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



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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.

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.


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


Muhammad Asyraf Bin Azmi

Consultant, Financial Alliance

About Muhammad Asyraf Bin Azmi

Asyraf is currently active in the financial industry. He is from Financial Alliance managing investment and insurance portfolios.

Formerly a frontline section commander from SCDF during his NS days. He developed a sense of nobility after responding to numerous real life incidents. This was the triggering point as he kept asking what happened to the patient as well as their dependents once he/she was saved or even can’t be saved. What is the next step?

He believes that while pursuing for financial security in exchange for peace and fulfilment can be achieved without one needing to to work till die.

In reality however, he helps his clients sleep well at night, knowing they’re financially ready for anything life throws at them. These days instead of putting out physical fires , Asyraf is helping clients to avoid or putting out financial fire in their lives. His passion is help them achieve their “FIRE” ( Financial Independence, Retire Early)

Firmly committed to financial growth and security, Asyraf offers an uncompromising standard of financial advice.

He strongly believes that financial literacy is a critical life skill no matter how cash rich you are or how many types of multiple income you can generate.

Though just reached a quarter of the millennia. He slowly assumes the role as a breadwinner to his dad. Although he comes from a different angle to understand the struggle everyone goes through, with the financial challenges everyone faces! He believes the 2 cents may play a huge role to be the deciding factor in providing assurance to the people from being financially-challenged to become financially secure no matter which life stage the client is at.

An adrenaline junkie as well as an avid fitness freak.  He seems to gain satisfaction through sweating it out as after all health is wealth.

“The greatest wealth is health, that is why it is first”

CLICK HERE: https://aman-amanah.com/




#ChooseIndependent with Muhammad Asyraf Bin Azmi

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