9 Financial Things Everyone Should Know

To alleviate anxiety, each spouse needs to be aware of their finances. Below is a list of nine things everyone should know before becoming a widow(er).

  1. Know your spouse’s wishes: A neighbor was telling me how their relative didn’t want a lot of pictures or memory boards at her funeral, but the people putting the service together didn’t know that and filled the space with photos.  What does your spouse want for a final send off after death? Does he or she want to be an organ donor, donate their body to science, be cremated or buried? A traditional Irish wake and funeral or a celebration of life ceremony?
  2. Know where the stuff is: By “stuff”, I mean bills, investment statements, tax returns, estate documents, and insurance policies. Where is the paperwork located physically in your house? At what institution are the accounts located?  What bank holds the safety deposit box? Where is the key? Many people have cash stashed in the house. Do you know the location?
  3. Know how to get in: “Get in” to online accounts that is.  As the world becomes greener, more people are opting to forgo paper and go strictly online for banking and investing.  Know

How to make insurance claim?

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Vehicle insurance covers costs involved in case of accident of the vehicle. The procedure for an accident claim under a motor policy includes these steps. Intimate the claim to the insurers immediately in case of an accident or theft In case the vehicle is outside the city limits of the insuring office, intimate the nearest office of the insurance company Most insurers prefer spot survey in case of all major accidents The vehicle should be moved to the repairer.

Obtain and preserve the receipt for towing the vehicle to the repairer Obtain an estimate of repairs. One should go to an authorised repairer of the manufacturer of the vehicle. This will expedite the appointment of the surveyor. Insurers issue a claim form on intimation and on submission of the form completed and signed by the insured, they will depute a surveyor to assess the loss Provide copies of the legal documents – FIR, challans , summons etc to the insurance company for quick disposal of claim.

The surveyor will visit the workshop for inspection of the vehicle and finalisation of the claim amount with the owner

Benefits of General Insurance

What is general insurance?

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General insurance gives you some financial coverage against a range of events or loss which could be suffered, for example

  • loss of your belongings
  • damage to car
  • damage to house

If the event happens, your insurance company will pay you an agreed amount, or an amount to cover some or all of the loss.

What is the sales process?

There is a needs analysis requirement for all health insurance products, including short-term health insurance which can be classified as general insurance. There is no similar formal needs analysis requirement for buying general insurance products like fire insurance or travel insurance. But, under the Singapore General Insurance Code of Practice issued by GIA, the general insurers and their intermediaries are expected to explain all the main features of their products and services that they offer and assist the consumers to identify the products that meet their needs.

Cancellation period for financial products and services sold during unsolicited visits

The Consumer Protection (Fair Trading) Act provides for a five-day cancellation period for financial products and services that are sold during unsolicited visits (i.e. unsolicited sales conducted at your home, office or even

Life Insurance: Why do you need this?

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For financial protection or coverage

A life insurance policy pays out an agreed amount known as the sum assured under certain circumstances. This will be paid to you if you are permanently disabled or critically ill, if your policy provides for this, or paid to your estate if you are no longer around. This money is intended to help you meet your financial needs and / or those of your dependants if these events happen. Life insurance provides financial protection or coverage against these risks.

The life insurance policy contract is between you and a life insurance company. In return for this protection or coverage, you pay a premium for an agreed period of time, depending on the type of policy you purchase.

For retirement planning, savings or investments

Life insurance policies are often marketed to meet retirement planning, savings and investment purposes too. For example, an annuity can provide an income during your retirement years.

Life insurance products like whole life and endowment participating policies or investment linked plans (ILPs) bundle together a savings and investment element with insurance protection. Hence, for the same level of insurance