What is a Disability Income Insurance Plan?
* A disability Income insurance plan is meant to cover loss of income in the event of any illness or accident when the insured is unable to perform his/her material duties for a continuous period defined by the insurer.(Generally 60, 90 or 180 days)
* The insured will receive a monthly payout if he/she becomes totally disabled or will get a partial benefit if is able to work but at a reduced capacity that leads to a reduction of pre-disability income. The partial benefit depends on the formula used by the insurer.
My research findings
* Only 2-3% of Singaporeans are covered with a Disability Income Insurance
* Singaporeans are grossly under-insured in this area of Disability Income Protection. LIA survey shows that average monthly household expenditure is around $3,400/mth. Read more...By: Adrian Khiat
What is a Disability Income Insurance Plan?
* A disability Income insurance plan is meant to cover loss of income in the event of any illness or accident when the insured is unable to perform his/her material duties for a continuous period defined by the insurer.(Generally 60, 90 or 180 days)
* The insured will receive a monthly payout if he/she becomes totally disabled or will get a partial benefit if is able to work but at a reduced capacity that leads to a reduction of pre-disability income. The partial benefit depends on the formula used by the insurer.
My research findings
* Only 2-3% of Singaporeans are covered with a Disability Income Insurance
* Singaporeans are grossly under-insured in this area of Disability Income Protection. LIA survey shows that average monthly household expenditure is around $3,400/mth. Read more...
What is a Disability Income Insurance Plan?
* A disability Income insurance plan is meant to cover loss of income in the event of any illness or accident when the insured is unable to perform his/her material duties for a continuous period defined by the insurer.(Generally 60, 90 or 180 days)
* The insured will receive a monthly payout if he/she becomes totally disabled or will get a partial benefit if is able to work but at a reduced capacity that leads to a reduction of pre-disability income. The partial benefit depends on the formula used by the insurer.
My research findings
* Only 2-3% of Singaporeans are covered with a Disability Income Insurance
* Singaporeans are grossly under-insured in this area of Disability Income Protection. LIA survey shows that average monthly household expenditure is around $3,400/mth. Read more...
