Plan for a brighter tomorrow by prioritising the things that matter most to you.
In the event of unexpected circumstances such as critical illnesses, accidents or disability, your needs and livelihood might be affected.
Your priority for protection:
Plan your protection
Saving for and investing in your upcoming milestones are easier the earlier you start.
Your priority for wealth:
The younger you get insured, the better. Now that you've started earning, saving for the things that matter will be much easier without worrying about medical bills.
If you are a Singaporean or PR, you’re automatically covered by three national schemes:
Beyond the basic coverage from national schemes, you’ll still need to ensure that you are sufficiently covered to avoid dipping into any hard-earned savings.
National schemes do not fully cover:
Make sure your insurance premiums fit comfortably within your budget. It’s recommended to spend at most 15% of take-home pay on insurance protection.
² Protection Needs for Different Life Stages: Young Working Adults Entering the Workforce, Life Insurance Association Singapore, 7 June 2019
³ Basic Financial Planning Guide for Fresh Entrant to the Workforce, Moneysense
Misconceptions?
Let’s correct them.
Check out some common misunderstandings about financial planning and their truths.
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
Truth:
Health issues and accidents can happen to anyone at any age. While older people might be more prone to certain illnesses, it's important for everyone to have health insurance. If you wait until you're older, insurers might exclude pre-existing conditions. Protect yourself by getting coverage early on.
Source: Understanding Health Insurance, Moneysense
Truth:
While this is true, it is also true that health issues can arise at any time, regardless of age. It’s also wise to lock in a lower premium at a younger age.*
Be protected against unforeseen medical expenses, rising healthcare costs or unexpected injuries with our suite of tailored products and supplementary plans.
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.
Get comprehensive essential coverage no matter the life stage you’re at.
Explore topics
Building your wealth early on is crucial as you’ll need to plan for the big-ticket items of tomorrow. Let your money work for you while you focus on the things that matter to you.
Emergency Funds
At least 3 – 6 months’ worth of expenses (including dependants) for rainy days.
Savings for your upcoming expenses and a plan for you to live out your golden years comfortably – the earlier you start, the more time you have to grow your wealth and accumulate more.
Misconceptions?
Let’s correct them.
Check out some common misunderstandings about financial planning and their truths.
Truth:
Not at all! In fact, starting younger gives you a more generous margin for error. Data shows that the longer your time horizon is, the greater your odds of having stronger returns.
Source: Whether You’re Aged 20 or 50, Here’s How You Can Start Investing Amid Uncertainty, The Straits Times, 28 August 2022
Truth:
There are plenty of investment options that don’t involve huge capital amounts. You may start small by investing some of your first few pay cheques in options that require lower capital amounts and are aligned with your needs. The key is to be consistent and think long-term!
Truth:
Investing does come with some risk, but there are ways to manage it. You can balance risk and potential returns by diversifying your investments and choosing lower-risk assets. Understanding your own risk tolerance and considering your financial commitments are also important in reducing investment risk.
Source: Managing Investment Risk, Moneysense
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.
Explore topics
*Please note that some products have non-guaranteed premiums which are subject to change. In the event of a change in premiums, advanced written notice will be provided.
¹ Get Peace of Mind for Your Healthcare Needs, Central Provident Fund Board
² Protection Needs for Different Life Stages: Young Working Adults Entering the Workforce, Life Insurance Association Singapore, 7 June 2019
³ Basic Financial Planning Guide for Fresh Entrant to the Workforce, Moneysense
⁴ How Much Do You Need to Start Investing?, The Business Times, 4 July 2024
⁵ Complete Life Tables for Singapore Resident Population 2022 – 2023, Department of Statistics Singapore, 6 June 2024
Start your financial planning journey with us today. Our Financial Representative will be in touch to assist you.
* All fields are mandatory
By clicking ‘Accept’ button below, you will leave Prudential’s website and an external link will be opened in a new browser window. To return to Prudential’s website, you can click ‘Decline’ button below.
Website accessed through this hyperlink is a third-party website which is not owned or controlled by, or affiliated in any way with Prudential and Prudential is not responsible or liable for their content and / or your use of them.
