My father was an insurance agent for 30+ years. Back in his time, they were called insurance agent. These days, we have to do investments, be equipped with the knowledge of financial / retirement / wealth planning, that we are now called financial planners, or certified/chartered financial planners if you upgraded yourself in certifications and knowledge.

He didn’t started or born a financial planner. Since 5 years old, as the eldest in the family of 10, he had supported his way to poly grad in the 70s and working to support himself and his family. After his graduate, he worked for decades in Port of Singapore Authority, a statuory board in Singapore while part time working for NTUC INCOME, before switching as full time in this line. (Back then NTUC INCOME allowed this). He saw that his family needed more and quitted in midst of economic crisis in 1997 with his brother in HDB and both started their career with NTUC INCOME. My sister and I had the fortune to be influenced in this holistic career.

2 year later, facing the frustation at workplace, my sister Wendy Soong left her spate of 7 years working experience as HR in national semiconductor and later as social worker in SGH, and joined my father in force. Then, she was expecting the first birth and left her socialogy degree aside to be working in this line.

Blogger’s Background
8 years after when my sister had joined, I graduated from NTU mechancial engineering in 2004. Job market wasn’t as rosy back then, and I couldn’t find the career as enriching, nor was it easy to look for a good job offer. While in university, through my father’s encouragements and keeness to learn something new out of the school’s cirriculum, I had finished the necessary certs. in insurance by MAS.

Genetic Sickness
While in my years in University, there is nothing as impactful as the time when I learned about my own medical conditions. While back in uni. days, learning about insurance and investments were a means of something more of an interest, the real motivation that I decided and believed in this career was in 2001, right after the NUH found that I had contracted a genetic disorder (don’t worry it is definately not contagious or airborne. You would have to be my “daughter” to “inherit” it) . It was a rude shock. I felt how fragile life can be. Nothing could be as strong a conviction as I had on insurance ever since.

Friends
In my pre-uni days. my father used to tell me how holy our careers can be. Despite being looked down upon his profession in the early 80s and 90s, my father holds on to this belief that influences us this very day. My very first proof of this was when I was in Junior College, my closest secondary school friend died of leukemia. He was covered back then a mildly covered hospitalisation and life protection plan from the same company without being assigned any insurance agent . My father was not even his agent then. During that time though, he relentlessly helped the poor family claimed their hospital bills. My deceased friend’s father was a taxi-driver, the only breadwinner in the family and the claims helped him a great deal financially on the exorbitant hospital bills. I never forget the very grateful expressions and tears to this very day, because I was present with my father - my very first encounter with a death claims.

In 2006, I read of the newspapers on the sudden death of my ex-dragonboat captain, who is and investment banker at his early 30. This man I know was the fittest guy in the team I know, mentally and physically, a man who could do pullups within a breath the number equivalent to his age. He passed away unexpectently due to sudden heart attack. Sad no doubt, yet at the same time I couldn’t felt much luckier that for myself, given my genetic condition, at least I am still well and healthy.

You could not have imagined the number of unexpected young aged groups contracting illness. Each day and moment as we are talking, new forms of illnesses are around us without our knowledge. I have encountered friends of my early age group who already had hepatitis B, sudden death from brain haemorrage (breakage of blood vessels) and several disorders that they found only too late even at their late 20s or 30s.

A lawyer friend of mine of same age I know for many years never believed fully in insurance.

“I am young” He said, ” I don’t really need life insurance.”

He did with me the lowest coverage on inpatient hospitalisation plan. I guess he probably felt he needed only that and probably he felt he had “helped” me with that. Along the years I shared with him my belief and conviction, because I know the minute when one has an illnees, it can be sudden like a flash, and only then when one believes, he can never be accepted for any life insurance.

” I can take my time since Im still young. It won’t happen so fast. Besides my company has coverage. When I need it I will call you.” He stressed again, with the usual same “objections” I have been hearing all these years. As a matter of friendship, I shared my convictions again but I never proposed any further to maintain the friendship

Recently he had called me when the blood vessels in his leg suddenly burst. Blood specks and swollen areas detected around his face and body. Doctors diagnosed him as IVT Blood Disorder.
He was transferred to a private hospital which charged very high hospital rates. The payout for claims was much reduced in a private hospital. It had happened to him unknowingly sudden and without warning. Even more surprisingly is, his company actually forgot to covered some of their staffs!!! He was one of them!

I belive you might have anticipated how the rest of the conversation went when I had visited him at the hospital.

IFA Business and Money

Are you in for the money?

If I tell you I am not, then I am a hypocrite. I am authentic about the whole thing I had shared with everyone. I believe that in my conviction is to serve and touch those who believe in it, and the money is only part of the many reasons. Who doesn’t want a better paid career anyway?

If I am in only for the money, I probably would have joined many commercial companies who have paid 2-3 times more the commissions. I probably would have joined and independent financial broker (or IFA approved by MAS) and earned high returns by doing investments and taking the first year or two’s high charges.

A regular client asked me ” How come you don’t joined an IFA independent broker that can sells so many products” (in actual fact, they don’t sell all, only some selected by their broker company)

“yes” my reply, ” if I beomce an IFA then i can confused you with many products of the many companies that serve your one and only purpose, and probably promote the highest commissioned plan. Why not?” I said ” As independent IFA I could both offer and confused you with so many products and even earn myself a good name of “being impartial” ”

Or perhaps for investments, I could charge as independent IFA the first year commisions of my advisory fees to 5-7%. If you earned 15% from your investments first year, would you rather come out 3.5% sales charges (reimburesed recently to about 2.5% after bonus units) currently with NTUC INCOME or you rather me charge you the advisory fees 5-7% for the first year (percentage sources from my independent financial advisors friends”)

“I believe you would understand the unethical practices that some commercial / IFA agents are. Not all of them, but some are damaging enough”

But would I do that, I think you would have already know the answer by now.

If it is just for money, many other businesses probably would have been a much better choice, isn’t it…

Vision

The reasons for the website and blog is to make our family conhesive and to serve our clients better. We share with them our convictions and knowledge we learn everyday, that is why you could see new blogs almost every 1-2 days.

We believe the knowledge would give us a better quality of life and preparations to better equipped ourselves in future sickness/ illness. Coming from a person who had contracted a genetic mild issue, I know the importance of insurance. Coming from a family background to see how hard and tiring my father had worked, I know that many of those out there, know the importance of planning retirement while young and plan for it now to avoid late regrets. We never want others to live in regrets.

Invest while young, Protect yourself while healthy.