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Do you really need life insurance?

Learn the top 4 reasons for buying one

Life insurance ensures your loved ones are taken care of financially if you pass away or are struck with total and permanent disability or terminal illness1. In some cases, life insurance can also safeguard the roof over your family’s head.

In the hustle and bustle of day-to-day life, death, total and permanent disability or terminal illness can seem like a distant possibility. Hence, up till now, you might not have gotten around to getting insurance protection in this area.

Life insurance is a tool in your toolkit of ways to protect your family. In times of difficulty, your life insurance policy will come in handy to support you and your family’s lifestyle.

Buying a life insurance is usually cheaper the younger you are when you first purchase your policy. This means that by buying life insurance today, you will be paying less for the same financial protection than if you decide to purchase it next year.

There are some very compelling reasons to get life insurance right away.

If you are still not convinced, here are some milestones in life that call for a review of your life protection.

 

Reason 1 - Welcoming a child to your family

Congratulations on the new addition to your family! Having a child to protect will no doubt ignite a desire to always be there for your son or daughter, at least until he or she reaches adulthood or independence. Even if unexpected circumstances come your way, you need to be sure that you can always provide for your family.

Life insurance can be purchased to protect you, your spouse, as well as your child, giving you the peace of mind to focus on what you enjoy. Your child, in turn, will be able to focus on his or her studies and enjoy a happy childhood without worrying about finances.

A whole life insurance can be appropriate if you wish to accumulate cash value for retirement. On the other hand, if you have budget concerns and wish to purchase life protection for your family only up to a certain point, such as when your child completes his or her tertiary education, a term life insurance would be more appropriate. Such a plan offers protection for a specified period and does not come with cash value.

If your main reason for opting for a term life insurance is a lack of cash, there are plans that offer a conversion option to a whole life insurance once you feel ready for it.

Interested to find out more?

Reason 2 - You are the breadwinner of the family

Being your family’s breadwinner is a heavy responsibility as your loved ones are counting on you to support them. Whole life insurance ensures that their lives will not be turned upside down if the unexpected happens and you lose your ability to bring in income.

In addition, as a member of the sandwich generation, you might find yourself grappling with the expenses and care of both your children and your aging parents.

While you might be financially stretched, purchasing a whole life insurance is essential, as it will ensure that you and your loved ones are taken care of if adversity hits. Whole life insurance ensures that your family continues to be financially supported if your income disappears, and can also pay for your own care expenses if you become totally and permanently disabled or terminally ill.

If you are on a tight budget and decide to opt for a term life insurance for the time being, you need to ensure that the duration of your plan is long enough to offer protection throughout your parents’ lifetime, as well as until your children are able to financially take care of themselves.

Choosing a term life insurance that can be converted to a whole life insurance at a later time allows you to build up cash value at a later date when your budget is less stretched, such as when your children have grown up.

Reason 3 - You are in debt

For many of us, getting into debt is inevitable at some point in order to provide a more comfortable life for ourselves and our loved ones. However, this debt can become a liability if the unfortunate happens to you before you can fully repay your loans.

To protect your family and yourself, life protection can be used to cover your home’s mortgage and/or any other debt you might have in your name. This ensures that your family’s home and inheritance are not affected by existing debt, and that they can continue living life as they know it no matter what happens to you.

Interested to find out more?

Reason 4 - You are planning for retirement for you and your spouse

As life expectancy continues to rise, it is becoming harder to know whether our savings will be enough for our retirement years. In addition, as our bodies age, our need for medical care might increase, which could in turn put us under greater financial strain.

Whole life insurance provides your spouse with the assurance that he or she will be able to retire comfortably even if something happens to you and you are no longer able to contribute to your retirement fund.

A whole life insurance can also give your retirement plans a boost by potentially growing your wealth, although you should be aware that wealth growth is not guaranteed and depends on market conditions and other factors. Some options to consider include whole life insurance with an investment component and retirement plans that eventually pay out a regular income.

Life insurance: is it worth it?

Our lives are a delicate balance of health, wealth, and time spent with the people we love and engaging in activities we enjoy. Life insurance takes care of you while you immerse yourself in all that life has to offer. There is no better time than the present to get the protection you need, as life insurance premiums increase with age and having protection is necessary at all stages in your life.

Discover how to protect yourself and your family with life insurance from Manulife.

Speak to a financial consultant today!

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    Disclaimer:

    These insurance products are underwritten by Manulife (Singapore) Pte. Ltd. (Reg. No. 198002116D). This advertisement has not been reviewed by the Monetary Authority of Singapore. Buying a life insurance policy is a long-term commitment. There may be high costs involved if you terminate the policy early, and your policy's surrender value (if any) may be zero or less than the total premiums paid. Buying health insurance products that are unsuitable for you may affect your ability to finance your future healthcare needs. This advertisement is for your information only and does not consider your specific investment objectives, financial situation or needs. It is not a contract of insurance and is not intended as an offer or recommendation to purchase the plan. You can find the full terms and conditions, details, and exclusions for the mentioned insurance product(s) in the policy contract.

    This policy is protected under the Policy Owners’ Protection Scheme which is administered by the Singapore Deposit Insurance Corporation (SDIC). Coverage for your policy is automatic and no further action is required from you. For more information on the types of benefits that are covered under the scheme as well as the limits of coverage, where applicable, please contact us or visit the LIA or SDIC web-sites (www.lia.org.sg or www.sdic.org.sg).

    We recommend that you seek advice from a Manulife Financial Consultant or its Appointed Distributors before making a commitment to purchase a policy.

    Information is correct as of 25 November 2020.

    Content Sources

    1. https://www.moneysense.gov.sg/articles/2018/11/understanding-life-insurance


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