We know insurance is necessary but can be costly. At DIYinsurance we help you to be even more prudent by identifying what you probably need at various life stages. These are the key and essential areas you should focus first. If your budget allows, you can then consider other areas to enhance your insurance portfolio further.
Protection Needs |
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Hospitalisation |
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Children
As a child what he or she needs is a good Hospitalisation plan to take care of any unfortunate treatment costs in hospital. Since there is no economic loss if a child dies prematurely, hence it is not as important to purchase a policy with death or critical illness benefit.
Entering work force
As you enter the workforce, you need to protect your income earning capacity from unfortunate risks such as critical illness and disability by having Critical Illness plan and Disability Income plan. A good Hospitalisation plan is compulsory to help pay for any unforeseen hospital bills.
Starting a family
As you enter the marriage and parenthood phase, you now have dependants and more financial responsibility. You need to protect financial loss of income by having Death Benefits, Critical Illness plan and Disability Income plan. A good Hospitalisation plan is compulsory to help pay for any unforeseen hospital bills. At age 40 onwards, you should also have a Long Term Care plan to take care of care-giving cost should you be unable to live independently because of functional difficulties.
As a homemaker
Some may choose to be a home-maker. Whilst there is no earned income to protect, you may want to have a small Critical Illness plan to provide for a buffer that your Hospitalisation plan may not be able to cover. At age 40 onwards, you should also have a Long Term Care plan to take care of care-giving cost should you be unable to live independently because of functional difficulties.
Remain Single
Some may remain single, in which case you should have adequate coverage for Critical Illness plan and Disability income plan. If you have dependants (like aged parents) you should include policies with Death Benefits. A good Hospitalisation plan is compulsory to help pay for any unforeseen hospital bills. At age 40 onwards, you should also have a Long Term Care plan to take care of care-giving cost should you be unable to live independently because of functional difficulties.
Dual Income, No Kids (DINK)
DINK couples should have adequate coverage for Critical Illness plan and Disability income plan. If there are dependants like aged parents, you should include policies with Death Benefits to make necessary financial provision. A good Hospitalisation plan is compulsory to help pay for any unforeseen hospital bills. At age 40 onwards, you should also have a Long Term Care plan to take care of care-giving cost should you be unable to live independently because of functional difficulties.
Enjoying retirement
As you enter retirement phase, you should have an adequate Hospitalisation plan to cover hospitalisation bills and a Long Term Care plan to take care of cost of care-giving should you be unable to live independently because of functional difficulties.
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