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 Sean Toh - Inadequate Life Insurance Leaves Spouses With Less

Before I start discussing about Life Insurance, I want you to click the "Play" button to watch this video on not planning Life Insurance for your family. Although the context is based on Americans but I see those scenarios are equally applicable to Singaporeans.

Life insurance is a simple answer to a very difficult question: How will my family manage financially when I die?

It’s a subject no one really wants to think about. But if someone depends on you financially, it’s one you cannot avoid.

There are many types of life insurance, but for all of them the bottom line is the same: It pays cash to your loved ones after you die, replacing your income and allowing the financial plans you put in place to continue uninterrupted. Life insurance payments can be used to cover daily living expenses, mortgage payments, outstanding loans, your child tuition fees and other essential expenses. And, importantly, the death benefit proceeds of a life insurance policy are almost never subject to estate taxes depending on how you plan your estate.

If you’ve worked hard to establish a solid financial framework for your family—investments, home equity, a savings plan, retirement accounts—life insurance is the foundation upon which it all rests. It can guard against the need to make drastic changes to future plans if the unexpected occurs. Certain types of life insurance even have a built-in savings feature that can help you reach asset accumulation goals.

Most Singaporeans need life insurance, and many who already have it may need to update their coverage. This guide will help you sort through your options and show you how to find a plan that’s right for you and your family.

Common Excuses That Shouldn’t Stop You From Getting the Coverage You Need

1. “It’s Too Expensive.” 

Not having any or enough life insurance coverage could be more costly to your family. 

2. “I Haven’t Gotten Around to It.”

There are no guarantees in life, so don’t procrastinate.

3. “I Prefer to Put My Money Elsewhere.” 

Might work if you’re sure you’re going to live a nice long life. 

4. “I Worry About Making the Wrong Decision.”

A qualified insurance professional can answer all your questions and guide you through the buying process.

5. “The Coverage I Have Through My Employer Is Sufficient.” 

Typically, employers provide a modest amount of coverage, and it can be costly to take with you when you leave.

Do You Care For Your Family?

If you care about your family, think about these scenarios that happen every night and in your family.

Tucking your child into bed, celebrating a birthday, creating a welcoming home. These are little things, but they're ways you show your love for your family. Each time you do something for them you're reminded how much they mean to you. 

But what if something were to suddenly happen to you, and you were no longer able to do these things? Because of your love for them, you'd want to protect them the best you could, even if you were no longer there to take care of them yourself. 

Having enough life insurance can help your family maintain the lifestyle you've created for them, providing them peace of mind. You'll have helped them live out their dreams, such as attending university for that special career. 

Show them your love by making sure you have adequate insurance. Talk to a licensed financial services consultant to discuss your needs.

Yours Sincerely
Sean Toh
Author of “ 4 Steps To financial Freedom “

Contact Us

For more information on how we can assist you in developing your personalized wealth management solutions, please free free to submit your enquiries to seantoh@creditplushealth.org and we will contact you. 

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