Our mortality rate is not something the human race is too eager to think about. However, aging and death are two of the realities life on earth need to face. With the right products, these life events can go a little smoother. In the event of retirement, the customers are taken care of. In the event of death, loved ones or the estate are the beneficiaries. Either way, these two aspects are crucial for those who wish to ensure that their affairs are in order. DBS Bank Financial Planning takes care of a number of customer needs. This review compares this division to some of the best in the world.
Financial Planning is an important aspect of Deutsche Bank's product offering, and we recently did a review on it.
About DBS Bank
This is the ideal bank for those who wish to be part of Singapore’s history. It was a key component in the modernization of Singapore when it gained independence. For a period of twenty years, the nation worked hard to realize their dream. This hard work and dedication paid off, as Singapore is now regarded as one of the most prosperous nations in the world.
Some of the Services Offered by Financial Advisors
Financial advisers provide customers with estate and wealth planning services across the world. It’s not necessary for clients to be wealthy to enjoy these services. Customers from all walks of life are encouraged to seek out a financial advisor to get their affairs in order. Although not every service is provided by a financial advisor and not every advisor provides every service, these are among the favorites on their portfolio.
Estate Planning and Wills
In the event of a customer’s death, the estate has all the assets and liabilities tied up into it. Whatever is left after all the liabilities have been settled and fees and taxes have been paid, will remain for the heirs. Many customers prefer to leave a legacy for their children, and this helps them to that. Whether customers wish to sign up for life cover to cover the estate expenses, set up trusts, and more, their financial advisor will assist. The last will and testament is often also drawn up by the advisor but can be done with an attorney as well.
These risks specifically refer to life risks such as death, loss of income, disability, and illnesses. Financial advisors do a full analysis of the customer’s situation and then recommends a plan that will allow them to prepare for such an event.
Wealth Creation and Investments
Customers who wish to start off on their wealth creation journey will want to discuss their plans with an advisor. The advisor will then provide them with a plan that will help them reach their goals. A good advisor will also perform a risk tolerance test and adjust the customer’s product profile to match the recommendation.
DBS Bank has a range of investments as part of their product range.
DBS Bank Financial Planning Product Offerings
This division takes care of the planning phases during a customer’s work career, and also the options they have when they retire.
This product allows customers to take charge of their retirement goals and enjoy higher potential returns.
- This is an investment-linked insurance plan that gives customers a choice of professionally-managed funds.
- Customers have a choice of premium payment terms of 5, 10, 15, or 20 years.
- Furthermore, the retirement age can be 55, 60, 65, or 70.
- The plan provides a choice of desired income goal and professionally managed funds.
- Also, there is the option to receive a desired Target Monthly Income or stay invested up to age 99.
- Finally, customers also have a choice of withdrawal options.
This retirement plan is ideal for those who find themselves too busy to worry about the smaller details. It provides customers with a regular income which allows them to pursue their dreams.
- The plan offers Guaranteed Monthly Income of up to 2.57% per annum. This kicks in from the selected Retirement Age.
- Customers will also have the opportunity to earn an annual bonus and non-guaranteed cash bonus.
- Customers have a choice of income payout period of up to 80. The plan can go up to 90 years old for those who have the life plan.
- The plan offers customers a premium payment term for 5, 10, 20 years or a single premium.
- Furthermore, customers choose whether they receive a lump sum or additional monthly payout.
- The funds are available as cash or Supplementary Retire Scheme.
- Customers get back at least 100% of the premiums paid at their selected retirement age.
- Finally, this is a hassle-free application with no medical health check required.
This account provides customers with a 10-year endowment plan that gives them fixed cash payouts. Furthermore, customers also enjoy protection benefits.
- Customers have access to yearly Fixed Cash Benefits that are equal to the annual premium. This is during the last 5 years of the policy term.
- With this plan, customers can enjoy their extra cash on hand, accumulate for more savings or use the FCB to offset their premiums.
- Furthermore, this plan provides guaranteed issuance.
- The insurance portion covers Death, Terminal Illness, Total and Permanent Disability, and Accidental Death.
- Finally, customers may also qualify for maturity bonuses from time to time.
This is a 10-year endowment plan that also happens to provide the customer with flexibility. Furthermore, customers who are diagnosed with Total and Permanent Disability have their premiums waived.
- This endowment provides customers with Fixed Cash Benefit and a Maturity Benefit.
- Customers enjoy extra cash on hand, or they can accumulate the funds, or it can offset the premiums from year 3 onwards.
- There is an insurance coverage of death, terminal illness, and total and permanent disability.
- Finally, customers enjoy a fixed maturity benefit.
This endowment plan provides customers with fixed yearly payouts. This takes place from the end of the 1st policy year.
- Customers enjoy a guarantee issuance of this policy.
- The term of the policy is 13, 15, and 20 years.
- Furthermore, the insurance coverage is for death, terminal illness, and a waiver of premium at total and permanent disability.
- Finally, customers also enjoy Fixed Cash Benefits and a Maturity Benefit.
Customers who wish to save for their children’s education will have the opportunity earn fixed returns of up to 1.43% per annum.
- This policy guarantees that the customers will get back at least 100% of their total premiums paid over the policy term.
- Furthermore, customers are only required to pay the policy for 10 years.
- Customers choose whether there are 2 payout ages at 18 or 20. This is to align with the child’s education.
- The plan provides Fixed Cash Benefits.
- Finally, there is a guarantee issuance and the child is covered for death and terminal illness.
Whole Life Insurance Income Plans
This plan provides customers with yearly payouts from the income plan. This allows them to pursue their passions.
- Customers receive a supplementary income stream with a potential yearly income payout of up to 2.2%.
- This plan provides customers with access to long-term financial stability.
- There is also a maturity benefit linked to it.
- Furthermore, the product guarantees issuance and there are no medical check-ups required.
- Customers have the choice to accumulate the yearly income payouts.
- There is a choice of premium terms – 5, 10, 15, or 20 years.
- Finally, customers can choose to make a partial or full withdrawal of the accumulated yearly income payouts.
Customers who wish to complement their financial planning with savings should take a look at what DBS Bank has to offer.
Critical Reviews Rating DBS Bank Financial Planning Review – 9 of 10
DBS Bank delivers one of the most comprehensive sets of long-term savings products. These products allow customers the opportunity to save for the long-term, and in the process, have the opportunity to build wealth. This division takes care of the savings needs of the family who wish to save up for a bigger property or for the education of their children. There is also an impressive retirement selection that will allow customers to set themselves up for the future.
Many of these products also carry a form of risk cover. These kick in when the customer experiences terminal illness or in the event of death. Many of the policies also carry a premium waiver in the event of total and permanent disability.
What could send many customers flocking to the bank, however, are the numerous bonuses and special offers on these products. Apart from the possibility of earning good returns, customers also benefit from other added incentives to spur them along on their savings journey.
The only products that lack from the range available for perusal on the internet, are the pure risk products. Some clients may prefer the standalone products for specific things, such as estate planning or even as the cover for business agreements. If this is available, it needs to be more clearly communicated. Overall a good rating for a terrific selection of products.
Financial planning also happens to be a product offering of Bank of Ireland, and we recently did a review.