Retirement
Live Fully In Your Golden Years
Protection
In the event of unexpected circumstances such as critical illnesses, accidents or death, your nest egg might be impacted by rising healthcare costs.
Your priority for protection:
- Adequate cover from age-related health issues and medical treatments that will last until demise.
- Additional cover for long-term care.
Wealth
To pursue passions, travel the world, and spend quality time with loved ones without financial worry, you’ll need sufficient finances.
Your priority for wealth:
- Retirement savings and income.
- Legacy planning including a will and CPF nomination.
Protection
If you are a Singaporean or PR, you’re automatically covered by three national schemes:
-
MediSave
A national savings scheme which helps CPF members save for future medical expenses, especially during retirement. -
MediShield Life
A health insurance for large hospital bills and selected outpatient treatment costs. -
CareShield Life
Long-term care insurance scheme for financial support and monthly cash payouts in event of severe disability.
You might have insurance protection policies, but are you truly covered for health issues and increased risk of accidents that come with age? The key is ensuring you have enough coverage to avoid dipping into your retirement savings.
You’ll need:
- Critical Illness Plan
- Integrated Shield Plan
- Personal Accident Plan
You might also need to review your insurance plans to see if they remain affordable when you’re no longer drawing a salary.
Why Act Now
Health issues may increase as you age2.
Healthcare and medical treatments should not deplete your retirement savings2.
Misconceptions? Let’s correct them.
Misconception: It is okay not to disclose your existing medical condition.
It's best to be open about your pre-existing medical conditions. Hiding them could result in claim rejections or even a terminated plan if discovered. Having pre-existing conditions doesn’t mean you can’t get insured in Singapore; it just means there might be some extra considerations for coverage and premiums.
Misconception: I am not eligible for insurance because I am too old or have a pre-existing condition.
You can still purchase health and/or life insurance in Singapore, though some additional considerations will be factored in due to age or pre-existing conditions. There are specialised plans so it’s best to consult a Financial Representative to understand what’s best for your condition, age and financial goals!
Misconception: Having health insurance means all treatments are fully covered.
Not always. Policies can have limits, gaps, and exclusions. It's a good idea to review your coverage, spot any gaps, and consider extra insurance or add-ons based on your health and family history to avoid unexpected medical bills.
