Monday, March 30, 2009Hmmm...Hmmm...I cant load the pictures on my site I cant see the comments link... Something I did wrongly??? Nin... @
Sunday, March 29, 2009A piece of knowledgeWhile clearing out my ever-growing mountain of rubbish in my room, I saw this old insurance catalog in one of the heaps of letters. I pulled it out and began reading it. Ever since I started to earn my own dollars, I have become even more sensitive to the word 'money' than how I had during studies. I still have lots to learn regarding 'money'. **I love cash!!!**In the catalog, there is a list of financial tools. Personally, I feel tools are useless unless it is used correctly. My first insurance plan was signed in 2001. Then, I had no idea what my signature on the piece of paper meant. My only concern then was that if I jumped from the helicopter and the repelling ropes didn't do its job, at least I know I am insured. Hahaha... Below are some extractions from the catalog. "As a rule of thumb, you need at least 10 times your annual salary as basic life coverage. (Subjected to other considerations)" At 26 yr old (Getting started) Term insurance - to provide a cost effective plan that provides higher protection coverage Endowment plans - to save for short term goals Investment linked plans - to grow wealth, can consider higher risk for higher returns Whole life plans and health & medical insurance - to protect family from any financial burden in unforeseen situations At 38 yr old (Starting a family) Endowment plans - to save for children's education, etc Term insurance - to ensure not burdened with house mortgage payments should anything unfortunate happen. Whole life plans - to ensure the family is well protected, need to review the coverage of the existing policies Health and medical insurance – to protect from rising medical cost, needs to cover the family and self sufficiently Investment linked plans - to continue growing wealth, to consider a mix of high, medium and low risk investment linked plans as retirement is still far away At 46 yr old (Building your nest egg) Endowment plans - to supplement savings to support his children and parents Annuities - to ensure a regular income stream after retirement Health and medical insurance - to protect savings from huge medical expenses Investment linked plans - to consider low risk investments to protect wealth for retirement At 60 yr old (Retirement) Whole life plans - to help build cash values and leave a legacy for loved ones Health and medical insurance - to protect from huge medical bills Annuities - to enjoy a regular stream of income in retirement age Labels: finance Nin... @
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