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.
Learn More

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


Liao Minghao

Financial Advisory Manager

About Liao Minghao

Hi, I am Minghao. As a mid-career entrant to the industry, I bring a different perspective to financial planning compared to single-career advisors. I have done my personal financial planning for 20 years and have achieved financial independence.

What does financial independence mean? To me, it means being able to work on what I like, with who I like and not have to worry about my financial commitments. Financial independence means freedom and with freedom comes opportunities. Therefore, I believe financial independence is a goal for most, if not all, people.  

My purpose is to help individuals and families achieve financial independence through lifetime cashflow-based financial planning. The key intent is to answer the question "Do I have enough" or "When will I have enough". And most people think that this is referring purely about finances. However, when you sit down to think about it, there is also the important question of whether you have enough things to do with your time even if you have enough financial resources to not work. That in turn will determine how much financial resources you need to support the lifestyle you desire to lead. Do not settle for headline numbers for retirement capital sums or accept a simple $XXk a month in retirement. What you need at 65 and 80 is clearly vastly different both in terms of the amount of expenses as well as the type of expenses at the different stages of life. 

I am confident to identify opportunities and potential pitfalls in your financial situation and improve your long term financial well-being. Financial independence should not be a dream, but an achievable goal for everyone. I am committed to help you achieve it. 




#ChooseQuality with Liao Minghao

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