The population of USA is 300 million. 70% have internet access, or 210 million.
36% have looked for information on insurance during the past 24 months. 6% have bought insurance online.
The most popular life insurance products are:
* life insurance
* disability insurance
* long term care
* critical illness
* annuity
Tuesday, August 7, 2007
Withdraw from Combined Fund
Hi Mr Tan
I have taken up the combined fund from NTUC Income. I am now investing a part of my monthly earnings.
I want to know. If I need money to pay for my car or flat, can I withdraw from the combined fund? Are they any penalty?
REPLY
You can withdraw from the combined fund based on its bid price. There is no penalty.
However, when you invest in the combined fund, you have to pay at the offer price, which is 3.5% higher. This cost is already deducted upfront.
If possible, try to avoid withdrawal and re-investment, as you have incurred unnecessary cost. It may be better for you to take a higher loan and to make a higher repayment (including a temporary cessation of your savings into the combined fund.
You can read this FAQ on Financial Planning for the Young.
I have taken up the combined fund from NTUC Income. I am now investing a part of my monthly earnings.
I want to know. If I need money to pay for my car or flat, can I withdraw from the combined fund? Are they any penalty?
REPLY
You can withdraw from the combined fund based on its bid price. There is no penalty.
However, when you invest in the combined fund, you have to pay at the offer price, which is 3.5% higher. This cost is already deducted upfront.
If possible, try to avoid withdrawal and re-investment, as you have incurred unnecessary cost. It may be better for you to take a higher loan and to make a higher repayment (including a temporary cessation of your savings into the combined fund.
You can read this FAQ on Financial Planning for the Young.
Earn 4% on your CPF retirement account
Dear Mr Tan,
I have been approached by an insurance agent to buy a life annuity from NTUC, using my CPF minimum sum. I have just passed 55 years. What do you advise?
REPLY
You can read paragraph 3 of this FAQ on Financial Planning for Seniors.
As CPF is paying interest at 4% per annum on your retirement account, it is quite attractive. You should keep your money there.
You have additional savings that can be used to buy the life annuity.
I have been approached by an insurance agent to buy a life annuity from NTUC, using my CPF minimum sum. I have just passed 55 years. What do you advise?
REPLY
You can read paragraph 3 of this FAQ on Financial Planning for Seniors.
As CPF is paying interest at 4% per annum on your retirement account, it is quite attractive. You should keep your money there.
You have additional savings that can be used to buy the life annuity.
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