Ask the Expert Series: Post 2020 Budget
What’re the type of insurances that’s recommended for family ? Eg. Health, life. Is international insurance better for expats ?
Hi Jessica, the core of financial planning speaks about protection needs before wealth accumulation. That is especially so for family with children as dependants or if any parent is a sole bread winner. Usually I will recommend that parents cover themselves appropriately for life, TPD and critical illness coverage using either term insurance (cheaper and able to cover higher sum assured with lower premiums) or whole life policies. Next will definitely be a comprehensive hospitalization plan (usually integrated shield plan with rider if eligible). By these cover, it ensures continuity for the dependants if unfortunate events occur. For the young ones, the first 2 policies I will recommend is always a hospitalization plan and a personal accident plan. In the early years of a child, they tend to be prone to falling ill or hurting themselves. While the cost doesnt seem to be an alarming one, a single hospitalization due to minor conditions could incur hefty charges. Hence, it is key to t