premium for "Work Injury Compensation" (new name for "Workmen Compensation) before it can be accepted.
My questions are as follows:
a) If X changed it practice, why was it communicated so late to its existing customer?
b) If the claims for "Workmen Compensation" was high, why did it not raise the premium for this cover, instead of forcing the customer to buy other policies?
c) Why does the Ministry of Manpower allow this to happen?
d) Is X using its strong market position to unfairly?
After all, this "Work Injury Compensation" system is mandated by MOM. MOM should settle some of these ground rules so that the system can operate in an efficient and fair way. MOM cannot say "let market forces decide" because it is not a completely free market with many buyers and many sellers but a market with many small buyers who are "forced" to buy something and a small number of big sellers)
HW
My company had a Workmen Compensation Insurance Policy with X. In a letter to my company dated about 1 month before the expiry (but in fact posted late as I only received it only 2 weeks before the expiry), X said that they will not renew the policy any more.
On checking with my agent, I found that the X's new practice requires my company to buy "fire and theft" insurance with premium of 100% more than the premium for "Work Injury Compensation" (new name for "Workmen Compensation) before it can be accepted.
My questions are as follows:
a) If X changed it practice, why was it communicated so late to its existing customer?
b) If the claims for "Workmen Compensation" was high, why did it not raise the premium for this cover, instead of forcing the customer to buy other policies?
c) Why does the Ministry of Manpower allow this to happen?
d) Is X using its strong market position to unfairly?
After all, this "Work Injury Compensation" system is mandated by MOM. MOM should settle some of these ground rules so that the system can operate in an efficient and fair way. MOM cannot say "let market forces decide" because it is not a completely free market with many buyers and many sellers but a market with many small buyers who are "forced" to buy something and a small number of big sellers)
HW
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