What is the amount of life insurance coverage should you have? Are your current insurance policies cover you and your family sufficiently so that you do not expose your family to financial hardship in the event of unforeseen circumstances such as premature death due to accidents or illnesses, long term health care due to critical illnesses or permanent lost of income due to disability? Do you have concern that your family will lose the family home in case your family is unable to serve the housing loan installments? Will your children still be able to pursue their education dreams if you are not around anymore?
All these questions can be answered easily by following these 3 simple steps:
- Evaluate and understand your current and future commitments, i.e. Housing loans, children education and living maintenance, old age parents living maintenance, retirement for spouse, and etc.
- Identify the current financial resources available to you, i.e. EPF, investment, savings, stocks, and etc.
- Review your existing insurance policies and understand the sum assured and the scope of coverage, i.e. Personal Accident Insurance, Life Insurance, Medical Insurance, Hospital & Surgical Insurance and etc.
After going through the 3 steps above, you shall be able to identify your Life Insurance Protection Gap. Life Insurance Protection Gap is the difference between your total liabilities and your total available financial resources to cover the liabilities. The gap is the shortfall that you need to cover with additional life insurance.
We help you to find out your life insurance protection gap, and can propose you a solution that will meet your needs and budgets. To plan for your own insurance coverage, you can WhatsApp us now or leave a message here.