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.
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


David Phuah

Senior Financial Advisory Manager

About David Phuah

Meet David Phuah, a seasoned financial adviser with over 19 years of experience in the industry. David is a certified financial planner since 2004, having completed rigorous training and continuing education requirements to earn his credentials. His expertise lies in providing comprehensive financial planning services to individuals and families, including retirement planning, investment management, estate planning, medical and health insurance.

What sets David apart is his commitment to building long-term relationships with his clients through the financial planning process. He takes the time to understand their unique needs, goals, and values, and uses that information to develop customized financial plans that align with their objectives. David believes that effective financial planning requires collaboration, trust, and transparency, and he works tirelessly to ensure that his clients are informed and empowered to make smart financial decisions.

David is looking at building long-term relationships with all his clients through his professionalism, competence, and integrity. He strives to earn his clients trust by having their best interests at heart. David's approachable demeanor and patience make him easy to work with and a true asset to any financial planning team.

In short, if you are looking for a professional, competent, and trustworthy financial adviser who will put your needs first and work tirelessly to help you achieve your financial goals, look no further than David Phuah. He is ready and eager to help you achieve financial success. His mobile is 9765 6788 and email address is davidphuah@fapl.sg




#ChooseIndependent with David Phuah

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