FAQ: The Right Insurance Plan

1. Why is it important to have life assurance?

Life is uncertain. If anything unexpected happens to you, life insurance can provide a sum of money to take care of the financial needs of your family.

You can also use life insurence to make savings for your future needs, for example, after your retire from work.

2. Who should I buy it from?

You can buy life insurance from any of more than a dozen companies. But, we recommend that you buy it from NTUC Income.

NTUC Income is a cooperative society. We keep our cost low and pay a smaller share of profits to shareholders. This allows our policyholders to pay a lower premium and can enjoy a higher return on your savings.

Many of our policyholders find that the payout from NTUC Income on the maturity of their insurance policy is 10% to 20% higher than similar products from other insurance companies. If the payout is $100,000, the difference can be more than $10,000. That is a lot of money.

3. What is the right life insurance plan?

It depends on your financial situation and your needs.

For most young people, their need is to have financial security for the family and to make additional savings for their future. A whole life or endowment policy is more suitable for them.

For older people, their need is to earn a higher return on their cash and CPF savings. They can invest in a fund to earn a higher return. But they have to be aware of the risk and learn how to turn risk into an advantage.

They also need insurance to pay for their medical bills and to cover losses due to accidents and other risks.

An insurance adviser can help you.

4. How do I find an adviser?

You can call 6877 3366, if you wish to have an insurance adviser to see you in your home.

You can also visit our business center at Bras Basah Road or Tampines Point to talk to our salaried consultant.

5. Can I get more information, without seeing an adviser?

You can visit our website at www.income.coop. It contains a lot of information about our products and services. You will find it easy to search for the information that you need. About 10,000 people visit our website daily.

You can also visit an educational website called www.knowyourinsurance.com.sg. You can spend 20 minutes to learn about a common insurance products and to take a simple test. About 300 people visit daily.

You can visit this website to see a comparison of financial products: www.askdrmoney.com.

You can also attend an educational talk conducted very week. Call 6877 3366.