What's the best insurance for office employees?

Hello there,

​

Great questions, for insurance products it boils down to 4 main decision factors:

​

(1) What is desired income replacement in the event of Critical illness

Related Products: Critical illness Plans that pays a lump-sum payment to you, to replace your working salary.

​

(2) Do you have any dependents on your income

Related products: Whole Life Plan, Term Plan. Both products offer lump-sum payment in the event of death, Total permanent disability, or Terminal Illness. May have the option to add in Critical Illness.
​

(3) Financial Goals/retirement

Related products: Savings plan, Investment plans. Both plans help you to save and grow your wealth towards financial goals.

​

(4) Legacy

Related products: Term plan

​

As a basic requirement, all of us should have hospitalisation insurance regardless or employment status.

​

The next most important insurance will be critical illness. This is because (touch wood) in the event that we fall critically ill, we will most likely want to quit our job to focus on recovery or spending time with our loved ones. The lump-sum payment will be enough to replace their annual salary for avg 5 years or your monthly expenses for 5 years (recommended amount).

​

If you have dependents on you, for your income, it'll make sense to buy a life insurance / term insurance on point (2) such that your dependents can survive, cope, and find financial solutions in the event of death, terminal illness, or permanent disability.

​

Then finally once you got the above 2 covered, it's time to plan for your financial goals/retirements.

You should get a Company Health Insurance plan.

​

This can cover your employees for:

• Hospitalisation & surgery
• Critical illness
• Personal accident
• Term life
• Dental benefits
• Vision benefits

Consider adding WICA Insurance too, as that will pay for work-related injuries/diseases. Premiums for WICA coverage are also more affordable than premiums for company health coverage.