If you are a responsible person to yourself and your family, do read this with due care.
Studies have shown than the average Singaporean needs about $495,000 of life insurance, but is covered for only 1/3 of that amount. You may be thinking like... 'Aiyar.. it's just a b***s*** number, only to cheat people to buy more insurance only one... I no money to buy some more...'
Let's put it in another perspective, and think whether does it make sense:
What are the chances that you or your loved ones will meet up with the 3 enemies, namely Death, Total&Permanent Disability, or Critical Illness?
If your answer is low, fair enough.
Next question. What would you do IF it happens? Use your own savings to tahan the crisis period? Or you would rather get the insurance companies to pay for you? Use a cent to pay for a dollar, that's what insurance is all about.
Yes, it is a probability game when it comes to 'Who will kana Death/TPD/CI'. We all think that it would only happen to unlucky people whom we never met in our life. BUT, deep down in your heart, can you GUARANTEE that it won't happen to you? Or worse still, your loved ones.
If you are convinced, read on.
What does they come out with $495,000 as a proper coverage? My rough guess would be this:
If your liability is $2,000/mth for a typical family man, and you have to support your older parents or younger children for another 20yrs, it will work out to be
$2,000/mth x 12mths x 20yrs = $480,000
This is the sum of money that you want to leave behind for your dependents in the event of Death. The calculation of Critical Illness could be even higher as the expenses would add on.
"Nearly 3/4 of Singaporeans were aware of the need to insure themselves, but only 48% were aware of how to go about it."
In the past, insurance agents are merely product pushers because of the incentive structures. But times have changed. The role of an independent financial adviser is to focus on the needs on the consumers, and choosing the best instrument to suit their needs.
Would you want to help youself achieve a peace of mind? Start by engaging a competent financial adviser to assist you. If you trust me on a personal & professional level, do contact me for a non-obligation discussion on how we can go about doing a solid financial planning. It's much more than buying a few policies and chucking it aside it your shelves. \(*-*)P
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