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Are you still paying for the insurance your parents bought for you?
Do you have adequate coverage if you're hospitalised?
Are you over-insured but afraid to let go of the extra policies?
Do you have enough protection until your youngest child becomes financially independent?
Does your insurance policy include a rider?
How much is your critical illness payout?
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| If your answer is, “I haven’t got a clue!”, then it’s high time you sorted out your policies. AILEEN LAI gives you the lowdown on insurance, and tells you how to check if you’re adequately covered for emergencies and old age. |
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 Insurance provides protection against financial obligations when we’re faced with unforeseen circumstances, such as sudden demise, physical disability or a medical crisis, says Providend risk management senior specialist Tang Yin Fong.
“Appropriate insurance planning is therefore important to ensure your personal and dependants’ financial needs are covered in such situations.”
Adequate insurance coverage isn’t about how many policies you have, however. More importantly, it’s about whether the type of cover you’ve bought matches your protection needs. “You should make it a point to review your insurance periodically, especially when you reach certain milestones or encounter significant changes in your life,” advises Anne Tay, vice-president of wealth management at OCBC Bank. These changes may include a newborn baby, an increased liability such as a housing loan, an adjustment in lifestyle with higher cost of living, and salary increment.
As it’s prudent to review your insurance portfolio each time you step into a new phase in life, we asked the experts to explain the type of policy you’d need at the various life stages. |
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| PHOTOGRAPHY AIK CHEN ART DIRECTION CHELZA POK STYLING DEBRA WONG HAIR JASPER LEE/REFLECTIONS SALON MAKEUP DILY WANG/FACE BISTRO OUTFIT SOUTHAVEN & MARELLA SPECTACLES AS OPTICS |
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