1) You care for your family
If you are a sole breadwinner, your family depends on you for income.
If you are no longer there, your family still need to carry on with their lifestyle.
Insurance payout take cares of your family when you are no longer around.
2) Hospitalisation Bill Is Getting Expensive In Singapore.
Just now, I went to National Dental Centre.
They charged me for $400 just for a simple filling.
They mentioned that the simple process of root canal treatment will cost over $1000.
I procrastinate while in the army, because SAF dont want to pay for such treatment for NSFs. (Only army regulars enjoy such benefit)
My colleague, Abg Ari shows me a real life example, where he helped his clients claim over $30,000 in medical costs through NTUC Income Enhanced Incomeshield hospitalisation insurance.
The scenario present to me is so real… You have to get hospitalisation insurance.
3) Can be used to accumulate cash for retiremement
A whole life insurance policy like NTUC Income Vivolife can be used for protection in terms of coverage and also can be used as a tool to accumulate cash for retirement.
Just need to pay for 10 years and get insurance coverage for life.
At the age of 60, you have the choice to convert it to annuity and get income for life.
NTUC Income adds in additional 5% to the whole amount.
4) Settle off your loans when you are no longer in the world.
Housing loan, “Courts” loan, any loan you can think of.
Someone needs to settle it if touch wood, you are no longer in the world.
Do you want to burden your love ones with such a heavy responsibility?
I dont think so.
Get a life insurance and ensure that the coverage exceeds the amount of loan need to be paid and enough for your family to continue their lifestyle.
5) To Feed Yourself
In the event of TPD, you live life with a dead body.
You are totally helpless.
You cant work and you still need to eat, drink, sleep and shower.
You will need someone, perhaps a maid to manage you.
Where will the money come from?
Yes!
It will be from your own insurance policy, insured under your life
The bottom line is YOU DO NEED INSURANCE! 
My other related posts that may interest you:
- NTUC Income Vivolife Is An Insurance Plan That All Singaporeans Must Have….
- Why Yearly Financial Review Is Very Important???
- Term or Whole Life Insurance? Which Is Better?
Sun, Apr 13, 2008
Insurance