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.
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