Listen in as Chuin Ting Weber chats with the team from iFAST TV, explaining the role of insurance in one’s financial plan.
MAS’ Basic Financial Planning Guide (www.moneysense.gov.sg/planning-your-finances-well) is a step in the right direction to empower Singaporeans to enhance their financial well-being. This includes rules of thumb on insurance which are easy to understand and apply, including:
i. Obtaining insurance protection of:
• 9 times annual income for death and total and permanent disability.
• 4 times annual income for critical illness.
ii. Spending at most 15% of income on insurance protection.
The guide, along with other national initiatives such as SGFindex, makes it easier for individuals to start taking proactive steps to understand and address their insurance gaps so that they can risk-proof what is important for them without overpaying.
Catch the podcast on iFAST TV here: https://www.ifasttv.com/…/all-you-need-to-know-about…
This does not constitute an endorsement of any commercial products.
