Situation : Married couple with no plan of having kids, ever. What sort of insurance planning (compared to the typical adult profile) is recommended for retirement and old age healthcare needs? - Seedly
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Anonymous

Asked on 07 Jul 2018

Situation : Married couple with no plan of having kids, ever. What sort of insurance planning (compared to the typical adult profile) is recommended for retirement and old age healthcare needs?

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If its me, i will just do medical insurance (cPF medisave medishield plans), critical illness.

simple term plan for each other, so that if 1 dies, the other spouse has some lump sum.

thats it, no other plans.

the rest of the money i will invest in etf or stocks for retirement.

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LG

Lee Gek Lan

Level 4. Prodigy

Answered on 26 Apr 2020

Hi there,

below are some considerations:

  1. retirement product

because there is no dependents to give you a income, this may form a cash avenue for 1) a lump sum payout or 2) monthly cashback annuity , which can acts as a supplement to CPF life annuity for a more desired retirement lifestyle. There are plans which offers earlier retirement than age 62 if you are able to plan early

  1. critical illness

This is to cover living expenses which will still be required should one be dia with a critical illness which may be so bad that he or she may be forced to stop work for a year or so due to the sickness

  1. health insurance

There should be some form of basic healthcare insurance as medical cost are rising. it serves as a protection for hospitalisation needs

  1. Insurance for long term support or care needs

some insurance companies offer this insurance for long term support and care needs for certain specified old age illness

Hope this helps. Reach out for more info here​​​

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Colin Lim
Colin Lim

26 Apr 2020

How come u reply 2018 question-_-""
Lee Gek Lan

26 Apr 2020

Hi there, its good to reply to share our knowledge. for the benefit of majority who may be navigating old post. As i find this question relevant. have a great week ahead! :)
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Term insurance till retirement with a whole life/eci plan, as you'll need that spare cash to mitigate the fact that you two only have each other, and in adulthood/old age you'll only have yourself to depend on.

Get a trustworthy adviser who can be with you throughout the many years because claiming is hard between just two people.

Retirement planning should be high on your priority list, with a combination of annuities and steady dividends from investments.

As Tat Tian said, speak to a good FA - and I'd love to help you on this. You can always PM me if you feel comfortable.

https://www.facebook.com/luke.ho.54

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Loh Tat Tian

Loh Tat Tian

Level 8. Wizard

Answered on 07 Jul 2018

The only likelihood for planning required is

1) Retirement planning past 90 age (probable and getting likely)

2) Critical Illness treatment which may eat into your retirement cost (hence to insure for that thru ECI/CI).

3) Temporary Term coverage for dependents (parents)

4) Integrated Shield Plan Premiums (about $2,400 - $5,000 and goes higher the older you become), for hospitalisation.

It also hovers on your budget... so good to speak to an FA or do your own needs planning

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