Be in Love with what you love. Protect what you Love!
You love your partner, your parents, your dog/cat, your abode, your car, your pink dot cushion. Not forgetting, you love yourself too!
Whatever insurance you get for yourself, it has to be for a purpose.
There are 6 areas of coverage. All can be a term insurance. Some can be a Life or and ILP insurance. They are:
- Hospital and surgical insurance – to not be a burden to your family/partner in medical bills. If you are an expatriate or one who travels frequently, you will be considering also the international health plan options.
- Personal Accident insurance – to take care of medical bills in the event you don’t get. hospitalised/go thru surgery, at the same time, provide your loved ones with the income you were suppose to earn and spend/save and pass to them or look after them with.
- Disability Income insurance – to take care of your own income, ensuring you still have an income even though you cannot work or cannot work at the same capacity as before due to disability.
- Early/Intermediate/Critical Illness Insurance – die can solve your problems right. Problem is with medical advancements, doctors will most probably save your life.
- Total Permanent Disability Insurance – you survived a major accident, losing 2 arms, 2 legs, 2 eyes or any combination of 2 of the mentioned, life goes on. How now?
- Death Insurance – congratulations! If only you die at a ripe old age. No more burden to anyone. But! Tax, credit card bills, car loans, home loans, renovation loans, business loans and other debts all still need to be paid! If you do not have enough in your estate (everything that you own), will your partner pay them so that your surviving parents do not get into trouble?
Now if I were to ask you to pick one insurance that is least priority to you and two insurances that are of greatest importance to you. What would they be?
For us, these will be the few key questions to ask ourselves:
- When my parents are gone, who will look after me when I am old and/or disabled? – Illness plans and Disability plans, including disability income plans will be something to consider focusing on.
- What if I am never going to get legally married and recognised in Singapore? What happens if I’m in a stroke and unconscious, what is going to happen to everything that I own – Estate planning is of paramount importance if you want your partner to be there for you in these dire situations. We will cover this in my next article as it’s a huge pain for most of us if not done up properly.
- What if I am never going to have a child to give me “monthly income”? – Retirement planning will be key. Yes, some will say, I will earn enough money to look after myself. Truth of the matter, 9 in 10 prospects I meet will say the same. But when it comes to looking at the hard numbers, they fall somewhat short.
We in the Pride community have also one other thing we can do. If you really have no one that you think you can pass the money you have so hardworkingly earned and multiplied thru death insurance, why not donate it to a charity. Pinkdot events or any of the pride community will appreciate your donation to further bring their cause to reality. Even if not for the pride community, there are a ton of organisations out there who strive hard on the backing of such donations. For those who want to know how you can impact the community, we can have a conversation over some drinks!
Disclaimer: Please note that the views, thoughts, and opinions expressed in the text belong solely to the author, and not necessarily to the author’s employer, organization, committee or other group or individual. Should there be any facts inaccurately presented, we will kindly appreciate if you could inform us at info@prident.co
