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PROTECTION NEEDS IN 5 LIFE SITUATIONS
If you see yourself in one or more of the situations below, find out how you can ensure that you or you and your loved ones are financially cared for. Young working adults Newly married couples Persons with aged parents to support Retirees or pre-retirees Families with single income
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Insurance 101 - How to plan to protect your life
Insurance is a great way to get financially protected against a range of unpredictable events that could cause you or your dependents some loss. These events include the death of a breadwinner, hospital bills and treatments for a critical illness, or a sudden lack of income from total and permanent disability. When such situations take place, your insurer will pay you an agreed amount to cover some, or all of the loss. There are various types of insurance available to cater to different needs, and it is important to understand what your protection needs and any gaps are before purchasing any insurance policy. Check your protection needs using the protection gap calculator. Learn about and compare life insurance plans at compareFIRST. Talk to a financial consultant to work out your protection needs and any gaps. Find out more about: Healthcare Protection Savings & Investment Retirement Wealth Management
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Healthcare
Health insurance safeguards you and your loved ones against the financial loss you could suffer in the event of an accident, illness or disability. It makes up for your income loss or covers the cost of your medical treatment. Medisave and MediShield Life may not be enoughRegular contributions to Medisave are deducted from one's salary. Portions of the hospital expenses not covered by MediShield Life can be paid by MediSave up to a certain limit. Medisave is used to purchase MediShield Life. MediShield Life is a basic health insurance plan, administered by the Central Provident Fund (CPF) Board, which helps to pay for large hospital bills and selected costly outpatient treatments, such as dialysis and chemotherapy for cancer. It is structured so that patients pay less MediSave/cash for large hospital bills. MediShield Life is sized for subsidised treatment in public hospitals and pegged at B2/C-type wards. Those who prefer higher wards, more coverage like pre- and post-hospitalisation, higher claim limits as well as the availability of riders can opt for Integrated Shield Plans. MediShield Life and Integrated Shield Plans have co-insurance and deductible features to keep premiums affordable. Riders are additional coverage that you can get on top of your Integrated Shield Plan – at a higher premium - to cover your co-insurance and deductible payment. New riders will be available by 1 April 2019, which: Incorporate a co-payment of 5% or more. Have a cap on the co-payment amount each year for treatments that are pre-authorised or provided by doctors on the insurer’s approved panel. This is to address concerns from some policyholders that they may face high co-payment amounts due to the unlikely event of very large bills. Insurers can set a co-payment cap of $3,000 or more per policy year. This places an upper limit on the risk exposure for policyholders, to protect them against very large bills. In the meantime, existing rider plans may still be provided by insurers. Insurers will inform their new policyholders that they will transit to the new riders with co-payment from 1 April 2021. These changes will not affect MediShield Life or Integrated Shield Plans, which already have co-payment features. What products are for you? The type of health insurance you need depends on what you want protection against. If you wish to… You should consider… Have your medical expenses paid Medical expense insurance Receive a fixed amount of cash when you are in hospital Hospital cash insurance Reduce your financial burden when you are diagnosed with a major illness (e. g. cancer) Critical illness insurance Replace your income when you are unable to work Disability income insurance Pay the cost of care you need when you are too weak to look after yourself Long-term care insurance A financial adviser can take you through a fact-find process to identify where the gaps are in your health insurance coverage and recommend appropriate health insurance solutions. Contact any one of our member companies to put you in touch with a financial adviser. For information on what health insurance can do for you, refer to FAQs.
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Protection
Life is filled with uncertainties and risks. Life insurance protects you against unforeseen events by minimising their impact on your dependants. A life insurance policy pays out a lump sum in the event of total and permanent disability or death. The benefits are intended to cover immediate to longer-term financial needs of your family members such as parents, spouse and children. Are you under insured? Are you adequately covered so that your loved ones will not experience financial difficulties should anything happen to you?In assessing your needs, consider: the number of dependants you have the lifestyle you want to provide your family with after your demise your children's education needs your outstanding debts and mortgages To gauge how much insurance coverage you need, go to the protection gap calculator. Professional advice is important Your financial circumstances are not exactly the same as another person's. It is advisable to seek the help of a financial adviser whose job is to guide you in making choices you understand about your financial future, and provide you with suitable financial solutions that will protect you and your loved ones in the event of a calamity. Contact any one of our member companies to put you in touch with a financial adviser.
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Savings & Investment
To achieve various goals in a shorter period of time such as buying a new home, sending children to university or saving and investing for retirement, financial planning is required. Life insurance plans are financial tools to help you save over many years and invest for the future. An endowment policy serves as a disciplined method of saving regularly. Investment-linked plans are flexible and can be customised to potentially yield higher returns. Investment come with risks and you need to consider key factors, some of which are: Risk profileHow much volatility and risk can you tolerate in your investment should market conditions change? How much funds can you afford to invest and potentially lose after meeting living expenses, medical needs and financial commitments? Investment objectiveAre you investing to hedge against inflation? Are you investing to grow your capital? Time horizonYour investment time horizon is the number of years you have to invest to achieve your financial goals. The more time you have, the more options you have. Your time horizon would impact how much your savings can grow, what assets you can invest in and how much risks you can take. Designing a financial plan that works for you Financial advisers have the knowledge and expertise to recommend solutions that are appropriate for you. Contact any one of our member companies to put you in touch with a financial adviser. For more information on saving and investing for the future, refer to FAQs.
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