To get you started, we’ve identified some main concerns you may have and the types of plans that could be suitable for your needs.
| If you are concerned about | You may want to consider | What does it do? | What Singlife offers |
|---|---|---|---|
| Debt management and providing for family when you die |
Term plan or whole life plan |
Pays out a lump sum of money upon death. In addition, a whole life plan pays out any accumulated savings and bonuses. Most insurers also offer add-ons called riders, which allow you to build on your protection plan to complement your coverage. This can include benefits such as critical illness, total and permanent disability cover (TPD), or premium waivers. |
|
| Cost of medical bills |
Hospitalisation and surgical plan |
Reimburses the cost of hospitalisation, surgical bills, including pre- and post-hospitalisation treatment and catastrophic outpatient treatment like cancer and kidney dialysis. In Singapore, MediSave-approved Integrated Shield plans are available to enhance your MediShield Life coverage. You may also want to find out about different levels of coverage, as well as co-insurance and deductibles; they determine what plan you need and how much of the bill is borne by you. |
|
| The cost of care in case of disability |
Long-term care plan |
Provides a monthly payout to help offset the cost of long-term care. In Singapore, from age 30, Singaporeans and PRs are eligible for the national CareShield Life scheme. |
|
| Living expenses and debts if you’re unable to work due to critical illness |
Critical illness / major illness plan |
Pays out a lump sum of money if you’re diagnosed with a critical illness that’s covered under your plan. |
Singlife Multipay Critical IIlness |
| Loss of income due to disability |
Income protection plan |
Provides a monthly payout to replace the income you’ve lost, if disabled or unable to work from accident or illness. |
While all these plans provide important and distinct coverage, you may not have to get them all at once. Assess your current and future needs and situation, and start with the plan/s that is/are most crucial for you right now. You can gradually add other plans when you're ready.
Updated on March 2022
