Life Insurance Coverage in Singapore
- Financial Security: A good life insurance plan should provide a death benefit large enough to cover your dependents' financial needs in your absence. This could include replacing your income, paying off outstanding debts like mortgages, and ensuring your family's financial stability.
- Guaranteed Death Benefit: Look for a plan with a guaranteed death benefit payout to your beneficiaries upon your passing. This benefit amount should be clearly defined in the policy and ensure your loved ones receive the designated funds regardless of the circumstances of your death.
- Optional Flexibility: A good life insurance plan should offer riders or add-ons that allow you to customize your coverage for your specific needs. Examples of valuable optional riders include accidental death benefit riders for increased payouts in case of accidental death and disability waiver riders that excuse you from premium payments if you become disabled.
