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


Isaac Tan Xian Ren

Financial Advisory Manager

About Isaac Tan Xian Ren

To make simple, that which is complicated;
For I will move at the pace most comfortable for you, walking alongside life's celebrations and milestones in the many seasons ahead.

With over 10 years of experience, armed with disciplines in Banking and Finance, as well as being a Certified Financial Planner (CFP®), I seek to guide and navigate my clients towards achieving their Financial Dreams and Goals within their Lifetime.  Over the years servicing a wide variety of clients, I have developed a multitude of unique pathways for young couples and clients in identifying opportunities, and how to capitalise on them in order ensure that their goals are easily achievable.

Growing up in single parent family, I personally understand the pains of failing to mitigate financial risks, and the importance that couples adequately cover themselves especially when they are young parents with children or planning to do so in the near future.

Over a decade of service dedicated to planning for my clients' financial success, I have adopted a specialised approached to assisting his clients with developing strategies to tackle tough financial decisions needed for starting a family. My key insights have assisted many clients in making optimal decisions for their finances,  having developed a keen eye for spotting financial potholes that most would have missed out.

My goal for everyone is to be prepared for what life throws at us, rain or shine. I aim to help clients achieve financial independence early so that we can live life worry free knowing that we have a plan for everything.




#ChooseIndependent with Isaac Tan Xian Ren

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