Retirement Insurance and Motor Insurance Plans in Singapore

The benefits of retirement insurance plans

When you are planning to get financial security in the future then retirement insurance could be the best option. This kind of insurance could be very helpful when you are worried about financial status of your dear ones after your demise. In most cases retirement pension are limited to the husband and to his wife after his demise or death. This kind of retirement plan may not be for long term for the kids of the demised person. Thus we recommend you to take and sign up a retirement insurance plan. Here you can start paying a monthly or yearly premium. After the maturity of this plan you or your dear ones will start getting the monthly insurance claims of retirement. In this way you and your dear ones will be safe from financial crisis.

How can motor insurance help you?

Let us talk about motor insurance services. After you meet with a road accident while driving your car then it will be a big mishap. In this condition only the service of insurance could help you. Yet most car insurance plans have rigid service terms. Take for example your car should be in a good working condition. If it gets proved that your vehicle was not in a fine condition then your request of claim payment may get rejected. Another essential thing is that if you are drunk while the mishap of your road accident then your motor insurance company won’t help you as it is your fault.

What is the insurance for public liability?

All of you may know about death insurance, health insurance, medical insurance and car insurance plans. These plans pay the claim money to the person who is the policy holder and pays monthly or yearly premium. You may not know much about the system and service of public liability insurance. This kind of insurance plan is a bit different from other insurance plans. In the plan of public liability insurance the policy holder pays the claim or compensation money when any person from the public gets injured while being in the work premises of the insurance holder.

Four Important Types Of Insurance All Working Professionals Of Singapore Should Consider

As per the study of LIA or a Life Insurance Association of Singapore:-

• The Singaporeans & permanent residents of the Singapore were covered for the 80% of their mortality-protection requirements & around 20% of their critical-illness protection needs.
• The gap for the mortality &CI-protection for the working adults in the area of Singapore is keeps on changing.
• But in reality the thumb rule is-working adults in the area of Singapore should be having mortality-protection-coverage at around 9-10 times of the annual income, &CI protection coverage at around 4 times of the annual income.

In case you are a working adult inside Singapore and you are insufficiently insured, then you can discover right sort of life insurance and protection plans in Singapore as per your needs through this guide.

1. Term Life Insurance

In case you have started a job or new in the corporate sector then one of the best thing you can do is to protect the future of your family members with a life insurance. If budget is the constraint then you can choose a term life plan. As you know, life is full of unexpected situations, so life insurance can pay-out or cover all your day to day living and financial obligations for a fixed period of time. You can decide how long you want to run this without adding any investment or saving components & these are more affordable.

How much you need to cover?

It is truly depends on your needs with some of the insurance companies are providing flexible customized plans with an option to increase the protection without changing or modifying your underwriting.

2. Whole Life Insurance

It is the best alternative to the term life insurance and delivers life insurance coverage for the entire lifetime. Together with the insurance protection, the whole life insurance can provide you saving elements for your policy to build a cash value over the time.

3. Critical Illness Insurance 

If you are injured or critically ill then it will affect your financial conditions and it will be debilitating too. On one side, the Medical Insurance protection may cover the costs of medical treatment as well as hospitalization for your critical illness but this will be subjected to the caps or limits. In that case, critical illness insurance can help you. You will be receiving the lump-sum amount if you are suffering from critical illnesses. You can easily makeup all your losses related to the income & can provide funds to the daily living during the recovery time.

4.  Cancer Insurance

Give protection to your loved ones from going down towards higher losses in cancer, you need to consider particular cancer insurance for yourself.

Take The Best Health And Term Life Insurance To Secure Life And Financial Soundness

Life is full of uncertainties and a person should be ready for that. Also the current situation of pandemic has given a big reason to protect the life with complete planning. People may argue that they are fit and health conscious and therefore they need not to worry about taking health insurance. Paying of health insurance premium seems to be a burden for the people but Accident and Health Insurance Singapore is very important to secure the life of any person. One can meet any accident and may suffer longer sickness. The medical bills can make the savings of any person zero. Having accident and health insurance gives financial support. In case of accident it may lead to death of person. So, it is important to take accident and health insurance to secure the life of loved one.

 

Today buying health insurance is easy. Contacting various insurance companies is no longer required. One can analyze the various quotes and benefits to be derived from the particular insurance company.

Accidents are very common. Occurrence of accident can hurt the other people and property. Therefore it is essential to take Best Personal Accident Insurance that gives maximum benefits/compensation on reasonable insurance premium. It is the responsibility of every person to take personal accident insurance to protect the live and secured the life of the family.

Most of the people think of securing the life of their family or the dependents. They should not suffer after the death of the earning member of the family. The best method of securing the family is having a term life insurance. It is a type of life insurance that guarantees a specified payment amount on the death of the policyholder over specific period. As this insurance gives only death benefits, before buying such insurance, it is necessary to have Term Life Insurance Comparison. The comparison helps to determine the amount of premium to be payable, what are the other ample benefits offered. Looking into the insurance company background and financials is also important. So, the term life insurance can be a best gift that a person could give to his family which will support his family when the insured person may no longer be with them.

Give Your Life Security and Financial Strength with Life Insurance

Getting life insured is become very important these days. A person never knows when an uncertain event can happen and his life may be in danger. So, a person should take a Life Insurance at right time to protect the life and provide security to the family. One of the easy methods of getting life insurance is through online mode. Many life insurance companies are listed online. Various premium plans are given by these companies as per the needs and the coverage of risk associated with the life.

It is necessary to collect the quotes from different companies and based on the analysis, better plan can be taken by a person. Insurance are of various types and one of them is whole life Insurance. As the name suggest, it covers the entire life insurance of a person. The reason why this insurance is mostly preferred by the people is that it provides financial protection along with dividends. Some of the benefits of taking whole life insurance policy are:

• It guarantees death benefits and there are no tax complications in it. The benefits out of it can be taken as a monthly income.
• There is premium level in case of whole life insurance is consistent. It does not change as compared to any other life insurance plans.
• Cash values and earning of dividends are other benefits. One becomes eligible to receive dividends in case of such insurance.

Taking good insurance also helps in retirement planning. This gives an assurance that the life will move smooth without any financial difficulties. Every person is required to make a retirement cost analysis to make sure that he may live the old age life comfortably and safely. The only thing that should be taken into consideration while buying an insurance policy is to look on the services that are offered by an insurance company.

Retirement Planning

 Retirement planning is the process of determining retirement income goals, risk tolerance, and the actions and decisions necessary to achieve those goals.Retirement planning refers to financial strategies of saving, investment, and ultimately the distribution of money meant to sustain one's self during retirement. 

Begin your retirement planning today with our retirement insurance policies. Enjoy the fruits of your labour and live your desired retirement lifestyle.

China Taiping Insurance Singapore Unveils Two Term Insurance Plans With 100% Refund of Premiums

China Taiping Insurance Singapore Pte. Ltd. ("CTPIS") today announced the launch of two term insurance plans with 100% refund of premiums when no claim is made at the end of the policy term.

• i-Assure MoneyBack provides death coverage.
• i-Assure MoneyBack (CI) provides coverage for death and the five most common critical illnesses (CIs) – Major Cancer, Heart Attack of Specified Severity, Stroke with Permanent Neurological Deficit, Coronary Artery By-pass Surgery and End Stage Kidney Failure.

Both plans offer 100% refund of the Total Yearly Premiums¹ paid at the end of the selected policy term if no claim is made. Policyowners can choose a coverage period of 20 or 30 years or up to age 65 or 70. At the end of the selected policy term, they also have the option to extend death coverage on a yearly basis up to age 100 without medical examination.

Mr. Lance Tay, General Manager, Life Insurance, China Taiping Insurance Singapore said, “Our i-Assure MoneyBack and i-Assure MoneyBack (CI) plans offer two promises – protection and 100% refund of premiums. Unlike a typical term insurance that has no surrender value, our new term plans offer guaranteed surrender values from the 10th policy anniversary onwards and 100% refund of premiums at the end of the policy term.”

Tay added, “Singaporeans have an 80% CI protection gap² with an average of only $60,000 of CI coverage for an economically active adult. i-Assure MoneyBack (CI) is designed for individuals who are looking to boost their CI coverage. With this in mind, we make this CI plan application simple with just a few health questions. It is also cost effective as it focuses on the five major CIs that make up more than 90% of the CI claims³.”

i-Assure Moneyback and i-Assure MoneyBack (CI) are available via our Financial Advisory and bank partners. More information about the new plans can be found at https://www.sg.cntaiping.com.

The Useful Advantages of Protecting Your No Claim Discount

If you are having medical policy from any private health insurance company that operates no-claims discount then there are various advantages to this system. If the insurer is offering you the option of NCD protection then it is worth protecting your NCD. Following advantages discussed below will help you to understand the No claims discount at a quick note.

Advantages of protecting the NCD for your medical policy

No financial pressure not to claim

If you are having any private medical insurance due to some reasons in order to get better medical treatment then you can opt for private insurance. Here you have to deter yourself from taking any claims just because of financial implications thoughts. Commercial Insurance premiums will not be a burden for you with NCD protection.

Better Peace of mind

You will still get your discount for the next year if you need to claim that means the premium at the renewal time will only increase due to the medical inflation, age band increment & insurance premium tax. At the same time for some policyholders the reduction in NCD protection could make the insurance a bit expensive.

Good value for money deal

In the insurance market, generally protecting your NO claims discount or NCD for the life insurance plans is relatively inexpensive.

However, there can be disadvantages too like after certain age the risk will also increase and thereby the premiums and at this period you won’t be able to freeze your premiums. At the same time when your hands are tight at money then you this will cost you some additional expenses. Claiming for the NCD may not impact the discount by so much as you think but doing so will definitely take you to the better place.