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Do you know of someone who is ill and the family is burdened with hefty medical bills? Have you ever wondered how your loved ones are going to cope financially should anything happen to you? Buying insurance for yourself or your family is not just about managing personal risk but also shows how much you care for them. It is also important that you review your insurance portfolio periodically to ensure that you have the relevant policies to match your protection needs at different life stages.
Young Working Adults
You're young, healthy and have just started to work. You may think that you do not have enough assets or liabilities to protect, but this is actually the best time to purchase medical insurance because your premiumRefers to the amount that you pay for your insurance policy. It may be on a regular basis (regular premium), for a specific number of years (limited premium) or as a one-time payment (single premium), depending on the type of plan purchased. will be lower.
We all have Medisave funds when we start working but it is not an insurance scheme. Ensure that you have at least a Shield Plan that will take care of hospitalization and surgical costs.
The Critical Illness Plan will provide a lump sum payment to help you to make lifestyle adjustments when you are diagnosed with any 1 of the 30 covered critical illnesses.
Tip: MaxLife Protector 'For Me' Package
A participatingAn insurance plan that 'participates' in the performance of the insurance fund, in the form of non-guaranteed bonuses. limited premium whole life insurance plan that provides:
- Coverage for Death, Total and Permanent Disability (TPD)
- Coverage for 30 Critical Illnesses and it also comes with a unique Carcinoma-in-situ (pre-cancer) and Early Stage Cancer Benefit
- A short premium payment term of 15 years
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Singles
As a financially independent single, you may be concerned that an unexpected illness may disrupt your plans in life or add financial burden to your family. Consider starting a disciplined method of saving for future expenses as well as to protect yourself with Death or TPD coverage with an endowment insurance plan that offers such benefits.
Your parents may also need your income to support them through their golden years, so it will be good to get a life insurance policy too.
Tip: MaxWealth Saver
A 20-year participating regular premium endowment plan that provides:
Married With Kids
Ensure that your children have at least health insurance plans. Should a child contract cancer and be admitted to hospital for treatments, chemotherapy and medication, the medical bills can be hefty. A health insurance plan which may not be costly for a young child will be a good hedge.
You are also faced with your childrens' needs till they are at least 22 years of age, which also includes taking into consideration building an overseas education funds for your child which can be well over S$200,000.
If your child requires S$500 of your monthly pay to support him till he is independent, you will need to have a life insurance cover of at least S$132,000 (i.e. S$500 x 12 months x 22 years) for yourself.
Tip: MaxFamily Protector
A non-participating regular premium term insurance planAn insurance plan that provides protection for a specified period of time. that provides:
- A lump sum of 3 times the Annual Income Benefit (AIB) immediately in the event of Death, TPD or upon diagnosis of any 1 of the 30 covered critical illnesses (optional benefit)
- A yearly stream of AIB from the next policy anniversary following the claim until the end of the policy term
- Waiver of future premiums upon a claim
- A maturity benefit of 3 times the AIB is payable at the end of the policy term if no claim is made
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Tip: School Protection Plan
A unique 2-in-1 plan comprising a participating limited premium payment endowment planAn insurance plan that offers both protection and savings for a specified period of time. The benefits are payable upon occurrence of certain events (eg. Death, TPD or critical illness claim) depending on the coverage purchased. At the end of the policy term, a maturity benefit will be payable if none of the events occurred during the policy term. – School Protection Plan, and an OCBC Young Savers Account. School Protection Plan provides:
- Choice of a 12-year or 18-year tenor and you will only need to pay premiums for the first 6 years
- Receive yearly cashback from the end of the 6th policy year onwards to a year before maturity
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Besides the insurance protection for your child, should the unexpected happen to you, the remaining premiums will be waived and your child will still enjoy the insurance protection and the cashback benefit.
Retirees
Most retirees face the uncertainty of not knowing exactly how much is enough to see them through their retirement years. To hedge your longevity risk, it is important to include an annuity product in your retirement portfolio. Most annuity products promise income as long as you live. The longer you live, the more you will benefit from it. You may also choose to buy an endowment plan that provides cash payouts to supplement future expenses.
Escalating medical costs may also deplete your Medisave savings. To avoid this, do ensure you have at least a Shield Plan to help you defray hospitalisation and surgical costs. A critical illness plan is also an indispensable part of your insurance protection portfolio.
Tip: PrimeGold Saver
A participating single premium plan that provides:
- A good stream of regular income for retirement. For instance, with a policy term of 15 years, you will receive annual cashback from the end of 6th policy year to a year before maturity
- A maturity benefit at the end of the policy term
Treasure the gift of life and secure the best
protection for you and your loved ones.
Visit any OCBC branch or call 1800 438 6088 today.
Important Information
The insurance plans are underwritten by The Overseas Assurance Corporation Limited and/or The Great Eastern Life Assurance Company Limited, both wholly-owned subsidiaries of Great Eastern Holdings Limited and
members of the OCBC Group. They are not bank deposits or obligations of, or guaranteed by OCBC Bank. MAX is a registered trademark of The Overseas Assurance Corporation Limited. You may wish to seek advice from
a financial adviser before making a commitment to purchase a life policy. In the event that you choose not to seek advice from a financial adviser, you should consider whether the life policy in question is suitable for you.
Buying a life insurance policy is a long-term commitment. An early termination of the policy usually involves high costs and the surrender value payable may be less than the total premiums paid. The material is for general
information only. It is not a contract of insurance. It does not constitute an offer to buy an insurance product or service. It is also not intended to provide any insurance or financial advice. The specific terms and conditions of
the plan are set out in the policy documents. A person interested in the insurance policies should read the product summary and benefit illustration (available from OCBC Bank) before deciding whether to buy this product.
No representation or warranty whatsoever (including without limitation any representation or warranty as to accuracy, usefulness, adequacy, timeliness or completeness) in respect of any information (including without
limitation any statement, figures, opinion, view or estimate) provided herein is given by OCBC Bank and it should not be relied upon as such. OCBC Bank does not undertake an obligation to update the information or to
correct any inaccuracy that may become apparent at a later time. All information presented is subject to change without notice. OCBC Bank shall not be responsible or liable for any loss or damage whatsoever arising directly
or indirectly howsoever in connection with or as a result of any person acting on any information provided herein. This publication may be translated into the Chinese language. In the event of any ambiguity, discrepancy or
omission between the English and Chinese versions, the English version shall apply and prevail.
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