If Work Doesn’t Work Out, What’s Your Backup Plan?

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IF WORK DOESN’T WORK OUT, WHAT’S YOUR BACKUP PLAN?

Tough, confident and strong-willed. I’m not describing myself, but thousands of women in our society today. And while more women are stepping out of their homes to build a career, the question remains: What happens when misfortune strikes, and we end up not being able to work for the rest of our lives?

Truth is, our partner cannot be our financial plan.

We cannot put all our eggs in one basket, and hope that our man will always be there for us – physically and financially.

WHAT CAN TAKE AWAY OUR ABILITY TO WORK?

In 2015, there were over 19,800 deaths in Singapore, of which almost 30% were due to cancer. Pneumonia, heart diseases and stroke are other leading causes of death. We cannot predict when or how death will come to us. Let’s focus on preparing for life’s worst scenarios.

GETTING THE ULTIMATE BACKUP PLAN

Every woman needs a contingency plan. Coverage does just that. Besides providing financial support, it also reduces life’s uncertainties. Here are two important types:

  1. LIFE INSURANCE

Even the smallest life insurance policies will be of immense help during difficult times. An insurance coverage becomes an immediate asset to a woman and her family in the event of a major disability, critical illness, or death. It guarantees you, the insured, a certain sum of money, which can be used to mitigate future income loss, should you pass on.

Beyond giving you peace of mind, term life insurance is also a means of protecting your livelihood and estate.

  1. LONG-TERM DISABILITY INSURANCE

One accident is all it takes to disrupt the life of your family. When you sustain an injury, or get diagnosed with a serious illness, disability insurance can help to mitigate lost wages and costly medical expenses.

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While many women overlook the importance of disability insurance, it is clearly an important financial safety net.

Do be mindful of the fund proceeds from your plan. If it doesn’t provide a lifelong monthly payout, the current proceeds from your coverage may be the only financial help you get, moving forward.

The future is unpredictable. In the face of tragedy, the least you can do for your family, is to safeguard their future financially.

Let’s secure that peace of mind with the right backup plan.

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