How a higher claim limit and MAS guidelines can help you invest safely

Consumers can now claim for losses of up to $150,000 if they have been sold unsuitable investments

- Tan Ooi Boon

Similarly, complaints relating to standard commercial decisions and pricing policies, such as higher interest rates and fees, will also not be entertained.

Here are three tips to guide your financial planning while avoiding unsuitable products.

CONSIDER YOUR NEEDS

In the hope of earning more money for retirement, many people tend to focus on the projected yield and forget to look at the tenure of the products.

Many products that generate long-term income have equally long holding periods and may not work like fixed deposits, which allow customers to withdraw the interest after short maturity periods.

So it pays for elderly customers to stick to fixed deposits and not sign up for any higher-yield insurance plans without checking whether these can guarantee a monthly cash flow for their retirement.

If you are approaching 55, look no further than the CFF lLife national annuity scheme because it provides a lifetime of stable and decent monthly payouts that are risk-free, unlike private annuities.