Life is unpredictable, and we don’t know what might happen at the next moment. We try our best to stay protected from any kind of threat to ourselves or our family. One such type of protection is called insurance. It cannot prevent what’s about to happen, but it makes us quite sure that we can survive through difficult times. We will then be able to soar high again. When you go to buy life insurance, you will see that there are numerous options available for you. You need insurance, and every type of insurance is vital. But you need to find out the right types which you think is useful for you.
Health insurance is considered because it saves money when a person is hospitalized due to a disease or injury. You know how much hospitalisation and medicines can cost you, and that cost is saved by having a policy that covers it. Singaporeans are lucky because they have the basic MediShield Life regardless of age or any health condition. All the Singaporean citizens and permanent residents (PRs) have this basic minimal health coverage. MediShield covers your hospitalisation costs, but it won’t cover the cost if the patient is not in a public hospital or is not in a C to B2 ward.
If you want health insurance to cover the costs even in a private hospital, then you may need to upgrade your policy. The private insurer companies in Singapore provide Integral Shield Plan (IP). The IP is just an add-on to your basic MediShield health insurance. With IP health insurance, you get higher coverage limits, and also you get wide access to treatment from various doctors and hospitals. The IP is integrated with MediLife, so you won’t have to worry about duplicate coverage, and also you don’t need to pay double premiums.
Life insurance is crucial if you have a family who depends on your income to pay for utilities and bills. It assures that your family will be paid the sum either for your death or for Total Permanent Disability (TPD). TPD sum is paid on situations like when a person is bound to a wheelchair, losses their limbs, being blinded, etc. When you check a company’s insurance plan, always remember to check their terms and conditions and read how they define the payout for TPD. Coverage for death is paid to your children or parents. Further, life insurance is classified into two categories.
Whole life is traditional life insurance, where coverage limit is for a whole life. The span of the whole life plan covers you from the time of purchase until the age of 99. Once you have bought a whole life insurance plan, you don’t need to renew it. It has a benefit that it builds cash value over time. So your loved ones may receive more sum than what was assured.
The term life insurance plan doesn’t provide you coverage for the whole life. It provides the coverage only for the specified term, and later you will have to renew it. There is no cash value benefit in term life. The premiums you pay go directly for your coverage, and term life insurance is affordable than whole life insurance.
Critical Illness Insurance
Health insurance covers the cost related to medical treatment and hospitalisation due to a critical illness. But the critical illness is not covered in a health policy. So people who are suffering from a critical illness should consider buying critical illness insurance. This policy pays out a lump sum if you are suffering from a critical illness listed in the policy.
Private insurers mostly cover 37 types of common critical illnesses like cancer, heart attack, or kidney failure. The list of critical illnesses covered will be provided to you. This provides coverage for your treatment and also for non-medical costs. It can also be utilized for recovering from any loss of income during your recovery period.
Disability insurance is similar to life insurance. It pays reimbursements if something happens to you, and you are not able to work permanently or temporarily due to your disability. It will cover you no matter if the disability is a permanent, temporary, partial, or total disability. However, it does not cover medical care or long-term care services. The loss of income can lead to consequences, but disability insurance covers it and helps you to cover the expenses and support your family. This can help to cover almost 75% of the last drawn monthly salary.
When the disability is permanent, you will receive the monthly income according to the policies and terms laid out by the company. If the disability is temporary, you will receive the payout until you recover from the illness. Disability insurance income isn’t received immediately. It depends on your deferment period, which is two, three, or six months. If the deferment period is shorter, then the premium will be higher, and vice versa. The income you receive will be dependent on the type of insurance plan you have bought. You can depend on your emergency fund until you receive the payout from insurance.
It is important for you as you don’t know what will happen on the next turn. You would have made a plan, but life often throws difficulty, and people stumble and fall from their plan. So be wise and take the plan, which you think will be beneficial for you.
Licensed Money Lender in Singapore
Always make sure that you are dealing with a licensed money lender. Do not go with an unlicensed money lender for the sake of convenience. Loansharks offer people convenience by transferring the money to them. However, there is no contract or law to protect you.
To find out if a money lender is licensed, you can check out Ministry of Law’s list.
Remember to compare interest rates, charges and payment schedule between lenders before deciding on one. You can call us at +65 6255 6998 to find out what we offer.
You can also visit our office at 111 North Bridge Road #01-35 Peninsula Plaza Singapore 179098. Check out our reviews here.