Here's Why You Require Life Insurance Even If You Are Single in Singapore

 

It is a common misconception that life insurance is only required while one has a family to offer for. A part of the blame for this misbelief may be on the shoulders of the numerous classified ads that sell life insurance as a ‘family’ financial product. Now, it’s true that a life insurance plan does preserve many benefits for you and your cherished ones. However, that doesn't suggest that an unmarried person no longer need to take life insurance. In fact, life insurance has lot of perks to provide for a single person too!

So, in case you are a bachelor or spinster in Singapore, you should look through why you must have life insurance plan.

• Covers any pending debt

If the policyholder sadly passes on, their life insurance amount may be used to pay any present debt. For instance, believe if an individual is a joint debtor on a sibling’s mortgage loan. If he meets with a premature demise, his/her sibling might be chargeable for the complete debt. In this case, the lump sum pay-out offered through the life insurance policy will step in and help cover the payments.

• Pays for funeral expenses

No one loves to think about a sad prevalence including demise in their lifetime. Yet, one should be organized for any unexpected eventuality. Death is an emotionally tough time for family and near friends. It also can be financially difficult. The expenses for a cremation and different formalities - including an obituary – can run into 5-digits of Singaporean dollars. A life insurance policy can help pay for those expenses in order that the weight does not fall on the ones you hold dear.

• Helps create a corpus of early savings

Another false impression that many human beings have regarding life insurance is this form of coverage only receives paid out to your beneficiaries when you pass away. However, modern life insurance is lots extra than only a demise benefit plan. Leading insurance companies in Singapore provide life insurance regulations that also double up as savings plans. You can use those policies to store up for your retirement or maybe to gather capital for specific milestones in your life.

• Secures you in ill health

Illness can strike us at any age. If you're unmarried, you should watch out for yourself during medical crisis. Therefore, you should put money into a life insurance plan that gives a pay-out upon analysis of a critical illness. You can personalize your insurance in order to that your coverage will pay you a lump sum upon analysis of a critical illness or in case you meet with an accident.

These are several perks of taking a life insurance coverage while you are young and unmarried. Do note that your premiums may not be much early in life. Therefore, it makes sense to take appropriate life insurance coverage at once. So, do speak to an insurance financial consultant and know which life insurance plan might good according to your needs.

Take care!