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.
Learn More

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.
Learn More


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


Chua Chai Hoon

Associate Wealth Advisory Director

About Chua Chai Hoon
Chai Hoon graduated from Nanyang Technological University with an Honors Degree in Business, specializing in Insurance & Banking. With over 22 years in the financial advisory service, she is experienced in assisting both individuals and corporate clientele. Her areas of expertise range from insurance, investment, retirement and estate planning, to employee benefits, corporate pension and business succession planning. Deeply committed to her work, she has received continual mandate from both her retail and corporate clientele year after year in managing their investment and insurance portfolios.
She is currently among a group of practitioners in Singapore who are Chartered Financial Consultants (ChFC) and members of the Chartered Life Underwriter (CLU) group. She is also an affiliate of the Society of Trust and Estate Practitioners (STEP), assisting families with their wealth distribution and legacy planning.
采澐毕业于新加坡南洋理工大学，商务荣誉学位（保险和银行专业）。她自1999年以来从事于财务咨询服务，是新加坡的从业者其中一位持有 特许财务顾问（Chartered Financial Consultant, ChFC）和特许寿险核保师（Chartered Life Underwriter, CLU）名衔的成员。
作为一个准遗产规划从业者，她也是信托与遗产规划从业者协会（Society of Trust and Estate Practitioners,STEP） 的成员。她除了拥有个人财务- 涵盖投资/保险/退休/遗产规划的专门知识，也能提供员工福利/业务继任规划的咨询给企业客户们。她热忱及致力于她的工作，因此获得顾客多 年以来持续的支持。



#ChooseIndependent with Chua Chai Hoon

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