CASE STUDY
Darren Leong, aged 38, live..i. in a HDB Executive Apartment. Besides the HOB executive
apartment, Demo ,vns the following assets as show below;
WE.-ILTH CROUN DL',C - FOUNDATION--IL PART
HDB Executive Apartment
|
Purchase Price |
$280,000 |
|
Original Mortgage |
$196,000 |
|
Current Mortgage Balance |
$135,000 |
|
Fair Market Value |
$ 735,000 |
Car
|
Purchase Price |
$128,000 |
|
Original Lom |
$96,000 |
|
CW'?ent Loan Balance |
$ 78,000 |
|
F•air Mazket Value |
$108,000 |
Other Assets
|
Savings Account Balance |
$3,000 |
|
Fixed Deposit Account |
$4,500 |
|
Gro,,rth StockUnit T -t-Muket Value |
$65,000 |
|
Per-OOal Prop erty |
$9,000 |
|
C:edit Cazd Out.-unding Balance |
$ 7,000 |
|
CPF Ordinary Account Bahmee |
$93.000 |
|
CPF Special Account Balance |
$26.000 |
WE.-ILTH PROTECTION- TAXPLA,',1\u',C
- About S years ago, Darren bought a$150,000 5 year limited pay whole life plan. The annual premium for his plan was $19,500 p.a. The Cash Value of his plan is $48,750.
- 0 3l'?en has put in place a Hospital Income Insurance Plan th at is duigned to pay him a daily c.uh benefit of$250 up to ISO days per bo- pita.lizatio n and for 1000 days per lifetime. The premium for the Hospital Income Insurance plan is$1,975 p.a.
- Darren recently bought a Disability Income insurance policy with a sum assured equal to 70%of his monthly salary, i.e. $5.,250 which is 70% of ($ 5,000 +$2 500). The deferred period is 6 months in the ennt that he is cfaabled and the Oi; ability Income insurance policy covers him up to the age of 65 year;. The annual premium for his plan i, Sl0,800 p.a.
- Darrenrent; out one common room to lr Leow for$850 per month. i Mr Leow has gone overseas for 6 ,weeks and will return in early January 2017.1'.fr Leow said that he would pay the rent for December 20 1 6 and January 2017 upon his return.
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