As the COVID-19 situation worsens, many Singaporeans have started to add on more insurance coverage in a bid to protect themselves and their loved ones further, with the highest in-demand options being policies with shorter terms and lower premiums.
If you’ve yet to do the same, take this chance to review your insurance portfolio and ensure that you have enough. Your needs will likely differ based on your profile, but when it comes to life protection, it helps to think about the loved ones or dependents that you’ll be leaving behind, and what could be the worst-case financial scenario for them if you are no longer around.
If you’re part of the sandwiched generation like I am – with both young children and elderly parents/in-laws to think about – here are some factors that I generally take into account in deciding how much coverage we need:
- (for my spouse) expenses needed to hire a caregiver so he can continue working to provide for the family