Pay the right price

Consumers often ask me the following:

• Is it good to buy private shield, compared to Medishield?
• Should I stay on pension or take the lump sum?
• Should I invest in an ILP?

The correct answer should be - it depends on the price. If you pay the right price relative to the benefits, then the policy is good. If you are paying an excessive price, then the policy is bad.

For example, a civil servant asked me whether it is better to keep the pension or take a lump sum. It depends on how much the retiree gets to give up the pension. After providing the figures, it is easier to make a judgement by comparing the different options. This type of question cannot be answered "in a vacuum". 

In the FAQs in my blog, I educate consumers about what is the right price, and how to avoid being over-charged. You can go to my website, www.tankinlian.com/ask.aspx to search for the relevant FAQ. You have to enter a keyword, such as "investment linked" or "shield" or "pension" and see the FAQs that are relevant to the subject. If you cannot find the FAQ, you can change the keyword and try again.

When you find the FAQ, you can read it on the browser, or download it into your PC. You can also print it out, if you need to read it offline.

Spend some time to search and read the relevant FAQ before you send a question to me. You can get a better answer when you are educated. You should not rely on other people to think for you.

Tan Kin Lian