Protection

Life Stage Planning


Article Author - Providend Ltd
By Providend Ltd
Dec 23, 2015

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.

*Long Term Care plans are typically available from age 40 onwards.
Age timeline
Age 0 - 20 header
Life Stage - Children

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.

Age 20 - 60 header
Life Stage - Entering Work Force

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.

Life Stage - Starting a Family

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.

Life Stage - As a Homemaker

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.

Life Stage - Remain Single

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.

Life Stage - Dual Income, No Kids (DINK)

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.

Age 60 and above header
Life Stage - Enjoying Retirement

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.


To read more content like this, subscribe to our mailing list.

DIYInsurance (Do It Your-way Insurance) is Singapore's First Life Insurance Comparison Web Portal started in June 2014 by Providend Ltd to empower people to make informed decisions about their own insurance purchases. In addition to ongoing promotions, we rebate 50% of the agent’s commissions back to our clients so that they enjoy greater cost savings.

The Trusted Place to be Insured
MAS-licensed since 2003 | Expert advisers to assist you | Advisers not commission-based | Dedicated after-sales service | Secure and easy process


Like this article? Don't forget to share.


Term or Whole Life?

A Comprehensive Consumer Guide to Life Insurance

The Case of Term vs Whole Life Insurance eBook
Learn about:
  • What types of insurance do you really need?
  • How should you plan for your insurance?
  • How long do you need coverage for?
  • How much insurance do you need?
Please provide Name
Please provide Email Please provide Valid Email
Need Help?

Chat with us. We will answer your insurance questions!

Live Chat

Call Us
Call Icon

(65) 6309 2478

Add New Comment


Top