Focus on living your golden years and prioritise what matters the most to you.
In the event of unexpected circumstances such as critical illnesses, accidents or death, your nest egg might be impacted by rising healthcare costs.
Your priority for protection:
Plan your protection
To pursue passions, travel the world, and spend quality time with loved ones without financial worry, you’ll need sufficient finances.
Your priority for wealth:
Health needs may increase as you age – the sooner you get insured, the more peace of mind you’ll have.
If you are a Singaporean or PR, you’re automatically covered by three national schemes:
You might have insurance protection policies, but are you truly covered for health issues and increased risk of accidents that come with age? The key is ensuring you have enough coverage to avoid dipping into your retirement savings.
You’ll need:
You might also need to review your insurance plans to see if they remain affordable when you’re no longer drawing a salary.
Misconceptions?
Let’s correct them.
Check out some common misunderstandings about financial planning and their truths.
Truth:
It's best to be open about your pre-existing medical conditions. Hiding them could result in claim rejections or even a terminated plan if discovered. Having pre-existing conditions doesn’t mean you can’t get insured in Singapore; it just means there might be some extra considerations for coverage and premiums.
Truth:
You can still purchase health and/or life insurance in Singapore, though some additional considerations will be factored in due to age or pre-existing conditions. There are specialised plans so it’s best to consult a Financial Representative to understand what’s best for your condition, age and financial goals!
Truth:
Not always. Policies can have limits, gaps, and exclusions. It's a good idea to review your coverage, spot any gaps, and consider extra insurance or add-ons based on your health and family history to avoid unexpected medical bills.
Source: Health insurance terms: Know what you’re paying for, Moneysense
Prepare for your health gap years—the period when a critical illness diagnosis may require time away from work to focus on recovery for yourself or your loved ones. Be protected from the financial impact of serious conditions such as cancer, stroke, and heart attack, so you can recover with peace of mind and continue supporting your family in the event of a critical illness.
Be protected against unforeseen medical expenses, rising healthcare costs or unexpected injuries with our suite of tailored products and supplementary plans.
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Your golden years are the time to kick back and live the life you desire. In addition to securing your protection, planning for your goals, including legacy planning, is essential.
It pays to start planning for retirement early. To see if your nest egg is sufficient, consider the kind of lifestyle you want to lead, how long you expect to be in retirement, and what amount of income you desire.
Here's how to find out if your savings will last⁶:
If the result is negative, you may find it challenging to maintain a comfortable retirement.
More ways to bridge the gap⁴,⁵:
Misconceptions?
Let’s correct them.
Check out some common misunderstandings about financial planning and their truths.
Truth:
Unlike some other insurance plans, ILPs don’t necessarily guarantee returns, which may lead them to being perceived as risky. However, understanding your own financial situation and goals and carefully evaluating the ILP and its sub-funds can help give you more confidence to invest.
Truth:
The premiums paid for ILPs do not actually increase, but the insurance coverage charges generally increase as you age, meaning more investment units in your policy will be deducted to pay for the charges.
Truth:
It really depends on your life goals. It's hard to guarantee returns from investments or life insurance policies, but having life insurance provides extra benefits like financial stability for you and your loved ones. It also encourages regular saving, which can be tough to maintain through active investing. Since returns can vary based on market conditions and personal choices, it's important to match your financial goals with the right savings method. Talking to a Financial Representative can help you make the best choice for your needs.
Source: Savings & Investment, Life Insurance Association Singapore
Achieve your life goals at any life stage and gain financial security and the freedom to live out your best years.
Offering you life coverage with flexible investment.
Ensure your future is protected for you and the next generation.
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¹ Get Peace of Mind for Your Healthcare Needs, Central Provident Fund Board
² Protection Needs for Different Life Stages: Retirees or Pre-retirees, Life Insurance Association Singapore, 7 June 2019
³ Receive lifelong monthly payouts with CPF LIFE, Central Provident Fund
⁴ Basic Financial Planning Guide for Golden Years, Moneysense
⁵ Basic Financial Planning Guide for Pre-Retiree, Moneysense
⁶ Determine Your Retirement Needs, Moneysense
⁷ Approaching Your Retirement Years, Moneysense, September 2024
⁸ Retirement: Successful ageing with purpose and dignity, Ministry of Finance, 19 March 2024
⁹ Singapore Retirees Share How They Maintain Their Lifestyle Amid Inflation, Central Provident Fund Board, 23 June 2023
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