If you have just tied the knot, you are probably still in your honeymoon phase. Beginning a new life with your special someone is exciting in so many ways. However, in the midst of all the good times, it is also important to start planning to ensure you have the proper coverage together. As part of this, you would need to look into reviewing your joint finances and insurance coverage. The latter can prove to be quite tricky, especially if you have never purchased insurance before.
There are so many types of insurance plans out there and picking just one from the many can sometimes be confusing. However, knowing the type of insurance that you need may help steer you in the right direction. To get you started, we have listed down 4 types of insurance plans all newlyweds must consider taking.
- Health insurance (Integrated Shield Plan)
As Singaporean citizens or PRs, you and your spouse would already enjoy protection through MediShield Life. However, that coverage is limited as it is pegged at only grade B2/C wards of public hospitals. It is advisable to consider upgrading your health insurance coverage by opting for an Integrated Shield Plan. A good Integrated Shield Plan will offer a cover limit that goes as high as one million SGD or more with coverage applicable at a wide range of public, private, and restructured hospitals. You will also enjoy coverage for pre- and post-hospitalisation expenses. The best Integrated Shield Plans even cover you for planned and emergency medical treatment outside Singapore.
- Life insurance
It is advisable to start off your insurance portfolio with a life insurance plan. You would want to make sure that your partner will be financially secured if something unforeseen were to happen to you. You can either opt for –
- Whole life insurance to cover you for the entirety of your lifespan, or
- Term life insurance to cover you for a certain duration pre-selected by you
- Personal Accident Insurance
A typical life insurance plan covers you against death, terminal illness, and total permanent disability. Whole life insurance plans also generally include coverage for critical illnesses.
A slip on the pavement or a trip from a laptop wire can leave you with an injury…and maybe even some medical bills. It helps to stay covered against these common mishaps that can impact almost anyone. A personal accident insurance cover can prove helpful here. This type of insurance covers you against accidental death, injuries, infectious diseases, and even insect/animal bites. Leading insurers in Singapore are known to offer global coverage in their personal accident insurance plans.
- Insurance savings plan
An insurance savings plan can help you build up a corpus of funds for future goals and milestones. Look for a savings plan in which the insurer guarantees to pay you back what you invested upon maturity. Leading insurers generally offer insurance savings plans that last anywhere from 10 to 30 years. You and your spouse can use this corpus of funds for retirement or for certain life goals such as to upgrade your home, buy a new car, or even starting a university fund for your future child.
We hope that the information given in this article proves to be an insightful read for you and your other half. Do get further advice from a financial consultant when picking insurance plans.