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


Hua Vi Meng Simon

Senior Consultant

About Hua Vi Meng Simon

I have been a Licensed FA Rep since 2002; stayed in the practice for 2 decades and more. I help clients to review and plan their personal financial matters; provide solutions that they can understand, execute and follow throughout the journey of their lifetime achieving their financial goals and independence.

I am a senior consultant in Financial Alliance Pte Ltd (FAPL). We are one of the well established Financial Adviser (FA) firms in Singapore. We distribute and market financial instruments that include investment and insurance products and services from very renown fund managers and insurers. We transact and implement solutions via some of the most reliable and efficient platforms and services providers in Singapore.

In this ever challenging and evolving world, I strife to keep acquiring new skills and knowledge; stay abreast with what is happening in the financial markets so that my practice is always relevant; enable me to develop new tools, put together even better solutions and services for my clients.

From the business view point, I look forward to meeting like-minded clients, associates and persons with complimentary skill sets who can share their experiences, collaborate and co-work together in exploring new boundaries, taking up challenges to engage cross border projects, develop new markets, acquire new clients and experiences.

“In People’s Interest and Business to bring about financial independence”

I look forward to be of service to you and collaborate together.

My Contact & WhatsApp: +65 9389 3223    email: simonhua@fapl.sg




#ChooseIndependent with Hua Vi Meng Simon

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