Savings Plan Singapore

When it comes to financial planning, people understand the importance of protecting their loved ones and themselves against unforeseen circumstances. While life insurance is a common consideration, critical illness insurance is another essential component that should not be overlooked. In this article, we will explore why critical illness insurance is important to financial planning. ·  Rising healthcare costs: Singapore’s healthcare system is known for its quality and accessibility. However, medical expenses can still be a financial burden, especially in the event of a critical illness. With advancements in medical technology resulting in higher survival rates, the cost of treatment and post-illness care continues to rise.  Critical illness insurance  plays an important role in reducing the financial strain associated with medical bills and ensuring you can focus on recovery instead of worrying about your finances. Income protection: A critical illness diagnosis can have...

Term insurance is a popular, cost-effective form of life insurance that offers financial protection for a specific period of time. In Singapore, where financial planning is highly encouraged, understanding the optimal time to purchase term insurance is important. This article aims to help individuals determine the right time to buy term insurance based on their financial goals and circumstances. Understand term insurance: Term insurance   is a type of life insurance policy that provides coverage for a specific period, generally ranging from 5 to 30 years. It is important to choose a term length that aligns with your financial goals and the period during which dependents may need the most financial protection. The purpose of term insurance is to provide a death benefit to the policyholder’s beneficiaries in the event of the policyholder’s demise during policy term. It offers financial security to dependents, helping them cover expenses such as mortgages, education costs, etc. Term i...

Planning for retirement is an important step towards ensuring financial security and a comfortable future. Choosing the best retirement and pension plan requires careful consideration and research. With numerous options available, making an informed decision that aligns with your retirement goals and financial needs is vital. Here, we provide valuable tips to help you navigate the process of buying the best retirement and pension plan for a financially stable retirement. ·  Evaluate your retirement needs: You can begin by evaluating your retirement needs and goals. Consider factors such as your desired lifestyle, estimated costs, healthcare expenses and your retirement age. This assessment will provide a clear understanding of the type and level of coverage you would require from your  retirement and pension plan . If you feel the need, you can consult a financial advisor or retirement planning expert who can provide valuable insights and guidance. Professional advice will mak...

Insurance plays a vital role in safeguarding against unforeseen circumstances and rising healthcare costs. Understanding the types of insurance coverage, one should have can be overwhelming for beginners. In this article, we will explore the essential insurance plans that beginners should have to ensure comprehensive protection. ·  Health insurance: Health insurance is a fundamental coverage that every individual should have access to. In Singapore, citizens and permanent residents are covered by the MediShield Life scheme, which provides basic  health insurance  that helps to pay for large hospital bills and selected outpatient treatments. However, it is advisable to consider enhancing your MediShield Life coverage with a MediSave-approved private Integrated Shield Plan to access private healthcare facilities. Health insurance safeguards against rising medical costs and makes sure you have access to quality medical care when needed. ·  Integrated shield plan (ISP): ...

Becoming a mother is an extraordinary journey filled with joy and anticipation. However, it is important to prepare for the financial responsibilities that come with pregnancy. Maternity insurance is a valuable insurance plan that provides expecting mothers peace of mind during this transformative phase. This article guides first-time moms, helping them select the right maternity insurance plan. Understanding maternity insurance: Maternity insurance is a specialised type of health insurance plan that covers the medical costs associated with pregnancy, childbirth and postnatal care. This plan offers financial protection by balancing the high costs of prenatal check-ups, delivery charges, etc. Maternity insurance plan generally covers both complications during pregnancy as well as normal deliveries. It also provides care for elective Caesarean sections. It is important to note most maternity insurance plans have a waiting period before the coverage begins. It would be wise to opt for in...

There are various options available for people when it comes to securing a financial future in Singapore. Whole life insurance is one such option that provides lifelong coverage along with several additional benefits. However, like any financial product, whole life insurance has its own set of pros and cons. This article explores understanding whole life insurance plans and their advantages and disadvantages.  What is whole life insurance? Whole life insurance is a type of life insurance policy that offers coverage for the policyholder's entire lifetime. It combines a death benefit with a cash value component, providing lifelong protection and potential accumulation of savings over time.    Pros of whole life insurance:   ·          Lifelong coverage:  As mentioned above, whole life insurance plans provide coverage for the entire lifetime of the insured. This ensures that the policyholder’s family is able to receive a dea...

Critical illness insurance is a vital aspect of a comprehensive healthcare plan in Singapore. With the rise of critical illnesses and the financial burden it brings, having the right coverage is crucial. In this article, we will discuss key aspects that you must not miss out on when considering critical illness insurance.    ·          Understanding critical illness coverage: You can start by understanding what critical illnesses are covered under the insurance plan. Common critical illnesses covered by the insurer include cancer, heart disease, kidney failure, etc. Make sure to read the policy document carefully to ensure that the critical illnesses most relevant to your needs are listed in the plan. Different insurance providers may have differences in the number and types of covered illnesses. ·          Evaluate the severity of coverage:   While critical illness insurance cove...