Me & My Money

Why he has 64 insurance plans and counting

Mr Teo Kay Leong is saving for his retirement via three insurance plans that will start paying a monthly lifetime income when he turns 65. He is also keen to take up another plan to increase his retirement income. His goal is to have passive income o
Mr Teo Kay Leong is saving for his retirement via three insurance plans that will start paying a monthly lifetime income when he turns 65. He is also keen to take up another plan to increase his retirement income. His goal is to have passive income of $5,000 per month.ST PHOTO: GIN TAY

Retrenchment taught sales manager value of insurance policies in planning for future

Sales manager Teo Kay Leong did not appreciate the benefits of insurance until he was retrenched in 2004 from his job of 11 years.

Fortunately, Mr Teo, 52, had bought two endowment plans from Tokio Marine Life Insurance Singapore two years earlier that came with payouts every two years. The payouts helped tide him over until he found another job.

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A version of this article appeared in the print edition of The Sunday Times on October 13, 2019, with the headline 'Why he has 64 insurance plans and counting '. Print Edition | Subscribe