Money Hacks Ep 29: How to choose more flexible life insurance policies
Synopsis: In this new podcast series for 2018, The Straits Times and The Business Times offer tips for the newcomer to the financial and investment scene.
Is buying just one bundled policy for the rest of your life enough? Mr Walter de Oude, founder and chief executive of Singapore Life - a next generation life insurance company licensed by the Monetary Authority of Singapore - explains four simple steps to take after listening to this episode.
He explains the difference between life insurance and term life insurance and how you can consider a modular buying approach with an increasing trend towards term insurance for example, with specific plans and purposes.
Step 1: Decide your needs. Lump savings plan and insurance together? Or keep them separate? It's best these days to build as you go along as newer, better and more flexible products come to the market.
Step 2: Do a comparison across the market, especially for products like term insurance.
Step 3: Make the commitment to buy your insurance after you do your homework.
Step 4: Look at the building blocks of your long-term insurance needs. Ensure a shield plan first, critical event coverage and life insurance cover, and then, a disability income plan as the final step.
Produced by: Ernest Luis & Christopher Lim
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Do note: Any financial or investment information in this podcast is for use in Singapore only and is intended to be for your general information. Any particular investment or decision should only be made after consulting with a fully qualified financial adviser.