protection planning
protection
planning
While everyone knows that protection is important, many are unsure about the various types of insurance protection available in the market. It is possible to over-insure yourself in certain areas, while leaving other areas “under-protected”. Let our Financial Consultant work with you to create a well-rounded protection portfolio that best works for you, so that you get the protection you need. Here is a simple guide to the different types of protection insurance:
whole life insurance
whole
life insurance
Whole Life Insurance provides life-long protection for the policy holder’s dependants. It pays out the death benefit upon the death of the insured. Whole Life Insurance policies are available in different forms, such as non-participating (“non-par”), participating (“par”), and investment-linked policies (“ILPs”).
Whole Life Insurance policies which are investment-linked or participating cost more because in addition to paying for insurance coverage, some of the premiums are invested to build up cash value. The amount of premiums paid throughout the policy may be constant or subject to change.
term insurance
term
insurance
Term Insurance provides insurance protection for only a fixed period of time. It pays the sum assured only upon the death of the policy holder or if the policy holder becomes totally and permanently disabled (if this benefit is provided) during this period.
There is no savings or investment feature, so there is no cash value if the policy ends or is terminated prematurely. Term insurance costs less than whole life and endowment insurance policies for the same level of coverage.
endowment insurance
endowment
insurance
Endowment Insurance policies are often marketed to help meet a financial goal (paying for children's education, building up savings, saving for retirement etc.) over a fixed policy term. But unlike savings deposits, the guaranteed cash value that the policy holder gets back may be less than the sum of the premiums paid. This is because part of the premiums will pay for insurance protection while the rest is invested and subject to investment risk. The insurance protection provided by endowment policies is also usually small. Endowment policies are available in different forms, such as participating (“par”), non-participating (“non-par”) and investment-linked insurance policies (“ILPs”).
health insurance
health
insurance
Medishield Life is a basic health insurance plan (administered by CPF) that protects Singaporeans and Singapore PRs against larger hospital bills and selected outpatient treatments such as dialysis and chemotherapy for cancer for life regardless of age or health condition. This plan is designed to pay out the majority of the bill size if the treatments/ward stay is within B2/C ward types.
INTEGRATED SHIELD PLAN
When combined with MediShield Life, a Medisave-approved Integrated Shield Plan increases medical expense coverage, while the insured pays for only one premium. With such integration, the insured can also enjoy coverage for pre and post hospitalisation treatments. Such plans are provided by private insurance companies Many Integrated Shield Plans are “as-charged” policies and do not usually have any sub-limits except for the annual and lifetime limits. Insured needs to pay for the deductible and co-insurance portions unless riders are bought to cover them.However, from 1 April 2021, at least 5% co-payment is implemented into the rider for existing and new insureds.
critical illness insurance
critical
illness insurance
Some Critical Illness Insurance policies pay a lump sum either when a critical illness is first diagnosed, or after a surgery that is covered by the policy. The lump sum does not depend upon admission into hospital, or the actual medical expenses.
Other Critical Illness Insurance policies pay a smaller amount for earlier stages of illnesses, or make several payments upon the diagnosis of different insured critical illnesses, subject to the sum insured or policy limits. A critical illness benefit can be sold as a stand-alone plan, or packaged into a life policy.
long-term care insurance
long-term
care insurance
CareShield Life is a long-term care insurance plan (administered by CPF) that protects Singaporeans and Singapore PRs against long-term personal and medical care expenses in the event of severe disability.This plan is designed to pay out a fixed monthly benefit amount for a lifetime or until the insured recovers or passes away.The monthly benefit amount is paid when the insured cannot perform at least 3 out of the 6 Activities of Daily Living (ADLs) on their own. The ADLs are:
transferring
mobility
toileting
washing
dressing
feeding
CareShield Life Supplement
Other Critical Illness Insurance policies pay a smaller amount for earlier stages of illnesses, or make several payments upon the diagnosis of different insured critical illnesses, subject to the sum insured or policy limits. A critical illness benefit can be sold as a stand-alone plan, or packaged into a life policy.
disability income insurance
disability
income insurance
Disability Income Insurance pays a fixed amount each month to replace the income lost when a policy holder is unable to work as a result of an accident or illness.
These policies may pay up to 80% of the average monthly salary. They aim to ease financial loss, but does not completely replace the income the policy holder earned before the accident or illness.
The definition of ADL and the minimum number of activities that the policy holder is unable to perform to qualify for the benefits may vary from one policy to another.
receive a free Personal Financial Health Check ( Worth $250 )
receive a free
Personal Financial Health Check ( Worth $250 )
At SingCapital, we understand the importance of accurate interpretation of financial ratios in order to make informed business decisions. That's why we're offering a complimentary consultation to help you understand your financials more deeply.
To schedule your consultation, simply complete the form provided below. Prior appointment booking is required for a seamless experience.
Simply complete the interest indication form below and a copy of the ‘Personal Financial Health Check Calculator’ will be sent over to your email.
Note: By clicking Submit, I authorize and consent to SingCapital contacting me regarding my free personal health check consultation and to disclose any relevant information to the relevant parties involved.
Customer ReviewsWhat our customers
are saying
Mr Lim Yong Hock
Key Executive Officer at Propnex Realty
Strong partnership of PropNex and SingCapital. 15 years more to come, we work together to impart financial literacy to consumers from wealth accumulation to wealth preservation. We strongly believe this is something we want to drive together.
Mr and Mrs Jiang
Married Couple
In the past, I kept my money in the bank with low interest rates, and bought into an endowment plan that locked my money up for 10 years. Now, we invest through a regular savings plan, or RSP, managed by Eric. This gives us a lot more flexibility, and peace of mind, knowing that someone I trust is taking care of my investments. So I know that I can just focus on my family, and focus on my work. Eric is like financial mentor and a life mentor to us. He even shares his own marriage and life experiences. Form how he got his first home to renovation tips. He is like a friend to us.
Mr Goh Lih Shiun
IT Professional
The beauty about Wendy is that she doesn’t throw technical terms at me. She is transparent, she uses layman terms to explain how products or plans work, she listens intently, and she asks questions about what I want to achieve. Even when I was not clear on my goals, she understood that it need time to crystalize, and she gave me the impression that she was willing to work with me, through my life cycle. Wendy is very serious about her job, very serious about helping her clients succeed, and she has innate passion about it. As my financial consultant, I’ve seen how she has helped me achieve my retirement goals, financial goals, while remaining very transparent about the products she recommends, the returns and the feed. And I can see it from my account. It is doing very well, with the more than 20% growth over the years.
Ms Ang Shen
Business Owner
My work is all about customer service. I have been doing it for the past 28 years, and my requirements for my service standards are very high. Alex has managed to meet my requirements, which says a lot about him. Over the last 10 years, I have seen how seriously he takes his job, how much faith he puts in insurance, and how he has helped his customers with their claims. That is not strictly the job of a financial consultant but it shows his dedication to his clients. This is why I trust him.
Mr and Mrs Ng
Couple with Children
We came across one of Shawn’s seminars and since then, his planning has been able to help us to go on this life journey – where my wife, Andrea, can stay at home and be with the kids as they grow up. I think the most important advice Shawn gave us is, “insurance is not investment”. He did a very personalised portfolio of investments for us, benefitting our financial wellbeing. In fact, the insurance Shawn recommended us made it so that we never have to pay any hospital bills at all. When our daughter, Amelia, fell sick a couple years ago, she ended up in a very nice hospital – enjoying ice cream, watching TV. Overall, we have been with him for over 30 years. Our relationship has become so close. He’s not just our adviser – he’s our friend.
Justin
Asst Operations MGR
Raphael and Jane were a delight to work with. Both of them bring different things to the table to provide a very comprehensive overview on present situation and considerations driving market sentiment. They were considerate to where I was financially and provided good suggestions on where would be most beneficial for my investment journey. Thank you once again!
