14 Jun 2021
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27 Jul 2020
Financial Consultant at Prudential Assurance Company Singapore
Firstly, congratulations on receiving an opportunity at this trying time! As some of the positions are contract based, and thereafter your prospects are relatively unknown, I do understand your apprehension in terms of taking on financial commitment.
The first step would be to assess your current coverage. If you currently have some existing policies, it would be good to find out more about them and what they cover for. If you do not have any coverage as of now, the priorities would be.
Personal Accident Coverage
Life Insurance Policies
The reason why 1 and 2 is important, is due to contract staff not being afforded the benefits of being an full-time employee. Therefore, in a chance scenario that you have been hospitalised or injured in an accident, you might not have any coverage from your company. This would result in you being out of pocket for medical expenses.
Life insurance is definitely good to have, provided your budget allows for such an expense. Doing up your coverage is defintely good when you are younger, so that you save on the cost due to a later application.
You would need to make a determination where although, all of the said policies are good, you might need to run through financially whether it would be viable for yourself in the near future. If you have a financial consultant currently, it would be good to find their point of view. If not, you can reach out to schedule a consult. We can then figure out what is the optimal solution in your current scenario.
I do hope i was able to address your queries! Have a great week ahead!
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