Term insurance is the simplest form of life insurance that provides coverage at a fixed rate of premiums for a specified term. It provides financial protection to you and your family at the most affordable rates. With term insurance, you can get a large amount of life cover (i.e. sum assured) at a relatively low premium rate. The benefit amount is paid out to your beneficiary in case of the death of the person insured during the term of the policy. Term Insurance provides you with the most value for money kind of Insurance Planning!
Wealth accumulation is acquiring money, properties, or other assets to simply build up your net worth and wealth over time. Wealth building doesn’t happen overnight, you need to take steps to accumulate your wealth. It is common for everyone to want a financially secure life and be ready for a comfortable retirement. However, wealth accumulation differs for different individuals and it usually depends on the individual’s goals and aspirations at different stage in life.
Severe Disability Insurance is often called Disability Income Insurance, or Income Protection, is a form of insurance that insures the beneficiary's earned income against the risk that a severe disability creates a barrier for completion of core work functions. In Singapore, a national long-term care insurance scheme targeted at severe disability, especially during old age was implemented.
Critical Illness (CI) Insurance provides you with the financial protection if you are diagnosed with a major illness, and ensures that you and your family’s needs continue to be met during your recovery period. Benefits are paid only if the illness meets the definition stated in the policy. Some policy have a waiting period for specific illnesses and no benefits will be paid if the illness is diagnosed during the waiting period. Different policy may cover different stages of CI diagnosed. The Life Insurance Association Singapore (LIA) has standard definitions for 37 severe-stage critical illnesses.
Retirement planning means preparing for a steady stream of money after retirement. It entails setting aside funds and investing specifically with that goal in mind. Your retirement strategy will depend on your final goal, income, and your age. The purpose of having a retirement plan is to ensure financial stability in your later years without depending on others.
The SRS is part of the Singapore government’s multi-pronged strategy to address the financial needs of a greying population by helping Singaporeans to save more for their old age. It began in 2001 and is operated by the private sector. The SRS complements the Central Provident Fund (CPF). CPF savings are meant to provide for housing and medical needs and for basic living needs after retirement. Unlike the CPF scheme, participation in SRS is voluntary. SRS members can contribute a varying amount to SRS (subject to a cap) at their own discretion. The contributions may be used to purchase various investment instruments.
All doctors need to assess patient’s conditions and provide a professional advice with the best medical treatment available. Risks that doctors face are inevitable in their field of work and the medical treatment provided may not always work the same way for all patients.
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To have a peace of mind while you engage in your medical profession in Singapore, a Medical Indemnity Insurance will be required.
WHEN IGNORANCE IS NOT A BLISS
Everyone needs a Will
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Most Singaporeans don’t have a Will, you are most likely one of them. In fact, there is a severe lack of education about the importance of leaving Wills. Many assumptions are often made about Will writing when in reality, most aren’t even aware of what actually happens when they die without a Will. We often have people asking “how now?” when a family member dies without a Will — oftentimes, it is too late for much to be done.
