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


Lily Fung Seok Yee

Financial Advisory Manager

About Lily Fung Seok Yee

I am a chartered accountant by education and a financial consultant by passion. I bring a deep commitment to help busy working professionals to achieve financial freedom to retire early so that you can work for passion rather than money in 10-15 years earlier without the stress of knowing where and how to start.

I spent over 26 years of my career holding finance leadership roles in risk management and financial solutioning. I harness a keen sense of business insight along with an innate sense of empathy to strategize personal financial plans.

I am here for impact and balance: having gone through life’s milestones and a journey of personal growth, I am here to share with you my experience and to support you in your journey towards financial happiness.  Today, having authentically helped support, curate and champion ‘financial happiness’ for my clients, I can truly say that this has been my most profound and significant personal re-invention.

All these years, my innate authenticity connecting with people on a deep level have earned me the reputation and credibility as a trusted business finance leader, a Go-To person for advice. Likewise, I want to build trust with you but trust is not going to happen by chance unless I feel and understand your story….so, please reach out to me for a coffee chat to get to know you better.

My Qualification:

  • Bachelor of Accountancy, NTU
  • Chartered Accountant, Institute of Singapore Chartered Accountants, CA
  • Certified High Net Worth Adviser, IBF level 2 & 3 qualification
  • MDRT Qualifying Member
  • Associate Financial Consultant, AFC
  • Representative Member of the Association of Financial Advisers (Singapore) - AFA(S)



#ChooseIndependent with Lily Fung Seok Yee

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