Are you adequately protected against life’s uncertainties?
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.
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.
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.
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.
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 ConsultationFootnotes
[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.
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.
Leon is a Certified Financial Planner with over 15 years of experience in the finance industry. Leon is passionate about helping PMEBs (Professionals, Managers, Executives, and Business Owners) achieve their retirement goals and attain financial freedom.
Leon has obtained several financial planning certifications throughout his career, including the Certified Financial Planner (CFP) designation. He is committed to continuing education and staying up-to-date on the latest financial strategies, products, and regulations.
As a financial planner, Leon works closely with his clients to understand their unique financial goals and challenges. He creates customized retirement plans that help his clients maximize their savings, minimize taxes, and mitigate risks. Leon also helps his clients develop investment strategies that align with their risk tolerance, time horizon, and financial goals.
Throughout his career, Leon has helped numerous PMEBs to be on track to achieve financial freedom. His clients appreciate his personalized approach, attention to detail, and his ability to simplify complex financial concepts. Leon's ultimate goal is to empower his clients to take control of their finances and achieve their financial goals.
An in-depth insurance portfolio review with Leon Lim (Indra Julie) could save you money as you spend less for the same coverage, or allow you to be better protected without spending a cent more.