Why you need to invest in an insurance savings plan in Singapore?
A household expenditure survey conducted between October 2017 and September 2018 stated that average monthly household expenditure in Singapore rose by 0.8 per cent per annum. In such a scenario, it is not unusual for the breadwinner of the family to worry about his/her family’s financial stability. Here are a few reasons that attempt to answer the question of why you need to invest in an insurance savings plan.
Be prepared for uncertainties Uncertainty is a reality of life. No one has control over the future events of life. With life and its twists and turns, it keeps us in surprises at every moment. One of the hardest truths of life is death. No matter how much we avoid death, it is inevitable. However, even if we are not able to control unforeseen events like death, we can control the consequences with proper planning. This is where a savings plan comes into play. An insurance savings plan provides life coverage while allowing you to save regularly over a specific period of time. With a savings plan by your side, you have the peace of mind knowing that your loved ones will be financially stable when you are not around. Most insurance companies make it easy when it comes to signing up a savings plan. These companies ensure a seamless experience in the entire process of signing up by removing any medical underwritings. However, one must go through the terms and conditions of the preferred insurance company thoroughly before making an investment.
Cash benefits for immediate needs One of the benefits of a savings insurance plan is its yearly cash benefits. Yearly cash benefits is a feature in a savings plan which offers you cash payouts within specific intervals helping you meet your immediate financial needs. This way you don’t have to compromise your present to secure your future. Cash benefits can also be returned to the policy for accumulation to receive higher returns at policy maturity. However, it is important to look for the payout terms before buying a policy. For most of the plan types, cash payout starts only from the end of the 2nd or 3rd policy year. Maturity benefits for your big plans Maturity benefits refer to the amount you receive upon the end of policy term. An insurance savings plan can help you meet big goals at specific phases of life such as buying a house, marriage or even funding children’s education with the maturity benefits. So investing in a savings plan is a smart choice not only for your family's security but also for your future goals.
Investing in a savings plan is a smart and great savings option that provides an opportunity to save money in a disciplined way to fulfill future financial needs. Make sure you choose your savings plan judiciously to ensure great returns.
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