Friday, December 21, 2007

Family Insurance

Mr. Tan,

I am over 45 years old, got married last year and has a new born baby. Is it advisable for me to buy the Family Insurance Policy from NTUC Income for my family?


This product is suitable for your family. It provides good coverage (death, disability, critical illness and medical expenses) at an affordable cost.


Anonymous said...

Buy yourself living term, medishield and decreasing term for income replacement.How much will depend on your circumstances. Work with your adviser(not insurance salesman).
CPF medishield H&S for your baby (compulsory for new born)and no other insurance.
If wife is working , living term, Medishield and if she contributes to family expenses buy her share of income replacement term insurance.
First and foremost set up your emergency fund(3-6 months of family expenses)by saving it in the NTUC Flexicash fund and not other funds.
You are 40plus. You and your wife should have a retirement plan in place. Invest your CPF wisely and not into some fixed rate endowment plans. The insurance agent will tell you is low risk but actually is very risky because you never get to retire and may even lose the real value.
To ensure your plans don't fail and go haywire engage a qualified, competent, honest adviser(not salesman) who has your interest at heart.Be careful, there are insurance agents disguised as adviser or consultant or planner.
Get your referral from professional body, like Financial Planning Association of Singapore (FPAS). This is safer because they are regulated like lawyers and doctors.They can be struck off for professional misconduct.

Anonymous said...

Remember that children don't need insurance other than a medical insurance.There are many products that are disguised in some fanciful names, that purported to give your children a headstart or some third party policies.
These are WANTS and NOT NEEDS. Insurance agents are very clever to exploit parents' love for thier children. It is ok if the parents are already adequately covered and all other needs met, there is nothing wrong to SPLURGE on some luxuries like their children's insurance. Unfortunately , this isn't so. Parents put the cart in front of their horses(their own needs). Therefore it is very important to get a qualified and honest adviser to give objective advices so that no gaps are left unplugged. Remember your money is not limitless; allocating them in the right places is a great priority. This is the reason why never engage an insurance salesperson who knows nothing about planning but selling you.

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