What’s the Most Important Thing in Life in Singapore? Peace of Mind!
Especially when it comes to healthcare and accident protection, it’s crucial to have the right coverage so you can focus on your work and taking care of your family without worries.
Today I’m going to explain 4 essential types of insurance in the simplest way, so you can easily understand the key points!
Why do you need it?
Hospitalisation, especially in private hospitals, can be so expensive in Singapore that it’ll make you question life itself. With medical insurance, you’ll have coverage for hospital room fees, surgery fees, and pre/post-hospitalisation expenses – your insurance will help shoulder the costs!
Insurance Structure:
Singapore’s hospitalisation insurance is called the Integrated Shield Plan, which includes the government’s basic hospitalisation insurance, Medishield Life. If you’re a citizen or permanent resident, Medishield Life covers most of the costs for B2 or C-class rooms in public hospitals. But if you want to stay in a better room or go to a private hospital, you’ll need to upgrade to the IP!
Tip:
Foreigners can’t use Medishield Life, so just buy the Integrated Shield Plan for hassle-free coverage!
Critical Illness Insurance is Different from Medical Insurance!
Why is it better to buy earlier?
The cost of critical illness insurance is age-based, so the younger you are, the cheaper it is. If you’re the breadwinner of the family, especially with dependents to care for, it’s essential!
How much coverage should you get?
It’s recommended to get coverage equal to at least 5 years of your annual income. For example, if your annual income is 200,000 SGD, get a coverage of 1,000,000 SGD. Why? Because recovery from a serious illness usually takes around 5 years, and this money can help you focus on recovery without worrying about living expenses. You can choose to cover early, intermediate and advanced stages of critical illness. It is highly customisable to meet your needs.
What is Life Insurance?
In simple terms, life insurance ensures that if something happens to you, your family will be financially supported.
Who needs it?
If you have a mortgage, car loan, or dependents to care for, life insurance is a must. Think about it—if you’re no longer around, who will support your home or take care of your children?
How much coverage should you get?
It’s recommended to have a coverage amount that’s 10 times your household’s annual income. For example, if your annual income is 200,000 SGD, get a coverage of 2,000,000 SGD. This way, your hard work will ensure your family is supported for many years, even in your absence.
Types of Life Insurance:
Accident Insurance is a lifesaver in emergencies.
For example, if you fall and break a bone but don’t need hospitalisation, medical insurance won’t cover it, but accident insurance will! It covers medical expenses, X-ray costs, and even traditional medicine treatment.
Who is it for?
Everyone—adults and children alike, especially those who love sports, travel often, or have young children at home. The premiums are affordable, making it a worthwhile investment for everyone!
The purpose of insurance is to give you peace of mind in the face of unexpected events or illness. Having solid basic coverage allows you to focus on your work and enjoy life without worries. You can safeguard your life and protect your savings by dedicating just a small portion of your income
Want to know which insurance is best for you? I’m here to help!
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Don’t wait until an accident happens—prepare now and live worry-free for life!
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.
With over 5 years of experience in client service industries, I come to understand and appreciate the importance of high-quality customer service and customer experience. The key is to always prioritize the best interests of customers, ensuring their needs and expectations are met with professionalism.
The passion for client service extends into my current role where I strive to deliver personalized financial planning services. With more than 150 business partners in our company, I can help you achieve your financial goals by analyzing various financial products and offering tailored financial advice.
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