Life Insurance

Here’s How To Protect Your Loved Ones at Each Life Stage with Insurance

income true care life insurance

This post was written in collaboration with NTUC Income. While we are financially compensated by them, we nonetheless strive to maintain our editorial integrity and review products with the same objective lens. We are committed to providing the best recommendations and advice in order for you to make personal financial decisions with confidence. You can view our Editorial Guidelines here.


Flowers, gifts and sweet words aren’t the only ways to show your loved ones you care.

As you get older and take on more responsibilities in life, showing you care starts to evolve and take on a different form.

Instead of just making your loved ones feel good in the moment, you start to realise that care goes beyond the present; care extends into the future, by making sure they are adequately protected and provided for.

This tongue-in-cheek video from Income’s latest True Care campaign perfectly illustrates this point. Watch it and you’ll learn how to express your love from a whole new angle… even when it doesn’t involve doing what your loved ones expect.

But protection for our loved ones evolves with each life stage. What does protecting our loved ones encompass at each stage? Here are some things to consider.

 

Couples

You’ve met the love of your life. After countless romantic dates and lots of sweet nothings whispered, is there something you can do for your partner that will give him or her more security in life?

3 in 5 people surveyed purchased life insurance after marriage^ – There’s nothing like life insurance to assure your partner they’ll be taken care of should anything happen to you. Life insurance ensures that your partner receives financial support should you pass away. This sum of money cannot replace you, but can ease the adjustment period for your spouse to help cushion the grief of losing you.

Getting life insurance can score you brownie points, too. According to a survey conducted by Income, 9 in 10 people surveyed perceived having life insurance as an act of care, as it protects the family in the event that something untowards happens to them; While 2 in 5 thought it was uncaring for a spouse not to have life insurance^.

For couples in their prime, health insurance is another essential form of protection. Should your partner fall ill, a good health insurance plan ensures that he or she can seek the necessary treatment without having to worry about dipping into your savings to fund the medical bills. This also gives both of you the assurance that the preferred medical treatment can be sought, and cost of funding it will be the least of the worry when considering treatment options.

How Income Can Help

  1. TermLife Solitaire – To show your true care, you can insure yourself to ensure that in the case of your death and terminal illness, the payout can help your family maintain their lifestyle.
  2. Enhanced IncomeShield – A health insurance plan to cover hospital and surgical expenses.

 

Parents with kids

Your kids may be hankering after the latest toys and gadgets, but little do they know, there’s just as much love behind the gift of insurance protection. They may not appreciate the gift of insurance protection till they become parents themselves, yet, there must be a reason why 7 in 10 parents bought life insurance products for their children^.

As your children are financially dependent on you, taking out a life insurance policy is all the more critical as it ensures that they continue to receive financial support should you pass away or no longer be able to work while you recover from a critical illness.

If you’re the sole breadwinner in the family, this is especially crucial, as the payout can be used to help your family tide through the sudden loss of household income. Spending for children contribute a lot to household expenses – mainly education and childcare. The payout you get in the event of an unfortunate event can help your spouse tide through the initial months of expenses while they recover from the loss of losing you.

You might also want to consider purchasing a savings plan or life insurance for yourself. By being adequately prepared for retirement, you are also ensuring you will not be a burden on your children later on. You do so much to give them a head start in life; a retirement plan for yourself then empowers them with the freedom to pursue their dreams in the future.

Another type of insurance that can offer your children greater protection is a critical illness plan for yourself. Should you get diagnosed with a critical illness, your family will be entitled to a lump sum payout that can help cope with your medical expenses and loss of income.

How Income Can Help

  1. VivochildA savings plan for educations needs which will reward your child with guaranteed cash benefits at various educational milestones, from primary school to university. It also provides protection in the event of your child’s death or total and permanent disability (TPD).
  2. VivoAssureFor yourself, a comprehensive whole life plan that covers death, total and permanent disability or terminal illness with highly customizable options and rider. With five levels of protection to offer you up to 500% minimum protection value till age 70. You can also add riders to boost your coverage to a total of 121 medical conditions and get protection even against future unknown diseases.

 

Adults with elderly parents

When you were a child, your parents worried about you whenever you got sick or hurt. Now that you’re all grown up, it’s your turn to worry about them.

As your parents age, they become increasingly dependent on you – if they were not fortunate to have access to good retirement planning, they would need you to provide for them financially for their living expenses and any healthcare cost they may need. Even if they were able to plan for their retirement, they would still need you to take care of them physically, by bringing them for their doctor appointments or checkups.

Taking out a life insurance policy for yourself to ensure that your parents are protected is crucial. Should anything happen to you, the payout can help them cope with their living expenses, and can enable them to find assistance for their daily activities. Your parents may have worked very hard to give you the education and opportunities you have in life – It is equally important that you take care of them when they are dependent on you.

How Income Can Help

  1. Silver ProtectProvides coverage for your parents for early and advanced stage cancers, accidental fractures, hospice care even in the case of terminal cancer. This allows you to focus on providing emotional care for your parents, while the coverage cushions the financial impact. In the event that your parents have non-cancer related medical conditions, coverage may still be provided.
  2. Silver SecureAnother plan to consider for your parents to help provides coverage for senior diseases, such as kidney failure, intermediate-stage Parkinson’s and Alzheimer’s disease. For any diagnosis of senior diseases, a monthly benefit, and a one-time lump sum (equal to six times of the monthly benefit) will be paid out. This sum of money can be used to ease the financial strain. In the event that your parents have existing conditions such as higher cholesterol and blood pressure levels, coverage may still be provided.
  3. Family ProtectEnsuring you are covered for specified critical illnesses, death, terminal illness or total permanent disability (before age 70). This plan provides you an additional 25% payout of the sum assured per surviving dependant of the insured (up to 100% of sum assured) if you pass away or is diagnosed as totally and permanently disabled (before the age of 70), or becomes terminally ill.

We are often caught up in showing our loved ones how much we care for them through every day actions. While these are important, it is also important to show them True Care – by protecting them with a life insurance plan – that will give them the confidence and ability to tackle life when you can’t be there, and the security and assurance that they will always be well taken care of.

While life insurance products can be daunting, Income has simplified the products by categorizing them into ways that they can meet your protection needs.

Find out more about which products may cater for your protection needs, and get in touch with an agent if you require a detailed plan that fits you and your family’s needs or priorities.

 

^The research, commissioned by NTUC Income, represents the views of 329 Singapore Citizens and Permanent Residents (PR). The research was conducted online amongst married adults aged 25-49 years old. The research was conducted by Nielsen between February and March 2019.

Tags: , , ,

Personal finance tips delivered to your inbox!

Personal finance tips delivered to your inbox!

Receive news, subscriber-exclusive promotions and guides on how to become smarter with money.