Secure Your Future: Close Your Insurance Protection Gap Today

Are you adequately protected against life’s uncertainties?


 
Did You Know?

Singaporeans Face a $952 Billion Protection Gap


The latest Protection Gap Study 2022 by the Life Insurance Association Singapore (LIA) revealed that there remains a 21% mortality protection gap and a staggering 74% critical illness (CI) protection gap among economically active individuals in Singapore1.



$373 billion In total mortality protection gap
$579 billion In total critical illness protection gap



Find Out How to Close Your Protection Gap Today
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Why You Need to Act Now

  • Life Expectancy is Rising: Singaporeans are living longer, but extended lifespans mean more years of health-related expenses. Have you factored this into your current coverage? Not doing so could erode years of savings and derail even the most carefully laid retirement plans.

  • Critical Illnesses are Expensive: Did you know that on average, patients struck with a critical illness take around 3 to 5 years to recover and return to being economically productive? This leaves many families under-prepared for long recovery periods and lead to degradation in standard of living.

  • Peace of Mind for You and Your Loved Ones: Ensuring you are fully protected with life and critical illness insurance isn’t just about safeguarding yourself—it’s about giving your family financial security if the unexpected happens.

What Are the Essential Insurance Coverage Recommended for Working Adults?


According to the Monetary Authority of Singapore’s Basic Financial Planning Guide2, here are the basic rules of thumb for protection that you can consider.

Whole/
Term Life Insurance

  • Provides financial support to your loved ones in case of premature death, helping them cover ongoing lifestyle expenses.
  • The coverage amount recommended is at least 9 times your annual income.
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Critical Illness Insurance

  • Covers major medical costs and offers a lump sum payout to ease the financial burden of long-term recovery.
  • The coverage amount recommended is at least 4 times your annual income.
Learn More


For example, someone with the median monthly income of $5,197 should be covered for death & total permanent disability to the tune of at least $561,276. This person should also be insured against critical illness for at least $249,456.

Take Control of Your Future Today

To help you bridge your protection gap, Financial Alliance has partnered with our insurance partners to offer exclusive insurance bundles designed for young adults like you.

Our comprehensive solutions include both Life Insurance and Critical Illness Protection, offering you the best of both worlds.

For a limited time, these bundles come with attractive discounts, cashback rewards and other perks for customers. Terms and conditions apply.

Schedule a Consultation

Footnotes

[1] Source: Protection Gap Study 2022 by Life Insurance Association of Singapore

[2] Source: Basic Financial Planning Guide by the Monetary Authority of Singapore

Note: Insurance plays an important role in your financial planning, and buying an insurance product is a long-term commitment. You should seek financial advice from your trusted financial adviser representative before purchasing any policies.

Frequently Asked Questions on Term Life Insurance

Term insurance is life insurance that provides insurance coverage only for a fixed period of time. An example of term insurance is the Dependants' Protection Scheme.

Riders can be attached to enhance the benefits provided by the policy. As this may vary from product to product, check with your insurance company for more details.

Need Advice?

Meet Your #ChooseQuality
Financial Adviser Representative


David Wu

Financial Advisory Manager | Certified Financial Planner

About David Wu

I am a Financial Coach, Certified Financial Planner, and Life Enthusiast.

With over 15 years of experience in international banking and financial services, I am dedicated to empowering individuals to take control of their financial lives. My mission is to demystify complex financial concepts, helping clients right-size their resources and explore a broader spectrum of life choices.

As a passionate advocate for financial literacy, especially within underrepresented communities, I combine holistic, unbiased advice with practical strategies. I believe that living a simple, purposeful life is the key to achieving true financial independence. I am also the founder of minimalistinthecity.com, where I promote minimalism as a pathway toward clarity, purpose, and financial freedom.

Beyond my advisory work, I actively contribute to the digital finance space through platforms like CPF, The Financial Coconut, and iFast, sharing insights that foster financial wellness and literacy. My approach centers on building lasting relationships, walking side by side with my clients on their journey toward financial clarity and personal fulfillment.

I am a firm believer in "living a simple and meaningful life," and I help my clients discover their ikigai and craft tailored financial plans aligned with their passions. My dedication to education goes beyond one-on-one coaching—I frequently speak at conferences, seminars, and community events, inspiring audiences to embrace deliberate financial and life choices.

When I’m not guiding clients or sharing insights, I enjoy adventures in nature, with goals to climb Mt. Kilimanjaro and trek across Patagonia—reminding us all to seek fulfillment through exploration and purpose.

Let’s collaborate to unlock your financial potential or inspire others to take charge of their financial future.

You can see some of my publicly available work here: https://engage.fa.com.sg/davidwu/

Please feel free to contact me for a no-obligation exploratory chat.

 




#ChooseQuality with David Wu

An in-depth insurance portfolio review with David Wu could save you money as you spend less for the same coverage, or allow you to be better protected without spending a cent more.