Most of the life insurance policies sold in the market in Singapore are bad for consumers, as they take a lot of money and give a poor yield. But life insurance, as a tool for managing personal finances is good, provided that is is designed to give a fair yield to consumers. It has to be sold directly. See this article.
Find out more about the flexi-life policy in www.easysearch.sg/life21. You can also generate a financial plan and watch the tips on financial planning and insurance.
The role of insurance is to manage risks. There are areas of personal risk that need to be met adequately and IMMEDIATELY. If not there is no peace of mind.
ReplyDeleteIt is surprising that Singaporeans are walking around with a time bomb ticking. They are only insured averagely $100K . Averagely a family with 2 young kids need at least $600K to replace dependents' income.
Averagely a working adult needs about $200K critical illness cover but Singaporeans have average $75K only.
In the event of disability Singaporeans need at least 70% of their income to last till 65 years old.
A H&S medical insurance is also needed .
The only risk Singaporeans have covered well is the H&S and other areas are still far below. WHY? they have been conned into buying scam insurance products with saving element resulting in having no money to buy REAL INSURANCE.
They also wasted a lot of their money putting into those limited payment term endowment and 'lost to inflation' short term scam guaranteed endowment which guarantees the loss..
So you can see Singaporeans are really 'cash cows' for those conmen and women and their mastermind insurance companies.
No wonder Singaporeans are under insured;; and no money to retire...many can't even afford to buy CPFLife.They have been plundered and looted in broad daylight and legally too.No wonder Singapore is a good place to set up shops.Gold shops are plenty...selling tungsten coated in gold ingots offered at a discount.
Poor Singaporeans.. they are sucked left right and centre and now from the top too.They are preyed by local conmen and now foreign con artistes with gold and land to sell joined the fray.
No wonder inflation has hit 3.8%.