• Daniel Lee

Understanding your insurance needs over time

Updated: Oct 20

In this article, I will give you a crash course on

  • the different insurance needs that you will have at the different life stages.

  • the types of insurance to consider adding to your insurance portfolio

Bear in mind that just cause a certain type of insurance should be considered doesn’t mean you need to have it in your portfolio. It depends on how you structure your insurances to get the coverage you need at the lowest possible cost.

Basically, everything can be summarized in the following:

From now until you’ve sufficient funds to retire

You will need:

  • Hospital insurance: to provide for your hospital expenses

  • Life insurance: to provide for your earned income to pay for day to day expenses, mortgage liabilities, and children related expenses [e.g. university tuition fees]

  • Endowments: to provide for your wealth accumulation needs that will be used for your children's university tuition fees and your own retirement plans

Type of insurance you should consider adding to your insurance portfolio:

  • Health insurance

  • Whole-life / term-life insurance

  • Mortgage insurance

  • Disability income insurance

  • Endowment insurance

  • Retirement & Annuity insurance


After you’ve retired till you “pang-gang”

You will need:

  • Hospital insurance: to provide for your hospital expenses

  • Life insurances: to provide for legacy planning needs – that is to be passed down to the next generation

  • Long-term care insurances: to provide for added expenses needed for the caregiver – when you can’t sustain independent living

  • Endowments: to provide for your retirement income


Type of insurance you should consider adding to your insurance portfolio:

  • Health insurance

  • Whole-life / term-life insurance

  • Universal life insurance

  • Careshield & Careshield supplements [previously known as eldershield]

  • Retirement & Annuity Plans

Long story short

Your insurance needs changes over time, to ensure that you have an efficient insurance portfolio and not overpay for your insurances, you will have to tailor your insurance portfolio by

  • including insurance policies that are suitable to your needs

  • Removing insurances that are no longer relevant to you anymore.

Simply purchasing an insurance policy and calling it a day is the worse form of insurance “planning” there is and often result in the situation of overpaying and underinsured.


Read this and find out how I’ve helped one of my clients save $4,583 yearly in insurance costs whilst providing him with the necessary insurance coverage and how I may help you do the same.


Should you need help in your insurance planning process:

  • structuring the right insurance portfolio

  • assessing your current insurance needs

  • sieving out the most competitive insurance company within a given insurance category

Why spend weeks trying to figure things out when you can spend just 1 hour with me to sort out your options. You can get in touch with me and see exactly how I can help you streamline your insurance planning process.


You can also join my telegram channel to receive first-hand updates:

Daniel is a Licensed Independent Financial Consultant with MAS and a certified Associate Wealth Planner that provides advice in the following areas:

  • for investment and portfolio management advice - find out more here

  • for insurance planning and portfolio optimization advice – find out more here

  • for retirement planning advice– find out more here

Disclaimer:

This article is meant to be the opinion of the author and is for information purposes only.

This article should not be seen as a financial advice

This advertisement has not been reviewed by the Monetary Authority of Singapore

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