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A Wake-Up Call: The Importance of Regular Insurance Reviews

A real-life story highlighting the critical need for regular insurance reviews in Singapore. Learn how a sudden cancer diagnosis exposes coverage gaps and why a trusted consultant is essential for peace of mind.

(Story begins)

Life has a way of throwing curveballs when we least expect them. This was a harsh reality for my client, Lynn, and her family. Her sister, May, a vibrant woman living in Singapore with three young children, received a devastating diagnosis in December 2024: stage 4 pancreatic cancer that had spread to her liver.

The news came as a devastating shock to everyone. May had been experiencing stomach pains for a while, but they were initially dismissed as gastric issues. Despite medication, the pain persisted and even moved to her back. Fortunately, her usual doctor was away, and she ended up seeing a doctor at a Raffles Medical panel clinic. This doctor recognized the need for further investigation and ordered scans. Within days, the results confirmed the worst: cancer.

The Importance of a Holistic Approach to Insurance

May’s diagnosis sent ripples of fear and uncertainty through the entire family. With three young children and a significant mortgage on a condominium they had just purchased two to three years ago, the financial implications were enormous. While May’s medical bills are currently being covered by her company, her inability to work has created a substantial financial strain. The family is now faced with the daunting task of managing their household expenses and mortgage payments without May’s income.

As we delved deeper into May’s situation, it became clear that she, like many others, had not had her insurance policies reviewed in recent years. This oversight, unfortunately, left her family exposed to significant financial strain during an already challenging time.

The Importance of Regular Insurance Reviews

May’s story underscores the urgency of reviewing your insurance coverage today. It’s not just about having policies in place; it’s about ensuring they provide the protection you need when you need it most.

Witnessing their sister’s struggles, Lynn and Mark realized the potential gaps in their own protection. “My sister-in-law’s incident reminded everyone that nothing is more important than being alive and healthy,” Mark shared. “That’s why I understand how noble your job can be as a financial consultant, because you play an important role in lots of people’s lives.” Mark’s words highlighted the crucial role of a thorough insurance review in safeguarding a family’s financial well-being.

Why Regular Insurance Reviews Matter

Here’s why regular reviews are crucial:

  • Life Changes: Marriage, children, new jobs, property purchases – all these milestones can impact your insurance needs.
  • Policy Updates: Insurance products evolve, and new options may offer better coverage or value.
  • Identifying Gaps: A review can uncover gaps in your protection that you may not be aware of.
  • Peace of Mind: Knowing you have the right coverage provides peace of mind, especially during challenging times.

Financial Planning: Addressing the Immediate Needs

When mishaps occur, emotions run high, and physical discomfort can be overwhelming. While we can’t take away those feelings or the physical pain, we can, as financial consultants, help alleviate the financial strain. If someone is underinsured, financial worries can become a significant burden, pulling them down further during an already difficult time.

This is why I’m so passionate about helping my clients and friends ensure their insurance coverage is adequate and up-to-date. It’s about providing peace of mind, knowing that they have a safety net in place, no matter what life throws their way. It is better to get a trusted professional to review your policies. After they know, they can choose to take action or wait. But at least they are aware.

Don’t Wait Until It’s Too Late: Schedule Your Review Today

May’s story is a powerful reminder of the fragility of life and the importance of being prepared. It’s a call to action for everyone to review their insurance coverage regularly with a qualified and trusted consultant. It’s about ensuring that when the unexpected happens, financial worries are the last thing on their minds, allowing them to focus on what truly matters: their health, their family, and their well-being.

Are you confident in your current insurance coverage? Don’t wait until it’s too late. Schedule a complimentary insurance review with me today. Together, we’ll ensure you have the right coverage to face life’s challenges with confidence.

Important: The information and opinions in this article are for general information purposes only. They should not be relied on as professional financial advice. Readers should seek independent financial advice that is customised to their specific financial objectives, situations & needs. This advertisement or publication has not been reviewed by the Monetary Authority of Singapore.

Published By:

Ong Wen Lin Klaire

You’ve likely heard from a friend or colleague about my commitment to providing clear, trustworthy financial guidance. Like them, you’re probably looking for more than just numbers – you want a financial partner who truly understands your aspirations. That’s where I come in.

For over 26 years, I’ve been helping individuals and families like yours navigate the complexities of wealth management and investment planning. My approach is built on three core principles: unwavering integrity, genuine connection, and dependable results.

What does that mean for you?

  • Seasoned Expertise: Leverage my 26+ years of experience in comprehensive financial planning, wealth management, and strategic investment solutions tailored to your individual circumstances.
  • A Genuine Connection: I believe in open communication and understanding your aspirations beyond the financial statements. Whether you’re planning for retirement, growing your portfolio, or facing a financial challenge, I’m here to listen and partner with you.
  • Consistent and Dependable Results: My clients rely on me for proactive support and strategic guidance. I provide timely updates and make informed decisions based on thorough market analysis, always keeping your best interests at heart. My consistent recognition within the company is a testament to this dedication.

Ong Wen Lin – Let’s build on the trust your friend has already placed.

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  • Financial Alliance Pte Ltd ( “FAPL”) is licensed by the Monetary Authority of Singapore (“MAS”) and allowed to conduct financial advisory activities in accordance with the Financial Advisers Act (Cap. 110) (“FAA”) and the Securities & Futures Act (Cap. 289) (“SFA”) within the jurisdiction of the Republic of Singapore and in accordance with the licenses granted by MAS
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  • 作为提供此类服务的一部分，鑫盟理财会不时向此类咨询者提供有关产品的参考文件和信息（例如，关于海外司法管辖区以外的资金管理或投资咨询服务等信息）。
  • Such documents and information are provided by Financial Alliance Pte Ltd (“FAPL”) is for general information only and is not intended for anyone other than the recipient.
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In compliance with the Personal Data Protection Act, Financial Alliance Pte Ltd (“FAPL”) seek your consent to collect and use your personal data (e.g. name, NRIC, contact numbers, mailing addresses, email addresses and photograph) for the purposes of and in accordance with FAPL’s Data Protection Policy, which can be found on FAPL’s website at https://fa.com.sg/data-protection-policy/.

根据《个人数据保护法》，鑫盟理财私人有限公司征求您的同意向您收集并使用您的个人信息。鑫盟理财将根据公司的个人数据保护政策所阐述的用途使用您的个人资料（例如姓名，证件号码，联系电话，邮寄地址，电邮地址和照片）。 该政策可在本公司网站上查寻，网址为 https://fa.com.sg/data-protection-policy/.

By submitting this form, you are deemed to have read and understood FAPL’s Personal Data Policy.

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  • I have read and understood FAPL’s Personal Data Policy, and hereby give my acknowledgement and consent to FAPL to use my personal data in accordance with FAPL’s Personal Data Policy.
  • 我已阅读并理解鑫盟理财私人有限公司的个人数据保护政策，并同意鑫盟理财私人有限公司根据个人数据保护政策所阐述的用途使用我的个人资料。
  • I have read and understood the disclaimers above and hereby affirm my acceptance of these terms.
  • 我已阅读并理解了上述免责声明，特此声明接受这些条款。
  • I have not been directly contacted or approached by any representative or employee of FAPL with an offer or solicitation to apply for any financial products not offered in my home country.
  • 鑫盟理财私人有限公司的代表或员工并未直接与我联系或提出要约或招揽购买我原居住国境内所不提供的任何金融产品.
  • Financial Alliance Pte Ltd ( “FAPL”) is licensed by the Monetary Authority of Singapore (“MAS”) and allowed to conduct financial advisory activities in accordance with the Financial Advisers Act (Cap. 110) (“FAA”) and the Securities & Futures Act (Cap. 289) (“SFA”) within the jurisdiction of the Republic of Singapore and in accordance with the licenses granted by MAS
  • 鑫盟理财私人有限公司( “鑫盟理财”)持有由新加坡金融管理局(“MAS”)所颁发的牌照，并许可在新加坡共和国境内依据财务顾问法（第110章）和证券与期货交易法（第289章）进行财务咨询等相关业务
  • Any services provided by FAPL to persons not ordinarily resident in Singapore are provided solely on an offshore basis from Singapore, resulting from direct enquiry on the part of the foreign residents.
  • 鑫盟理财为非新加坡居民所提供的任何服务仅限于直接向鑫盟理财发出咨询请求的国外居民。
  • As an integral part of the provision of such services, FAPL may from time to time make available to such residents, documents and information making reference to capital markets products (for example, in connection with the provision of fund management or investment advisory services outside of the foreign jurisdiction).
  • 作为提供此类服务的一部分，鑫盟理财会不时向此类咨询者提供有关产品的参考文件和信息（例如，关于海外司法管辖区以外的资金管理或投资咨询服务等信息）。
  • Such documents and information are provided by Financial Alliance Pte Ltd (“FAPL”) is for general information only and is not intended for anyone other than the recipient.
  • 此类由鑫盟理财所提供的文件和信息仅供收件人做一般信息参考。
  • It does not take into account the specific investment objectives, financial situation or particular needs of any particular person.
  • 此类文件和信息不会把-个人投资目标，财务状况或其特定需求等考虑在内。
  • It does not constitute the making available of, or an offer or solicitation by FAPL to buy or sell or subscribe for any such capital markets product or to enter into a transaction or to participate in any particular trading or investment strategy nor an advice or a recommendation with respect to such financial products.
  • 鑫盟理财向该人士提供此类文件和信息将不构成要约或招揽购买或出售或认购任何此类资本市场产品，或达成交易或参与任何特定的投资策略，也不构成有关此类金融产品的建议或推荐。
  • These documents may not be published, circulated, reproduced or distributed in whole or in part to any other person without FAPL’s prior written consent.
  • 未经鑫盟理财的事先书面同意，不得将这些文件全文或部分发布，传播，复制或分发给其他人。
  • This document is not intended for distribution to, publication or use by any person in any jurisdiction, where such distribution, publication or use would be contrary to applicable law or would subject FAPL and its related corporations, connected persons, associated persons and/or affiliates to any registration, licensing or other requirements within such jurisdiction.
  • 鑫盟理财无意在分发，出版或使用此类文件可能违反当地法律，或本公司及关联公司或关联人士需要注册，获得许可或符合规定的司法权区向当地人士分发、出版此类文件或供其使用。
  • You shall ensure that you have and will continue to be fully compliant with all applicable laws in your home country when entering into discussion or contracts with FAPL.
  • 在与鑫盟理财进行讨论或签订合约时，您应确保您已完全遵守并将继续遵守您所在原居住国的所有适用法律及条规。

In compliance with the Personal Data Protection Act, Financial Alliance Pte Ltd (“FAPL”) seek your consent to collect and use your personal data (e.g. name, NRIC, contact numbers, mailing addresses, email addresses and photograph) for the purposes of and in accordance with FAPL’s Data Protection Policy, which can be found on FAPL’s website at https://fa.com.sg/data-protection-policy/.

根据《个人数据保护法》，鑫盟理财私人有限公司征求您的同意向您收集并使用您的个人信息。鑫盟理财将根据公司的个人数据保护政策所阐述的用途使用您的个人资料（例如姓名，证件号码，联系电话，邮寄地址，电邮地址和照片）。 该政策可在本公司网站上查寻，网址为 https://fa.com.sg/data-protection-policy/.

By submitting this form, you are deemed to have read and understood FAPL’s Personal Data Policy.

提交此表格，即表示您已阅读并理解鑫盟理财私人有限公司的个人数据政策