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Reader:
Won't you be also concern for yourself? The TPD part.
Medical is already covered for everyone aka Medishield.
I believe most people say not afraid to die, but afraid cannot die.
AK:
Why should I be concerned?
Reader:
Sick and disability. I imagine this 2 are for everyone to think about. Sorry I don't mean to pry. But sought your thoughts on what's necessary to insure for own self. If not necessary one then don't have to pay for it.
AK:
If we have dependents, we need life insurance. Buy term. We also need the following:
For hospitalization, H&S.
For critical illness, CI insurance.
If you are still reliant on your earned income, then, TPD coverage is relevant to you.
It is relatively costly but it will give you peace of mind while you are building your portfolio or until you are able to tap your CPF savings.
Reader:
The insurance agent out there won't really think for customers. We have to be our own agent. But sometimes can't get the "logics" yet. Thank you again.
Best insurance is still: THIS.
Of course, not everyone is able or willing to be an investor.
For many people, building up their CPF savings is probably the best way to bolster retirement funding adequacy.
For them, if a meaningful lump sum is available for withdrawal from their CPF account at age 55, having TPD coverage till age 55 could be sufficient.
Otherwise, some amount of TPD coverage till age 65 is probably a better idea as the earliest CPF Life would start paying a monthly income for life is at 65 years old.
Whether we need TPD coverage and to what age we need it will depend on when we will be able to work when we want to and not because we need to.
Yes, if you are a regular reader of my blog, this should sound very familiar.
Related posts:
1. Term Life.
2. H&S (Medishield).
3. Critical Illness.
4. Eldershield.
5. CPF Life.
5. Start with a plan...
6. Work because we want to...
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