
Have you ever thought of what you would do if you were to win several million dollars? Ask any Singaporean and chances are that they have already thought about how they will spend that amount if they were to win the lottery. Despite the fact that the odds of winning are a 1 in 14 million chance, Singaporeans remain undeterred as evident by the crowds at Singapore pools. However, while winning a lottery is usually associated with good fortune, there is one "lottery" that you may not wish to win.
(See "3 Reasons To Use Your SRS For Annuities")
Insurance as lottery
Just like the lottery where you pay a small amount with hopes that it multiplies into an unexpected windfall, insurance works with the same leveraging concept and can be perceived as a sure-win "lottery". This is because insurance such as life policies have a fixed sum insured and offers a guaranteed pay out to your family in the event of a mishap. With the pay-outs imminent, making regular payments on your insurance policies thus makes "winning the lottery" a matter of time.
(See "Here's How Money Can Buy You Happiness")
The numbers
While some may think that they will never ever require insurance and dismiss it as a waste of money, is this really the case? With 37 people diagnosed with cancer daily1 and over half a million admitted into the hospital last year2, claims can be said to be made on a daily basis. Moreover, with Singaporeans expected to enjoy a longer life expectancy, the importance of health insurance increases. This is because past statistics have shown that those aged 65 and above are more susceptible to being hospitalised thus showing that the increased chance of you utilising your hospitalisation policies as you age.3 As such, being adequately insured can provide reassurance in the event of a mishap as it ensures that you would not have to worry about your medical bills in old age.
(See "Term or Whole Life - Which Should You Choose?")
Types of insurance available

Generally classified into three main categories, different insurance policies are suitable to be used at the various life stages. For example, life insurance is typically used to provide protection for your dependents and there is most essential to have during your working years. Additionally, as life insurance provides income replacement in the event that you were to meet with a mishap, coverage is recommended to be 10 times of your yearly income. Basic health insurance on the other hand, is provided to all Singaporeans through the Medishield scheme. Other health policies such as Critical Illness or Disability Insurance offer additional coverage with their lump sum pay outs in the event of a claim. This could then be used for your outpatient or post treatment costs or used as protection against your loss of income during your recovery period.
(See "The 3 Best Policies For Every Life Stage")
Help Me Review My Protection Needs
Available Products on FSMOne Insurance |
Term Life, Whole Life, Critical Illness, Annuity, Health, Endowment from Etiqa Insurance, Manulife, NTUC Income and Tokio Marine Life Insurance *Please check with our advisory team if the product you want is available on FSMOne Insurance |
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