Reader:
I like your view on how to see term insurance as paying a sum of money for the protection from the accidents in life. Also how passive income is an alternative to paying for disability insurance.
I like to seek your views, since it take time to build up passive income, would u view buying disability insurance as an temporary expense before we reach our passive income targets?
CPF Dependants Protection Scheme.
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AK:
The best insurance in life:
http://singaporeanstocksinvestor.blogspot.sg/2014/07/the-best-insurance-to-have-in-life.html
But before we get there and if we need our earned income, yes, please be well insured:
http://singaporeanstocksinvestor.blogspot.sg/2014/08/in-my-40s-married-with-kids-what-would.html
Related post:
Term life insurance.
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6 comments:
I always believe certain insurance is always useful & necessary. E.g. hospitalization & surgical, home & property (includes car). Don't wanna dip into assets to cover these, especially since the carrying cost for such insurance is relatively low. H&S increasing exponentially though. :(
As for other insurance, depends on whether still got dependents, still got large liabilities (e.g. mortgage), whether you need to work for income, whether you're engaged in activities with possible large negative repercussions (e.g. professional indemnity for lawyers, doctors, fund managers etc).
I'm lucky in that both my parents are from the old-fashioned pension scheme with A-class medical. So a lot of weight off me.
Even if multi-billionaire, still got issues of living will, advanced medical directives, lasting power of attorney, trusts etc etc. A whole knowledge domain in such areas. E.g. what happens if kena accident and become vegetable?? Do you expect family members to step in? What if no family members or you don't want to burden them?
Hi Spur,
You are indeed very lucky. Pension scheme was given the boot donkey years ago.
I had to create my own pension scheme. :(
Haha I wished I'm on pension scheme! :) The good fortune went to my parents. Wasn't easy to stick to their guns though, as during 1972-1975 there was hell of pressure to convert to full CPF scheme. At that time in their late-20s, prime trajectory for their careers, but had to endure poor performance gradings, low increments, delayed promotions. When asked why they didn't just go along with the system, they simply said it was rather hypocritical & fishy when the full propaganda machine was directed at the rank & file while the top level in ministries & govt still retained their pensions. I guess they're of the old school where leaders should walk the talk! :)
Hi Spur,
Way before my time. I was a toddler then. ;p
Always think independently and do what we think is right. We have to be like this as investors too. :)
Reader says...
Actually I realise a lot of people say they will just work if no $.
But they never think what if I cannot work how?
Better to have passive income.
Hogan Yeo says...
Ya... ppl always say they no nd save much n will work as long as they live.. but they 4get they cant becoz their health said so.
Not becoz they dun wan to work.
Is becoz no one wan to hire them.
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