Health
Nobody wants to get sick, but illness is both unpredictable and inevitable. Every working adult living in Singapore is aware of how costly medical bills can get. This is why having an integrated health insurance is crucial. While everyone must get a health insurance that at least covers the cost of treatments in a public hospital, this alone are at often times not sufficient to cover your entire medical bill.
On this, there are options to boost your basic health insurance, such as by applying for an integrated health insurance that generally provides you with the choice of receiving treatment in private hospitals. This would provide a better protection in cases where you would like to be treated in private healthcare providers or if you prefer to be accommodated in a higher-class ward in public hospitals.
Housing
If you are the family’s breadwinner and have a mortgage instalment to pay, you shall have at least the home protection scheme or HPS (for HDB flat owners) or a private mortgage insurance (for owners of private houses or condominiums). This insurance is particularly useful in the unfortunate case where you are not able to complete the full payment of your housing loan because of events such as permanent incapacity, terminal illness or death.
In the case of the HPS, where it would cover the rest of your unpaid instalment, you would have less worry about losing your home when the unfortunate happens. Furthermore, similar to the HPS, a private mortgage insurance would offer similar benefits. The difference between the two schemes is that when you choose a private mortgage insurance, you can opt for riders if you need additional protection such as in the case of personal accidents or critical illness. With a private mortgage insurance, you can always upgrade or transfer your plan. The ability to transfer will be useful when you choose to buy a new property.
Family
Do you love your family? Imagine the worst scenario of you dying (touch wood) and there is no one else to provide for your loved ones and dependants. You could address such concern by obtaining a life insurance and a critical illness insurance.
Basically, a life insurance policy can help protect you from financial losses in case of unfortunate events. In the case of your death, the protections would provide your dependants with a cash pay-out and they can use it to continue their lives, at least for a certain period of time.
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