27 Feb 5 Stages of Adulting Explained Through Insurance
There are certain days of the year – New Year’s Days, birthdays, etc, during which we are more likely to reflect on our lives. Inevitably, we are struck by the realisation of how fast time flies, and how quickly we are going through the various stages of life. There are different lenses through which we can view our different life stages. One of the more interesting ones is how our needs for insurance coverage evolve as we go through the different stages of adulthood.
We’re Young and Carefree
At early adulthood, we are young and largely carefree. For many of us in Singapore, we are blessed in that one of our main dilemmas is which country should I visit this year? First world problem indeed! As young adults, we often think that we are invulnerable, and that unfortunate stuff only happens to other people. This of course, is not true, and unfortunate circumstances can ruin that perfect vacation. The pro traveller will tell us to get travel insurance before you travel and get ourselves protected against flight delays, lost luggage, sudden illness or accidents when we are abroad. It’s good advice. Etiqa has the perfect travel insurance plan for you, available to purchase online and has features such as real-time flight delay claims to add to your convenience.
We’re Getting Our Big-Tickets Now
Further along our adult life, we build up our careers, start to earn more, and embark on the quest to accumulate big-ticket assets such as a home or a car. Given how much these cost, for certain we will be wise to ensure that we have adequate insurance coverage. If we’ve purchased a car, car insurance is a must. Find out how Etiqa’s private car insurance benefits you, or if you’re planning to be “car-lite” and drive less, the ePROTECT sMiles plan is a great alternative that can help you save on premiums.
If we are home owners, besides protecting the housing structures with fire insurance, we will also want to have peace of mind knowing that the contents and the renovations into which we have poured our hard-earned monies are also protected. For this, a home insurance plan like Etiqa’s ePROTECT home would be suitable and a fantastic complement to the basic HDB fire insurance.
Consider this too– protecting our cars and homes isn’t just about insurance coverage for accidents. Most of us take mid to long-term loans to pay for our cars and homes. How will the loan repayments be serviced should something happen to us? An important aspect of protecting these assets is to ensure that our families are able to continue servicing the loans should we suffer an accident and lose the ability to make a living. Look to term insurance, or to whole life protection plans (if you wish to add an investment element to your protection) to help in this regard. As ever, Etiqa has a range of plans from which you can find one best suited to your needs.
We’re Starting to Accumulate Wealth
The next stage of our adult life sees us starting to save and accumulate our wealth after having earlier invested in a car and in a home. Bank savings account will continue to be necessary for handling daily transactions. However, even the best savings accounts do not provide much in terms of interest earnings, and if we want to grow our wealth we need to look elsewhere. Stock instruments are higher risk and do not suit everyone. A good middle ground would be insurance savings plans. This is a balanced alternative to bank savings and stock investments – they give better returns than bank savings while providing the benefit of death protection. Learn more about the choices of online insurance savings plans available from Etiqa, such as eEASY save. In addition, other savings plans are also available through Maybank branches islandwide.
Spouse, Kids and Maids – Oh My!
This stage is literally a life changer – we get married and become a family unit. All of a sudden, our lives are no longer just about ourselves. Our responsibilities will no doubt increase when kids come along. At this stage of our lives, we will want to start thinking about providing our kids with the best gift a parent can bestow – education. Education, particular overseas tertiary studies, does not come cheap and it would be wise for us to start saving up for it. This is where endowment insurance plans come into the picture. Endowment insurance plans like Etiqa’s eSAVE assure presto allow us to save over a number of years (7-year premium payment period in the case of eSAVE assure presto), enjoy higher returns and insurance protection such as death benefits, and receive payouts in time for funding our children’s education. Customers can visit Maybank branches to find out more about Etiqa’s range of endowment insurance solutions.
A growing family might need an extra pair of hands to help out in the house. In Singapore, the solution is often to hire a maid. Under Singapore laws, protecting your maid with maid insurance is mandatory. Etiqa’s maid insurance was enhanced to meet the government’s new requirements for increased protection at no extra cost. It is also conveniently available for purchase online.
Our Golden Years
Some people fear getting older and think they are entering their twilight years. However, if we manage our finances well and stay healthy, we can instead look forward to our golden years. At this stage of our lives, we would have already done it all – achieved a successful career, brought up a beautiful family, acquired a home, car and other assets. We start thinking of retirement and passing on our wealth for our loved ones. Guess what? There are insurance solutions that help with our legacy planning as well. These plans can help us to live a comfortable lifestyle post-retirement while providing an inheritance for our family, or simply help us accumulate more to bequeath to our loved ones. Etiqa’s Premier range of legacy planning solutions caters to differing needs and there will be one suitable for you.
Humanising Insurance – Understanding Our Needs and Helping Us In Every Stage of Our Lives
No man is an island, and we see through this short introspective that through every stage of our lives, Etiqa has an insurance plan to protect us and give a helping hand. If you’re reading this on a Friday – you’re in luck – surf over to the Thank Etiqa It’s Friday Sale page to see what promotions are available.
Etiqa is a Singapore insurance company owned by Maybank Ageas Holdings. Maybank Ageas is a joint venture between Maybank Group – the fourth largest banking group in Southeast Asia with more than 22 million customers across 20 countries worldwide, and Ageas – one of Europe’s largest insurance companies with 33 million customers across 16 countries and a history of over 180 years.
Protecting Singapore since 1961, Etiqa offers comprehensive insurance coverage and solutions with affordable and transparent insurance premiums. These include general insurance, life insurance, and retirement planning insurance plans for personal and business needs. Etiqa is also one of the first insurance companies in Singapore to empower its customers with the option of online insurance. Etiqa is dynamic, progressive, and at the core of it all, committed to humanising insurance – placing people over policies.
Discover the full range of Etiqa online insurance plans here.
All information provided is true at the time of publishing and conditions may have changed since.
This policy is underwritten by Etiqa Insurance Pte. Ltd. (Company Reg. No 201331905K)
Protected up to specified limits by SDIC
As buying a life insurance policy is a long-term commitment, an early termination of the policy usually involves high costs and the surrender value, if any, that is payable to you may be zero or less than the total premiums paid.
This content is for reference only. You should seek advice from a financial adviser before deciding to purchase the policy. If you choose not to seek advice, you should consider if the policy is suitable for you. This advertisement has not been reviewed by the Monetary Authority of Singapore.
Information is accurate as at 30 August 2019.