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Choosing Your First Insurance Policy: What You Need to Know

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.

Understanding Your Insurance Objectives

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:

  • Health Insurance: If your primary concern is covering medical expenses, health insurance should be your priority. It helps pay for doctor visits, hospital stays, prescription drugs, and preventive care.
  • Life Insurance: If you’re looking to provide financial security for your loved ones in the event of your untimely death, life insurance is essential. It offers a lump sum payment to your beneficiaries, helping them cover expenses and maintain their standard of living.
  • Disability Insurance: If you’re worried about losing your income due to illness or injury, disability insurance can provide a portion of your income while you’re unable to work.

Types of Insurance Available in the Market

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.

  • Reimbursement Insurance: This type of insurance reimburses you for the actual expenses you incur. For example, with health insurance, you may pay out of pocket for a medical procedure and then file a claim to be reimbursed by the insurer.
  • Compensation Insurance: Compensation insurance provides a predetermined benefit regardless of the actual costs incurred. Life insurance is an example, where the insurer pays a fixed sum to your beneficiaries upon your death.

Balancing Your Objectives and Budget

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.

Need Help?

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.

Published By:

Tiffany Tay (AWP, AEPP)

Biblical Financial Stewardship for Singaporean Christians & Global Believers

Aligning CPF, Investments & Generosity with God’s Word | MAS-Licensed Advisor

Your Trusted Christian Financial Advisor in Singapore

For believers building faithful wealth and missionaries managing cross-border finances

For Global Workers & Cross-Cultural Christians

  • Navigate international finance systems without compromising biblical values
  • Solve cross-border tax/titling challenges while maintaining tithing
  • Build ethical, portable investment portfolios for uncertain callings

For Singaporean Christian Families

  • Optimize CPF/SRS as an act of stewardship (SA shielding, OA investments)
  • Invest in biblically-aligned SGX stocks and ETFs
  • Create debt-free plans to fund generosity and missions

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Bridging my Graduate Diploma in Intercultural Studies with MAS-licensed expertise

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  • MAS-approved advice grounded in biblical values

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“With my unique background in both missions and finance, I help you manage God’s resources His way – rejecting greed, embracing radical generosity. If a product doesn’t serve your faith, I’ll be the first to say no.”

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When not analyzing CPF rules or ethical REITs, I’ll be researching how Asian churches practice stewardship (my missions thesis!) or hosting simple fellowship meals at home – because true wealth is measured in faithfulness.

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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