When should you get life insurance?

Posted : October 3, 2022

1 min read

Life insurance protects you and your family financially if you pass away or diagnosed with total and permanent disability or terminal illness.

There are many life insurance policies available in the market, so it is important to know the differences to pick the best plan for you. Find out the differences between a whole life insurance and term life insurance here.

When is the best time to buy a life insurance?

Generally, it is better to buy a life insurance policy when you are younger as premiums are usually cheaper. Apart from that, there are other indicators of when is the ‘right’ time for you to buy a life insurance.

#1 – You are welcoming a child to your family

Having a child is a blessing and you will undoubetedly want to protect and provide for them, at least until he or she reaches adulthood or independence. By getting yourself a life insurance, it will give you a peace of mind knowing that your family will be provided for even if unexpected circumstances come your way.

#2 – You are the breadwinner of the family

Being your family’s breadwinner is a heavy responsibility as your loved ones are counting on you to support them. Having a life insurance ensures that their lives will not be turned upside down if the unexpected happens and you lose your ability to bring in income. Some life insurance policies also come with retrenchment benefit which will help your family tide in the event of your retrenchment.

For example, LifeReady Plus (II) has a retrenchment benefit¹ which will waive 6 months of your premiums while coverage continues.

#3 – You have outstanding debts

One example of a debt that most of us will have, is a home loan. While you have worked out a repayment plan to pay off your debt, it might become a problem if the unfortunate happens to you before you can fully repay your loans.

To protect your family and yourself, life insurance can be used to cover your home’s mortgage and/or any other debt you might have in your name. This ensures that your family’s home and inheritance are not affected by existing debt, and that they can continue living life as they know it no matter what happens to you.

For example, Manulife’s ManuProtect Decreasing (II) is a term plan with decreasing coverage that allows you to choose your interest rate and policy term, ensuring that you're covered for what you really need. The plan can also pay of your mortgage in the event of death or terminal illness, protecting your loved ones when it’s most needed.

So, is it worth it to get a life insurance?

Our lives are a delicate balance of health, wealth, and time spent with the people we love and engaging in activities we enjoy. Life insurance takes care of you while you immerse yourself in all that life has to offer. Find out how to choose the right life insurance for you here.

1. If you or your spouse is retrenched and unemployed for 30 days or more, before turning age 65, 6 months of your premiums will be waived while coverage continues. Terms and conditions apply. Please refer to respective product summaries for more information.

These insurance products are underwritten by Manulife (Singapore) Pte. Ltd. (Reg. No. 198002116D). This advertisement has not been reviewed by the Monetary Authority of Singapore. Buying a life insurance policy is a long-term commitment. There may be high costs involved if you terminate the policy early, and your policy's surrender value (if any) may be zero or less than the total premiums paid. Buying health insurance products that are unsuitable for you may affect your ability to finance your future healthcare needs.

ManuProtect Decreasing (II) / ManuProtect Decreasing Lite (II) have no cash value.

This article is for your information only and does not consider your specific investment objectives, financial situation or needs. It is not a contract of insurance and is not intended as an offer or recommendation to purchase the plan. You can find the full terms and conditions, details, and exclusions for the mentioned insurance product(s) in the policy contract.

This policy is protected under the Policy Owners’ Protection Scheme which is administered by the Singapore Deposit Insurance Corporation (SDIC). Coverage for your policy is automatic and no further action is required from you. For more information on the types of benefits that are covered under the scheme as well as the limits of coverage, where applicable, please contact us or visit the LIA or SDIC websites (www.lia.org.sg or www.sdic.org.sg).

We recommend that you seek advice from a Manulife Financial Consultant or our Appointed Distributors, or visit any DBS/POSB Branch before making a commitment to purchase a policy.

Information is correct as at 3 October 2022.

Content sources

1. https://www.moneysense.gov.sg/articles/2018/11/understanding-life-insurance

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