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Given that insurance industry is a very competitive market, the pricing of all financial products wouldnt differ much. Even if the price does differ, you could perhaps get additional benefits which other insurer are not able to offer.
For me personally, I chose to buy insurance from my friend even though it is slightly pricier than if I were to buy a life plan online. The idea is to have someone who really understands your financial situation in and out. Most important, you can trust the person because insurance is a long term commitment, and the person is advising you how your money should be managed.
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Ang Pei San
26 May 2020
Personal Wealth Manager at AIA Singapore
Congrats on your graduation and stepping into a new phase.
Glad that you are looking into planning now.
Yes, do look for someone that you are comfortable with and if you need help, I'm sure any of us will be glad to help you.
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Kk i understand where you’re coming from. However, as mentioned, the products in the market now are rather similar. If something unexpectedly should happen, they all protect you financially. Simple as that. The biggest difference is choosing the advisor you want to work with - it can be someone you’ve known forever, trust, respect etc. And from there whoever you’ve chosen, they will definitely help you along the way.
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Elijah Lee
20 May 2020
Senior Financial Services Manager at Phillip Securities (Jurong East)
Hi KK,
The most important thing as Hariz has already mentioned is that you need to find someone you...
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Generally, life insurance coverage can be split into three life's major event,
Pre-Mature Death
Total & Permanent Disability
Critical Illness
Death Coverage
There are a couple of factors that we need to clarify and plan before we can establish whether there is a need for death coverage if you are single. For example, do you have any dependents? Do you have any liabiltiies?
Based on the latter example, just because you are single doesn't mean that your liabilities will be written off upon death. Therefore, there exists a need for proper estate planning to this end.
More Details:
5 Reasons why You need Life Insurance - Death Coverage
Total & Permanent Disability
Since you are alive and continues to live, there exists a need to be insured.
More Details:
5 Reasons why You need Life Insurance - Total & Permanent Disability Coverage
Critical Illness
Similar to the rationale for Total & Permanent Disability, there exists a need for you to be insured.
More Details:
5 Reasons why You need Life Insurance - Critical Illness
On the whole, these are general guidelines which may or may not work for you. Therefore, you are encouraged to conduct comprehensive financial planning. Through this process, it ensures that we are well-planned ahead in life.