BANKBAZAAR.SG MARKET VIEWS & INSIGHTS: THURSDAY 27 DECEMBER 2018 - The Digital Insurer
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FOR IMMEDIATE RELEASE
BANKBAZAAR.SG MARKET VIEWS & INSIGHTS:
THURSDAY 27 DECEMBER 2018
SINGAPORE – BankBazaar.sg, Singapore’s leading financial online marketplace, is pleased to
present this week’s repository of native content and long-form editorials which can be viewed at
https://blog.bankbazaar.sg/
Do kindly attribute BankBazaar.sg with a live boilerplate and/or embedded inbound link: This
article first appeared on BankBazaar.sg. BankBazaar.sg is a leading online marketplace in
Singapore that helps consumers compare and apply for financial products such as credit cards
and loans.
EDITORIAL 1 OF 6
5 PRODUCTIVE THINGS TO DO DURING OUR DAILY COMMUTE TO WORK
Travelling to and from work can be a chore. For some of us, the daily commute to and from
work can take up to one-eighth of the time we have each day. Instead of looking at the daily
commute on SBS buses or SMRT trains as time wasted, why don’t we try to find ways to be
productive? Do these five productive things during your daily commute instead of scrolling
aimlessly on Facebook and Instagram
1. Setting SMART goals for yourself
Work starts to pile on the moment we step into the office. Sometimes, we become so busy that
we forgot about our agenda for the day. The journey between your home and your workplace is
often uninterrupted. This makes it a good time for you to think about your daily goals. “What do
you want to achieve today?” and “How do you want to achieve them?”are good questions
to start with. As a general guideline, your goal should be Specific, Measurable, Achievable,
Relevant and Time-limited (SMART). You can also use the time to reflect on your life and think
about whether you are closing in on your long-term life goals.
2. Seek personal growth by reading a good book
Scrolling through Facebook and/or Instagram is a popular pastime for many during their
commute to work. While scrolling through Facebook and/or Instagram can be a therapeutic
activity for some, we can agree that it might not be the most nutritious source of content.
Instead of mindlessly browsing through social media, why not let your daily commute be a time
for your personal growth by reading a good book? From Sheryl Sandberg’s Lean In, Adam
Grant’s Originals, Malcolm Gladwell’s Blink to Dale Carnegie’s How to Win Friends and
Influence People and The Intelligent Investor, there is a universe of good books to read and
find personal growth. You might even find yourself picking up investment skills to help you
achieve financial freedom earlier. P.S. If you prefer short reads, you can also find investment,
insurance and money saving tips on BankBazaar’s blog.
3. Gain new knowledge through educational videos and podcasts
For those of you who are curious but prefer something more interactive, videos are also good
sources of new knowledge. YouTube is a treasure chest of useful and educational videos. From
cooking, origami tutorials to language and music instrument tutorials, they have almost anything
you are interested in learning. If you are worried about burning too much data on your phone
plan, there are also plenty of useful podcasts from Spotify or the Apple Podcast app that you
can listen to while on the go. Podcasts will not consume as much of your data, and you can also
listen to them while walking.
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4. Get up to date with the latest happenings around the world
Some people describe Singapore as an apathetic society. When things happen around us, we
aren’t really bothered about what’s happening until it directly impacts us. Yet, because we’re so
connected these days, an event that happened in another part of the world can also happen to
us. It is just a matter of time. Thus, it is important to stay ahead and understand about the latest
happenings around the world. A useful way to spend your commuting time is to read about news
and happenings around the world. Flipboard, Circa, Pulse and Zite are some top news apps
that help you curate interesting news from all over the world. You can find out so much about
the world by simply flipping and swiping your fingers. They even have well-designed
recommendation engines to understand your taste for content and deliver relevant articles to
you. By the time you reached your destination, you would be updated with happenings around
the world.
5. Stay healthy with simple exercises
Most of us work in an environment where we are either seated or barely require any physical
activity. If you live a sedentary lifestyle, you are likely to only average 1,000 to 3,000 steps a
day. Such a sedentary lifestyle can have negative health consequences for us in the long run.
Typical health effects include increased anxiety, cardiovascular problems, diabetes and even
depression.
In order to avoid health issues, it is recommended to take at least 10,000 steps a day. That
translates to about 8km of walking every day. But how can you manage to walk 8km a day while
working 8 hours a day? The trick lies in using your daily commute as part of your daily exercise.
Instead of taking lifts and escalators, take the stairs to chalk up some steps on your pedometer
while burning some calories. For those of you who are looking for a bigger challenge, you can
even cycle from your home to the nearest MRT station for a quick workout. Health Promotion
Board (HPB) has even gamified exercising into a National Steps Challenge where you can win
luxurious prizes for being active! Spend your time better and you’ll soon find yourself
feeling happier, more inspired, and achieving more in life.
EDITORIAL 2 OF 6
8 GADGETS YOU MUST HAVE TO MAKE YOUR HOME A SMART HOME
A smart home is one that is equipped with smart devices to automate tasks normally handled by
you or your spouse. Turning your home into a smart home isn’t just about being cool. It
enhances your living experience and takes it to a whole new level. Not only that, it also helps
you to save energy and money. Already sold on turning your home into a smart home? Here are
eight gadgets that you must have to turn your home into a smart home.
Home security
1. Igloohome digital door lock
Source: igloohome
The first step to making your home a smart one is by starting with the door. Accessing your
home door with a traditional key-lock system is hardly the sign of a smart home. Instead, you
! should get a digital door lock. While technology hasn’t advanced to the stage where you can unlock your door with a retina scan, a digital door lock comes close. With a digital door lock, all you have to do is to key in your pin. You can even create a personalised pin for each of your guests. The app even helps you track the date and time where your visitor entered your home. Some of you might be worried about the security of your home if it can be accessible just through a pin. For greater security, you can also add a Bluetooth key on the igloohome mobile app. This gives you an added layer of security without having to bring along a bunch of keys. Smart lighting 2. Phillips Hue lightbulb Traditionally, lightbulbs are made to only emit a single colour of light. It’s either white bright light or warm orange light. The intensity of your lightbulb is also fixed at the point of installation. If you want to change it, you need to get an electrician. With Phillips’ Hue lightbulbs, you get to make your lightbulbs smart too. Phillips’ Hue lightbulbs allows you to reimagine lighting by giving you smart control over your lighting options. Phillips’ Hue lightbulb offers infinite possibilities for you to play with colours. You can sync the lights to your music, TV and games for immersive effects. You can also set the right ambience for the right moment with a range of beautiful, natural white light. Even if you forget to off your lights after you leave your home, you can also switch it off through the app. Smart speaker
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3. Google Home
Google Home is like your personal virtual maid. You can get it to do something for you without
actually moving your hands. All you have to do is to control it with your voice and it gets things
done for you. For example, it allows you to choose which music track to play, which Netflix show
to play on the TV and even reads the news to you. You can also get personal reminders on your
calendar or ask it to find you the best soup recipe to prepare for your family dinner. But more
importantly, it can help you control your other smart home devices!
4. Amazon Echo
Amazon Echo is like the evil twin of Google Home. Whatever
that works with Google Home, you are likely to find it working with Amazon Echo as well. The
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main difference is probably the number of third-party apps you can control with Amazon Echo
compared to Google Home.
Home entertainment
5. Smart TV, Chromecast, Apple TV
Watching shows is the cornerstone of home entertainment. For many, it is also the source of
family entertainment. Yet, over the years, the emergence of apps like Netflix and YouTube has
changed the requirements of family entertainment. You no longer want to watch conventional
TV channels like Channel 8. You want to migrate to Netflix, YouTube or even directly streaming
from websites to watch your favourite Korean drama. In order to stream from apps or websites,
you need to get a smart TV. Alternatively, you can also get a Chromecast or Apple TV, which
allows you to connect your phone to the big screen.
Living
6. Robot vacuum
Despite living in the 21st century, you still have to
clean your own home. But why would you want to do that when you can get a robot cleaner to! do the ‘dirty work’ for you? Robot vacuums have now become a common feature in homes. If you are thinking of designing a smart home, it is definitely something you need to get. Robot vacuum allows you to live in a clean environment without spending too much time on cleaning. It is like having a maid at home at one-tenth the cost. The only caveat is that it doesn’t do your dishes. 7. Samsung’s smart fridge Do you find yourself standing in front of your fridge every week to do a ‘stock take’ so that you know what food to replenish your fridge with? Or do you have trouble identifying whether the food in your fridge has already expired? If you have such problems, then you need a smart fridge. The Samsung smart fridge comes with camera sensors and a huge touchscreen that allows you to detect the type of items stored in it and keep track of important details such as expiry and usage.
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8. tado° smart aircon control
Getting the temperature right in your home is important, especially in a hot and humid tropical
country like Singapore. But turning on the aircon can be a huge burden on your household’s
electricity bill. How do you enjoy cool air in your home without overspending on your electricity
bill? It’s simple, just use a smart aircon control that offers “artificial intelligence”. tado° allows
you to control the aircons in your home in a smarter way. For starters, it allows you to control
every aircon in your home via an app. Next, you can set a schedule for different temperatures at
different times of the day. tado° will automatically adapt this by turning the air conditioning off
when you’re not there to save you energy. It also has a weather adaptation feature that ensures
that you live in comfort by adjusting the temperature for you as the weather changes. Lastly, it
allows you to track your aircon usage and generates an Energy Savings Report to show you
how much you have saved. Oh, not to forget, it also syncs with Google Home and Alexa.
Planning all these smart gadget purchases for your smart home? Don’t lose out on the 10X
rewards you can get when you use OCBC Titanium Rewards Card for electronics and
department store shopping.
EDITORIAL 3 OF 6
27 WEBSITES AND APPS TO FIND YOUR NEXT FREELANCE JOB OR SIDE HUSTLE
Let’s face it. Money is never enough. Perhaps you are saving up for that dream trip to Iceland to
catch the dancing Northern Lights, aspiring to own your own landed property or drive your own
car, or just struggling to pay that seemingly never-ending stream of bills and instalment
repayments that seem to be part and parcel of adulthood. The strain on our wallets gets worse
for those of us who own our own home or have kids and other family commitments to take care
of. And if you, like me, are (gasp) late to the game of investing, with home loans, medical bills
and whatnot to pay, the financial commitments can be quite demanding. But there’s a silver
lining to this #moneynoenough situation — find a side hustle aka freelance work to supplement
your income. You don’t even need to physically move to start your search because the World
Wide Web’s always at your fingertips (thanks, technology!). Heck, I will even feed you the info.
Here are 27 websites and apps to get you started:
1. Score freelance writing gigs with Telum Media
If writing is your forte, drop Telum Media an email. The comprehensive media database, which
focuses on the Asia Pacific region, is run by former journalists and public relations
professionals. It sends a regular email blast with quick summaries of job changes in the media! industry, who is available for freelance work and so on. However, do note that your announcement might reach the eyes and ears of your employer, so do get the green light from him/her if not you might be deemed as moonlighting. 2. Flex your creative muscle at Cult Jobs Photographers, writers, graphic designers, convene at Cult Jobs to find your next side gig — or even your next full-time career. The job board specializes in creative jobs, with the recent postings being that for a freelance social media lead at Jernn International, a freelance writer with YP SG, and a freelance weekend outdoor photographer with Firefly Photography. 3. Bid for a job at ZomWork Singapore Possess mad skills in IT and programming, marketing, multimedia and animation, business, PR and writing, or design and printing? Create your profile, browse the available projects at ZomWork and bid for the job you want to take on. Here’s a taste: “We have a bunch of very boring charts on Tableau. We are looking for an analytics data visualization expert who is familiar with Tableau and Power BI, to redesign some of our data visualizations to make them more appealing and intuitive.” Good news is, the site has features like project management software, a virtual workspace and promises timely payment (yay!). 4. Download the YY Part Time Jobs App Run by the YY Hong Ye Group, this app could be your gateway to finding hourly-paid part-time jobs. This part sounds especially appealing because #money: “After the job is approved, you will be paid within 2-3 working days.” There also seems to be an honour system in place: “Higher chance to get the job based on your credits.” But perhaps the app could use some debugging as the user reviews are a mixed bag of crash complaints and compliments. Nice, however, that both Android and iOS users are both catered for. 5. Become a freelancer on Freelancer Pretty much like ZomWork with project management features and a bidding system, but caters to every industry. Do read the terms and conditions carefully, as some of the website’s promises to employers have me quite worried, such as: “You only have to pay for work when it has been completed and you’re 100% satisfied.” But still worth a shot, especially for those starting out in the freelancing world who want to get their name out there. 6. Earn more than $5 with Fiverr The international platform, said to be the world’s largest marketplace for digital services, gets its name from the lowest priced quotes that employers can find, a wallet-friendly US$5 (surprise, surprise). Do anything from voiceover work and video editing to translation and programming, and quote your fee, up to US$10,000. The website also has tips for freelancers to upsell and maximize revenue. 7. Become a talent on StageMetro The first three gigs through the StageMetro app are free of charge on a basic account. After that, users will need to pay a minimum of $10 a month to gain access to more jobs. What’s dandy is that you can create your “personal stage” on the app, a showcase of blog entries, pictures, videos, an “ask me” section and more. However, earnings are capped per month (unless you get the $30/month subscription). 8. Join the entertainment industry via AADB This stands for the Actors Asia Database, one of the longest-running talent databases in Singapore. I’ve known about it since 2007 when I was looking for talent to star in my video final year project. The 13-year-old network is a great place to start if you are looking to snag roles in the entertainment industry, such as becoming a bit actor (aka calefare) on TV or even land a modelling gig. Unfortunately, all good things come with a price. After your two-week free trial,
! time to whip out that credit card and decide what joining package you need (from $150/year; cheaper for NAFA or Lasalle acting students). 9. Join a growing pool of media freelancers at CreativesAtWork At least this freelancer platform isn’t faceless. It is managed by a real team of creatives with experience in the media industry (so they know our pain). There’s even the address of their brick-and-mortar office at one-north. I really appreciate this transparency and human touch. Plus, it’s got the Tripartite Standards for media freelancers and self-employed persons. How’s that for reassurance? 10. Get tip-offs from Freelancerzone Free-to-join for part-timers and freelancers, but employers need to buy a paid subscription. That’s another teeny weensy victory for us freelancers! Lots of random appointments available, from freelance admin and camp instructor to mall sales promoter and home-based tuition coordinator. I like how this site seems engineered to prioritize freelancers than employers. 11. Cover someone’s shift via MyWork Global How this app works: Indicate your availability and let the algorithm match you with the jobs that fit your schedule. You can even sign up using your Facebook or email address, and no CV is required. But there’s a catch — it must be legal for you to work part-time in Singapore, according to the Ministry of Manpower regulations. And like the nature of the job, you need to clock in/out of your shift via the app. 12. Enjoy the fast-paced nature of Startup Jobs Who knows, your next side hustle could make you the sidekick of the next Steve Jobs? You can search for various job opportunities, including freelance positions, temporary, part-time and even apply to be a… co-founder? Some cool listings I spotted: UI/UX/conversational chatbox designer, corporate blog writer and freelance instructor for a school that teaches kids to code. 13. Shine with Glints Glints’ motto is “do what you love”. Some job listings on the site would certainly make a passionate individual look forward to work. Take, for example, A-level students can earn $300 to $600 a month by helping to train an AI chatbot by offering their knowledge of math and science. K-drama fans who are fluent in the language can also earn US$1,000 by managing a Telegram community. 14. Convert free time into cash with Freeboh I love the local flavour and how thoughtful the site’s creators are, with categories such as “Sweet, Short Hours” and “Weekend Jobs”. Become a brand ambassador (aka promotor) with a one-hour paid break, clean a home for monies or revive your rusty taekwondo skills by signing up as an instructor. Event-based vacancies and full-time positions are also posted on the site. Nice to see the potential earnings posted upfront too. 15. Earn diaper money with Careermums Hats off to the mums out there. It is not easy giving birth to a child, let alone raising one while juggling a full-time job. But for the mothers who have given up their career to look after their precious one, Careermums offers mummy-friendly jobs like a work-from-home resume writer/ consultant or other positions with flexible hours. 16. Be a “mumpreneur” with Mums@Work The wonder woman behind Mums@Work is Sher-Li, herself a mother of two. This “mumpreneur” started the website eight years ago — and today it is a fully fledged portal with job listings, resources for mums, career advice, inspiring stories and access to special events. A
! sample of the current job listings: freelance matchmaker, culinary workshop facilitators (flexi- work), part-time researcher and so on. 17. Find/list anything on Carousell, even jobs Handy with a sewing machine? List your tailoring services on Carousell. Great at writing business proposals? Post it on Carousell. Heck, there’s even a listing titled Family Office Wealth Solution that claims to manage family assets to avoid squabbles and to seamlessly transfer wealth from one generation to the next. Wow. Sounds pricey but there are a couple of likes on this listing. 18. Join a group on Facebook to get word of gigs The community spirit on Facebook is pretty strong. Insert yourself into groups like The Casting Call in Singapore, Freelance Job Vacancies In Singapore, Singapore Freelance Video Editors, and the list goes on… 19. Become a driver/shopper/courier with [insert popular app here] Here’s looking at you Grab, HonestBee, Deliveroo, Food Panda and new blockchain-driven ride-hailing app TADA. Chauffeur people around for cash, become a professional grocery shopper, deliver food to hungry people — or sign up for all of these gigs. (Be a Grab Driver on Monday night, assume a shopper Bee identity on Tuesday, and don your pink-and-grey Food Panda uniform on Wednesday etc). 20. Use your location to your advantage with Jobs on Demand Jobs on Demand, or JOD, describes itself as a real-time, location-based, job matching platform. The app sends out notifications when a job needs to be filled. Good for those keen to work in F&B as most of the current jobs seem to be with a restaurant or eatery. 21. Submit photos for cash with Shutterstock Anyone can be a contributor and upload their creations to the site. Sounds easy, but there’s a catch. You are only paid if your photo is used. But good news — the platform offers tips for success to those who are still wet around the ears. Other sites to list your photos on include Asia-focused PIXERF and the renowned Getty Images/iStock. 22. Fill up surveys for money/vouchers Honestly, I’m always wary about survey websites as they take a lot of your personal information albeit in exchange for cash. Still, there are a plethora of sites out there like Toluna or Rakuten Insight Surveys or YouGov, which have a local presence. The first has an app as well, so it is easy to chug at those surveys while on your daily commute. 23. Offer an Airbnb Experience We can’t rent out our homes on Airbnb, but we can offer tourists a unique experience for a fee. Get an idea from what’s already listed, like cooking classes, mixology classes, urban night photography, or even fishing. However, do check with the Singapore Tourism Board’s regulations as only licensed tourist guides can legally provide paid guiding services to tourists. Those who don’t comply can be fined up to $5,000 as a first-time offender. 24. Sign up as a tutor/mentor A couple of websites offer this “marketplace of tutors” concept to anxious parents. If you are adept in this field, sign up as a tutor if you haven’t already got a tutee or two under your wing (I got my part-time tutor job 15 years ago the old school way — through my mum’s friend, whose daughter needed help with some school subjects). Some sites to check out include ManyTutors, Deanslist, or become an AskNTeach Mentor by downloading the app and answering students’ posted questions.
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25. Become a remote transcriber for TranscribeMe
This international website promises to take the pain out of transcribing lengthy interviews or
audio/video files by outsourcing it to individuals for a fee. If you enjoy listening to (what seems
like) endless rambling and typing out what you hear (accurately), this is the side gig for you.
Other sites to check out are Rev, GoTranscript, and Scribie, which can even promote its
freelance transcribers to reviewers.
26. Become a mystery shopper
The term “mystery shopper” may sound quite glamorous, but apart from masquerading as a
hotel guest, bank customer or diner, many brands also use mystery shoppers to audit its
customer service standards. Back in the day, I posed as a customer for a local furniture brand,
as a rich brat buying a $7,000 luxury trenchcoat for her uncle, and so on. It’s not an easy task,
as the job requires you to assume a specific customer profile, look out for and remember details
like shoe colour, or discreetly record your conversation. Some marketing consultancies are
constantly on the lookout for mystery shoppers. Try to get in touch with Coyle
Hospitality, Acorn, Opinion Hero and Beacon Consulting.
27. Become a pet sitter with Petbacker
The purrfect job for animal lovers! Care for a furry friend (you would do it for free anyway) and
earn extra cash. This comes with an app as well so you can check for jobs while walking the 10
dogs you are currently pet-sitting.
EDITORIAL 4 OF 6
HOW TO CHOOSE THE RIGHT TRAVEL INSURANCE FOR YOU AND YOUR FAMILY
Every traveller worth their salt knows that the key to a good vacation is to make sure that you
have checked everything off of your travel checklist. Flight tickets? Check. Passport? Check?
Medication? Check. Travel insurance? *Dead silence*. It’s quite funny that something as
important as travel insurance is usually never on anyone’s checklist. And quite honestly, if a
worry-free holiday is what you are looking for, then it should be. With travel insurance, rest
assured you will be protected in case you fall ill while vacationing, miss your connecting flight, or
even if the airline loses your luggage. Safe to say, that it is something you should consider
getting before your holiday. Now that we have convinced you to apply for travel insurance, the
next logical question is which travel insurance do you choose? With numerous travel insurance
options available for you and your family, how do you pick the right one? Well, we’re here to tell
you how.
1. What are you insuring and who are you insuring?
This is an important question to ask yourself before you start comparing travel insurance
policies since it will determine the type of policy you end up buying. Here’s what you need to
consider:
• Travel location: The amount you end up paying for your policy depends on the region to
which you are travelling. Keep in mind, though, that if you are travelling to countries where
there is an ongoing civil strife or war, you may not find a travel insurance policy that gives
you adequate (or any) protection.
• The length of the trip: Ensure that your trip does not exceed the maximum number of
days as specified in the policy. Some policies, for instance, provide coverage for a
maximum of 180 days.
• Mode of transport: All travel insurance policies provide travel-related coverage such as
compensation for loss of baggage or compensating you for a cancelled flight. However, if
you plan to use public transport while you are vacationing or are looking to rent a car,
make sure that your policy has the required coverage for those modes of transport as
well.!
• Travel companion: The extent of coverage that you will require if you are travelling alone
will differ from the coverage amount you will require if you travel with your family or in a
group.
• Activities: Will you be skiing? Then you need a policy that covers skiing accidents. If you
are planning to scuba dive or indulge in adventure sports, then you may need a rider to
supplement your basic policy.
• Medical coverage: A good travel insurance policy should provide adequate coverage for
medical emergencies when you are travelling. Some will even provide medical assistance
while in Singapore. If you have a pre-existing medical condition, then you should consider
a policy that covers these conditions. But more on this later.
2. Decide the type of cover
In general, there are two types of covers you can choose from. Single trip cover: A single trip
plan as the name suggests is for a single trip or a single holiday. Single trip policies are
available for individuals and families. Annual trip cover: An annual trip plan offers the same
coverage as single trip plans and you should get one if you plan to travel multiple times in a
year. This is also perfect for frequent flyers. So, if the airport is your second home, you should
consider buying an annual trip cover. Here’s a handy table to help you make this decision:!
Single Trip Cover Annual Trip Cover
More than 1 ✓ ✓
trip a year
Since the coverage and benefits of both policies are similar, you need to see
which works out cheaper. Most of the time, purchasing multiple single trip
policies may prove to be more expensive than a single annual trip cover.
Trip is less ✓
than 90 days
In general, the coverage provided is for up to 90 days
per trip. Once you get back to Singapore, the
coverage is reset and you get up to 90 days of
protection while on your next trip.
Trip is ✓
between 91
days and 180 M o s t o f t h e s e
days policies cover you
for up to 180 days
and is perfect if you
are planning a long
vacation.
Travelling to ✓
m u l t i p l e
countries Instead of purchasing multiple single-trip policies for
the various regions you are planning to visit, an
annual trip policy with global coverage could be a
better idea.
Short notice ✓
travel
Since you may be in a hurry, there are chances that
you may forget to purchase a single-trip plan. In such
instances, having an annual plan always helps. This is
a great idea especially if you travel frequently on
business.
3. Make a decision regarding family coverage
When you travel with your family, it would make sense to get a policy that protects the entire
family. If you do decide to get a family policy, do consider the following:
• If your children do not live with you full-time or if you share custody of your children, then
there may be cases where your family policy will not provide coverage for your children. In
such cases, look for family policies that will provide coverage for your kids.
• If your children are travelling separately or with someone who is not named in your policy
then there are chances that they may not be covered under a family policy. This is why it
is important to read the terms of the policy before you consider buying it.
• If you have more than 2 children, make sure that your policy covers them as well since
most family policies for travel insurance provide coverage only for two adults and two
children.
• Check if senior citizens travelling with you are provided coverage. Also, the cover for
individuals above 70 years of age is always lower than those below the age of 70.
• If you are travelling with family while pregnant, check if this insurance provides pregnancy
cover.
Some travel insurance policies with family cover that you can consider are:!
Policy Feature Policy Name
Coverage for an unlimited number of children NTUC Income Travel Insurance
Coverage for step children (below 18 years or below 25
ePROTECT travel
years and studying in a recognised tertiary institution)
Insured persons not required to travel together ePROTECT travel
Home protection while your family is on holiday OCBC Explorer
Allianz Global Assistance Family
Coverage for senior citizens aged 70 years and above Travel Insurance
Coverage for pregnant women (coverage kicks in post the
TM Xplora
first trimester)
Since family travel insurance policies do not provide coverage for relatives, you could consider
a group package if you are travelling with others. For instance, Aviva Travel Insurance’s group
package applies to a minimum of 6 people and a maximum of 19 people.
4. Check for cover for pre-existing medical conditions
While almost all travel insurance policies will provide coverage for medical emergencies while
abroad, the cover kicks in only if a few conditions are met. One of these conditions being that
your illness is not the result of a pre-existing medical condition. So, if you have a heart
condition, chances are that your travel insurance policy will not cover any medical expenses
that arise as a complication of this condition. The good news, however, is that there are policies
that provide coverage for pre-existing medical conditions. This doesn’t mean that you can’t buy
a travel insurance policy if you have previously been diagnosed with an illness. It just means
that if you are on a holiday and happen to fall sick, you will not be able to make a claim if a pre-
existing medical condition is the reason behind you falling sick. A few common medical
conditions that are classified as pre-existing medical conditions are:
• Asthma
• Diabetes
• Heart conditions
• Cancer
• Epilepsy
• High blood pressure
Thankfully, there are insurance providers in Singapore who provide travel insurance coverage
for any illness that may be the result of a pre-existing medical condition. For example, MSIG’s
TravelEasy Pre-Ex provides coverage for all pre-existing medical conditions including heart
conditions and cancer. Similarly, other travel insurance providers such as NTUC also have
policies that provide pre-existing medical condition coverage.
5. Take a closer look at the exclusions
We cannot stress how important it is to read the policy wording in detail before you decide to
buy it. Most people look at the advertised material or the brochure and decide to purchase their
travel insurance policy. And while that may work out 9 times out of 10, why take the risk? When
you run a fine tooth comb through the terms and conditions that govern your policy you will
realise that maybe the policy you are considering isn’t the one for you. For instance, let’s say
that on your holiday to the Bahamas you are planning to go scuba diving or you plan to go to
Japan to test the ski slopes during winter. Most travel insurance policies do not provide
coverage for what they term as ‘adventure sports’. And guess what? Both these activities are
bundled under this heading.
In fact, every benefit that you receive is subject to exclusions. Now, if you don’t seem to have
the time to do a thorough reading, a good idea would be to get an electronic copy of the!
brochure and policy wording. Then, all you need to do is look for the word ‘exclusion’ and just
skim through the exclusions applicable to each section. This is by no means a foolproof method,
but it is better than not going through the fine print at all.
6. Ease of making a claim
Ultimately, a good travel insurance policy is one that not only lets you have a hassle-free trip but
also ensures that you can make a hassle-free claim with your insurance provider. All providers
will promise round-the-clock assistance, but a good rule of thumb is to make sure that you go
with a provider who will allow you to upload necessary documents and make a claim online.
This way you can start the claim process no matter where in the world you are instead of having
to return to Singapore before you start the claim process. Also, look for companies that provide
you with a timeframe upfront for settling claims or responding to your claim application. You may
not think this is important while purchasing the policy, but you will thank us when you do end up
making a claim. To summarise, here are the features of a good travel insurance policy:
It must cover:
• Personal accident
• Accidental death
• Medical expenses – both abroad and in Singapore
• Emergency evacuation
• Repatriation of mortal remains
• Compassionate visit
• Cancelled fight
• Missed connection
• Flight delay
• Baggage delay
• Loss of baggage
• Loss of passport
• Personal liability
It should ideally provide:
• Replacement of money in case of emergencies
• Terrorism cover
It could cover:
• Insolvency of the travel agency
• Rental car excess
• Loss of miles and points from a trip cancellation
• My VoyageGuard Travel Insurance Policy is one of the few policies that provides
coverage for loss of miles and points if the reason for your trip being cancelled is
covered by the policy.
When should you choose credit card travel insurance?
If you have a miles credit card, you probably are aware that complimentary travel insurance is
one of the benefits that comes with your card. Even though the policy coverage is high (up to
S$1 million for example), credit card travel insurance policies provide basic coverage at best.
Which doesn’t mean they aren’t good. You could make use of this if you need to travel a short
distance.
However, if comprehensive coverage is what you are looking for, then a stand-alone insurance
policy makes the most sense. Especially, if you are looking for family cover. This is because,
although a credit card travel insurance policy could offer coverage not only for the cardholder
but also their spouse and children, this extended cover, in most cases, is only for personal
accident and medical expenses. Travel inconvenience cover such as flight delay/cancellation,
baggage delay/loss, etc. is only extended to the cardholder and not their family. As you can see,
there are quite a few things you need to consider before picking the right travel insurance. But if
you follow the steps we have outlined, picking a travel insurance policy that suits your needs!
and that of your family will be a piece of cake! So, the next time you decide to take a little trip
and are running through your checklist, make sure that travel insurance isn’t met with silence!
EDITORIAL 5 OF 6
CREDIT CARD DEBT REPAYMENT – GUIDE TO YOUR OPTIONS FOR REDUCING
INTEREST RATES
There is no denying the fact that credit cards are probably one of the most helpful financial tools
out there. They not only help you manage your cash flow by allowing you to spend now and pay
later, but they also help you stretch your dollar thanks to the various rewards (cashback, cash
rebate, air miles, and reward points) they offer. That being said, they are also the reason why
most people find themselves in debt. Being buried under a mountain of credit card debt is both
frustrating and scary. Digging out of it, even more so. But it isn’t impossible. We know, that
some of you may be thinking that none of this is something you haven’t heard before. Mostly
because you’ve tried tips such as ‘freeze your credit card’, but were never successful at making
sure that credit card debt stayed away. In our opinion, this has more to do with these so-called
solutions and less to do with your ability to successfully get out of debt. To help you gain control
over your finances, here are credit card debt repayment options that you can take advantage of:
1. Tackle debt one card at a time
Wanting to be debt free once in for all is something all of us wish for, but unless we win the
lottery there is no way we can pay all our debt in one go. (Sometimes even winning the lottery
may not be enough to completely pay our debt). In such cases, the most practical thing to do is
tackle your credit card debt one card at a time. Here’s how you do it:
• Open an excel sheet, a word document, or put pen to paper and list out all of the credit
cards you own.
• Next, list down the interest payable on each of those cards every month.
• Now, write down the outstanding balance you have on each of these cards.
• The next step is to put down the minimum amount you need to pay for each card.
• Now total the amount you owe and the minimum amount you need to pay per month on all
of your cards.
• The final step is to take a deep breath and not get overwhelmed by all the numbers.
Once you are done, your table should look something like this:
Outstanding
Card Interest Rate Balance Minimum Monthly Payment
S$126 (3% of the outstanding balance or
Card A 26.88% p.a. S$4,200 S$50, whichever is higher)
S$50 (1% of the balance or S$50,
Card B 26.9% p.a. S$3,000 whichever is higher)
Card C 28.88% p.a. S$7,200 S$216 (3% of the balance)
Total S$14,400 S$392
So, now what? Well, the first thing to do is determine how you want to start paying your debt.
This can be done in two ways:
1. You can start by tackling the card with the highest interest rate.
2. You can start by making payments for the card with the lowest outstanding balance.
Let’s say, that your monthly income is S$3,000. After deducting all other necessary expenses
(such as rent, loan payments, utility bill payments, etc.), you put aside S$700 to repay your
debt. This is how you can pay your credit card debt and gradually reduce interest payments with
both of these options.!
Option 1: Highest interest rate paid first
If you decide that this is the best way to pay your debt, then you start by dealing with Card C.
This credit card’s interest rate is 28.88% p.a. This means that each time you pay only the
minimum amount on this card, thanks to the high rate of interest and the fact that the interest
payable by you is compounded, the outstanding balance continues to increase. Now, if we go
by our example, we know that the minimum amount for all 3 cards is S$392. You have decided
to put aside S$700 each month towards credit card payments. So, you put in the remaining
S$308 (S$700 – S$392) in repaying the balance for Card C. Which means that you will be
paying S$524 each month towards clearing up the balance on Card C. Once you tackle Card C,
you move on to Card B. The same S$700 is then used to pay the debt on your remaining two
cards. So S$126 towards Card A and the remaining S$574 towards Card B.
Option 2: Pay the lowest amount first
If you are one of those people who find it hard to stay motivated to pay your debt slowly (since
you don’t see any change at all), start by repaying the debt on the card with the least
outstanding balance. This way, once you clear the balance on the first card, your motivation to
continue will become higher! Taking the same S$700, you first work towards paying the debt on
Card B (while still making minimum payments on the other two cards). In this scenario, you pay
S$358 towards Card B. Once you have finished paying the balance on this card, you move to
Card A (for which you pay S$484) and then move to pay the outstanding amount on Card C.
This way, you are always motivated to pay your credit card debt!
2. Take up a balance transfer
To determine if a credit card balance transfer will benefit you, it is important to first understand
what balance transfers are and how they function.
What is a balance transfer?
If you have debts on multiple credit cards, you could transfer this debt to another credit card
which offers a lower rate of interest. Continuing with our example from earlier, instead of having
to make payments for 3 credit cards, with a balance transfer you only have to make one
payment. As a result, a balance transfer is a great way to reduce the interest payable on your
credit card debt. Moreover, most banks have promotional offers such as 0% interest balance
transfers for 6 to 12 months. The only amount you will have to pay is a one-time administration
fee. That’s the definition of a balance transfer, but here are things you need to know:
• There may be chances that you can’t transfer your entire credit card debt. Wondering
why? This is because a balance transfer credit card also has a credit limit. So, you can
only transfer an amount up to the available credit limit of the new credit card.
• In our example, the total credit card debt was S$14.400. If your monthly income is
S$3,000, then your credit limit is 4 times your monthly income (S$12,000).
• This means, that you can transfer debts only up to S$12,000. Which also means
that in our example you can transfer the balance on only 2 cards since you can’t
make a partial balance transfer.
• Once the 6-month or 12-month interest-free period is over, the interest you will be charged
will be the effective interest rate (EIR) for that particular credit card.
Consider a balance transfer if:
• You have a significant amount of debt on multiple cards.
• You have enough money to repay the entire balance transfer amount within the
interest-free period.
• If you don’t, then the whole purpose of a balance transfer is defeated.
• You are willing to pay more than the minimum payment amount monthly.
• This credit card is not used for retail purchases since all retail transactions will be charged
the regular rate of interest and this will only add to your debt.
• You are willing to not repeatedly make a balance transfer since this can adversely impact
your credit score.
3. Consider a low-interest personal loan!
Personal loans are also a great way to pay your credit card debt and reduce the interest you
pay every month. The two types of low-interest personal loans that you can use to pay your
card debt are:
1. Personal instalment loans
2. Personal line of credit
Personal instalment loan
The EIR on most personal instalment loans in Singapore start at around 7% p.a. Of course, the
interest you ultimately do end up paying depends on the loan amount and the tenure of the
loan. In general, the longer the loan period, the lower the interest rate. But a longer loan period
also means that you end up paying more as interest. That being said, a low-interest rate
shouldn’t be the sole criterion on which you base your decision. Remember, that once you clear
your credit card debt you will have to pay the monthly instalment on your personal loan. So, if
you cannot manage your monthly payments, then you will probably land yourself in debt once
again. In our example, the credit card debt amounted to S$14,400. Let’s say you decided to
take a personal instalment loan from HSBC. The loan amount you would be eligible for would
be S$12,000 (4 times your monthly income). Here’s what your minimum monthly payment for
the personal instalment loan would look like at different tenures as per HSBC’s loan calculator:
Te n u r e
1 2 3 4 5 6 7
(Years)
EIR (p.a.) 13% 13% 9% 9% 9% 9% 9%
Monthly
payment S$1,072 S$571 S$382 S$299 S$250 S$217 S$194
amount
T o t a l
a m o u n t S$12,863 S$13,704 S$13,752 S$14,352 S$15,000 S$15,624 S$16,296
payable
Continuing with our example, with a personal loan of S$12,000 you can pay the amount you
owe on Card A and Card C. You can then use the S$700 that you have put aside to pay S$571
for your personal instalment loan and the remaining S$129 on Card B. So, you not only get to
be debt free, but you also end up paying a low rate of interest.
Personal line of credit
Unlike a personal instalment loan, with a personal line of credit, you only end up paying the
amount that you use. This means that if you have a credit line of S$12,000, and you decide to
use only S$4,000. You will have to pay interest only on the amount used and not the entire
amount in your account. What you need to do is ensure that you choose the right type of loan to
help clear your debts.
4. Apply for a Debt Consolidation Plan (DCP)
There may be a situation wherein your debt is 12 times your monthly income. In such cases,
you can always consider applying for a DCP. A DCP allows you to consolidate all your
unsecured debt across various financial institutions with one financial institution. This is a great
way to work towards paying off your debt at a lower rate. In fact, unlike personal loans where
you can generally borrow only up to 4 times your monthly income, with a DCP the concerned
bank provides you with a loan that covers most (if not all) of the debt you owe. Consider
applying for a DCP if:
• You have unsecured debt that is 12 times your monthly income or higher.
• Your annual income is between S$20,000 and S$120,000 and your net personal assets
are less than S$2 million.
• You are unable to juggle multiple payments to multiple banks.
• Spreading your payments over a long period of time is something you wish to do.!
How else can you reduce the interest rate on your credit cards?
A very easy and often less talked about method to lower credit card interest rates involves
picking up the phone and talking to the bank. Better yet, go to the branch with which you bank
with and request the representative to lower the interest on your credit card. If you have
generally been a customer who has always made their payments on time and are facing a
sudden shortage of cash (maybe because of a medical emergency or loss of a job), banks are
more often than not willing to lower interest rates. Remember to negotiate for terms of payment
when you think you are at the edge of a debt trap and not already in debt since you will be able
to bargain better. Despite this, if you are met with a stone face, don’t let that get you down
because there are other options for you to consider! Congratulations on taking the first step
towards a debt-free life! It isn’t easy, but the end result is extremely satisfying!
EDITORIAL 6 OF 6
6 BASIC PRINCIPLES THAT CAN MAKE YOU WEALTHY
The path to becoming a wealthy individual doesn’t just happen overnight. But there are
definitely proven ways that can help you get rich. Here are six basic things that anyone can start
doing to kick-start your path to becoming a wealthy individual.
1. Buy experiences, not chase materialism
From an economic standpoint, material things appear to provide a longer duration of function
than experiences. Yet, from a scientific standpoint, experience provides greater joy than things.
It turns out that experiences help to shape you into who you are today and becomes a part of
your identity. Material things, on the other hand, remain separate from you. Unless you avoid
falling to the myth that everyone should chase material wants, you will end up splurging your
wealth on pursuing material wants. Even then, you find that you are still unable to find
happiness as advertisements have promised. So, instead of chasing material wants, change
your mindset and think about pursuing experiences.
2. Build more sources of income
One thing that the rich understands more than those who aren’t is that a single source of
income isn’t enough. Ideally, you should have more than one source of income and it should be
a passive source of income. Logically, it also makes sense. Having more sources of income
gives you the ability to pay off your debt quicker, put more money into your savings and enjoy a
better lifestyle.
If you already have more than one source of income, the next level is to make those income
passive. Think about it this way. If you only have 24 hours a day, there is only so much you can
make from a regular salary. After all, you are paid for the work that you have done by the hour.
But alternative sources of income (especially passive income) doesn’t need to be paid by the
hour. This means that the upside to your earning potential is not limited by how many hours you
have in a day.
3. Cultivate the discipline of saving
Wealth is governed by a very simple equation where Wealth = Income – Expenditure. Some
people think that you become rich by earning loads of income. Well, that might be true, but only
to a certain extent. The skill to cultivate and instil the discipline of saving in yourself is also very
important. If you lack the ability to save, you can forget about becoming rich. There are many
ways and a variety of avenues for you to save. For example, you can save by eating out less
often. Alternatively, you can also save by making smarter decisions on your big ticket items like
home appliances. Not to mention, you can also save by using promo codes and apps that help
you to save on dining, shopping and travelling. If you are determined to become a hardcore
saver, you definitely want to join some of these Facebook groups to hunt for deals, tips and
bargains. Leveraging on credit cards’ cashback and rewards feature is also a great and easy
way to start your saving journey.!
4. Don’t just save, investing is important too
Saving is just one aspect of financial planning that the rich do well. The other aspect is to build a
passive source of income. In particular, mastering the art of investing is equally important, if not
more important. Based on a study by the Spectrem Group, millionaires invest 44 percent of their
assets in shares. This is typically how the rich get richer, i.e. by investing. Investing allows you
to grow your money steadily over the long term to help you grow your wealth to meet your long-
term financial goals. A good way to get started with investing is to start a regular savings plan. It
lets you get started with investing without a huge capital, to begin with. All you need is a saving
of S$100 to begin your investment journey. Find out more about regular savings
plans here and here.
5. Protecting your downside is important
If you think that the rich only think about how to increase their wealth, then you are wrong.
Interestingly, an important skill that the rich possess is the ability to protect their downside
through the use of insurance. For example, they know that falling sick is part and parcel of life.
But the cost of treatment can be an uncertain cost that can potentially lead to a hole in your
pocket. Thus, to limit the downside, the rich make sure that they get the right health insurance
to protect themselves, both medically and financially.
6. Use debt to your advantage
Debts are evil financial tools that the rich avoid. Well, that’s not quite the truth. Another skill that
the rich have is the ability to use debt to their advantage. While it is possible to be completely
debt-free, it is not a smart decision to make. Debt can be classified into two types: Good debt
and bad debt. Whenever you take out a loan, you need to determine whether it is a good or bad
debt. One thing that the rich does well is to take only loans that are classified as good debt.
Good debt is typically an investment that will grow in value or generate long-term income. For
example, taking a loan to finance your home purchase is a good type of debt. This is because
the value of your home will appreciate in the long run. The appreciation in your home’s value will
beat the interest rate that you are paying to the bank. (P.S. That is only if you are smart in
picking the right home loan deals with the best interest rate).
These six things may sound simple, but you’ll be surprised how many of us get stuck in
the rat race even though we have the opportunity to break free by learning and
implementing these principles.
ENDS
EDITOR’S NOTES
DIGITAL ASSETS
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BankBazaar.sg is social @ https://www.facebook.com/bankbazaarsingapore/ and https://
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BankBazaar.sg hashtag handles @ #BankBazaar #BankBazaarSingapore #BankBazaarSg
#Singapore #FinancialMarketplace #FinancialMarketplaceSingapore
CORPORATE BIOGRAPHY
BANKBAZAAR.SG
BankBazaar.sg is a leading online marketplace that helps consumers compare and apply for
financial products such as credit cards, loans and insurance. Established in 2008, the company
focuses on harnessing technology to deliver end-to-end paperless transactions. BankBazaar is!
supported by global investors including Walden International, Sequoia Capital, Fidelity Growth
Partners, Mousse Partners, Amazon and Experian. We have partnered with over 100 financial
institutions such as Citibank, Bank of China, DBS, HL Bank, HSBC, OCBC and Standard
Chartered Bank.
LEADERSHIP
VIPIN KALRA, CHIEF EXECUTIVE OFFICER, BANKBAZAAR INTERNATIONAL
Vipin Kalra is the Chief Executive Officer of BankBazaar International. He has over 25 years of
extensive experience in general management, sales and marketing in global payments,
transactional business, digital and online retail sector, and emerging technology areas. In his
most recent executive role in Visa Inc., he was responsible for overseeing all aspects of the
company’s acceptance and merchant relations across Asia Pacific. This followed his experience
being Visa’s Country Manager for Australia, where he was instrumental in not only doubling
revenue over a three-year period, but also making Australia a leading global market for payment
innovation. He brings significant global industry expertise and an innate understanding of Asia
Pacific markets, which is vital in propelling BankBazaar’s expansion plans.
FOR QUERIES OR TO ARRANGE FOR AN INTERVIEW, CONTACT:
Katrina Karim
Mobile (+65) 98446618
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