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


CHU C. L. TOMMY
朱 致 陇 | チュー・トミー

Associate Director, Financial Advisory Group

About CHU C. L. TOMMY
朱 致 陇 | チュー・トミー

Since young, the dream of being a medical doctor has always been in my heart and following closely to my Secondary School mottoes – 礼义廉耻 忠孝仁爱 Courtesy, Righteousness, Integrity, Sense of Shame, Loyalty, Filial Piety, Humanity and Love, that mould my principles and attitude in life. However, life was endless challenge to me. Starting from my late elder brother going through 9 yrs of kidney failure then passing on at age or 30, then my beloved late maternal grandmother who struggled through 20 tormenting years of renal dialysis. In between was my mother who suffered 2 episodes of cancer and father’s business gotten into severe problems. Just like what the wise man’s words, if it did not kill you, it only make you stronger – exactly how I reminded myself to stay positive and engrained in myself that Integrity and Humanity are important aspects I hold tightly in my life along with other 6 values.

Initially, I was an Engineer in a Japanese Company and then after 13 months, I started my career in Financial Services with the objective of being a Financial Planner, instead of just being an Insurance Sales Agent.

I finally got my chance to walk away from the Insurance Industry when I was licensed by MAS to be a Financial Adviser Representative with Financial Alliance, Singapore’s largest Independent Financial Adviser (“IFA”). Now, I can truly render unbiased and genuine financial advice to my clients, friends and their loved ones.

In 2007, I met my mentor. He taught me what is true and genuine Client-Centric Financial Planning. I spent almost 7 years mastering this approach. With my wonderful mentor, I finally learned to be who I have always wanted to be – a Client-Centric Financial Planner.

“Sincere”, “Genuine”, “Honest” and “Helpful” are the common feedback I get from my friends after they have met up with me and later, engage my services to assist them in their Financial Well Being.

With the support of Singapore’s largest IFA Firm, I am able to provide the most comprehensive Financial Services catered to the needs of today’s consumers.

We work with Banks, Insurance Product Manufacturers, Wills & Trusts Companies, Fund Managers and Investment Platforms to address your various concerns throughout your life journey.

We do not replace your lawyer, accountant or anyone else. Instead, we work with them and ensure proper integration of your financial plans.

For a NON-Obligatory Exploratory Discussion (ED), do contact me at tc90056479@yahoo.com.sg.




#ChooseIndependent with CHU C. L. TOMMY
朱 致 陇 | チュー・トミー

An in-depth insurance portfolio review with CHU C. L. TOMMY
朱 致 陇 | チュー・トミー could save you money as you spend less for the same coverage, or allow you to be better protected without spending a cent more.