The best way to guard against life's uncertainties is simply to be prepared.
Uncertainty is inevitable, and while some are small, others can be major with a devastating impact on yourself and your family. One of the best ways to guard against life's uncertainties is simply to be prepared.
Prepare your future with the right insurance as you go through life:
For the first time, you are truly on your own as a young adult and your working income is the most precious financial resource. If anything unexpected were to happen and take away that resource, the best protection is to transfer that risk. This is also a good time to acquire life insurance at the most affordable rates at a young age and while in good health.
Marriage unites two people in important ways, and this includes their finances. It marks an important milestone and may signify the need to review your financial plan. Matters to consider include whether to open a joint bank account(s), update your will, or change beneficiaries on your insurance policies. If you do not already have life insurance, you may want to consider buying a policy to protect your spouse should anything happen to you.
A newborn brings great joy and many changes to your life and it will fall on you to ensure that your family's future is well protected. You will face new responsibilities and considerations, like catering to the cost of raising your child, including funding for an education or buying a new house. It is time to re-evaluate your insurance portfolio to ensure your have sufficient coverage for such liabilities and expenses.
Retirement means different things to different people. Some look forward to pursuing new interests, while others just want time to relax. Whatever the future holds, one thing is certain - a secure retirement requires careful planning.
While your children are preparing to strike out on their own, you should take time to envision how you would like to spend your time during retirement and to re-align your financial resources with your retirement goals.
Most people insure their material possessions - their homes and cars. However, many of these same people don't insure what is probably their most valuable asset - their ability to work and earn income. Protect your most precious resource against unexpected events such as injury or illness and ensure you and your family can continue to maintain the current lifestyle and standard of living.
If you are the sole bread winner of the family or have dependents like children or aging parents, having protection for rainy days can help to ensure that your family's future is protected and lighten the burden of financial pressures.
While having enough to enjoy for your lifetime is important, preserving your wealth for future generations may also be important to you. Protect the financial assets which you have worked hard to accumulate and pass on your legacy to your loved ones.
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This is a permanent plan that provides lifelong protection.
- The policy builds a cash value over time and provides access to liquidity in times of emergencies.
- Premiums for the policy typically remain fixed throughout the life of the insured.
Premiums for the same coverage increase the older you become. And the longer you wait, the more you risk developing a health condition that could increase your premium further.
Term Insurance is a basic form of insurance that provides protection for a specific period of time such as 5, 10 or 20 years. If you stop paying premiums, the insurance stops. Term policies pay benefits if you pass on during the period covered by the policy; but they do not build cash value.
- Affordable way to get maximum coverage
- Premiums are generally less expensive than Whole Life plans during the initial years and increases as you get older
If you want life insurance for a limited time to match temporary increase in liabilities such as mortgage or personal loans, term insurance may be an ideal solution.
A Universal Life is permanent life insurance that provides flexibility that allows you to change, within limits, the timing and amount of your premium. It is an interest-sensitive policy and most insurance companies guarantee a minimum interest crediting rate on the policies. Premium payments, after deducting policy expenses, are applied to the accumulation fund which earns interest at a rate declared by the insurance company.
- A Universal Life provides more flexibility over your policy to assist you in meeting your financial goals.
- This includes flexibility of payments, tax-deferred cash value accumulation, and coverage options (subject to policy requirements) are the primary advantages over term insurance. Because of these advantages, universal life can be used in estate planning and retirement planning, offering the policy owner a variety of options.
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- Buying a life insurance policy is a long-term commitment. An early termination of the policy usually involves high costs and surrender value payable may be less than the total premiums paid.
- Insurance plans are underwritten by the relevant insurance company. Insurance products distributed are an obligation only of the insurance company. They are not a bank deposit or an obligation of or guaranteed by Citibank Singapore Limited, Citibank N.A., Citigroup Inc. or any of its affiliates or subsidiaries.
- The Singapore-dollar return on this policy will depend on prevailing exchange rates which may be highly volatile. For US-dollar denominated insurance plans, premiums and benefits payable will be made in US dollars. Equivalent returns on the policy in other currencies will depend on prevailing exchange rates which may be highly volatile.
* The above is only a summary of some of the key risks in investing in the product. Detailed risk disclosures are set out in the documentation relating to the specific product. Prior to entering into a transaction, you should ensure that you have read and understood the nature of all of the risks associated with the investment in order to determine whether the investment is suitable for you in light of your experience, objectives, financial position and other relevant circumstances. You should consult with your legal, regulatory, tax, financial and/or accounting advisors to the extent you consider it necessary in making your own investment decision.