Have You Got Yourself Covered?

“The only thing we are certain about in life is Death. Yet Death itself is Uncertain.”

Have you ever thought about death?

It’s a grim subject we prefer to avoid but in life that is the one thing we are most certain of. As mentioned in the HBO hit series, The Game of Thrones, “Valar morghulis” – “all men must die.”

The journey towards achieving our life goals is laid with uncertainty, challenges and risks.

But there are 3 major risks that affects not just us but our families as well if we are caught unaware as you’ll uncover here.

1.  Dying At The Wrong Time

You see, the problem with death is not really about dying but…

Is today a good time for death to come knocking?

Think about this, what happens to a family when the sole breadwinner passes away unexpectedly?

  • Would his /her spouse have sufficient income to tide the family through?
  • Has the funeral arrangements been taken care of?
  • Are there any outstanding loans and liabilities to be repaid?
  • Are there old and young dependents to take care of?

We try to avoid thinking about these situations in life but the possibilities are always there.

Yet as of 2013, the Ministry of Health reviewed that 4.9% of deaths in Singapore are a result of external causes of death.

Despite all this morbid talk about death, sometimes there are fate worse than death…

2.  Falling Sick, Very Sick

“In Singapore You Can Die, But You Cannot Fall Sick.”

We hear this phrase quite often but have we ever really thought of the consequence?

We were told that before meeting us, some of our clients felt that it was better for them to die then pay the expensive medical bills in Singapore.

Naturally this was before they were shown how to prepare for such contingencies with a little planning.

Because the issue about falling seriously ill is in the process and not the end result.

Let me explain…

Many people forget that unlike death, falling ill doesn’t just happen once and it’s over.

It could be months before recovering and in some cases years. And during that period, you’re exposed to the following risks:

  • Ongoing treatment
  • Months of being hospitalized
  • Loss of income
  • Forced retirement
  • Outstanding liabilities

But what if we take a 360 turn and look at something positive instead?

3.  Living Too Long

What Happens If I Live Too Long?

Hmm… it seems that living for too long also has got problems.

If you’ve been following the news recently, you’ll know that a growing concern between the baby-boomers generation is the CPF Minimum Sum.

Many feel that they should have the right to draw out a larger amount instead of keeping it holed up in their CPF account.

After all, why keep all the money there when we could use it for oversea trips, eat at expensive restaurants and finally enjoy life after 65?

While we all dream of living this amazing lifestyle, reality sinks in and prevents us from doing so.

Think about it, how long can your savings last living this extravagant lifestyle?

As of 2012 statistics, the average life expectancy of Singaporeans is 80.2 years for men and 84.6 years for women.

I would like to say that it boils back down to money but the truth is, it’s not about the money.

It’s about your plan.

With a plan in place, you know how much you can spend each month and live really comfortably. And it starts with working on your retirement plan when you’re younger.

The risks in life may be high, but they can be avoided with proper planning.

The question is…

Have you gotten yourself covered?