For insurance, what are the basic items required to be covered sufficiently?
What are the most important policies to get/ things to look out for in insurance to make sure that you're covered sufficiently? What should you prioritise as a must and what is considered as just better to have?
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Javis Ye
27 Dec 2019
Financial Consultant at Prudential Assurance Company Singapore
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Tan Li Xing
26 Dec 2019
Financial Consultant at Prudential Assurance Company (Singapore)
Hi Clement, I think in terms of priority these would be;
Hospitalisation
Personal Accident
Whole Life or Term
Those are the most basic and crucial coverages in terms of what we call wealth protection, of course we could go down into further detail and elaborations, but I think that is a good summary
After that we could look into retirement planning and that is really based on your financial goals for the future
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Hariz Arthur Maloy
26 Dec 2019
Independent Financial Advisor at Promiseland Independent
Hey Clement, the rule of thumb is 10 X Annual Income as coverage in the event of death and 5 X Annua...
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Life plan: Sum assured 10X annual income
Critical Illness: Sum assured 5X annual income
Accident: Basic plan
Hospitalisation: A choice of Public or Private (My preference)