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Why Life Insurance Is Extremely Important In A Single-Income Household

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If you are the sole-breadwinner in a single income household, it is important to plan how your home will continue running if something unforeseen happens to you. Consider how your loved ones will stay financially afloat if you suddenly pass away or fall terminally ill. You wouldn’t want them to have to struggle to make ends meet. Nor would you want them to be left deprived. A  life insurance  plan can help you ensure that your family’s needs are covered in your absence. Let’s take a closer look at why life insurance is so important in a single-income household and explore what types of life insurance plans are available. So, how can a life insurance plan help a single-income household? A life insurance plan typically pays a lump sum payout if something unforeseen happens to the insured policyholder. The payout is generally made upon death or diagnosis of a terminal illness or total permanent disability. This payout can help the insured individual’s family to cope with the loss of incom
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3 Important Things To Consider While Buying An Endowment Plan

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An endowment plan is a savings plan that comes with a savings component and life insurance. Typically, you contribute premiums towards the plan and get paid back a lump sum upon maturity. There is death benefit paid out if the policyholder passes away prematurely. An endowment plan is essentially a savings plan that helps you build a nest egg for the future. If you are taking an endowment plan for the first time, you might need a bit of help. To that effect, we have listed down 3 important things that you must consider while purchasing this insurance savings product. 1.       The reason or goal for taking the plan Before purchasing your very first endowment plan, you need to figure out the reason for taking the plan. Are you buying the plan to save up for your child’s university fees a few years down the line? Or, perhaps, you want to build a corpus of funds for retirement. Either way, knowing your goal will help you decide two things – ·          How much you need to save up
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A Quick Guide To Understanding ILPs In Singapore

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  When exploring options for life insurance in Singapore, you might have come across ‘ investment linked policies ’ or ILPs. Have you ever wondered what these are or how they can prove to be a useful addition to your insurance portfolio? If yes, then this article is just for you! Read on to discover how ILPs work and what advantages they can possibly offer you. How does an investment-linked policy work? An investment linked policy is an insurance product that has two main components – life insurance (protection) and investment . The premium that you put towards the ILP is used to invest in sub-funds. Units of these sub-funds are then sold to buy insurance and pay for other associated costs that the insurer charges you.   ILPs are divided into two main types – ·          Single premium ILP – True to its name, you pay a single, lump sum premium. ·          Regular premium ILP – You pay regular premiums that are put towards your investment and insurance Insurers generally al
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4 Common Misconceptions About Term Insurance Plans

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  Term plans are a budget-friendly way of getting life insurance coverage. Unfortunately, there are many misconceptions that often interfere with you getting the coverage you need and deserve. Today, we aim to shed some light by demystifying a few misconceptions on term insurance . Let’s get started – Misconception 1 - Term life insurance doesn’t offer coverage as valuable as whole life insurance This is, perhaps, one of the biggest misconceptions that most people have about term plans. Now, term life insurance and whole life insurance each come with their own unique benefits. The biggest differences between these two forms of coverage are as follows: ·       Term plans cover you for a fixed period whereas whole life insurance covers you for life ·       Whole life insurance plans accumulate cash value whereas term plans do not Now, these differences are by no means drawbacks of term insurance . The trick to getting the most value out of term plans is to take this form of in
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Build Your Health Insurance Portfolio Online Today!

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  It is no secret that the costs of healthcare are rising each year. In addition, you may not be prepared to deal with the expenses of sudden medical emergencies. Whether you are just starting out in your career or have worked for a decade or two, there are always other expenses that eat into your monthly pay. So, how can you stay protected against the ever-growing costs of medical treatment? A possible answer is– health insurance .  If you are a Singaporean citizen or PR, you enjoy a certain level of coverage from MediShield Life. But as you are probably aware, that coverage – though helpful – is pegged at certain wards in public hospitals only. If you prefer a different type of ward or a private hospital, you might need your own private health insurance. Now, health insurance ideally comprises of not just one but a collection of insurance products. Each one is designed to uniquely protect you against certain unforeseen circumstances. And together, they offer formidable protection. Be
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  Hand, Foot, and Mouth Disease (HFMD) is a common condition affecting children who are aged 5 years or younger. Common symptoms of this disease include an onset of fever, rashes on the palms, and soreness in the throat among other signs. Given the high incidence of HFMD in Singapore, it is important for parents to ensure that their child stays safe against this condition. More importantly, it also helps to have insurance coverage against such conditions, especially when your child has high contact with other children. How do you get coverage for HFMD? One of the best ways to stay covered against a condition such as HFMD is by opting for a personal accident insurance plan. A personal accident insurance plan taken for your child will cover them against HFMD as well as a host of other infectious diseases. Under this plan, you can make a claim for expenses incurred due to the treatment of HFMD for your child. As part of the personal accident insurance plan, you can make a claim up
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Here’s Why Having Cancer Insurance Is So Important In Today’s Times

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  Cancer as a disease is on the rise, across the world including Singapore. According to studies from the Singapore Cancer Society, between 2014 to 2018, an average of 41 people got diagnosed with cancer each day . Those numbers are high and serve to reflect the seriousness of the situation at hand. Though modern medical advancements allow for successful treatment in a lot of cases, one needs to first have access to adequate finance. The total cost for the diagnosis and treatment of cancer can drain out a person’s savings. To prevent financial ruin that sometimes accompanies ill health, it is important to have cancer insurance . How does cancer insurance protect you? A cancer insurance plan offers you coverage for all stages of cancer. Insurers are known to give their policyholders 100% payout of the sum assured for all stages of cancer. The sum assured can start at around S$10,000 and go much higher. Some of the best cancer insurance plans cover you for a sum assured as high as S
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