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.