Insurance and family protection - 5 top tips

When you’ve worked hard to achieve the lifestyle you want for you and your loved ones, it’s reassuring to know that it would continue for your family if something happened to you. But it’s all in the planning.

With the right combination of insurance and protection plans, you can have peace of mind that you or your loved ones could maintain a similar quality of life during or after an unfortunate event.

What should you do?

  1. Make sure you check your health insurance cover, if your employer provides health cover review the extent of the coverage – some policies have low annual limits, which may not fully cover you.
  2. Critical Illness cover can ensure you and your family are protected in the event of an unforeseen illness. While your health insurance will pay the medical bills it won’t help you meet other expenses – For this you will need critical illness cover! There are number of different plan options with Critical Illness cover but most will pay out a lump sum, if you are diagnosed as suffering from one of a range of critical medical conditions by providing the money to clear your debts, pay off your mortgage and cover living expenses for a period, etc. Critical illness cover can allow you to concentrate on your recovery and not be distracted by worrying about money. It is commonly accepted that those with money worries struggle to recover as quickly or as completely as those without financial stresses.
  3. Make sure you review your life insurance regularly to ensure it’s up to date, provides sufficient cover and is cost effective. Remember to inform your current insurer if you move to a new country, as your policy may be rendered void If you don’t.
  4. Make sure you have an up to date Will in place to ensure your assets go where you want them to and if you have children, appoint guardians to look after them should both of you pass away.
  5. Put in place temporary guardianship while you are in Singapore to ensure your children are taken care of until their permanent guardians arrive. Make sure your temporary and permanent guardians have each other’s contact details and that you share relevant information with them.

If you would like to arrange a complimentary consultation to discuss your financial planning needs, visit or call 6653 6652.


Important information

This document is intended for general circulation and for information purposes only. It may not be published, circulated, reproduced or distributed in whole or part to any other person without prior consent of AAM. This document/article should not be construed as an offer, solicitation of an offer, or a recommendation to transact in any products mentioned herein. The information does not take into account the specific investment objectives, financial situation or particular needs of any person. Advice should be sought from a licensed wealth manager regarding the suitability of the investment product before making a commitment to purchase the investment product. Whilst we have taken all reasonable care to ensure that the information contained in this document is not untrue or misleading at the time of publication, we cannot guarantee its accuracy or completeness. Any opinion or estimate contained in this document is subject to change without notice. The above report may contain data obtained from third parties and as such we cannot guarantee the accuracy of this data. AAM advisory Pte Ltd is licensed by the Monetary Authority of Singapore, FA Licence no 100032.

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