SG Life Insurance

Integrated Shield Plans (IPs, in short) are perhaps the most popular type of insurance products in Singapore. According to statistics released by the Life Insurance Association (LIA) in Febuary 2020, approximately 69 per cent of all Singapore residents are protected by IPs and riders. Still, many are unsure what exactly IPs cover and have little clue when it comes to choosing an IP product for themselves or their family.  In this article, we seek to provide you with a comprehensive understanding of this type of insurance plan. We start with the basic MediShield Life, which is implemented by the CPF Board for all Singaporeans and PRs and forms the foundation of all Integrated Shield Plans. We then move on to talk about IP products in the market, what coverage they provide on top of MediShield Life, and some important considerations when choosing among all the IP insurers. 1. MediShield Life: The Foundation As most of us should know, MediShield Life is a compulsory health insurance s...

In our  previous article , we divided our retirement into 3 stages according to the life trajectory of most Singaporeans. That is: Stage 1: age 55 to 64 ("Semi-Retirement") Stage 2: age 65 to 74 ("Full Retirement") Stage 3: beyond age 75 ("Post Retirement") We briefly analysed the changing financial needs and some problems we could face at each stage, as well as the implications on our retirement planning. This article continues the discussion by introducing 3 common financial instruments used to accumulate retirement savings in Singapore, their respective characteristics, and how they could help us to navigate and meet the financial needs as we come to the different retirement stages. Instrument 1: CPF LIFE - Laying The Foundation In Singapore, CPF is the cornerstone to most people's retirement savings. It is also often the basis for further planning. When a Singapore citizen or permanent resident reaches the age of 55, the balance in hi...