Overview

Legacy FA Pte. Ltd.

Legacy FA Pte. Ltd is a financial advisory firm licensed by the Monetary Authority of Singapore under the Financial Advisers Act (Cap. 110). Legacy FA is independently owned and not tied to any product provider and is able to provide unbiased services geared towards your interests. As everyone is different, we listen first to your needs and customise our solutions to help you in your financial planning and wealth goals.

Our services cover the following areas:

  • Investments
  • Insurance
  • Retirement
  • Legacy Planning
  • Corporate Pensions
  • Group employee benefits
  • Business continuity
  • General Insurance

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Mortgage Insurance

You’ve bought your home and it is your biggest asset. However, the housing loan you took also makes your home your biggest liability.

2 issues arise when trying to buy the insurance to cover your mortgage liability.

  1. You don’t want to overpay for the insurance cover you need.
  2. You don’t want to pay for insurance only to discover when things go wrong that the cover you bought has major gaps.

What should you be covered for and why?


Death cover

The insurance payout is triggered on the death of the life assured. If both you and your spouse work and your respective CPFs and salaries are needed for the home loan repayment, the cover should reflect this.


Total Permanent Disability

The insurance payout is triggered on the life assured being assessed to be totally and permanently disabled. The payment for TPD is subject to limits and whatever does not get paid out under TPD is paid out on death, if within the policy cover date.


Critical Illness

I have seen many policies taken out for mortgage that did not cover for critical illness. From my 25 years of doing claims, I know that this is a mistake. Many lose their homes because the breadwinner contracts a critical illness and income is disrupted.


There are 3 types of critical illness cover so which should you go for and how much?


Multiple claim critical illness cover - This is new and consequently, expensive. The cover typically covers limited claim for early critical illness, a higher limit for advanced stage critical illness and multiple claims across several illness categories over the cover period.

Example :
One can claim for early stage cancer and should a relapse occur some years later, make another claim. Premiums per $100,000 of cover is typically 7-8 time more expensive than normal critical illness and 1.5 times more expensive than early critical illness cover.


Early critical illness cover - This is also relatively new and relatively expensive. It pays on diagnosis of a range of early, intermediate or advanced stage critical illnesses. Price per $100,000 is typically 5x that of Critical illness cover


Major Critical illness cover - pays on diagnosis of major critical illness. There is no cookie cutter solution for critical illness cover. Take some time to discuss with your financial adviser.

The type and quantum of cover suitable for you should take into account, factors such as family history, how often you do comprehensive medical screenings, health and lifestyle and budgets.


Decreasing Vs Level Term

Traditionally, people have bought Decreasing Term for their housing loans. The cover or sum assured decreases steadily over the lifetime of the plan to roughly cover your loan balance as the loan is progressively repaid. Should a claim occur, the insurance proceeds should be enough to pay off the outstanding loan.

The level term plan, as the name suggests, maintains a level sum assured throughout the cover period. On death or total permanent disability, the sum assured would be sufficient to pay off the loan and leave a cash balance for the family. This was less popular among buyers, presumably because it is perceived to be more expensive.

In recent years, fierce competition among insurers for market share have focussed on the level term. This has resulted in 2 market anomalies Level term prices have fallen at a far more aggressive rate than decreasing term. It seems in the price war among insurers, the decreasing term somehow got ignored. So today, if you compare the decreasing term with a level term, the level term may seem more cost effective.

With aggressive price decreases in level term over the past 4-5 years, term prices are really very cheap. Indeed, old term plans should be reviewed for costs savings, assuming you are still in good health. We have seen savings of between 20- 40% even though the client is older. No point continuing with a policy that was bought before the several rounds of level term price wars when you can now get the equivalent cover at a cheaper rate or a higher more comprehensive cover at the same price.

Buying comprehensive mortgage insurance protection for your home is like buying a life vest. You never hope to use it. However, should the boat sink, it must work!




SECRETS OF INSURANCE THEY DON'T WANT YOU TO KNOW

Insurance people can be annoying, they stick to you like chewing gum and they bug you to buy bundled products. Or they build up a pitch for you

Secrets

Many people ended up buying too much overlapping insurance coverage that they do not need and worse still, some can only claim from only one insurer. Many people ended up with coverage that cost them much more premium than necessary, because they were attracted by some glitzy road show and nice posh lounges with neat looking insurance people. Many people bought insurance linked policies that has heavy loading on the investment returns. Many people have a portfolio that has too high management fees due to too many layers, this eats into their returns.


Insurance Premium Cost Reduction

Legacy FA can help you to review your entire insurance coverage to potentially reduce your premium cost while providing you the same or similar coverage. Legacy FA can assist you to review your portfolio to cut out unnecessary costs to further enhance your returns.

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PERSONAL FINANCIAL PLANNING


Personal financial planning is important for your protection, wealth creation and financial well-being.


Income Protection

When your income and hence your responsibility towards your family is affected due to a catastrophic life event, we help you ensure that there is financial stability & peace of mind for your loved ones.

Education

Tertiary education funding for children can be a financial burden to parents. We work with you to achieve your tertiary dreams for your children.

Investment

Based on your time horizon and risk appetite we help map out your investment portfolio to meet your objectives.

Retirement

Retirement funding needs careful planning. Based on your goals we assist you to build different streams of income for your golden years.

Estate Matters (Partner Services)

Building your wealth is one side of the story. But ensuring its passed on to the people that matter in your life is another. We highlight the different methods that you can undertake to ensure a seamless transfer of your wealth to your loved ones when you are not around.

Mortgage Refinancing (Partner Services)

Loan efficacy helps one to save on undue mortgage interest. Together with our partners, we look at different possibilities in ensuring your mortgage payments remain lean.

Debt Management

Debts can rob one’s peace of mind. We run through your debts and resources to give you a structure for repaying your debts with discipline and efficiency to gain back your peace of mind.

General Insurance

We tailor make general insurance plans so that you and your family remain protected when life throws in unexpected challenges when at home, on the road or even on vacation.




FINANCIAL PLANNING FOR BUSINESSES



Business Succession Planning

When your income and hence your responsibility towards your family is affected due to a catastrophic life event, we help you ensure that there is financial stability & peace of mind for your loved ones.

Employee Benefit Scheme

Tertiary education funding for children can be a financial burden to parents. We work with you to achieve your tertiary dreams for your children.

Keyman Protection

Based on your time horizon and risk appetite we help map out your investment portfolio to meet your objectives.

Commercial Business Insurance


Retirement funding needs careful planning. Based on your goals we assist you to build different streams of income for your golden years.

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