John Whittaker - Global Financial Consultants

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22/02/2024

Post 12 - 4 types of insurance that cover your retirement III (endowment)

An endowment policy combines protection, savings, and investment. They offer shorter and defined periods of life cover where the benefits are paid out either upon death (or other covered events) or the policy’s maturity date. You can tailor the policy depending on your objectives to coincide the payout with your retirement years.

Endowment policies allow more flexible management of your retirement savings than some longer-term life insurance policies. You can make regular contributions through a series of premium payments over a long policy term, or choose shorter-term plans should you suddenly inherit a lump sum and would like to save it aside.

You can leave your savings to grow in an endowment plan. The payout typically consists of a guaranteed and a non-guaranteed component, in the form of bonuses if the investments of the policy fund do well.

Follow Global Financial Consultants as we share more on the ways you can protect your assets, yourself and your dependents.

Visit our website (www.gfcadvice.com) and follow us on social media to find out more tips on growing your wealth in the changing world.

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The information contained herein is of a general nature only and does not constitute personal advice. We recommend you obtain professional financial advice specific to your circumstances.

22/02/2024

Post 11 - 4 types of insurance that cover your retirement III (whole life)

Whole life insurance consists of an additional savings element on top of the life protection element, which pays out the sum assured upon death or other covered events. These plans generally cost more than term insurance as part of the premium is invested in building up their cash value. You can surrender your policy to withdraw its cash value, which will comprise the guaranteed benefits and non-guaranteed bonuses depending on the features of your policy.

It is advisable to be prepared for a long-term commitment for your cash value to grow, as early termination may result in losses. It is essential to consider your financial plans and retirement needs before purchasing to avoid the surrender value being lower than your premium payments. Consider seeking professional advice to comprehensively understand your financial circumstances before identifying the most suitable policy.

Follow Global Financial Consultants as we share more on the ways you can protect your assets, yourself and your dependents.

Visit our website (www.gfcadvice.com) and follow us on social media to find out more tips on growing your wealth in the changing world.

For an obligation-free meeting with a financial consultant, contact us through https://www.gfcadvice.com/contact-us/

The information contained herein is of a general nature only and does not constitute personal advice. We recommend you obtain professional financial advice specific to your circumstances.

22/02/2024

Post 10 - 4 Types of Insurance for Retirement I & II

An annuity provides monthly or yearly payouts for as long as you live. You can pay your premium in a one-time lump sum or a series of payments over an agreed period. Getting an annuity is equivalent to saving for retirement through regular contributions over your working years or making a single deposit. You can enjoy peace of mind without the risk of outliving your financial resources after retirement.

The Central Provident Fund (CPF) LIFE is a national annuity scheme that offers a monthly payout, depending on how much you have set aside in your CPF Retirement Account. The payout can commence at age 65, with the option to defer till age 70.

You can further boost your retirement income flow by purchasing annuity or retirement income insurance plans from private insurers. You can choose your income amount, when to commence the payout, and whether you prefer a lifetime income or a fixed payout period. The premium will vary depending on your age and the selected options. Consider consulting a professional advisor to thoroughly analyse your retirement goals and how to best achieve them.

Follow Global Financial Consultants as we share more on the ways you can protect your assets, yourself and your dependents.

Visit our website (www.gfcadvice.com) and follow us on social media to find out more tips on growing your wealth in the changing world.

For an obligation-free meeting with a financial consultant, contact us through https://www.gfcadvice.com/contact-us/

The information contained herein is of a general nature only and does not constitute personal advice. We recommend you obtain professional financial advice specific to your circumstances.

22/02/2024

Post 9 - Mortgage insurance

Mortgage insurance protects you and your dependents when you are unable to make your house loan repayments. A lump-sum payout can be claimed usually in the event of death, critical illness, or total and permanent disability, leading to a permanent loss of income. The payout will cover your loan installments to avoid the risk of losing the roof above your heads.

There are three forms of mortgage insurance in Singapore. The first is Home Protection Scheme (HPS), which applies to HDB buyers. It is an auto-inclusion for HDBs loans paid via CPF savings and an option to join for those not. The second is Mortgage Reducing Term Assurance (MRTA), a form of private insurance covering HDBs, condominiums, and private properties.

You can also hold regular term insurance for Life, TPD and Critical Illness with an amount that aligns with your mortgage, or include it in your existing cover. This can often be a very cost-effective option.

Mortgage insurance can protect your spouse, your dependents, and co-owners of the house from having to service the loan installments for you. It may be helpful to consider early whether you and your family will be living in the house you purchased and is financially capable of meeting the repayments to keep it.

Follow Global Financial Consultants as we share more on the ways you can protect your assets, yourself and your dependents.

Visit our website (www.gfcadvice.com) and follow us on social media to find out more tips on growing your wealth in the changing world.

For an obligation-free meeting with a financial consultant, contact us through https://www.gfcadvice.com/contact-us/

The information contained herein is of a general nature only and does not constitute personal advice. We recommend you obtain professional financial advice specific to your circumstances.

22/02/2024

Post 8 - Health Insurance

MediShield Life is a basic healthcare insurance scheme in which all Singaporeans and PRs are automatically enrolled. For its affordable premium, Medishield covers basic healthcare treatments and Class B2 or C wards in public hospitals.

Integrated Shield Plan (IP) combines MediShield Life with the additional coverage provided by private insurers. The benefits include higher claim limits, better ward classes, wider treatment choices, and an insurance agent acting as a one-stop contact to handle all your claims and queries. You can further add IP riders to enhance your coverage or lower upfront medical charges.

Medisave can be used on the MediShield Plan and IP of you and your immediate family, up to certain annual withdrawal limits. However, it cannot be used for IP riders. It may be helpful to seek professional advice to analyse your finances and understand whether you require IP or additional riders.

Follow Global Financial Consultants as we share more on the ways you can protect your assets, yourself and your dependents.

Visit our website (www.gfcadvice.com) and follow us on social media to find out more tips on growing your wealth in the changing world.

For an obligation-free meeting with a financial consultant, contact us through https://www.gfcadvice.com/contact-us/

The information contained herein is of a general nature only and does not constitute personal advice. We recommend you obtain professional financial advice specific to your circumstances.

22/02/2024

Post 7 - Life insurance (whole vs term)

Term life insures you for your chosen duration, usually 10 to 30 years. It is the more affordable option when you are looking for life protection until a certain age, such as when your children become financially independent.

Whole life insurance usually covers the entire remaining lifespan of the insured, saving you from the risk of losing your coverage in the case when you survive the policy term in term insurance. Whole life plans can be either participating or non-participating. Participating policies allow you to enjoy the profits of the insurance fund where your policy sits. The death benefit will include both the basic sum assured and the accumulated cash value from bonuses, which usually comprise a yearly bonus and a terminal bonus upon the termination of the policy.

You can consult a professional advisor to understand the features of various policies and your protection needs. Consider getting your plan early, as your premium will increase with the age you start your policy, before being fixed throughout the rest of the policy term.

Follow Global Financial Consultants as we share more on the ways you can protect your assets, yourself and your dependents.

Visit our website (www.gfcadvice.com) and follow us on social media to find out more tips on growing your wealth in the changing world.

For an obligation-free meeting with a financial consultant, contact us through https://www.gfcadvice.com/contact-us/

The information contained herein is of a general nature only and does not constitute personal advice. We recommend you obtain professional financial advice specific to your circumstances.

22/02/2024

Post 6 - How does insurance protect you

Firstly, insurance can strengthen the financial stability of you and your family. Regardless of how much you can and have saved, an unforeseen accident can bring along hefty expenditures and potential financial hardships. Insurance helps to keep the risk of uncertain events under control so that you can stay on track with your financial plans and goals.

Insurance also reduces stress before and during difficult times. You can pay the price to enjoy peace of mind knowing that the most unwanted risks are covered. Though no amount of money can replace the loss of loved ones, having your financial expenses taken care of enables you to prioritise the recovery from other physical and emotional hardships.

Consider looking through your risk management strategies early, which can make you better prepared for possible challenges, both mentally and financially.

Follow Global Financial Consultants as we share more on the ways you can protect your assets, yourself and your dependents.

Visit our website (www.gfcadvice.com) and follow us on social media to find out more tips on growing your wealth in the changing world.

For an obligation-free meeting with a financial consultant, contact us through https://www.gfcadvice.com/contact-us/

The information contained herein is of a general nature only and does not constitute personal advice. We recommend you obtain professional financial advice specific to your circumstances.

22/02/2024

Post 5 - Types of insurance products II (Health, critical illness)

Health insurance covers your healthcare expenses such as medical, surgical, and hospital costs, in the event of an insured injury, illness, or disability.

Critical illness insurance provides a lump-sum payout when you are diagnosed with any of the critical illnesses covered in your plan, usually consisting of major cancers, critical heart diseases, stroke, and other terminal diseases. While health insurance can only be claimed for selected medical expenses, there is no restriction on using this payout. It can act as income replacement as you recuperate, or be used for alternative treatments and additional medical bills.

It is advisable to start your policy early when you are healthy and young as premium cost increases with age. You may also have certain medical conditions being excluded from your protection cover if they are developed before you start your cover. Consider seeking professional advice to have a more comprehensive understanding of your protection needs and financial plans before identifying your most suitable plan.

Follow Global Financial Consultants as we share more on the ways you can protect your assets, yourself and your dependents.

Visit our website (www.gfcadvice.com) and follow us on social media to find out more tips on growing your wealth in the changing world.

For an obligation-free meeting with a financial consultant, contact us through https://www.gfcadvice.com/contact-us/

The information contained herein is of a general nature only and does not constitute personal advice. We recommend you obtain professional financial advice specific to your circumstances.

22/02/2024

Post 4 - Types of insurance products I

Term insurance can offer protection for Life, Total and Permanent Disability, Critical Illness and Income Protection. The protection covers a fixed period, known as the policy term. The death benefit is usually received in the event of death, terminal illness or total and permanent disability, should it occurs within the policy term.

Whole life insurance offers life protection that usually covers the entire lifespan of the insured rather than a fixed period. The death benefit will include the basic sum assured and any accumulated bonuses.

Endowment insurance requires periodic premiums over a fixed policy term before giving out a lump-sum payment upon maturity. These maturity dates are usually planned to coincide with when a large down payment could be required, to help customers meet their financial goals such as children’s education and retirement.

Investment-linked insurance policies (ILPs) are a hybrid between life insurance and an investment product. ILPs are typically purchased by customers looking for both protection and exposure to investments.
Follow Global Financial Consultants as we share more on the ways you can protect your assets, yourself and your dependents.
Visit our website (www.gfcadvice.com) and follow us on social media to find out more tips on growing your wealth in the changing world.

For an obligation-free meeting with a financial consultant, contact us through https://www.gfcadvice.com/contact-us/

The information contained herein is of a general nature only and does not constitute personal advice. We recommend you obtain professional financial advice specific to your circumstances.

22/02/2024

Post 2 - Types of financial risk III & IV

Life and death risks are associated with the financial consequences of premature death or terminal illness. Dependents or family members left behind may face financial difficulties due to the sudden loss of income, increased expenses, and the need to settle outstanding debts or financial obligations.

Longevity risk, on the other hand, relates to the uncertainty of living longer than expected. An extended lifespan may result in financial burdens including outliving retirement savings, increased healthcare costs in old age, and the need for long-term care.

It is advisable to prepare ahead for these risks and their potential impact. Consider seeking professional advice to break down your financial risks and how to best prepare for them.

Follow Global Financial Consultants as we share more on the ways you can protect your assets, yourself and your dependents.
Visit our website (www.gfcadvice.com) and follow us on social media to find out more tips on growing your wealth in the changing world.

For an obligation-free meeting with a financial consultant, contact us through https://www.gfcadvice.com/contact-us/

The information contained herein is of a general nature only and does not constitute personal advice. We recommend you obtain professional financial advice specific to your circumstances.

22/02/2024

Post 1 - Types of financial risks I&II

Income risk is the potential loss or reduction of income. It can arise from factors beyond your control, like corporate decisions, business failure, or health and personal issues that limit your ability to work.

Health and medical risks involve the potential financial impact of medical expenses, healthcare emergencies, or long-term medical conditions. These risks can lead to significant healthcare costs, including hospital charges, surgeries, and ongoing treatment and medication.

You can manage your income risk by planning your career progression, establishing alternative sources of income, and of course, with appropriate forms of personal insurance like disability cover and income protection. This provides you with peace of mind to focus on what truly matters. Consider getting professional help for a more comprehensive understanding of the risks you may be exposed to, and stay prepared for future events.

Follow Global Financial Consultants as we share more on the ways you can protect your assets, yourself and your dependents.

Visit our website (www.gfcadvice.com) and follow us on social media to find out more tips on growing your wealth in the changing world.

For an obligation-free meeting with a financial consultant, contact us through https://www.gfcadvice.com/contact-us/

The information contained herein is of a general nature only and does not constitute personal advice. We recommend you obtain professional financial advice specific to your circumstances.

22/02/2024

Introduction: What you should know about risk management and insurance

While it might be impossible to lead a risk-free life in the world today, practicing personal risk management allows you to be more prepared for accidents, both financially and mentally.

You can make use of risk management tools such as insurance to give yourself peace of mind as you focus on the other plans in your life.

Over the next 17 days, Global Financial Consultant will share facts about risk management and insurance that might help you navigate the complex realm of risk management tools.

Follow Global Financial Consultants as we share more about protecting your assets, yourself, and your dependents.

Visit our website (www.gfcadvice.com) and follow us on social media to find out more tips on growing your wealth in the changing world.

For an obligation-free meeting with a financial consultant, contact us through https://www.gfcadvice.com/contact-us/

The information contained herein is of a general nature only and does not constitute personal advice. We recommend you obtain professional financial advice specific to your circumstances.

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