Insurance for Singles: Do I really need it?

For the single man and woman, you will still need to take good care of yourselves and prob­ably your par­ents. Hence, it is essen­tial that you still cov­er yourselves totally on hos­pit­al­iz­a­tion by pur­chas­ing the integ­rated shield plan offered by the insur­ance com­pan­ies.

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Since you are inde­pend­ent, you may also want to pur­chase the Dis­ab­il­ity Income Insur­ance so that you still have con­tinu­ous stream of income even if you can­not work to sup­port yourselves. This income is use­ful for you to engage some help on nurs­ing care and to pay off daily expenses. The Long Term Care Insur­ance, e.g. Eld­erShield offered by gov­ern­ment, will also take care of you fin­an­cially incase you can­not per­form some of the activ­it­ies of daily liv­ing such as washing/bathing, dress­ing, feed­ing, toi­let­ing, mobil­ity and trans­fer­ring in your old age.

And don’t think that you do not need a life insur­ance policy just because you are single. You should at least get one life policy that cov­er Crit­ic­al Ill­ness so that you are able to use the pay­out for some treat­ment and medi­cine that you need to buy while recu­per­at­ing at home.

Lastly, when you reach 55, you must buy the Annu­ity Insur­ance policy so that you have a per­man­ent stream of income giv­en to you as long as you live.

So with suf­fi­cient insur­ance cov­er­age, you will still lead a happy single enjoy­ing life after retire­ment.

Down­load the Fin­an­cial Needs Ana­lys­is spread­sheet now to determ­ine the amount of funds required for the vari­ous area of insur­ance cov­er­age!

 

Ginny Lim Gek Eng
Email: lgekeng@yahoo.com

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