Chartwell Associates Pte Ltd | Protection
 

Protection

If you are an expat or about to become an expat in Singapore, and have failed to review your Life Insurance, Critical Illness Protection or Income Protection Plan, this can have devastating consequences for those who rely on your income.

Any changes to your life circumstances could alter your premium and omitting to notify your insurer could render your policy null or void. Becoming an expatriate can actually invalidate your coverage altogether, leaving you and your family vulnerable to financial stress in the unfortunate event of severe illness, injury or death.

Chartwell Associates has over a decade of experience in financial planning and protection for expatriates in Singapore. We are committed to providing ethical advice, service and support to reach your financial goals and objectives.

Authorised and regulated by the Monetary Authority of Singapore, our Life Insurance, Critical Illness Cover and Income Protection Plans will compensate you and your family, paying them a lump sum or regular payments to mitigate financial commitments such as mortgages, education costs, childcare requirements and day-to-day expenses.

Save your time and money. Call, email or fill out our Get In Touch form below to enjoy a free consultation with Chartwell Associates.

FAQS

What is the difference between Life Insurance, Critical Illness Cover and Income Protection?

Life Insurance: If you pass away during the term of your policy, your family will receive a lump sum to cover financial commitments, typically a mortgage and other large debts.

Critical Illness Protection: If you are diagnosed with an insurer specified critical illness (eg. cancer, a heart attack or stroke), your family will receive a one-off lump sum, typically used to repay a mortgage and other large debts, or to adapt a home in the event of a serious disability.

Income Protection: If you’re signed off work for any medical reason that prevents you from doing your job, you will be paid a percentage of your income for each month that you are unable to work, typically to cover regular commitments, such as mortgage payments and bills.

What is the best life insurance policy for expats living in Singapore?

Chartwell Associates believes Term Life Insurance policies are the best for expats living in Singapore. These policies provide a fixed premium (the amount you pay), a fixed payout amount (the amount your family receives) and allows you to choose the length of the term to fit your budget.

Why are Term Life Insurance policies the most popular for expats living in Singapore?

Term Life Insurance policies are the most solid and flexible plans available to expats. The three main advantages that attract expats to Term Life Insurance policies include:

Affordability: You can choose the amount you pay for your coverage, the amount of time you want to be covered for, and pay the same rate for the duration of the term. This flexibility allows Term Life Insurance policies to adapt to any budget.

Low maintenance: As long as you pay your premiums, your coverage will continue for the duration of your term.

Guaranteed payout: Your family will receive the payout that you chose at the beginning of your term when an eligible claim is made.

How much life insurance coverage do I need?

The amount you are covered for varies per individual. To get started, it helps to consider and ask yourself a few questions that may uncover your current financial situation.

How large are my debts? Consider mortgage, student loans, business loans or any other debts you have incurred.

What life events do I want to be secured for my family? Consider what you want your coverage to provide your family financially, including childcare, college, retirement and any other expenses.

Finding the right life insurance policy that meets your budget requirements can be an arduous task. Talking to a professional financial planner at Chartwell Associates can speed the lengthy process and aid in providing a tailored plan suitable to your needs.

Why is Critical Illness Protection so important and what do I need to be aware of when taking out Critical Illness Protection?

Critical Illness Protection is a complex area of insurance that covers the fine line between life and death, where your whole life is severely debilitated by crippling illness or disease.

Commonly, Critical Illness Protection is taken out with your Term Life Insurance policy, however, you also have the option to take Critical Illness Protection as a standalone policy. There are three main factors to be aware of when taking out Critical Illness Protection.

Stages of critical illness (CI): There are three stages of CI – early stage, intermediate stage and severe stage. The criteria for each stage of CI may vary between different policies.

Waiting periods: There are two types of waiting periods to be aware of. The first is the cooling off period, which is the time between when the policy is taken out and when the coverage starts. The second is the survival period, which is the length of time that the insured must survive after they have been diagnosed with the CI. These may vary between different policies.

What illnesses and diseases are covered: Some insurers include different stages of the same illness as a part of the total number of illnesses covered within the policy.

Navigating the fine details of Critical Illness Protection can be daunting and at times precarious. Seeking advice from a professional financial planner at Chartwell Associates can secure a plan suitable to your needs.

Do I need Income Protection?

Income Protection is designed to help you if you are unable to work due to illness or injury. It ensures you continue to receive a regular income until you are able to return to work.

When deciding on whether to take out Income Protection, ask yourself – If you were injured or had succumbed to physical or mental illness and needed an extended period off work, would you be able to keep up with your financial obligations, including debt repayments and day-to-day expenses?

If your answer is no, then our answer would be to seek advice from a professional financial advisor at Chartwell Associates who will create the best Income Protection option for you.

GET IN TOUCH

In order to determine the best solution for you, meet with one of our advisers, who will asses your current situation,
or issue that you want addressed, and will construct an effective affordable solution specially tailored to fit your needs.