2020 in a Nutshell
2020 will be defined by the COVID-19 pandemic. Apart from the widespread health disaster, the pandemic also left an equally devastating impact on the financial sector globally.
Truthfully most of us weren’t prepared – even down to the simplest aspect of life. This triggered an international phenomenon of people rushing to stockpile daily necessities, in fear of a looming supply deficit.
There were two distinct categories of consumers; firstly, people who genuinely didn’t have anything at home. Secondly, people who had sufficient supplies but followed the trend to stockpile anyway. Being in either situation would not be ideal, and this applies to many other things apart from just rice and toilet paper.
Have a Comfortable Stockpile
Just like daily necessities, you should always ensure that you have a safety net that is wide enough to catch you during unforeseen events in life. To do so, the first step would be understanding your needs.
Taking Life insurance, for example, there is always the debate of Term Life or Whole Life insurance. Term Life insurance comes cheaper if you are on a tighter budget whereas Whole Life insurance is more costly but contains a savings component in which cash value may accumulate. In addition, Health and Critical Illness policies also play a huge role in ensuring that you are fully protected.
Don’t Follow Blindly
While the key is to protect yourself and your family, there will definitely be products that fit your needs more than others. Hence, it is important to understand what takes precedence for you instead of going with the flow.
Only you can support yourself through tough times by planning ahead properly. There isn’t a one-size-fits-all product for Life Insurance, hence, we strongly recommend you to seek a professional adviser before committing to any policy. PolicyPal can help you to assess your budget and needs holistically, and provide personalized recommendations or even a second opinion.
However, if you are currently just looking to grow your savings while maintaining a certain degree of liquidity, there are also alternatives that you can consider before making a long term commitment to any Life insurance product. ‘GIGANTIQ’ insurance savings plan underwritten by Etiqa Insurance Pte. Ltd. is an example that you can look at.
With up to 1.8%* p.a. returns, it is definitely higher than many ordinary savings accounts. It has no lock-in period, so you can enjoy the flexibility of top-ups and withdrawals. With a low minimum initial requirement, you can start earning returns from just S$50.
‘GIGANTIQ’ is protected under the Policy Owners’ Protection Scheme, which is administered by the Singapore Deposit Insurance Corporation (SDIC). Your hard-earned money is well protected. Additionally, ‘GIGANTIQ’ has no lock-in period, hence you can make top-ups and withdrawals anytime.
As an all-in-one insurance savings and protection plan, it offers both life protection (death benefit of 105% of your account value) and savings.
If you have applied for GIGANTIQ before 18 Nov 2020, 23:59PM, you will still be entitled to earn 2% p.a. crediting rate for the first policy year up to S$10,000 premium.
Even if everything seems to be going well for you, it’s important that you are constantly upgrading and improving yourself. As part of the SkillsFuture Mid-Career Support Package, Singaporeans aged 25 and older will receive S$500, and an additional S$500 for those aged 40 to 60 this year.
Expanding your professional connections is also essential. Taking time to attend networking sessions can help you to learn about new opportunities that you wouldn’t have known otherwise. Always remember that managing your career is an individual responsibility; with or without a pandemic.
The Circuit Breaker period came with many new normals that we had to adapt to. Of which, some may even have been out of question prior to the pandemic.
Even for the insurance industry, the way people learn about and purchase products has also evolved. Many of our customers have made a switch to virtual consultations during this period, where you can review your portfolio and learn about new products in the comfort of your own home or even on the go.
The takeaway that we all learned – constantly challenge new horizons to bring forth meaningful improvements to our lives.
To Sum Up 2020
During this difficult time, many grew worried for their future, be it securing their income or maintaining good health. 2020 was definitely a rude awakening for many and highlighted various things that we had previously neglected.
While it seems like Singapore is slowly recovering from this pandemic, there are still lessons that should be learned. It’s always good to have timely check-ins for yourself to ensure that your financial plannings are adequate.
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Schedule a Free Teleconsulting service with us today
You will be able to enjoy a free financial portfolio review. This review will help you better understand how to create a suitable financial plan for you and your family. We will analyze life insurance products from over 20 insurers and present you solutions that are tailor-made to address your concerns.
Our advisor will be more than happy to help you understand any of these insurance policies:
- Health Insurance
- Critical Illness Insurance
- Endowment/Savings Insurance
- Personal Accident Insurance
- Term/Whole Life Insurance
To get in touch, you can WhatsApp us at 87500688 and let us know your preferred date and time for the appointment. Alternatively, leave your details below and we will contact you to help you set up an appointment.
If you would like to know more about a specific insurance product you can also let us know your preference. This is so that we can be better prepared during the appointment to present you with a comparison table if needed.
The teleconsultation can be done through a Whatsapp phone call or video call. We would recommend using Zoom as it is a free video-conferencing app that you can download for clear audio and video consulting on your computer or your phone.