Planning for a Cancer Patient

We speak to our consultant, Ooi Choon Kiat today about his experience planning for a client who got diagnosed with uterine cancer.

Q: How long has this client planned with you?

CK: This client was referred to me by her colleague in 2014 to assist her in her retirement planning.

Q: When did you know that the client is not well?

CK: When I met up with the client, I found out that she is a diabetic patient. Despite seeking treatment from many doctors, her health has not improved. While I was collecting information to craft her financial plan, I focused on her health, mental and emotional well-being. I referred her to seek consultation from a couple of specialized TCM doctors. I also invited her to join my weekly Qigong practice. Every Sunday morning, she wakes up early at 6am and takes a bus from Hougang to MacRitchie Reservoir to join me for the Qigong.

Q: When was the client diagnosed with cancer?

CK: The client informed me that she was diagnosed with uterine cancer in 2017. Wanting to keep her spirits up, I invited her to join me for a nature walk at Windsor Park every week. I took the opportunity to value add to her by giving her positive energy. I wanted to guide her to think positively, and to take good care of her health.

Q: What are the key concerns of the client after being diagnosed with cancer?

CK: My client was very worried about whether she has sufficient funding for her cancer treatment. She was also concerned with her cashflow for her retirement. She wanted clarity in her finances.

Q:. How is planning for a cancer patient different?

CK: At the end of 2017, I crafted her an Advanced Plan. I did a detailed cashflow analysis for her that took into consideration her additional medical expenses on top of her living expenses. The plan gave her confidence that her retirement is well taken care of. She started planning with Unicorn at the age of 60 with an initial investment of $50,000. By the year 2018, she has accumulated a total of $500,000 assets under advice with Unicorn Financial Solutions Pte Ltd.

Q: How is the client now?

CK: My client had to undergo surgery to remove the cancerous uterine tumour. This was followed by chemotherapy. She has regained her health and is recovering from her cancer treatment. She still joins me for my weekly nature walks. I am happy to see that her health has improved, and she has started to take care of her health.

Q: Any advice for our readers?

CK: Financial Planning is not only merely about how much wealth I can bring to my friends. It is also about taking care of my friend’s health to make sure they can enjoy the wealth that they have built over the years.

 

Interviewer: Tina Ho

Interviewee: Ooi Choon Kiat