Protecting your
family’s tomorrow

Where do your priorities lie? Consider you and your family’s needs and what you will require to safeguard the present and future.

High priority

 

Protection

 

In the event of unexpected circumstances such as critical illnesses, accidents or death, at least one or more dependants may be impacted.

 

Your priority for protection:

  • Health insurance for hospitalisation.
  • Protection against accidents and major illnesses.
  • Financial payout for death, terminal illness, and total and permanent disability.

 

Plan your protection
 
High priority

 

Wealth

 

Growing your wealth gets even more pivotal to upkeep your standard of living and achieve your future goals when you have multiple dependants.

 

Your priority for wealth:

  • Savings for immediate and future expenses.
  • A retirement plan.
  • Legacy planning.

 

 

 

Build your wealth
 
Medium priority

For your dependants

 

Protecting your loved ones from the unexpected can allow you to focus on your responsibilities without constant worry.

 

Your priority for your dependants:

  • Health insurance for hospitalisation.
  • Protection against major illnesses, death, total and permanent disability, and accidents.
  • Care plan for your parents.

 

 

Protect your dependants
 

Learn more about your needs

Protection

Beyond your basic coverage, additional coverage ensures comprehensive care, creating a reliable safety net for you and your loved ones. This way, you can rest easy knowing they are well-protected against unexpected medical costs.

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What you already have¹

If you are a Singaporean or PR, you’re automatically covered by three national schemes:

  1. MediSave
    A national savings scheme which helps CPF members save for future medical expenses, especially during retirement.

  2. MediShield Life
    A health insurance for large hospital bills and selected outpatient treatment costs.

  3. CareShield Life
    Long-term care insurance scheme for financial support and monthly cash payouts in event of severe disability.
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What you may consider²,⁴

Are you fully prepared for life's surprises with your current protection policies? It's crucial to ensure you have enough coverage to avoid a protection gap – when your savings, investments, and insurance fall short of covering unexpected expenses due to health issues.

Here's how to find out your protection gap³:

  1. Calculate Needs: Multiply your annual income by nine (for death) or four (for critical illness)2. This is what your family will need to manage without your income.

  2. Assess Resources: Add up your savings, assets, and current coverage. These are the funds available to your family.

  3. Find The Gap: Subtract the needs from the resources.

 

If the result is negative, there's a protection gap. This means your family might struggle financially if something happens to you.


National schemes do not fully cover:

  1. Hospitalisation
    An Integrated Shield Plan (IP) provides additional coverage for private hospitals or higher ward classes in public hospitals.

  2. Critical Illness
    You’ll need coverage of 4x annual income. (Recommended)⁴

  3. Death & Total and Permanent Disability
    You’ll need coverage of 9 – 10x annual income. (Recommended)⁴

It’s recommended to spend at most 15% of take-home pay on insurance protection.

Why act now

Youth often means better health, allowing higher insurance coverage at lower premiums.

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A sudden hospital visit can drain your savings, hindering financial progress.

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Life's unpredictability can severely impact loved ones if you pass away prematurely.

Find the right plan

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.

Wealth

Building your future wealth becomes even more crucial when you have loved ones relying on you. Besides health protection, a proper wealth plan can empower you to achieve your long-term goals and leave a lasting legacy.

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Basics – what you should have⁴

  1. Emergency Funds
    At least 3 – 6 months’ worth of expenses (including dependants) for rainy days.

  2. Legacy Planning
    A plan for a will, family trusts, life insurance, powers of attorney, and CPF nominations.
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What you may consider

A retirement plan and savings for your upcoming milestones will give you peace of mind.

  1. Investment
    It is recommended to allocate at least 10%⁴ of your take-home pay for key milestones.

  2. A Retirement Plan⁴
    Sustain the lifestyle you desire with regular income to enjoy the best golden years.
    If you are 55 years old or above, explore options to monetise your property (Silver Housing Bonus, Lease Buyback Scheme, renting out room / flat).

Why act now

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As lifespans are increasing⁵, you’ll need a plan for your financial needs in the future.

 

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Give more time for compound interests to accumulate over the years⁶.

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Supporting your dependants and lifestyle requires investing early in a diverse portfolio to let compound interest grow²,⁶.

Find the right plan

For your dependants

Everyone gets peace of mind when the whole family is protected. Securing your loved ones’ wellness and ensuring coverage for the future benefits the whole family.

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What you already have¹

If they are Singaporean or PR, they’re automatically covered by four national schemes:

  1. MediSave
    A national savings scheme which helps CPF members save for future medical expenses, especially during retirement. You can also use your MediSave to pay for medical bills incurred by your immediate family members.

  2. MediShield Life
    A health insurance for large hospital bills and selected outpatient treatment costs.

  3. CareShield Life / ElderShield
    Long-term care insurance scheme for financial support and monthly cash payouts in event of severe disability.

  4. Dependants’ Protection Scheme⁷
    Term life insurance scheme that provides basic financial protection for you and your family in the event of death, terminal illness or total permanent disability.
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What they may consider

It’s important to plan ahead with proper and full coverage for your parents and/or children:

  1. Critical Illness
    Lump sum payout if they are diagnosed with a critical illness.

  2. Life Insurance
    Coverage for death, terminal illness and total permanent disability.

  3. Personal Accident
    Coverage for accidental death and injuries, including food poisoning, children-prone HFMD, and elderly-susceptible fractures.

  4. Integrated Shield Plan
    Additional coverage for private hospitals or higher ward classes in public hospitals.

  5. Savings/Investment Plans
    For milestones such as education and future home for your children and regular income during retirement for your parents.

  6. Legacy Planning
    A plan for a will, family trusts, life insurance, powers of attorney, and CPF nominations for your parents.
    If they are 55 years old or above, explore options to monetise their property (Silver Housing Bonus, Lease Buyback Scheme, renting out room / flat).

Why act now

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Whole life policies can accumulate cash value and provide life-long protection at the same time.

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Premiums increase with entry age for selected policies, your child can reap the benefits of lower premiums in the long run.

Find the right plan

Important information

¹ Get Peace of Mind for Your Healthcare Needs, Central Provident Fund Board

² Protection Needs for Different Life Stages: Working Individuals Supporting Aged Parents, Life Insurance Association Singapore, 7 June 2019

³ Life Insurance Simplified Calculator, Life Insurance Association Singapore

⁴ Basic Financial Planning Guide for Working Adult, Moneysense

⁵ Complete Life Tables for Singapore Resident Population 2022 – 2023, Department of Statistics Singapore, 6 June 2024

⁶ The Power of Compound Interest: Calculations and Examples, Investopedia, 28 February 2024

⁷ Protect Your Loved Ones with the Dependants’ Protection Scheme, Central Provident Fund Board

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I understand that if I am an European Union (“EU”) resident individual (i.e. my residential address is based in any of the EU countries), I can refer to Prudential Privacy Notice (which is available at https://www.prudential.com.sg/en/privacy-notice) for more information on the rights available to me under the GDPR.

By submitting this form, I confirm that I have read, understood and given my


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