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.
What about the critical illness insurance? This insurance generally covers what is not covered by a traditional insurance. If your traditional insurance does not cover the costs associated with critical illnesses, it is important to acquire a critical illness insurance. Medical care and treatment of a critical illness are expensive in Singapore, especially if you are required to undergo a surgical procedure. But, if you have the insurance, you will not need to worry about the costs. Some insurance companies even cover the non-medical costs, including transportation and child care.
Career
Who does not desire a stable income? To achieve this, we work hard every single day thinking that we would be able to enjoy the income received every month. However, sometimes things do not go our way. Bad things, such as illness and accident, may happen and at often time, there is nothing we can do to avoid it.
But we can still prepare and take precautions, such as by having ourselves covered by the disability income protection insurance. Such insurance would help to cover your personal finances should the unfortunate happens, blocking your way to work. For instance, when you become disabled because of an illness or accident (again, touch wood), you may no longer be able to work. And such circumstances would often lead to a no income situation.
That is why an insurance like the disability income protection can be very important and useful. Under the coverage you would receive a pay-out every month until you can work again, retire or for certain cases, over a period of time. The coverage would typically depend on your choice of insurance provider.
Retirement
Many working adults in Singapore are worried about retirement. Such sentiment makes total sense since it is not cheap to retire and continue living comfortably once you are no longer working full-time. To secure a retirement income, we would then think of investing our income while we are still productive at work.
There are plenty of investment opportunities in Singapore. And different instruments are associated with different variation of risk. If you want an investment that would offer potentially higher return compared to a regular savings account, you may want to consider having an endowment plan.
Unlike the interest that you would get from a regular savings account, an endowment plan generally offers higher return. Endowment plans also typically include a whole-life insurance policy that offers a guaranteed return. Depending on the policy, such plan would involve the policy owner paying a regular premium throughout a period of time. The payment can be made monthly, quarterly, semi-annually or annually. This is in contrast to having a bank deposit, where you would need to prepare a substantial amount of cash up front.
Productive seniors who are looking to retire soon are recommended to opt for a shorter maturity period. But if you want to start early when you are still young, you should go for a longer maturity period. Do note that there are always risks that come with buying an endowment plan. You will not know the exact amount of money you will receive once your plan reaches maturity. It all depends on the results of investment that your insurance provider has been making on your behalf.
+6594380070