Secure Your Future: Close Your Insurance Protection Gap Today

Are you adequately protected against life’s uncertainties?


 
Did You Know?

Singaporeans Face a $952 Billion Protection Gap


The latest Protection Gap Study 2022 by the Life Insurance Association Singapore (LIA) revealed that there remains a 21% mortality protection gap and a staggering 74% critical illness (CI) protection gap among economically active individuals in Singapore1.



$373 billion In total mortality protection gap
$579 billion In total critical illness protection gap



Find Out How to Close Your Protection Gap Today
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Why You Need to Act Now

  • Life Expectancy is Rising: Singaporeans are living longer, but extended lifespans mean more years of health-related expenses. Have you factored this into your current coverage? Not doing so could erode years of savings and derail even the most carefully laid retirement plans.

  • Critical Illnesses are Expensive: Did you know that on average, patients struck with a critical illness take around 3 to 5 years to recover and return to being economically productive? This leaves many families under-prepared for long recovery periods and lead to degradation in standard of living.

  • Peace of Mind for You and Your Loved Ones: Ensuring you are fully protected with life and critical illness insurance isn’t just about safeguarding yourself—it’s about giving your family financial security if the unexpected happens.

What Are the Essential Insurance Coverage Recommended for Working Adults?


According to the Monetary Authority of Singapore’s Basic Financial Planning Guide2, here are the basic rules of thumb for protection that you can consider.

Whole/
Term Life Insurance

  • Provides financial support to your loved ones in case of premature death, helping them cover ongoing lifestyle expenses.
  • The coverage amount recommended is at least 9 times your annual income.
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Critical Illness Insurance

  • Covers major medical costs and offers a lump sum payout to ease the financial burden of long-term recovery.
  • The coverage amount recommended is at least 4 times your annual income.
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For example, someone with the median monthly income of $5,197 should be covered for death & total permanent disability to the tune of at least $561,276. This person should also be insured against critical illness for at least $249,456.

Take Control of Your Future Today

To help you bridge your protection gap, Financial Alliance has partnered with our insurance partners to offer exclusive insurance bundles designed for young adults like you.

Our comprehensive solutions include both Life Insurance and Critical Illness Protection, offering you the best of both worlds.

For a limited time, these bundles come with attractive discounts, cashback rewards and other perks for customers. Terms and conditions apply.

Schedule a Consultation

Footnotes

[1] Source: Protection Gap Study 2022 by Life Insurance Association of Singapore

[2] Source: Basic Financial Planning Guide by the Monetary Authority of Singapore

Note: Insurance plays an important role in your financial planning, and buying an insurance product is a long-term commitment. You should seek financial advice from your trusted financial adviser representative before purchasing any policies.

Frequently Asked Questions on Term Life Insurance

Term insurance is life insurance that provides insurance coverage only for a fixed period of time. An example of term insurance is the Dependants' Protection Scheme.

Riders can be attached to enhance the benefits provided by the policy. As this may vary from product to product, check with your insurance company for more details.

Need Advice?

Meet Your #ChooseIndependent
Financial Adviser Representative


Ow Luo Hui Alvin

Financial Advisory Manager

About Ow Luo Hui Alvin

As a highly experienced Associate Financial Planner (AFP), I empower PMETs and young families to move beyond financial overwhelm and actively pursue their deepest life aspirations. Leveraging 12+ years of hands-on experience, I craft tailored financial roadmaps that build both security and lasting prosperity. My expertise spans from designing strategic insurance plans that offer robust protection and peace of mind, to creating bespoke investment portfolios that are perfectly aligned with your unique risk profile, long-term vision, and aspirations.

I specialize in helping you design a retirement that truly embodies financial freedom, guiding you toward a secure and independent future where you can live life on your terms. I also create comprehensive family protection plans that specifically address the real-world needs of young families, covering everything from ensuring children's education to safeguarding your home and loved ones. My commitment to exceptional service and results is reflected in my designation as an AFP, as well as earning the prestigious Million Dollar Round Table (MDRT) qualification in 2023 and 2024, alongside the Financial Alliance Quality Class Prestige Award for both of those same years.

I believe that financial planning shouldn't be intimidating. My client-centric approach centers around taking complex concepts and making them simple and actionable, empowering you to confidently manage your finances and pursue your goals with clarity. I act as your trusted partner, providing continuous guidance through active portfolio management, promptly assisting during critical times like insurance claims, and ultimately ensuring your financial security and peace of mind. Outside of work, my passion for singing highlights my balanced approach to life, demonstrating the dedication and focus I bring to all my client relationships. I'm particularly committed to supporting PMETs and young families, understanding the unique financial landscape they navigate.

 

To know me more Click Here

 




#ChooseIndependent with Ow Luo Hui Alvin

An in-depth insurance portfolio review with Ow Luo Hui Alvin could save you money as you spend less for the same coverage, or allow you to be better protected without spending a cent more.