PolicyBachat’s Post

🔗 𝐌𝐨𝐫𝐞 𝐒𝐢𝐧𝐠𝐚𝐩𝐨𝐫𝐞𝐚𝐧𝐬 𝐀𝐫𝐞 𝐁𝐮𝐲𝐢𝐧𝐠 𝐈𝐧𝐬𝐮𝐫𝐚𝐧𝐜𝐞 🛡️📈 Over the years, I’ve observed firsthand the evolving priorities of individuals when it comes to financial planning. There is a notable increase in the purchase of insurance policies across Singapore. Here’s why: 1. Heightened Awareness of Health Risks The Covid-19 pandemic highlighted the unpredictability of health crises. People have become more conscious about the potential medical costs and the impact of unforeseen health issues on their financial stability. Health and life insurance policies offer a protective shield, covering substantial medical expenses and providing financial support during critical health emergencies. 2. Financial Safety Net The economic fallout from the pandemic has underscored the importance of having a financial cushion. Insurance creates a safety net, ensuring that families are protected against economic adversities caused by loss of income or medical emergencies. Life insurance policies are not just about providing immediate coverage but also about ensuring long-term financial security for one's family. 3. Legacy Planning & Wealth Transfer Structuring life insurance as part of a comprehensive financial plan can facilitate smooth wealth transfer, ensuring that beneficiaries receive the support they need without the complexities of estate taxes and legal hurdles. Knowing that one's family is financially secure and that their legacy is well-planned offers immense peace of mind. 𝐋𝐢𝐟𝐞 𝐈𝐧𝐬𝐮𝐫𝐚𝐧𝐜𝐞 𝐚𝐬 𝐚 𝐕𝐚𝐥𝐮𝐚𝐛𝐥𝐞 𝐅𝐢𝐧𝐚𝐧𝐜𝐢𝐚𝐥 𝐈𝐧𝐬𝐭𝐫𝐮𝐦𝐞𝐧𝐭: When structured well, life insurance can indeed be a cornerstone of a robust financial strategy. Here's how: 1. Comprehensive Coverage Comprehensive life insurance policies can cover various scenarios, including critical illness, disability, and death, ensuring comprehensive protection. Policies can be tailored to meet individual needs, offering flexibility in premium payments, coverage amounts, and beneficiaries. 2. Savings and Investment Component Certain life insurance policies, like whole life or universal life, incorporate a savings component, allowing policyholders to build cash value over time that can be borrowed against or withdrawn. Some policies offer investment-linked plans (ILPs), providing exposure to market-linked returns, combining protection with growth potential. 3. Tax Efficiency Life insurance policies often come with tax advantages, such as tax-free death benefits and on the accumulated cash value, making them a tax-efficient vehicle for wealth accumulation and transfer. The increase in insurance uptake is a testament to the growing awareness of its importance. As we navigate through uncertain times, having a well-structured life insurance policy can serve as a vital financial instrument, offering protection, investment potential, and peace of mind. #FinancialPlanning #WealthManagement #LifeInsurance Eric Tan Wealth Strategist IBFA Level 3

LIC launches Single Premium Group Micro Term Insurance Plan: A look at key features https://lnkd.in/dhKzvMrb

Title: Unraveling the Magnitude Wealth Profitability (MWP) Act: A Comprehensive Guide for Life Insurance Seekers

At last higher Surrender Values really kick in The regulator IRDA has not succumbed to the pressures from the Life Insurance industry and has acted firmly in the interest of insurance customers. Previously in endowment policies, if you surrendered after paying the premiums for first year, then the surrender value you will get was Zero. Now you will get at least some part of your money back. Of course, this will impact the long-term profitability of Life Insurance companies, but it is definitely a customer friendly move.

New insurance policy rule to come into effect from Oct 1: Here’s how it will impact people

Deloitte is positioned as the highest in the Leader category in the @Everest Group Life & Annuity Insurance IT Services PEAK Matrix® 2024 for Market Impact. Download the report here!

Global Insurance Report 2025: Growth and relevance in life and beyond

Deloitte is positioned as the highest in the Leader category in the @Everest Group Life & Annuity Insurance IT Services PEAK Matrix® 2024 for Market Impact. Download the report here!

Deloitte is positioned as the highest in the Leader category in the @Everest Group Life & Annuity Insurance IT Services PEAK Matrix® 2024 for Market Impact. Download the report here!