How sturdy is your insurance umbrella?

How much insurance coverage in Singapore is actually enough? Most people find out the hard way — when it’s too late to top up.

If there’s a puncture on your car tyre, will you get it fixed?

If there’s a hole in the roof of your home, will you get it patched up?

If there’s a hole in your umbrella, will you continue to use it?

In all the above situations, I’m sure you’ll do something to rectify it and with a sense of urgency as well, wouldn’t you?

In the area of protection planning for you and your family, I often charaterize it as an insurance umbrella – one that will serve and protect you and your family in the following situations:-
– premature Death
– Disability and resulting loss of income
– Critical Illnesses and resulting loss of income

Your insurance umbrella is only as strong as it’s weakest link and that I feel is in the area of disability protection due to a lack of awareness by the public. It presents a gapping hole in your insurance umbrella which most people are unaware of or not adequately addressed yet.

This is a major area of concern because it can potentially wipe out one’s lifetime savings in a short span of time if one is financially unprepared for it. Its impact on the family will be both financially and emotionally draining, so why not do something now to insure against it?

Disability protection can be addressed through a combination of the following plans:-

1. Disability income plan
– serves to replace up to 75% of your monthly salary in the event of disability and resulting loss of income

2. Medishield type hospital plans
– serves to reimburse hospitalisation and surgical expenses

3. Eldershield and Eldershield supplements
– serves to provide a steam of cash benefits in the event one is disabled and requires long term care e.g hire a maid, nurse, nursing home, rehabilitation expenses etc

4. Personal accident plans

Hope the above was useful. To seek adequate and comprehensive protection, just send me an email on the right and we’ll get in touch soon.

Till then…
Live life to the Fullest, without Regrets!

Two spokes of that umbrella worth checking: health insurance and disability income cover. Not sure where you stand? Try the free Financial Clarity Session.