SP-Clark

20/08/2021

In our team, we value the varied experiences each team member brings. And it is through constant sharing that we learn how to bring the best solutions to our clients, enabling them to live healthier, longer, better lives.

Keen to find out more about joining me and my dynamic team? Or know someone looking to explore a career as a Financial Services Consultant?
Message us! I look forward to having a chat with you.

SP-SureClark, authorisedrepresentative of AIA Singapore Pte Ltd (UEN: 201106386R)

31/07/2021

How to fulfill 1st Year Entrepreneur Power Scheme (EPS)
by Jimmy Tey Ziwen

Being new in the insurance industry, the company understands that it is not easy to close deals and income is an important tool to keep you going hence the EPS is designed to support your financial needs while you fast track your career in the insurance industry for up to 24 months.

Candidates are able to choose within a range of $1,000 to $12,000 as their first 12th month allowance, however certain conditions must be met. For this article, I will be sharing some tips on how I managed to fulfill my EPS.

The EPS that I took up was a $3,000 allowance and this means that I need to bring in $36,000 of first year commission within 12 months. This proves to be a tough challenge especially for a new consultant and in my case, I was only 23 years old and most of my friends are still pursuing their degrees with little to no income. This means that I couldn’t reach out to most of my peers as owning an insurance policy is all about premium sustainability and making sure the policy you own is the right fit for your personal needs.

Since most of my peers don’t have a stable income, what I did was to reach out to them and inform them that I have started a career as a Financial Services Consultant and introduce them to the most comprehensive yet affordable policies such as Hospitalization & personal accident. These 2 products are the core of insurance and in my opinion is a compulsory insurance to own. My recommendations were met with positive response within my peers and soon after, I got my first referral and later on, many more.

However, there will definitely be rejections but you shouldn’t be afraid of it but rather embrace it and learn from it. A rejection could stem from a few reasons but usually the same possible kind; premium sustainability, insufficient knowledge towards insurance product, no belief in insurance.

As a Financial Services Consultant, it is our duty to learn about our client’s requirement and also to educate them in financial education. Once you have done that, you will realize it is a lot easier to work out a proposal for your clients.

With that said, I’ll summarize my EPS journey with the following:
Warm leads /Orphan leads
Embrace rejections
Stay focused
Seek opportunities
Stay positive

I am glad that I have chosen to be a Financial Services Consultant, for the past 1 year it has been very rewarding both; financially and emotionally. My income was a combination of $36,000 (EPS allowance), $36,000 (Commission) + incentives and that work out to be ~$80,000. Emotionally wise, it’s not quantifiable but to know that my peers trust me with my recommendation and even referred me to their family and friends, it all I need to keep going.

02/07/2021

Nothing should stop you from realising your aspirations, pursuing your passions, or achieving your dream retirement.

Life is a journey filled with excitement and surprises around every corner. The best way to prepare for the future is to embrace the possibilities that lie ahead of you. Start future-proofing your tomorrows today – and be ready to experience everything life has in store.

04/06/2021

Top 800 players will win up to S$500 GrabFood vouchers!

Plus, get more chances to play and score more points when you calculate your critical illness gap. You’ll also be rewarded with a S$8 GrabFood voucher when we meet for a financial review after.

Start the game now!
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28/05/2021

by Jimmy Tey Ziwen

Term Life Vs Whole Life Insurance – Which is best for you?

Why do we buy life insurance?
- Death
- Terminal illnesses
- Total permanent disability

Life insurance acts as a hedge against financial losses based on one’s earning income. With life insurance, you or your beneficiary will receive a payout if any of those things mentioned above were to happen. The money would then be able to help with the living expenses, paying off liabilities such as your mortgage and ensuring your family finances are not greatly affected.

Quick Comparison
^Refer to the table

Knowing the differences are not enough to make an informed decision as after all, life insurance is a commitment. Here are 3 questions to ask yourself so that you can find the right fit for your insurance planning.


1. Period of Protection
As its name suggests, whole life insurance is designed to offer protection for the rest of your life or until the age of 100, depending on the plan.

Term life insurance, on the other hand, protects you over a fixed period of time. You are given the flexibility to decide how long you wish to receive protection for, meaning you have to gauge at which point in your life you won’t need this life insurance coverage anymore.

For instance, if you’ve got young children and want to ensure your children their educations will be covered even if you should pass on, you might wish to receive protection only to cover until your kids are old enough to have finished university. Say you’re 30 and you estimate they’ll have completed their educations by the time you turn 55 years old. You can then purchase a term plan to cover you only to that age.

2. Do I need cash value?
Cash value is arguably the biggest difference between whole and term life insurance.

Term life insurance has NO cash value, meaning if nothing happens to you during the policy term, you don’t get any financial benefit or even a consolation prize. Whole life insurance, on the other hand, allows you to trade in your policy in exchange for a cash payout (known as surrender or cash value), if you ever need it. That’s why some people think of this policy as a nest egg. This could also serve as a great supplement to your retirement fund, or be passed on to your children should you wish to leave them a legacy (which would also occur on your death).

3. Can I sustain the premium?
For whole life insurance, premiums are usually paid for a certain number of years, also known as ‘’limited pay’’ and the policy will be enforced throughout the insured’s life time. This is highly recommended as the individual who is paying for the premium is working with a stable income source and does not have to worry about paying premium after retirement as the whole life insurance has been paid for in his early years.

Term life insurance on the other hand is more like a subscription where you’d pay premiums annually. This is very flexible, but it might also be challenging as you get older and your income becomes less secure. There’s no penalty if you’re unable to pay, but your coverage will lapse.

*Conclusion*
Owning a life insurance is a long time commitment and requires careful consideration of what is best suited to your budget, your goals and your family’s needs. With the right plan, you’ll be able to offer your family financial security, whether you’re around or not.

For more details on life insurance, you can always reach us for proper planning for you and your family.

19/05/2021

Critical Illness Insurance, Yes or No?
by Jimmy Tey Ziwen

Each day, 36 people in Singapore are told that they have cancer, marking a worrying rise in the country's top killer.
Cancer cases have jumped by about 17 per cent since 2010, despite certain cancers being preventable if people choose healthier lifestyles and drop bad habits.

According to the latest figures released by the National Registry of Diseases Office, 13,416 people were diagnosed last year with cancer. The year before, the number was 12,651 and in 2010, it was 11,431.

The disease remains the top cause of death here, with around one in three dying of it now.

So what is Critical Illness Insurance?

Think of the critical illness insurance as an entity that will provide you with financial support upon diagnosis of critical illnesses, adhering to the list of critical illnesses found in the insurance policy. Most insurer offers critical illness insurance which covers, early, intermediate and major stages of critical illnesses.

An example would be AIA Singapore. With their newly upgraded, Beyond Critical Care, it offers protection against 43 major stages, relapse as well as mental illnesses. Optional add-ons are also available bringing the total coverage of 104 critical illnesses.

More than 90% of ci claims come from only 5 conditions

"I do not need any protection; I can rely on my savings."

The truth is, your savings won’t last long in the wake of a critical illness. The fights against critical illness are more expensive than the average medical emergency due to the fact that these diseases often restrict your mobility and require long-term rehabilitation.

A stroke, for example, requires costly surgical procedures to help you return to your daily life. But even after surgery, a stroke can make it difficult to walk or do basic routines like showering or dressing yourself. Completing your recovery requires a team of stroke specialists or help from private nurses, which health insurance does not cover.

Another cost to consider is the loss of income if you take time off work to recover, or are unable to return to work. Not only will you have difficulty paying your medical bills; you might be unable to take care of your living expenses or your family’s needs.
Realistically speaking, savings alone can’t keep up with all the long-term costs related to a critical illness.

https://www.nrdo.gov.sg/docs/librariesprovider3/default-document-library/ssr-infographic-2018.jpg?sfvrsn=12718405_0

How can I benefit from a Critical Illness Insurance?

The real value of a Critical Illness policy comes from its flexibility. Unlike health insurance, you’re free to use the CI payout for expenses beyond medical treatment. Whether it’s paying for household bills or long-term rehabilitation fees, a CI plan lets you take care of your financial obligations so you can focus on recovering.

What are my options?
Owning a critical illness policy is a commitment that will last throughout a lifetime hence do take into consideration of all aspect when purchasing a policy; does the policy covers all stages of a critical illness, what is the total number of critical illnesses that the policy covers, how many times can you claim and many more.

Right now in the market, AIA Singapore, Beyond Critical Care offers protection against 43 major stages, relapse as well as mental illnesses. Optional add-ons are also available bringing the total coverage of 104 critical illnesses.

On top of that, it is also the first insurer that offers 100% refund of your premium at the end of the policy term (less any claims paid) and they are also the first in the market that offers mental well-being benefit such as Major Depressive Disorders and Obsessive Compulsive Disorder.

Knowing the importance of critical illnesses is a good start and the next sensible step is to take action.

Critical illness can happen to even the healthiest person, let’s do the right thing for you and your family. 😊

15/05/2021

Published Date: 05 May 2021 on MAS Website

MAS bans Lim Chew Keat for making false and misleading statements

The Monetary Authority of Singapore (MAS) has issued a 2-year prohibition order (PO) against Mr Lim Chew Keat, a former insurance agent of Synergy Financial Advisers Pte Ltd (Synergy FA) for making false and misleading statements to his client.

2 Mr Lim is prohibited from providing any financial advisory service, or from taking part in the management, acting as a director or becoming a substantial shareholder of any financial advisory firm under the Financial Advisers Act1. The order took effect from 4 May 2021.

3 The PO was issued against Mr Lim following MAS’ investigations into allegations that Mr Lim had made various false and misleading statements about the features of a regular premium investment-linked policy (ILP) to his client. The investigations revealed that Mr Lim had misinformed a client by telling her that:
the issuer of the ILP would top up an amount equivalent to the first annual premium of the ILP invested, when in fact the issuer of the ILP would only top up approximately half of the amount; and
she could stop paying premiums and withdraw the premiums paid in full after 2 years, when in fact she would be required to pay annual premiums over the entire policy term and would not be able to withdraw the premiums paid in full after 2 years.
4 Synergy FA has since cancelled the policy and refunded the premiums paid by the client.


Additional Information

Section 59(1)(bc) of the Financial Advisers Act (Cap. 110) (FAA)
Under this section, the Authority may make a prohibition order against a person who was a representative of a licensed financial adviser, if the Authority has reason to believe that circumstances exist under which there would exist a ground on which the Authority may revoke under section 23J of the FAA his status as an appointed or provisional representative.

Section 59(1)(c)(i) of the FAA
Under this section, the Authority may make a prohibition order against a person, if the Authority has reason to believe that the person is contravening, is likely to contravene or has contravened any provision of this Act.

Section 23J(1)(h)(ii)(b) of the FAA
Under this section, the Authority may revoke the status of an individual as an appointed or provisional representative if the Authority is not satisfied with his record of past performance or expertise, having regard to the nature of his duties as an appointed or provisional representative.

Section 26(1)(c)(ii) of the FAA
Under this section, a licensed financial adviser shall not make a false or misleading statement in connection with the provision of any financial advisory service, if, when he makes the statement he knows or ought reasonably to have known that the statement is false or misleading.

Section 37(1) of the FAA
Under this section, section 26 shall apply, with the necessary modifications, to an appointed or provisional representative in respect of his acting as such as if he were a licensed financial adviser.

15/05/2021

Benefits of AIA HealthShield Pre-authorisation

From 15 April 2020, AIA HealthShield Pre-authorisation service will be available for all private specialists (including non-AQHP) for non-emergency hospitali...

05/05/2021

Enjoy up to 25% off first year premium on Beyond Critical Care till 15 Jun 2022!🤩

26/04/2021

The only person who will take care of the Older You someday, is the Younger You Today.
Register NOW for a 20 minutes non obligation Retirement Planning and receive $20 CapitaVoucher!

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15/04/2021

Do you know what are the top 2 causes of death in Singapore? Have you considered the possibility of Cancer relapse, Heart Attack and Stroke, or the financial strain it may bring? Contact me to find out more and get yourself adequately covered.

Do you know what are the top 2 causes of death in Singapore? Have you considered the possibility of Cancer relapse, Heart Attack and Stroke, or the financial...