In my 20 years of recommending insurances, I come to appreciate that protection gaps can be easily covered with a limited budget (couple of hundreds of dollars).In short, you don’t have to allocate a big chunk of your savings to insurances, and use the excess as investments.
To simplify the complications to insurance needs, below are the 6 areas, classified easily into A to F of insurance and the recommended coverage in brackets.
* Reimburse outpatient GP and specialist medical expenses due to accident.
* Loss of income due to temporary disability from accident
* Lump sum payout to love ones on accidental death.
* In-patient hospital bills in private and/or govt wards
* Pre and post hospital bills
* Outpatient kidney dialysis, chemotherapy, day surgery etc
* Lump sum payout for special drugs/treatments/equip not covered by above, and loss of income
* Lump sum treatment for permanent disability or
* Monthly income for temporary disability or unable to do 3 out of 6 ADLs (Activities of Daily Living)
* Lump sum treatment on early illnesses diagnosis to cover temporary loss of income due to inability to work for a short period.
* Covers loss of income of breadwinner’s death as the death proceeds provide income for the young dependents and/or the elderly parents who are dependent on the breadwinner. This allows the widowed spouse to have a choice of stopping work to tend to the kids.
As the saying goes, the only certainty in life is tax and death (or illnesses). If we have to suffer from those, why not ‘earn’ from it? Why not transfer the risk to others with less than 10% of your income? Life is too precious to leave cheaply. Leave behind a legacy to your love ones so that we can leave with dignity. I am not sure about you. But I am sure if i have to leave this word, I want my family to be richer than when I was alive.
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.
I have 20 years of experience in financial advisory. Currently, I lead a team of financial advisory representatives. Together, we manage about $80m of clients’ assets and have an average experience of 10 years.
I have been featured in local magazines, Today, Straits Times, Radio 93.8 and Channel U and have published two books “Happiness Within Your Reach and “Even Introverts Can Sell”. I am passionate about financial freedom, mental health and going green.
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