Your biggest financial asset is yourself
It is often said that the family home is the biggest financial commitment that most of us will make in our lifetime. That’s true. But your biggest financial asset is not your home, it’s yourself. And for the average employed Singaporean, this asset could be worth close to $4m. Surprised?
Example
Mr Tan is a 34-year-old IT executive. He earns $4,500 per month, and expects to get a 5% pay rise each year until he retires at age 65. From now, until he retires, his cumulative lifetime earnings will amount to about $3,821,000.
The concept and the benefits
If you are a working professional, unfortunate events such as illness or accident may strike. Even worse, the illness or accident may lead to a disability that will cause you to lose your job because you can no longer work. When this happens, your personal finance is at stake. When you are not working, you will not receive any income.
With that being said, the disability income protection matters to every working professional, especially those who need to provide for their family. If you do not want to risk the wellbeing of your loved ones, buying a disability income protection sounds like a great plan.
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