Insurance Premium Financing – For those who cannot afford!
fidentiaX Insurance Article - Having spent over a dozen years in the insurance industry, it is easy for me to appreciate the need and importance of insurance. If I could put in simple words, the purpose of insurance is to protect the insureds from financial consequences of risks. Insurance becomes all the more important for those who don’t have the “cushion” to deal with unplanned financial strain arising out of situations not entirely in their control.
The Dichotomy of Insurance Premium Financing
fidentiaX in Medium - Insurance Premium Financing, at a high level, is similar to taking out a loan for buying a house. When one buys a home, one typically takes out a loan from the bank, which is repaid over several years. The same idea applies to Insurance Premium Financing (IPF). While it is easy to appreciate the rationale to borrow for buying a house, it may not be immediately obvious why one would borrow for buying an insurance policy. Let’s figure this out!
Ask the Actuary Question & Answers
fidentiaX in Medium - This week’s medium article will be covering some of the questions asked in the recent #asktheactuary contest. Covering tradable insurance policy, whole life VS universal life insurance policy. See all the questions on: https://twitter.com/search?q=asktheactuary
Homepage CPF LIFE: Lifeline of Elderly Singaporeans?
fidentiaX in Medium - Lately, I have been demystifying annuities through the series of articles published in recent past. But this series, focussing on annuities for Singaporeans, cannot be complete unless we talk about CPF LIFE — a life annuity scheme backed by the Singapore Government for Singapore Citizens and Permanent Residents.
Annuities: Delving a bit deeper! Demystifying the variants of annuity products in Singapore.
fidentiaX in Medium - Before we dive into understanding other forms of annuities, I believe it is important to touch briefly upon their presence in the Singapore market. In Singapore, annuities in their purest form are hardly sold. In fact, most annuity products are an extension of participating endowment plans and the annuity features are bundled into the base plan.
Long Live Singaporeans: An Introduction to Annuities
fidentiaX in Medium - The question then is, “how does one ensure that income is guaranteed even after retirement and till the time one is alive?” The answer, as you would have rightly guessed, is annuities!
Does it make sense to buy a new life insurance policy and not reinstate the existing policy?
fidentiaX in Medium - The Pros and Cons of reinstating an old policy versus buying a new policy.
What happens when you fail to pay your insurance premiums?
fidentiaX in Medium - So, what really happens when you fail to pay your insurance premiums at the time of renewal? Well, it actually depends on many factors and the most important being the type of insurance policy you own.
When was the last time you reviewed your insurance portfolio?
fidentiaX in Medium - Put simply, buying insurance is like buying clothes for kids. At the time of purchase, they seem to fit well but tend to become inappropriate as they grow up. And in some cases, the clothes become irrelevant.
Unclaimed Life Insurance Proceeds — Nipping the problem in the bud
fidentiaX in Medium - Life insurance is meant to take care of the financial needs of your loved ones on mortality and maturity events. But what happens when on your demise your loved ones don’t even know that you took out a policy to protect their future in your absence? The purpose of life insurance gets defeated and the proceeds from the policies remain unclaimed!
7 Life Insurance Myths Debunked
fidentiaX in Medium - Common misconceptions associated with the life insurance. Life insurance is not something most of us learn in a school but it is one of the cornerstones of financial planning.
Peer-to-Peer Insurance: How Blockchain is challenging the traditional insurance model
fidentiaX in Medium - Peer-to-Peer (P2P) insurance has attracted a lot of attention recently. Whilst it turns traditional insurance on its head, the idea is not fundamentally different from mutual insurance concept.
On-Demand Life Insurance
fidentiaX in Medium - On-Demand life insurance; what is it and what does it do?
Investment Returns for Participating Endowment Plan — How are they determined?
fidentiaX in Medium - Anyone in Singapore who has bought or considered buying a Participating Endowment Plan in recent past must be familiar with seeing benefit projection at two investment returns — 3.25% p.a. and 4.75% p.a. Ever wondered how these rates are chosen?
Life Insurance Jargons: Yet Another 10 Commonly Used Terminologies Explained Simply
fidentiaX in Medium - The jargons that are simplified in this article are based on the feedback of the previous article. In case the terminology that you requested to be simplified doesn’t feature here, Sumit Ramani, our Chief Actuary will do another article to address them soon. Do leave your feedback and questions in the comment section in the link below.
Life Insurance Jargons: 10 Commonly Used Terminologies Explained Simply
fidentiaX in Medium - Life Insurance is considered amongst the most complex business. I have heard many jokingly say that it is because of actuaries the business looks complicated. The article makes 10 most commonly used life insurance terminologies easy to understand.
Participating Endowment or Whole Life Plans — which plan should I buy?
fidentiaX in Medium - Insurance is a complicated topic and being spoilt for choices doesn’t help much! We, as potential policyholders, are often faced with a situation when we are required to choose one insurance plan from several available in the market.
Participating Endowment or Investment Linked Plans — which plan is better?
fidentiaX in Medium - Most insurance companies would sell both Participating Endowment (more commonly known as Endowment Plans in Singapore market) and Investment Linked Plans because they both cater to different needs and risk profiles. This article dissects the two insurance plans.
Should I ride on riders or get rid of them?
fidentiaX in Medium - Riders, in simple terms, are the supplementary benefits added in the primary life insurance contract and come at an additional premium. Some of the common riders that come along with life insurance contracts in Singapore market include rider for Critical Illness (CI) and Total and Permanent Disability (TPD). Riders can come handy for enhancing protection against unfortunate events like CI and TPD.
Should I pay for my insurance policy on a monthly or yearly basis?
fidentiaX in Medium - Let’s assume that you have funds to pay annual premiums and have the luxury to choose between any one of the modes. In this scenario, which mode you should choose and why? You are in luck; this article gives you ammunition to make the decision!
Demystifying Participating Endowment Policies
fidentiaX in Medium - In this third instalment of our Education Series, our Chief Actuary Sumit Ramani,demystifies Endowment policies. Endowment policies are insurance policies that has an inherent cash value. Endowment policies is one type of policy that will be tradable on the fidentiaX marketplace in the future.
WHY do individuals surrender their insurance policies and HOW can they get a higher surrender value?
fidentiaX in Medium - This article touches on why two individuals decided to surrender their insurance policy and how they manage to extract a higher value from their policies through fidentiaX.
Coming of age of Tradable Life Insurance Market
fidentiaX in Medium - In this third instalment of our Education Series, our Chief Actuary speaks on the growing Tradable Life Insurance Market....
How fidentiaX Manages to Offer Better Deals to Sellers and Buyers?
fidentiaX in Medium - While we are yet to launch the Marketplace for Tradable Insurance Policies, fidentiaX has already helped its first customer realize a higher value from his life insurance policy. The customer was delighted to sell his contract at a higher value than surrender value offered by the insurer. However, he wondered how we managed to offer higher value...
What is fidentiaX (fdX)?
fidentiaX in Medium - fidentiaX’s vision is to create a marketplace and repository of insurance policies for the masses by leveraging on blockchain technology. This blockchain-powered marketplace will provide a trustless, immutable, auditable and transparent environment to disrupt the status quo. fidentiaX’s platform is a members-only platform that has an annual membership fee...
7 Reasons Why You Should Consider Holding Tradable Insurance Policies in Your Portfolio
fidentiaX in Medium - Tradable life insurance policies are insurance policies that policyholders can sell to third-party buyers who want to add life insurance policy exposure to their investment portfolio. Tradable life insurance policies can include endowment, whole life, universal life, key-man, and investment-linked insurance, among others...
How Blockchain Technology Can Benefit Insurance Policyholders and Buyers
fidentiaX in Medium - Blockchain technology first appeared in 2008 when a pseudonymous developer named Satoshi Nakamoto published a whitepaper titled ‘Bitcoin: A Peer-to-Peer Electronic Cash System’ in which he detailed how financial transactions can be conducted using an online peer-to-peer network without the need for financial intermediaries...
What Are Tradable Insurance Policies and How Can You Invest in Them?
fidentiaX in Medium - When a life insurance policyholder wants to voluntarily terminate their policy they have the option to sell their policy to a third-party buyer instead of simply surrendering their policy back to the insurer that they purchased it from. Such life insurance policies, which can include whole life, universal life, endowment and investment-linked life insurance...
Who is fidentiaX and How Will it Disrupt the Insurance Market?
fidentiaX in Medium - Singapore-based fidentiaX is building the world’s first marketplace for tradable life insurance policies with the aim to disrupt the multi-trillion dollar life insurance market. The fintech startup is leveraging blockchain technology to create a platform that will allow life insurance policyholders to sell their policies to third-party buyers...
Singapore’s Roadmap for a leading Global Financial Centre in Asia — Insurance Blockchain
fidentiaX in Medium - On the 30th of October 2017, The Monetary Authority of Singapore (MAS) releases it’s industry transformation map (ITM) for financial services, which outlined growth strategies by business lines, programmes for upgrading skills, and an agenda for continuous innovation and technology adoption...
Tradable insurance on the blockchain. Why we should think about it… Part 2 of 2
fidentiaX in Medium - Let’s get stuck in from the previous article. If we refer to the barriers of entry for the adoption of tradable insurance on chain (the pain), it will be as follows. Each of these areas can be drilled even deeper into subsections. But I will try to answer them from a broader point of view. We are most happy to discuss everything in detail...
Tradable insurance on the blockchain. Why we should think about it. Part — 1 of 2
fidentiaX in Hacker Noon - So, I began writing this after our introduction to the community. We really appreciate the support from the media and the people that have voiced their support and their opinions on fidentiaX. I spoke to Alvin (co-founder) and it seems as if we were jogging down memory lane to when it all began and why we even wanted to do this in...