These days, we are bombarded with so many insurance products that promise to safeguard our financial well-being. But do you know which actually suits your family’s needs? Or do you think simply feel that they are not relevant to you?
Here are 5 common reasons (or excuses) you might have about not getting life coverage and why we think you should reconsider!
#1 You have other priorities now
Perhaps you’ve got other more immediate needs, such as saving up for your child’s tuition fees, or planning to upgrade your house. Life insurance can wait; after all, you could be paying premiums for nothing – if nothing happens to you.
#2 You have the ability to provide for your family
You may think you’ve got your expenses covered, but cost of living is always going up and unforeseen circumstances may arise. For example, you may worked out a long-term plan to provide for your child’s education up to the time he/she goes to a local university. But what happens if sudden health challenges along the way deprive your ability to continue supporting your child financially?
In all of life’s uncertainties, the cost of dealing with critical illnesses can put a great strain on family finances. Therefore, having a life insurance with critical illness and total and permanent disability coverage can help ease the family’s financial burden during the most difficult period as the payouts can support them when you are unable to do so.
#3 You already have other insurance coverage
You may have the privilege of working in a corporation that includes health insurance as part of your employee benefits. You get reimbursements for medical consultation and dental, and even hospitalisation or medical insurance that covers your dependents. Thus, you feel that there is no need for another life insurance policy.
#4 Buying life insurance is too expensive for you
Afraid that you’ll have to make a big monetary commitment? There are life insurance policies that cost as low as $1 a day, i.e. cheaper than your daily commute to your workplace or your cup of coffee from the food court.
Depending on your requirements, there are various low cost options you can choose from. For example, if you just want to be covered for a specific period of time (for example, just until your child is financially independent), you can opt for plans that allows you the flexibility to do so, at a lower price. In this aspect, term life insurance plans that cover up to a specific age are usually more affordable than whole life plans (protection plans that cover you for a lifetime).
Term life plans can offer further flexibility. If you opt for a renewable term life policy, you can easily choose to start with a low premium as well as the number of years you wish to be insured – from one year onwards and renewable up to 100 years – and pace your premiums as your income increases. Alternatively, if you choose a fixed term policy, you can plan with certainty as premiums stay the same for the entire policy period.
#5 You think it’s too confusing or too much of a hassle
If you feel you don’t understand the differences between life insurance plans or types, FWD’s easy-to-understand and well-priced products may just change the way you feel about insurance.
With FWD’s term life insurance, you can buy up to S$1.5 million of coverage with no medical examination needed if you’re in the pink of health. You can also beef up your coverage with optional benefits to protect yourself if you are diagnosed with a critical illness or become unable to work due to a total and permanent disability.
What’s more, buying a life insurance plan has never been easier! You can now get a quote online, from the comfort of your home in mere seconds! Try getting a quote for FWD’s term life insurance here.
PLUS: KiasuParents readers will enjoy 10% off the first year premium. Apply here now. Promotion ends 30 April 2020.
In conclusion, there may be many things in life that aren’t within our control, but decisions like getting adequate life insurance coverage can be the vital buffer that we need during unexpected times… and it can be easier than you think!
Terms and Conditions apply. Protected up to specified limits by SDIC. This advertisement has not been reviewed by the Monetary Authority of Singapore.