In my earlier article ( here ), I mentioned a return policy that refunded a sizable amount of money after more than 27 years. This cash has become handy now as I can deploy it as part of my overall passive income or for emergency needs. Additionally, the insurance element was minimal, and surrendering it has reduced my monthly payment outflow.
Portfolio Growth
Over the next 10 years, I aim to see growth in my equity portfolio, which primarily focuses on dividends. As I approached age 55, one of my key concerns that could derail this plan—aside from investment risks—is my health that requires substantial money. While I currently do not have any significant health issues I need insurance to manage this risk. Unforeseen events such as death could still impact my family's financial stability. However, this would not place a heavy burden on my net worth.
Term Insurance ( No Saving Element )
Since my children are still young and my partner is not yet well-versed in managing investments, my family may not be ready to handle the portfolio independently for the next few years. To address this, I plan to secure insurance that can help defray medical costs. Fortunately, I do not have any major health conditions that would prevent me from obtaining new policies. Recently, I secured two additional term policies: one focused on critical illness coverage until age 85 and another offering more comprehensive coverage for a limited period (customized to age 70). While term life insurance is not cheap at my age, buying early could have helped reduce costs. However, considering total expenses and priorities earlier in life—such as life insurance and housing—I believe it was a reasonable trade-off.
Next ...
Next, I need to list all my insurance policies and simplify their details so that my partner can manage them easily if something happens to me. Frankly, there are quite a few details about my older insurance policies that I only recently learned myself. Many of these policies are managed through CPF deductions, which are beneficial but somewhat unfamiliar to me. Especially those private Insurances that deduct using CPF funds.
Wish
My wish is for CPF to make the process even more seamless by enabling better insurance nominations and offering customized individual benefits details within CPF, and monitor/claims through CPF instead of doing on our own, with the private insurance. In the past, I lacked the time or inclination to address these matters; however, now that I am retired, I have started working on them. This task is already halfway done.
A Sharing of My Learning Journey... please dyodd.
Cory Diary
2025-0316
CoryLogics Invest Chat - No Coin, No Porn, No Penny
Telegram CoryLogics <= Link to Telegram Chat
Telegram Cory Channel <= Link to Channel
Disclaimer: The articles presented in this blog reflect personal opinions and are intended for informational and sharing purposes only. Not responsible of errors. Readers are advised to seek professional guidance when making financial decisions and should take full responsibility for their choices.
No comments:
Post a Comment