How much coverage is considered enough?
Typically, you should aim to have approximately 11 times of your annual earnings as basic life cover, although this would vary from person to person.
According to a 2007 study by the Nanyang Technological University of Singapore, the insurance needs of an average working adult in an average household will amount to about $490,000.
Your team representative will be best placed to perform a thorough fact-find to evaluate your protection needs.
What would be the best kind of life insurance policy to buy?
In purchasing an insurance policy, you should give due consideration to your need for protection. However, as everyone’s needs and financial circumstances are different, and they change over life cycles, there is no rule of thumb that can tell you exactly what products to buy.
How will I know if my life insurance plan still meets my needs?
A good time to reassess your insurance needs is when your circumstances change. Maintain a regular dialogue with your financial adviser. He can help you to determine if your current insurance protection, savings and investment plans are adequate for both your present and future needs.
When is a good time to start insuring ourselves?
It does not have a best timing to start planning for your own insurance coverage. That is very personal, depends on own financial ability and different protection needs which come along with the different life stages in our lives. However, if you are financially comfortable currently, do start your insurance planning as young as possible to enjoy relatively lower premium and better/ more coverage compared to when you are aged. Feel free to consult us should you require further information and we will be there for you.
How do I pay for my plans?
Yes, you may pay by monthly instalment under Instalment Payment Plan (IPP) through your DBS and POSB VISA/ MasterCard Credit Card for any new business or renewal application. Please note this arrangement does not apply for DBS and POSB Debit Card.
I have 2 life policies, 1 with company A, 1 with company B. Am I able to make death claims from both companies if things happened?
Yes! A common misunderstanding from company’s employee benefits insurance v.s. personal life insurance. A life insured policy owner will be able to make claims on ALL his existing life policies according to the contract agreed upon.
I’m covered with my company’s insurance, will that be sufficient?
Different companies employee’s benefits differs, we will have to look at the benefits before giving you the most accurate advice. Please leave us your contact to assist on this matter.
I have been saving in a yearly-fixed deposit from banks for many years, but the interest is too low. How can I make my money works harder for me?
There are many safe investment vehicles available which will definitely fetch a higher interest return than your fixed deposits. Contact us and we will provide a professional and personalized portfolio building advice just for you! FOC =)
What does insurance against Female Illnesses covers?
Insurance products related to female illnesses mainly focus on the coverage against major female illness such as cervical and breast cancer, age-related illness such as osteoporosis, as well as Lupus and Rheumatoid Arthritis. Some companies do cover surgery and hospitalisation expenses, reimbursement for reconstructive surgery and skin grafts. Some even come with comprehensive female medical check-up every two years.
Is Travel Insurance important? What does it covers?
Definitely!!! It not only covers big items like Accidental Death & Permanent Disablement, Medical Expenses incurred, Emergency Medical Evacuation etc, but also include compensation due to Travel Cancellation/ Postponement or even Lost of Personal Belongings such as laptop as well as Fraudulent Credit Card Usage.
How’s the support from the team?
Feel free to contact any of our team members or to enquire about their services. Our well-prepped team is ready for your queries or to advise you on your life roadmap.
About Louis Tan
As Senior Financial Services Manager, Louis has extensive knowledge of not only financial planning but also of marketing and distribution.
Louis is fully qualified and licensed by the Monetary Authority of Singapore. Louis is member of IFPAS and actively training new consultants.