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


Shannon Chew

Your Favourite Consultant

About Shannon Chew

I get it—

Financial planning is such a bore, and retirement planning is not the best dinner convo, but give me 3 mins to change your life.

imagine a future where you’re sipping kopi at your dream spot, no alarms, no work stress, just you living your best life. That’s the freedom I help my clients achieve. With over 8 years in the financial services industry, I’ve learned one thing: the earlier you start planning, the brighter that future looks.

Gone are the days where you need to document your income and expenses in a wordy spreadsheet. My forte, coincidentally, is to simplify complex financial jargons, with tip-top accuracy while projecting what life could look like years from now. Can you afford to get a 2nd property 30 years from now? Ask me and I’ll tell you right away!

Growing up in Singapore’s sandwich generation, I’ve seen how juggling rising costs, family responsibilities, and a rapidly urbanising economy can feel like a full-time job on its own. Our parents gave their all to support us, but it’s time to break the cycle.

The best part? You really don’t need $50,000 or $100,000 to get started. It's about giving our children a future where they don’t have to choose between a $1M HDB flat and covering our healthcare expenses. We can change the story if we plan ahead.

My approach to financial planning is anything but cookie-cutter. Your dreams and aspirations are uniquely yours, and your plan should reflect that.

We'll create a plan that evolves with you, making it simple, actionable and (dare I say it) fun.

Whether we’re talking compound interest, your favourite Netflix series, or which hawker food will start serving fine dining portions first, I’m here to make finances approachable and your future stress-free. Click ‘Contact Me’ at the top right-hand corner for a quick chat!




#ChooseIndependent with Shannon Chew

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