Tony Deng's blog

What Will Be the Possible Changes on MediShield Life in 2021

Tony

October 19, 2020

MediShield Life is a compulsory hospitalisation and surgery insurance scheme for Singapore Citizens and Permanent Residents. It provides lifetime coverage and is managed by the government. As the healthcare environment in Singapore changes, the MediShield Life Council is responsible to adjust the scheme accordingly. Recently on 29 Sep 2020, the MediShield Life Council announced a public consultation to seek views from the public on the preliminary recommendations and suggestions for enhancements to MediShield Life. This article will explain how these potential adjustments will impact us.

Are You Ready for CareShield Life

Tony

September 15, 2020

The Characteristics of Individual Income Tax in Singapore

Tony

August 24, 2020

As a country open and connecting to the world, the tax policy in Singapore is relatively more friendly than many other countries, so it can attract more international investment and professionals. But how friendly it is? I will elaborate starting from the individual income tax policy in Singapore.

What Is the Inflation Rate to Be Used for Retirement Planning

Tony

July 20, 2020

In my previous article Calculate Your Regular Expenses - The First Step of Financial Planning, I illustrated how to calculate the annual expenses for a person after retirement. That number is calculated based on the current price of goods. To calculate the annual expenses for a person after retirement based on the price of goods at the retirement age, we need to use the formula below to include the effect of inflation:  

Key Numbers inside Endowment Plans

Tony

June 22, 2020

Endowment plan is a common low-risk investment vehicle. Usually it is used for wealth accumulation and coping with inflation. By purchasing an endowment plan, you let the internal fund managers in an insurance company help you manage your money in a relatively low-risk manner. In many cases, it also protects your principal. In Singapore, there are lots of numbers in the Policy Illustration and Product Summary of an endowment plan. This article will explain to you what the key numbers inside these documents are, so you can quickly obtain the information relevant to investment return of an endowment plan.

Calculate Your Regular Expenses - The First Step of Financial Planning

Tony

May 18, 2020

Financial planning is a type of personalized service. The data input by a client during the planning is usually highly relevant to the client’s daily living. The accuracy of the input will directly impact the validity of the planning. Personal regular expenses is one kind of such data. It is so important that it affects the calculation of various of essential indicators. This article uses a simple case study to illustrate how to calculate regular expenses for a person.

Alternatives for People Declined in Hospitalisation Insurance Application

Tony

May 08, 2020

In recently years, hospitalisation insurance is the first insurance to apply for many people in Singapore. Those who have applied should know that the health declaration for hospitalisation insurance is more detailed than that for life and critical illness insurance, and the underwriting process is also stricter. During the underwriting for hospitalisation insurance, some minor pre-existing medical conditions may be excluded, while some major ones may lead to application being declined. Once there is an exclusion or even being declined, what are the alternatives for the person? Here are four alternatives according to my experience.

Is It Better to Distribute Life Insurance Benefit through Nomination or Will

Tony

April 20, 2020

People purchase life insurance in order to cover the liability after death, so the distribution of death benefit is an essential part of life insurance. If the policy holder does not specify the distribution of death benefit, it will be distributed according to the Intestate Succession Act in Singapore. The process is long and expensive, and it is easy to cause dispute among beneficiaries. To avoid these problems, the policy holder should distribute the death benefit according to his / her wish. Such distribution may go through an insurance nomination or a will. But which distribution method is better? Here there is an introduction.

Guidelines on Tax Relief Items in Tax Filing (2020)

Tony

March 18, 2020

It comes to the income tax filing season again. Everyone should have received the letter from IRAS to complete the income tax filing on IRAS website from 1 March to 18 April. These years IRAS website has been more user-friendly. But there are still many people not familiar with the declaration on tax relief items. Here we have an introduction on this topic.

Insurance FAQ on COVID-19 in Singapore

Tony

February 16, 2020

Currently we are facing the uncertainty caused by COVID-19. My clients have been asking me insurance related questions under this special situation. Here is a sharing on the answers to frequently asked questions.

Common Questions about Personal Accident Insurance

Tony

January 06, 2020

When I meet many clients for the first time, they shared with me that there was a saying “a person living in Singapore shall at first purchase hospitalisation insurance and personal accident insurance”. Hospitalisation insurance is relatively easy to understand. But when talking about personal accident insurance, I found that many people had certain misunderstanding. Here are answers to some common questions about personal accident insurance.

How to Invest the Money in Your SRS Account

Tony

December 09, 2019

It is coming to the year end and many people are topping up their SRS accounts to reduce income tax. Regarding the key points about SRS, I had an introduction in this video. After topping up their SRS accounts, my clients and friends usually ask me what they can invest to and what is suitable for them. This article is to answer these questions in a layman way.

Differences among Term, Whole Life and Investment-linked Insurance

Tony

September 12, 2019

In terms of product structure, there are three common types of life insurance. They are term life insurance, whole life insurance and investment-linked insurance. During daily communication, I realized that people are not very clear about the differences among these three types of products. This article is to illustrate these differences, so you may have a better thought about which product structure is more suitable for you.

Seminar on the Key Points for Intestate Succession Act and Will Writing in Singapore (for Clients and Friends)

Tony

August 05, 2019

Recently due to information efficiency and the improved awareness among the public, estate planning has gradually becoming an integrated part in personal financial planning. As a result, Tony studied the Intestate Succession Act and will writing related knowledge in Singapore context, converted them into contents which are easy to understand, and shared with his clients and friends in a seminar on the afternoon of 3 Aug 2019.

Tax Relief Benefits for Working Mothers in Singapore

Tony

July 12, 2019

Recently a friend who just became a mother asked me what are the tax relief benefits for working mothers in Singapore. I found it interesting, so I share my study here. For a general view on individual tax relief items, I had an introduction in article Guidelines on Tax Relief Items in Tax Filing. Other than tax relief items which are common for every tax resident (such as Qualifying Child Relief and Parent Relief), there are three special tax relief items for working mothers.

What Happens During Hospitalisation for Integrated Shield Plan Holders

Tony

May 31, 2019

It is commonly understood by residents in Singapore that Integrated Shield Plan is an essential hospitalisation insurance for Singapore Citizens and Singapore Permanent Residents. It covers most hospitalisation expenses for the insured in Singapore. However, when hospitalisation really happens, what need to be taken note in the actual practice? Here are answers to the frequently asked questions by my clients.

How to Calculate the Return of Insurance with Cash Value

Tony

May 13, 2019

If you have a little knowledge about insurance, you may know that when offering the same risk coverage, there are two categories of insurance products in the market. One is without cash value. The other is with cash value. For the former category, there is no cash in the account when the insurance policy is surrendered. For the latter category, there is certain cash value in the account when the insurance policy is surrendered. The policy holder needs to pay more premium every year for the latter category. The insurance company uses the extra premium to do some low to medium risk investment. So the policy holder can receive cash value when the policy is surrendered. Then you may ask, what is the annual return of this kind of investment? This figure is generally not stated in the policy illustration of the insurance product. However, we can use Excel spreadsheet to calculate this return rate in a simple way. Let’s see the example below.

How Long Should I Live to Fully Enjoy CPF LIFE

Tony

April 08, 2019

In recent years, the CPF retirement plan in Singapore had been changed to CPF LIFE. Under CPF LIFE, the retirement income payout is for lifetime. Since the CPF account balance is always transparent to the account holders, we can calculate how long a person should live to fully enjoy the real benefit of CPF LIFE.

What May Be Your Insurance Offer after Medical Declaration

Tony

March 19, 2019

When we apply health status related insurance (e.g. life insurance, critical illness insurance and hospitalisation insurance), we have to answer the medical questionnaire from the insurance company. The answers to the medical questionnaire must reflect the fact of the life assured, in order to avoid dispute during a claim. Many people ask me, if there is a health condition declared in the medical questionnaire, what may be the outcome of the insurance offer? This article provides an answer.

Guidelines on Tax Relief Items in Tax Filing

Tony

March 07, 2019

It comes to the income tax filing season again. Everyone should have received the letter from IRAS to complete the income tax filing on IRAS website from 1 March to 18 April. These years IRAS website has been more user-friendly. But there are still many people not familiar with the declaration on tax relief items. Here we have an introduction on this topic.

A Comparison among the Low Risk Investment Vehicles in Singapore

Tony

February 19, 2019

In last article, I had an introduction of the return mechanism of Singapore Savings Bonds. Singapore Savings Bonds is a low risk (almost risk free) investment vehicle. So what are the common low risk investment vehicles in Singapore? What are the differences among these investment vehicles? We will answer these questions in this article.

Understand the Return of Singapore Savings Bonds

Tony

February 14, 2019

Singapore Savings Bonds is a low risk (almost risk-free) investment vehicle provided by the Singapore Government. Recently my clients and friends told me that the return structure of Singapore Savings Bonds is not easy to understand. So I have an introduction in this article.

Employer's Medical Liability for Foreign Workers in Singapore

Tony

February 08, 2019

In one of my past articles, I talked about minimum employee insurance requirements for employers in Singapore. In a recent case, my client (who is an employer) asked me, “Do I have any other medical liabilities for my employees if I have purchased the mandatory medical insurance set by Ministry of Manpower (MOM)?” For local employees (Singaporean and Singapore PR), and employees holding Employment Pass, the main medical liability for employer is to grant paid medical leave to the employees. It is relatively simple and easy to understand. In this article, we talk about a more complicated category: employer’s medical liability for employees holding Work Permit or S Pass.

Options for Outpatient Insurance in Singapore

Tony

January 11, 2019

Hospitalisation insurance is very common in Singapore. But normal hospitalisation insurance does not cover outpatient expenses. My clients ask me frequently, what insurance should I buy to cover outpatient costs? The answer to this question is not so straight-forward as hospitalisation insurance. Let me answer from three perspectives.

CPF Top-up Limit and Tax Relief Limit

Tony

January 01, 2019

Singaporeans and PRs are compulsory to contribute to CPF. For employees, it is mandatory to contribute to CPF together with the employer every month. For self-employed persons, it is mandatory to contribute to CPF Medisave account every year, according to the person’s net trade income in the year. Asides from these mandatory contributions, people can voluntarily contribute to their own CPF accounts, with the purpose such as to relief income tax. There are three ways to top up to your CPF accounts. Here is a summary of the top-up limit and tax relief limit of these three methods. Except specific indications, all the information below is updated as of 31 Dec 2018.

Seminar on the Difference on Financial Planning Related Tax Policies Between Singapore and China (for Clients and Friends)

Tony

December 12, 2018

In the recent years, Common Reporting Standard (CRS) has been progressively implemented. The differences on tax system between Singapore and China became the hot topic among Mainland Chinese people who are working in Singapore. Meanwhile, on 31 Aug 2018, China Congress approved the Seventh Amendment of People’s Republic of China Individual Income Tax Law. The amendment better suits the current development stage of China. It has been widely discussed in the society. After a seminar with practitioners in the financial services industry in September 2018, Tony conducted another seminar on the difference on financial planning related tax polies between Singapore and China for his clients and friends on the afternoon of 8 Dec 2018. A networking session was organised following the seminar.

Home Related Insurance - What You Have Bought

Tony

December 03, 2018

After owning the first home, many people will buy home related insurance, some are bundled by the financing bank and some are set compulsory by the government. Frequently I explain to my clients and friends the different categories and benefits for home related insurance. Here is a summary on the key points.

Fix Your Weakness or Make Use of Your Strength?

Tony

November 11, 2018

Recently a friend who just started her career as a financial planner asked me a question. She is weak on responding to clients during a business presentation, and she is good at analysis and planning. Currently as a rookie in the industry, she has limited time to learn different things. Is it better for her to spend more time to fix her weakness, or just to focus on growing her strength?

How to Fund Your Health Insurance Premiums After Retirement

Tony

November 04, 2018

Recently I helped a few clients plan their funding for health insurance after retirement. I customised the plan according to the situation of each client. To benefit more people, here I am going to share how to calculate such expenses, and the estimation that we can use in planning.

Tony's Speech on Career Development

Tony

October 22, 2018

In September this year, I received an invitation from AXA to give a speech on AXA Career Talk in October to share my experience on career development. I have attended various career talks and listened to the sharing from other practitioners in the financial services industry. After taking up this responsibility, I have been thinking how to share my true and unique experience, and resonate with the audience at the same time.

Use Multiple Dimensions to Gauge Your Achievements

Tony

September 29, 2018

Recently one of my teammates felt confused and talked to me. He said he cared much about the achievement in his work. In a positive way, it pushed him to put in more effort. But when there was a setback in his work result, the more he cared about the achievement, the tougher he felt it to carry on. He asked me how to solve this dilemma.

Fund Allocation for Mortgage Loan and Instalment

Tony

September 14, 2018

Recently some of my clients and friends are confused on the fund allocation for mortgage loan and instalment. They came to me for discussion. Then I found that these questions are interesting and decided to share them with everyone here. To make it simple, the discussion is on self-occupied properties only.

Seminar on the Difference on Financial Planning Related Tax Policies Between Singapore and China (for Industry Practitioners)

Tony

September 07, 2018

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Be Careful with What Is in Your Mind when You Wake up

Tony

September 02, 2018

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What Insurance Covers Dental Benefit in Singapore

Tony

August 26, 2018

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Take a Pause and Think from a Third-party Angle

Tony

August 23, 2018

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旅游保险保租车吗?

Tony

August 12, 2018

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新加坡政府要求雇主为员工购买的基本保险

Tony

August 04, 2018

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在新加坡工作,哪些退休计划是我可能已经有的?

Tony

July 15, 2018

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7 Tips for Travel Insurance Claims in Singapore

Tony

July 01, 2018

Borken Iphone

Seminar on the Difference between Singapore CPF and China Social Insurance (for Clients and Friends)

Tony

June 09, 2018

Due to positive feedback from the sharing with industry practitioners one month ago, I conducted another seminar to share my research on the difference between Singapore CPF and China Social Insurance with clients and friends. The guests showed strong interests in this topic. In the relaxed seminar atmosphere, I had good interaction with the audience. This is the second topic of my “Fresh Eyes on Finance” seminar series. If you are interested in certain topics, do feel free to let me know. I will share the knowledge or information with everyone via blog, video or seminar, whichever is suitable.

Seminar on the Difference between Singapore CPF and China Social Insurance (for Industry Practitioners)

Tony

May 09, 2018

In the financial services industry, successful professionals are happy to share their knowledge and learn from one another. On 9 May 2018, I held a seminar sharing my research on the difference between Singapore CPF and China Social Insurance with industry practitioners. Peers from Finexis and Financial Alliance attended the seminar and had a fruitful discussion with me during the Q&A session. Seminar on the same topic will be organised for clients in the near future.

New Year Networking 2018

Tony

January 13, 2018

It is always my mission to provide a platform for my clients and friends to network and create synergy. We celebrate the New Year together, know more about each other, and share our best wishes for 2018. May all of our wishes come true!

KEEP IN TOUCH

Phone: +65 9398 5248

Email: tony.deng@axaplanner.com.sg

Wechat ID: tonydengxc

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