As you begin your career or start thinking about major financial decisions like purchasing your first insurance policy, you might find yourself wondering, “Which type of insurance should I buy first?” The answer to this question isn’t one-size-fits-all—it depends on your personal objectives and financial situation. Here’s a guide to help you make an informed decision.
Before diving into the various types of insurance available, it’s essential to understand what you want your insurance to do for you. Are you looking to protect yourself against unforeseen medical expenses? Do you want to ensure your loved ones are financially secure if something happens to you? Or perhaps you’re concerned about protecting your income in case of disability or unemployment?
Your objectives will guide you toward the type of insurance you need. For example:
There are two main categories of insurance: reimbursement and compensation. Understanding the difference between these can help you decide which type of policy is right for you.
Once you’ve identified your objectives, the next step is to determine what you can afford. Insurance policies vary widely in cost, depending on factors such as your age, health, and the level of coverage you choose. It’s crucial to strike a balance between meeting your objectives and staying within your budget.
Start with the most critical coverage based on your current needs. As your financial situation improves, you can gradually add more policies or increase your coverage limits.
Determining your insurance needs can feel overwhelming, especially when you’re new to the workforce or purchasing insurance for the first time. If you’re uncertain about your planning objectives or need guidance on which type of insurance to buy first, don’t hesitate to seek advice. Professional assistance can help you navigate the complexities of insurance and make informed decisions for your future.
Reach out today to begin your financial planning journey!
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 unbiased 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.
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提交此表格,即表示
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