It’s rare to meet a well-insured Singaporean (given that statistics have shown that the average citizen is severely under-insured), and by extension even more difficult to find a family that is well-insured.

For the few well-insured ones: Being well-insured alone does not insure against potential financial ruin if financially dependent family members are not insured properly.

In a typical family, all it takes is one uninsured (or under-insured) person and a single unfortunate incident to put the entire family’s finances underwater. Yet, it is common for a family’s decision-makers to overlook or decidedly ignore insurance coverage for the entire family, if they even decide on getting insurance at all.

Insuring just the breadwinner is not enough. Consider the following scenarios:

• If a child falls severely ill and incurs high hospitalisation costs, it does not matter how comprehensive the breadwinner’s personal insurance plans are – there will still be a high ...