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Why Some Singaporeans Don’t Buy Travel Insurance Anymore

Some Singaporeans have gone off the idea of travel insurance. While it used to be considered an absolute necessity, more travellers now think of it as an unnecessary waste of S$50 to S$100.

This is particularly true of those who go on short trips, to whom travel insurance becomes a significant expense. But are they doing the right thing?

Why No Travel Insurance?

The most common reasons are:

They have personal accident insurance
They feel the claims process is unrealistic and restrictive
The seek cost-efficiency
They are already covered by credit card
They are covered under their employer’s insurance
They Have Personal Accident Insurance

For some travellers, their main concern is their healthcare related. They do not want to face medical expenses if they suffer from a fall, get hit by a car, etc.

They are less concerned about the other things that travel insurance covers. These are things like lost jewellery (they may not be carrying anything valuable), flight delays (not an issue if they have airline memberships that already compensate them), or tour agency issues (they may not be on a package tour).

For those travelling to countries where they have friends or family, some of the emergency assistance from travel insurance may be irrelevant. For example, if you are travelling to stay with your uncle in Canada for a few days, it may not be a big deal if your luggage is diverted for a day or two. The inconvenience may not be worth a S$100 insurance policy.

(It might be a different story if you are travelling alone, and know nobody where you’re going).

These travellers typically add personal accident coverage to their existing insurance policies, in the form of a rider. This can give them comprehensive protection wherever they are, for a fairly low cost (e.g. under S$30 a month).

If they are going skiing, for example, they may be happy to rely on their personal accident coverage, without adding travel insurance.

They Don’t Want to Go Through the Claims Process

Some seasoned travellers are intimately aware of travel insurance terms, and are dissatisfied with them.

For example, many policies do not allow you to make claims for lost jewellery. For lost cash, the maximum claimable amount might be too small to be relevant (e.g. The maximum claimable amount is S$250 regardless of how much you lose, and then insurance policy alone is already over S$100).

There are often tight limits on maximum claim amounts, on a per item basis. Even if the policy insures you for you to S$1 million, for example, the maximum claimable amount on your broken iPad may only be S$500.

Some travellers also feel the claims process is unrealistic, or too convoluted. For example, you may be required to present original receipts if you want to make a claim for your broken laptop.

With regard to trip cancellations, some policies only pay out only under specific conditions. For example, a policy may not pay out if the cause of the cancelled trip is the Singapore haze or a strike (the trip may only be insured against poor weather).

As such, a subset of travellers believe travel insurance has too many restrictions to be useful. If you want to join their ranks though, you will have to be sure that you make up for lack of travel insurance with the right safety precautions, and the right personal insurance policies.

They Seek Cost-Efficiency

As a rule of thumb, it is not cost-effective to insure expenses you can pay out of pocket.

For example, it would not make sense to pay premiums to insure your socks, or to insure cheap canned food in your kitchen pantry – the odds of losing them are so low, and the cost of replacement so cheap, that the premiums would just be a waste of money.

The same theory can be expanded to things like second-hand laptops, cheap watches, old clothes in your bag, etc. Some travellers would feel no significant pain from losing these items, and prefer to have more cash on hand for shopping or better accommodations. Should they lose the items, they have more than sufficient money to replace them immediately.

(Note: if your worry is losing your luggage and having no clothes, toiletries, etc., you should note that most airlines provide supplies or funds for passengers whose luggage they lose).

Their Credit Card Offers Free Travel Insurance

Many air miles credit cards, such as the Citi PremierMiles Visa Card, come with complimentary travel insurance if you charge your travel tickets to it. The Citi PremierMiles Visa Card covers up to S$1,000,000 in case of death or permanent disablement from accident in a common carrier, up to S$40,000 for medical expenses during a trip, and travel inconvenience.

If you are satisfied with these, there’s no need to buy more travel insurance.

They are Covered by Their Employer’s Insurance

Many people overlook this, so make sure you don’t.

If you are flying abroad for business, check with Human Resources on whether you are covered under your employer’s insurance. If there already is one, you do not need to buy your own.

Some companies have generous corporate insurance plans, that will cover you even if you are not on official business. If so, all you need to do is familiarise yourself with the terms (and get private only if you are unsatisfied).

(This article is brought to you by Singsaver.com.sg)

4 Times That Fast Food Chains Stole Your Money

When fast food chains offer their tasty meals, they go beyond advertising on television and social media. They employ different marketing strategies to entice the consumers into spending their hard-earned cash on the spot. Just take a look at their slogans!

Burger King once used the slogan: “IT JUST TASTES BETTER”. They provide no further explanations as to why their burgers and products tastes good. They simply implant this idea because they are business-oriented people. On that note, here are the 4 Times That Fast Food Chains “Stole” Your Money:

1. TEMPTING STORE FRAGRANCES

It is no secret that smell can induce cravings. These cravings can later lead to spending money.

Some companies (like ScentAir) are in the business of copying the natural scents of different food such as grilled burger, cinnamon bun, and popcorn. They sell these scents to companies that want to enhance the overall aroma of their stores. It works because smell can actually make your food taste better.

Dr. Brian Wansink once said: “it [odor] definitely makes the dining experience much more attractive to people, but unfortunately it also makes you want to get the fries instead of the salad.”

2. OVERWHELMING BUNDLE PRICE

Seeing me sip a cup of soda is a rare sight but, I always fall for the “bundle price” marketing trick regardless of that! Bundle pricing occurs when the company sells 2 or more products as a package with an intent of saving the customers’ money. Fast food chains habitually engage in this strategy which they refer to as “value meals”.

Currently, Burger King is offering value meals that come with burgers, cheesy fries, and sodas for only S$4.95 each. How can you not fall for a price that is significantly less than the amount of each item separately?

Image Credits: burgerking.com.sg

One drawback is that the portions are lesser than the usual.

3. APPETITE-ENHANCING COLORS

From the logos to the interior, two colors seem to stay at almost every fast food chains. These two colors are red and yellow. Red and yellow stimulate appetite, which probably explains why your stomach starts to make noises as soon as you see the yellow arches or the red logo. You cannot resist spending more inside!

Interestingly, you can combat how colors affect the way you eat by controlling your own plate. Researchers at Cornell University found that when they reduced the contrast in their plates and tables or in their plates and the food itself, people tend to serve themselves less food. To eat less, pair your white plate with your white table-cloth or a blue plate with a blue table-cloth.

4. ENTICING HEALTHY FEATURES

With the continued advocacy against obesity, consumers have been warned about the health risks of various fast food joints. Some companies heard this plea and incorporated healthy options to their menu. These companies came up with low-calorie ice creams, fruit bowls, veggie wraps, and salads.

Included in these said companies are McDonald’s and Burger King. Let us take Mac’s “Chicken McNuggets® 6pc Delight 500 Meal with Dasani Drinking Water” as an example. I was impressed with the website as it showed the nutrition facts, allergen information, and food sensitivity. In fact, the amount of cholesterol is this meal is only 59 mg!

Image Credits: pixabay.com

My friends at the fitness studio who are always on the go will enjoy this seemingly healthier option. Well, you know how popular healthy detox and other healthy alternatives are in the Singaporean social media.

Sources: 1 & 2

How To Ace These Tough 10 Interview Questions

There is nothing worse than coming into a job interview and the interviewer asks you with hard questions, which you do not know the answer to. Avoid this situation by being ready with polished interview answers.

1. WHY DID YOU LEAVE YOUR PREVIOUS JOB?

No matter how tricky this question sounds, you can make your way around it. I know how tempting it is to dish about your colleagues who mistreated you. However, this is not the time for that! Talk about your past experiences and focus on your career goals.

Elaborate about the important values and skills that you learned from your past experiences. Then, highlight that you are ready to use these in the position that you aspire to land. Another alternative is to state that you left to chase a better opportunity and face new challenges.

2. WHAT ARE YOUR WEAKNESSES?

There is no perfect way to respond to this question but, you must avoid literal and generic answers. Saying that you are a workaholic or you are incapable of driving will not boost your image during an interview. Instead, identify the areas that you want to improve on and explain how keen you are to develop that skill in the new position.

3. WHAT ARE YOUR STRENGTHS?

This question allows you to shine the competition. With this question, the interviewer is looking for work-related strengths that are in lined with the vacancy. Provide realistic examples of the times you displayed these strengths and connect it with the objectives of the job.

Image Credits: pixabay.com

4. WHAT ASPECT OF YOUR LIFE WOULD YOU LIKE TO CHANGE?

Most job seekers answer this question by stating that they are 100% happy with where they are at the moment. If that statement is entirely true then, they will not seek a new job opportunity to change their careers.

Rather than coming across as cliché, pinpoint a major turning point or a missed opportunity in your life. Manifest that you are willing to move on from the situation by taking positive actions to turn things around. Provide examples to back up your claim.

5. WHY DO WANT TO WORK HERE?

This question calls for prior research and analysis regarding the targeted company. As a Registered Psychometrician, I know how important it is to find an employee that matches the objectives and goals of the company. This is why you must respond in a way that echoes the essence of the company.

Mention the aspects of the company that you admire and how your abilities make you a perfect fit.

6. HOW HAS YOUR EDUCATIONAL BACKGROUND PREPARED YOU FOR THIS JOB?

There are various ways to respond to this broad question. I suggest to highlight the practical applications of the knowledge that you absorbed in school. State some examples that support the crucial competencies needed for the job.

This is an example: “During my last two years at SIM University, I had the opportunity to become a part of the program-committee and represent the whole batch of my course. I constantly practiced my communication skills given this responsibility.”

7. IS MONEY MORE IMPORTANT THAN JOB SATISFACTION?

It is alright to value money as it aids in our survival. By answering that money is more important, the interviewer may perceive you as someone who is blinded by a larger paycheck. Job satisfaction shall trump money in this situation.

Put emphasis on the pivotal role of job satisfaction to your internal motivation and to increasing your productivity at work. This will surely impress the interviewer.

8. HAVE YOU APPLIED FOR OTHER POSITIONS?

Interviewers like to ask this question to identify how interested the candidates are in the position and how determined they are on their search. Candidates who are applying for similar jobs (i.e., in the same industry or work environment) are more desirable. You may enumerate the typical characteristics that are needed for the job that you are applying for. Say something like: “I have applied for other positions that involve strong customer service orientation too.”

9. HOW DO YOU SPEND YOUR FREE TIME?

This question comes up frequently because it gives a glimpse into a person’s character and work-life balance. Instead of tailoring your answers to show some extraordinary pursuits, be honest and realistic. The interviewer will appreciate the conversation more if you explain why you engage in such activities.

10. CAN YOU TELL ME ABOUT THE WORST MANAGER YOU EVER HAD?

Ranting about your horrible ex-manager will not work to your favor. It is unattractive to talk badly about your previous managers or bosses. This is because your potential manager may anticipate that you will treat him or her in the same manner, somewhere down the line.

Image Credits: pixabay.com

A better response to this question is: “While no boss is perfect, there were some who taught me more than others. I am not complaining because I learned the types of leadership styles that I respond to the best.”

Sources: 1, 2, & 3

Three of the Best Investment Options to Consider

Investing is a pursuit that suits many. An ideal means of increasing your income and boosting your bank balance, it also offers excitement, challenge, and complexity to those seeking a new and compelling pastime.

It’s common for those thinking of investing to struggle at the start of their venture. Many people simply don’t know where to begin, and with so many instruments and options to consider, this is hardly surprising.

So, to help you gain a head-start, here are three of the best investment options to add to your portfolio…

#1: Precious Metals

Precious metals are always a good starting point for those who choose to invest, and this is largely down to their ‘safe haven’ properties. Gold, in particular, tends to hold its value during periods of economic turmoil, and indeed often sees an increase in its price tag when times are tough. Silver acts in a similar way, but has the added advantage of enjoying a surge in popularity thanks to its growing usage in industry. With products as diverse as cars, cameras, and even industrial machinery utilising it, it’s worth looks set to continue booming throughout 2016, making it an ideal addition to your portfolio.

#2: Forex

For those looking for a more high-risk venture than precious metals can offer, the foreign exchange might be worth considering. Trading around the clock, the currency markets are flexible, accessible, and have the potential to be highly profitable. Indeed, with a reputable broker like OANDA to aid them, many investors enjoy significant successes. Although the risks can be just as great as the potential rewards, forex trading remains an ideal challenge for those looking for excitement, exhilaration, and the chance to make big money.

#3: Shares

Thirdly and finally, look at investing in shares. The stock markets are filled with a wide variety of different businesses, all offering you the opportunity for part ownership. A lot of inexperienced investors, in particular, gravitate towards these, thanks to the familiarity of the names that you’ll be trading. Offering a unique chance to play a role in the future of your favourite companies, as well as the possibility of making some tidy profits, the stock markets can be an ideal addition to any investor’s portfolio.

Choosing the assets that you add to your portfolio is essential to your success on the financial markets: choose well, and profits are there for the taking; choose poorly, and you could scupper your opportunities. Do your research, make your selection with care, and secure the future you’ve been dreaming of.

How Not To Fall Prey To Jewellers’ Sales Tactics

Some useful tips for you not to fall prey to jewellers’sales tactics

Shopping for diamonds is an art. Diamond shopping is a test of meticulousness. All diamonds may look equally impressive in jewellery stores, but only when viewed under natural daylight will it reveal its true brilliance. In a bid to make your diamond shopping a wiser one, JannPaul highlights 5 of the most common marketing tactics.

There can be GIA triple Excellent diamonds that are poor performers.

When a diamond is said to have a triple excellent rating, it refers to the rating of the diamond’s cut grade, polish and symmetry. Often, this is how a salesperson would benchmark their diamond, by saying a “triple Excellent diamond is the best.”

However, there is much more to this. A more reliable way to determine the quality and performance of a diamond, is by measuring the light performance (measured with an Ideal Scope or ASET Scope) and symmetry of the diamond (measured with a Hearts and Arrow Scope).

The Ideal Scope reveals the amount of light return and light leakage in a diamond. Through the scope, the greater the red areas, the more intense the light return. What this means is a lot of light is coming into the diamond and reflected out, giving the diamond a brighter look. The white areas you see on the Ideal Scope represents the amount of light leakage, which you want to minimize.

A more advanced version of the Ideal Scope is the ASET Scope. The ASET Scope determines the strength of a diamond’s light return. Red areas are indicative of strong light, while green areas represent weak light return. White areas show full light leakage, which is regarded as poor light performance in a diamond. The blue areas are a diamond’s contrast, which gives an idea of where the colourful sparkles you see on the diamond are. It should ideally have sharp and crisp arrows.

Both the Ideal Scope and ASET Scope are not commonly found in local jewellery stores, but it can be easily found online.

Although these two diamonds have different light performances, they can cost the same! This is because diamonds are sold based on what is shown on the GIA certificate, and GIA does not grade the light performance of a diamond.

“The diamond is GIA-certified.”

Gemological Institute of America (GIA) is the world’s oldest, largest, and one of the most respected independent laboratories. Their laboratories are regarded as one of the most respected laboratories in the diamond industry, simply because of their consistency and unbiased diamond grading systems. As such, most of the diamonds manufactured now are graded according to the GIA standards, making it one of the most popular diamond certification in the industry.

GIA grades a diamond on according to the 4 “C”s – Carat, Colour, Cut and Clarity. That being said, there are other facets of a diamond that determine the quality of the diamond, which the GIA certificate does not take into consideration. For instance, two diamonds with the same GIA certification grades may differ greatly in terms of their light performances.

“The diamond is a ‘’Super Ideal Cut’’.”

The term Super Ideal Cut is used to label a diamond that is cut to the maximum light performance. The Super Ideal Cut standard was introduced into Singapore by Paul Hung from JannPaul in 2010.

In order to prove that a diamond has high light performance, various tools are needed, such as the HCA tool, Ideal Scope, ASET Scope and Hearts & Arrows scope. Without these analytical tools, a jeweller cannot label their diamond as a Super Ideal Cut.

Unfortunately, there is no regulation for this type of grading in the industry. That is to say, any jeweller can brand their diamonds as a “Super Ideal Cut” according to their own parameters. Hence, it is important not to fall into these marketing labels, and to learn how to check if the diamond you’re purchasing is truly a Super Ideal Cut.

In other words, no scopes, no talk.

The Hearts & Arrows scope does not measure a diamond’s brilliance

The Hearts and Arrow Scope reveals the symmetry of a diamond. A good diamond appears symmetrical and crisp under the scope, with no clefts or visible flaws. This scope is most commonly found in most jewellery stores, but is by no means the most representative way of determining the cut of a diamond.

What this scope does not reveal is the amount of light leakages in a diamond. Light leakage is indicative of poor light performance in a diamond, as the light leaks out instead of being reflected out. A diamond with poor light performance can still look good under the Hearts & Arrows scope, as all it means is that the diamond is symmetrically cut or it has symmetrical light leakages.

“The greater the carat size, the bigger the diamond.”

Carat size is the weight of a diamond, but it does not tell you anything about a diamond’s brightness or how well it sparkles, much less its cut and size.

For the same carat weight, a diamond can be cut deeper, making it look smaller. A deeply cut diamond can affect its light performance as well, causing it to appear darker and duller. Hence, a well cut diamond will appear larger, brighter and more brilliant compared to a poorly cut diamond of the same carat weight.

The next time you shop for diamonds, equip yourself with this common language to defend yourself and your pockets from harm. With the appropriate tools for accessing a diamond’s quality, it is not as difficult as one might imagine to pick out one that’s worth the price tag attached to it.

Special thanks to Casey Lai from JANNPAUL for these useful tips.

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