One of the most asked questions before and until now many are unsure.
Its a photo I saw online.
The answer to the above photo is a big YES!
IMPORTANT SIMPLE POINTS
POINT 1: Occupation
- Mostly all types of occupation are eligible to get insurance here in Singapore except for those who are working as Maids and Construction Workers.
POINT 2: Pass Eligibility
- All work passes here can get insurance except for the 2 above occupations.
- For tourists holding passports are allowed to get Life and Health Insurance here. They can even get a Comprehensive International Insurance
- Many foreigners here buy health insurance for their parents and children for international cover.
WHY INSURANCE?
Insurance is one of the best financial tool that protects all your hard earned wealth against your death, disability, critical illness and hospital bills.
(1) Death
- You cannot see your future. We might die later, tomorrow or sooner before all our goals for ourself and family comes into fruition.
- What will happen if we die early? Say for example you have an amortization and other unfinished debts? What do you think will happen? It will bring emotional and financial drain to your loved ones. You dont want that, do you?
- Once we die, our wealth will be taxed by BIR. We call it ESTATE TAX my friends. The first beneficiary of all hard earned wealth is BIR. Many hates paying tax. Many are avoiding it but be careful as there are legal and cheaper way around it. Well my friends, insurance is one of the best way to pay for estate taxes.
(2) Disability
- What is your greatest asset? Your House? Your Business or company? Your car? .....My friends, your greatest asset is your self. it is because of your brain and body you can generate money. Disability Insurance can pay for your future and guarantees that your income is stable whatever happens to you.
(3) Critical Illness
- Oh... the one I hate the most.. My family experienced this unexpectedly and felt the emotional and financial drain. I assure you all, this is a big drain should happen to oneelf or any family member. How much is your monthly expense? If this happens, you multiply it 5X, 10X or more.. It will drain you and be ready to let go some of your hard earned wealth.
- CANCER, HEART ATTACK and STROKE (My father had this) are the 3 common critical illness out there that will slowly suck life out of any of us. Without any financial protection for this is really really very serious. Better have this in your portfolio big time. 1 out 5 got cancer. Ask yourself... It might be you, your neighbour, friends, family member??? Be ready.
(4) Hospital Bill Cover
- I made a blog last year of how much can a few stitches cost us here in Singapore. Many say, "I have company insurance." Before you throw those words better check your benefits first. Some company insurances are incomplete. There's always a limit. Better talk to your HR now!
- This is our number 1 line of defence against immediate financial drain.
My Friends, many avoid Insurance... It is a must and should be one of top priority.
Many people say, "I do not have money to buy insurance." I always find these people funny.
They can buy gadgets, go for holiday, eat expensive lunch and dinner and post it in Instagram and Facebook. Yet do not have a budget for one of the most important thing they can do for themselves and their love ones.
Have you ever think that it the more reason you should get one for yourself?? If anything where to happen, where will you get the money??? You will borrow money?! Up to what extent and how much interest?! Where will you get the money to pay for it???? Ask yourself NOW!
'Insurance is good to have it when you don't need it than need it and you don't have it'
-Caroline Banks (Former President MDRT)
My name is Medz Ron Macasaet, Im a Financial Services Consultant handling many Filipinos and different nationalities in Singapore regarding their insurances and other financial matters like savings, investments, emergency funding and many more.
For more questions, please HIT LIKE and Message me privately in my Facebook page or on my details below.
Filipino Save Invest Secure SG
www.facebook.com/OFWConsultant
Thank you for the time reading my blog as a professional financial consultant. These are just some points.
GOD Bless everyone!
