While navigating life’s twists and turns, it’s important to be prepared for anything. That’s why a saving insurance policy is so valuable. It provides valuable financial coverage that can help you maintain your lifestyle through tough times and unexpected events. Safeguarding your finances is one of the smartest things you can do for yourself and your family.
Here are some of the top benefits of having a savings insurance policy:
- Helps you maintain your lifestyle:
A saving insurance policy can help you maintain your current lifestyle if you experience a loss of income due to an unexpected event, such as a job loss or disability. The policy can help you cover essential living expenses, such as your mortgage, rent, and utilities. Singaporeans typically have a high cost of living, so a saving insurance policy can be a valuable safety net.
- Provides financial security:
When you have a saving insurance policy, you’ll have the peace of mind that comes with knowing you’re financially covered in the event of an unexpected setback. It can help you plan for the future, especially if you’ve encountered a setback in your current financial situation. Such coverage can also serve as a powerful incentive to pursue your goals and dreams. The policy comes with cash back, which allows you to build your nest egg while enjoying protection against financial setbacks.
- Helps you build up savings:
A saving insurance policy can help you build your future. It also includes cash back, which is a percentage of the premium you pay each year that’s returned to you in the form of policy dividends. These dividends can accumulate over time and grow into a substantial amount that can be used for retirement or other savings goals. The policy is a good way to accumulate cash back retirement savings. You can also use the cash back for other purposes, such as paying off existing debt or for home improvements.
- Has flexible payment options:
When it comes to saving for the future, flexibility is key. This policy lets you set your monthly premium payments, which makes saving for the future more manageable. You can make extra payments from time to time if you have money that you want to put towards your dividends, or you can make smaller payments if that’s what fits your budget at the time. You also have the option of pausing payment at any point so that you can save when finances are tight.
Additionally, the policy allows you to choose how you want to receive your cashback dividends and how long you want the dividends to accumulate before you renew your policy. Many Singaporeans start with a shorter payout period and then choose to increase it once they have accumulated a comfortable amount of cashback.
- Covers more than just income loss:
A saving insurance policy will help you in the event of income loss, which could be due to a disability or job loss. It also covers expenses for getting a new job, such as resume preparation fees, interview clothing, and fees for training courses. The policy also offers coverage in the event of legal fees if you’re sued for something that’s not your fault. It can even provide coverage for additional living expenses if you have to move to another location due to a job loss.
Given all the above, it’s a wise idea to have a savings insurance policy so you can protect yourself against unexpected expenses and start a savings account that you can use for your future