Asked on 07 Jul 2018
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.
below are some considerations:
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
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
There should be some form of basic healthcare insurance as medical cost are rising. it serves as a protection for hospitalisation 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
26 Apr 2020
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.
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