Due to a technical glitch, I had the Beatles instead of Micheal Bublé at my family dinner last Christmas. Pre-retirees or retirees would be familiar with the British band, a.k.a the Fab Four, who were popular in the 1960s.

So, as we tucked into our festive meal, we listened to the foursome’s songs about life, rather than Bublé’s dreamy tunes about winter wonderlands. It made our celebration very different, but the Beatles didn’t steal my Christmas. In fact, they gave me poignant lessons about life, growing old and resilience – which in turn inspired my longevity plan.

Ageing meaningfully in Singapore

Ageing well isn’t about collecting as many birthdays as possible; it’s about living comfortably and meaningfully during our senior years. With the average lifespan in Singapore currently at 83 years – and increasing, many of us could be in retirement for about 20 years or a quarter of our lives. Hence, it’s necessary to have longevity protection i.e. plans that safeguard our finances and wellbeing in old age.

What does longevity and financial resilience have to do with the Beatles?

Well, other than the fact that the surviving two members are in their 80s and super wealthy, the Beatles’ song lyrics reminded me about life’s realities and the importance of preparing ahead for the outcomes I want as I get closer to pre-retirement. I found myself asking: What’s my life plan for my life span? What protection plans can help me age without financial wrinkles?

Life plan for my life span – protection every pre-retiree and retiree needs

For every life lesson I drew from the Beatles, I found a matching protection plan that could give me financial peace of mind in my golden years. Collectively, they make up “my life plan for my life span”, and it’s something everyone – not just pre-retirees or retirees – should consider to make the most of their later years…

Let It Be

“And when the night is cloudy, there is still a light that shines on me. Shine until tomorrow. Let it be.”

If you’re a parent, you might feel it’s your duty to always “light” the way to a bright future for your children. But what if you’re no longer around to provide for them? For me, the lesson here was to accept that life is unpredictable, but I should not simply let things be. Rather, I should put plans in place so that even when I die, my loved ones will have the financial support they need to chase their dreams.

Life plan for my life span: Term life insurance. This plan gives a lump-sum payout upon death which can be used to finance your dependants’ daily needs.

Ob-la-di, ob-la-da

“Ob-la-di, ob-la-da, life goes on, bra. La-la, how the life goes on.”

Every time the chorus of this song came on, our whole family sang along at the top of our voices. What’s “ob-la-di, ob-la-da”? Who knows? But therein lies the lesson: there will be unknowns in life, but we must persist because life goes on. In my early 20s, a colleague slightly older than me was diagnosed with liver failure. Like the song’s incomprehensible refrain, I couldn’t understand how a serious illness could befall a young and healthy person. Thankfully, my colleague bounced back after treatment, embracing life with even more passion than before. As the window for illnesses widens with a long life span, it’s crucial to have adequate resources to cover medical costs.

Life plan for my life span: Medical insurance. This plan covers hospitalisation and treatment costs. With a private Integrated Shield plan, you’ll get coverage for hospitalisation at higher ward classes as well as your choice of medical specialists.

The long and winding road

“The long and winding road, that leads to your door will never disappear.
I've seen that road before.”

This song reminded me that positivity can be the best medicine. I’m always inspired by people who never give up hope despite battling chronic illness for years. Health issues like cancer, stroke and heart disease are increasingly common among middle-aged and elderly people, and can take a lot out of a person, both physically and emotionally. Having the freedom to stop work and focus on one’s health in the event of a critical illness could make the recovery journey less stressful – which could in turn boost hopes of making a strong comeback.

Life plan for my life span: Critical illness insurance. This plan provides a lump-sum payout which can be used for critical illness treatment-related expenses that are not covered by medical insurance. It can also be used as income replacement should you take a break from work to focus on recovery.

With a little help from my friends

“Oh, I get by with a little help from my friends. Mm, get high with a little help from my friends. Oh, I’m gonna try with a little help from my friends.”

Since young, I’ve always valued my independence and ability to do the things I enjoy like travelling and taking long walks. However, physical decline and severe illness in old age could make me reliant on others. If everyday tasks like walking and feeding were to become a challenge, I’d be comforted to know that I can get by with a little help – be it from my friends or family. Having a strong support system is important and it’s okay to ask for help.

Life plan for my life span: Long-term care insurance. This plan gives payouts in the event of severe disability. For example, we have our national long-term care insurance schemes – CareShield Life and ElderShield – which provide basic financial support for severe disability. There are also government-approved supplements that can enhance your CareShield Life or ElderShield payouts.

Things we said today

“Someday, when I'm lonely, wishing you weren't so far away. Then I will remember, things we said today.”

Good memories are linked to happiness, joy and love, and as said in this song, they can make us feel close to someone when we’re miles apart. The lesson for me was to make as many happy memories as I can with my loved ones while I can. Even if cognitive decline were to set in during my old age and diminish my ability to remember things, reason and focus on an activity, my loved ones will always have that emotional connection with me through our shared memories.

Life plan for my life span: Dementia insurance. This plan gives payouts in the event of cognitive decline, complementing the coverage from long-term care insurance.

Parting thoughts

A long life is a blessing. While you may already be doing a lot to stay healthy so you can bask in your senior years, there may be twists and turns you’ll have to prepare for. Every pre-retiree and retiree should have a life plan for their life span, and it should include protection plans that can help mitigate the unique risks which come with longevity. That way, no matter what happens, you can focus on what really matters. For me, that would be moments like sitting around the table with my loved ones singing, “Here comes the sun, here comes the sun, and I say, it’s all right.” 🎶🐞

^Notes

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