It’s no secret that Singapore ranks as one of the most expensive cities in the world. With the rising cost of living, many Singaporeans, especially those thinking about starting a family, worry that having a child could delay their retirement by up to 15 years. But here’s the good news: Singlife’s Starter Pack is designed to help you to take the first steps towards financial independence for both you and your little one, even amidst these challenges. Speak with a trusted financial adviser representative and start planning early to secure a stable financial future for both you and your child.
Our Starter Pack provides you with options that'll help protect both you and your child, accumulate wealth for their future, manage medical expenses, and ensure peace of mind, from as little as S$9.021 a day.
Get protection for yourself and your child
No one likes to think about the worst-case scenario, but it’s something we all need to prepare for, especially when there are loved ones depending on us. The last thing you want is for them to have to worry about finances during an already challenging time. A life insurance plan is one of the best ways to protect both you and your children. We've previously discussed the benefits of whole life and term life plans, and for the typical family, here’s what our Starter Pack recommends:
A term life plan like Singlife Elite Term II will provide you with a high coverage amount for death and Terminal Illness with lower premiums, which is great for new families with other costs to worry about. On the other hand, Singlife Whole Life Choice for your child provides lifelong protection and the option to access funds with the Life Stage Withdrawal Benefit. This means they can withdraw accumulated reversionary bonuses without charges when they hit major milestones like university, marriage, or buying their first home.
Combined, these two plans offer S$500,000 in coverage each, and will only set you back S$3.84/day. That’s S$1 million in coverage for the price of a cup of coffee #worthit.
Shield your child from rising medical costs
No parent wants to see their child in the hospital, but accidents can happen. Thankfully, Singapore has a world-class healthcare system, and we have schemes like MediShield Life to help with treatment costs. However, healthcare inflation is rising. According to the Singapore Department of Statistics, healthcare prices increased by 4.8% year-on-year in April 2024, higher than the general inflation rate of 2.7% that year*. The challenge is wanting the best for your child while also being mindful of the out-of-pocket treatment costs. A hospitalisation plan, like the one below, can ensure they get the care they need without the financial strain.
Singlife Shield Plan 2 will cover their stay in any standard A-class ward at public hospitals, offering your child the privacy and comfort to recover swiftly. It also covers most hospitalisation expenses on an “as-charged” basis, meaning eligible bills are reimbursed based on the actual charges. Plus, with the Health Plus Public Lite rider to cover most of the co-insurance costs, the amount you have to pay is capped it at a maximum of S$3,000 per year. The best part? It costs just S$0.12/day after deductions from your MediSave.
Grow a nest egg for your child’s future
I’ve been lucky enough to benefit from my parents’ foresight. They started a savings account for my university education when I was born, and that kind of planning has made all the difference. I can’t stress enough how important it is to start saving for your child’s future.
The average cost of education in Singapore has risen by 75.7% over the past two decades^, and it’s expected to keep rising along with the increasing cost of living. While the Child Development Account (CDA) and Edusave can help ease the financial burden, you might also want to consider putting your child’s ang pao money, plus your own steady contributions, into an endowment plan that guarantees returns.
Take Singlife Smart Saver as an example. You’d pay S$27,662.25 over 15 years (which works out to be S$5.05/day) and receive S$38,3292 at the end of 20 years to give your child. This plan includes a lump-sum payout at the end of the policy term, comprising your Sum Assured and potential bonuses, all while guaranteeing your capital. You can also add a second plan with the Life Stage Add-on3, which offers lower premiums with Singlife Smart Saver Plus4 —a flexible option to save for your retirement or any other goal you might have.
Don’t forget about your own peace of mind
The saying goes, "To take care of others, start by taking care of yourself." When it comes to planning for the future, that couldn’t be truer. At least 1 in 2 Singaporeans aged 65 will experience severe disability in their lifetime, that’s a sobering reality we all need to prepare for. Staying active and healthy today is a great start, but it's also important to set up safeguards like a disability insurance plan.
In addition to CareShield Life, it makes sense to have an additional long-term plan to complement the basic payout you’ll receive:
Following the option outlined in the Starter Pack, Singlife CareShield Standard provides an additional S$1,400 to help cover essentials like medication, home modifications, nursing services, and more. This will be paid out when you’re unable to perform at least 2 Activities of Daily Living (ADLs), helping you manage your new lifestyle. While long-term care may not be the easiest topic to think about, it’s crucial. Applying for it is really simple too. You can purchase a policy online and make payments for your premiums entirely through MediSave5. That's right, S$0 for peace of mind when it comes to your long-term care.
Protecting your family doesn't have to cost a fortune
Planning for your family’s future doesn’t have to feel like this huge or expensive task. At Singlife, we understand the challenges of raising a family and the pressures that come with providing the best for them. That’s why we created the Starter Pack, to help simplify the process to get you thinking about the coverage you need without overwhelming your budget. By exploring the right insurance plans, investment options, and healthcare coverage, you can lay the groundwork for a secure future.
Sure, it sounds like a lot but it’s really only going to cost S$9.02 a day, less than a Venti cup of Starbucks. Take it as a small step that could make a big difference for your family tomorrow. So why wait? Start planning for the future you want from today.
Notes:
*Singapore Department of Statistics, “Singapore Consumer Price Index, Apr 2024”, accessed on 14 May 2025.
^SmartWealth, “Education Cost Statistics Singapore”, accessed on 14 May 2025.
1Based on a 30-year-old female and her 3-month-old child, please refer to singlife-insurance-starter-pack.pdf for full information on plan details.
2S$38,329 is the maturity payout illustrated based on the illustrated investment rate of return of 4.25% per annum. At illustrated investment rate of return of 3% per annum, the potential maturity payout is S$33,622.
3The original policyholder who first purchased a Singlife Smart Saver plan (referred to as the main plan) may purchase Singlife Smart Saver Plus add-on plans at least 6 months after the main plan has been issued. The policyholder has the flexibility to choose different policy and premium terms from the main plan. The add-on plan(s) will have the same features as the main plan, with the following exceptions:a. The add-on plan(s) do not include the Life Stage Add-on feature, andb. Premiums for the prevailing add-on savings plan will be lower than the prevailing main plan. However, the premium of the prevailing add-on savings plan may be higher or lower than the main plan purchased.
4This option can only be exercised when the main plan is still active and subject to the availability of Singlife Smart Saver Plus
5MediSave use is applicable to an amount of up to S$600, per calendar year, per life assured. Premiums exceeding this limit will have to be paid in cash. If there are insufficient funds in the designated MediSave account, cash payment will be required for the difference
