Do you need insurance?

David Beckham stepped down as captain of the England football team in 2006 and subsequently insured his legs against injury for GBP 100 million with Lloyd’s of London. The specialist insurer has also made its name with multimillion-dollar policies on Bruce Springsteen’s voice, and Ugly Betty star America Ferrera’s brace-free smile, among others.

Of course, there are a range of plans for regular folks as well.

what kind of insurance you need most?


Starting out

Have you just landed your first job? Looking to guard against high hospital bills, or save more for a rainy day? You may want to consider Healthcare and Endowment Plans.


healthcare insurance


Without health, there is no wealth. What’s the point of accumulating all your money when you are too ill to spend it? And, with rising healthcare costs, you shouldn’t let an unexpected illness deplete your savings. A serious illness can be costly, psychologically and financially. Therefore, it’s important that you insure yourself with any or all of the following health insurance plans.

Hospitalisation policies are specific plans to help you settle costly surgery bills. These policies also pay you a cash benefit, to cover any loss of income during your hospital stay.

Critical illness plans pay you a lump sum upon diagnosis of a serious illness like cancer. With it, you can defray the costs of treatment, and keep your savings intact, so your regular routine can go on when you recover.

For your complete peace of mind, other healthcare plans cover doctor visits and emergency treatments, as well as longer-term care in the event of disability. Remember, never take your health for granted. Health is wealth!


endowment plan – lump sum payout


Some people opt for these plans that pay out a guaranteed amount of cash upon maturity after a number of years, typically ten or more.

Endowment plans are specially suitable for longer term goals like children’s university education, as down-payment for big ticket items e.g. car, renovation of a dream kitchen, or as part of a retirement plan.

The policies also provide some measure of protection against critical illnesses, total and permanent disability and death.

Endowment plans are available as participating policies, which have guaranteed as well as non-guaranteed benefits.

The guaranteed portion, or sum assured, is paid when the policy matures or the insured person dies.

The non-guaranteed portion are typically annual dividends in the form of a cash bonus, that come from participating in the profits of the insurance company, or the funds it invests in.


family planning insurance

Family planning

Are you getting married, or have a child on the way? Do you want to ensure your family continues to thrive if you’re no longer around?


Term Life

A term life insurance policy provides coverage for a fixed period of time. It pays the sum assured only upon total and permanent disability or death, of the insured during the period of coverage.

Whole Life

Whole life insurance is a long-term plan covering the insured person’s life or up to 99 years. It also accumulates cash value. Such a plan pays out a sum of money upon the death of the policyholder, or when the policy is surrendered.

Universal Life

Universal life insurance is more flexible than whole life term insurance by allowing the policyholder to shift money between the insurance and savings components of the policy. This plan also helps you plan for your legacy for your family or inheritance for your children.

retirement planning insurance in Singapore

Good ol’ days

Thinking ahead about relaxing on the beach after retiring?


Investment-linked policies

Such plans invest part of your premiums in fund(s) specially selected by the insurer or a third-party fund manager. Note that the policy value is not guaranteed, carrying investment risks. Your payout at the end of the policy’s term could potentially be less than the premiums paid over the years.

Mortgage term reducing insurance

If you have a mortgage on your home in your name, you could also consider taking out a mortgage term reducing insurance, a form of decreasing term insurance where the sum assured declines over time. This helps to pay off your home loan when you are no longer able to do so.


Annuities help you out financially in your advanced years. They pay out a fixed amount at regular intervals for a fixed period, or during the lifetime of a policyholder. CPF’s Lifelong Income for The Elderly (CPF LIFE) is one such annuity scheme.


The bottomline

It is quite possible to pick up any policy to save up or insure yourself against all sorts of risks at any point in your life. But determine your needs first and understand your options, and buy only as much insurance as you need and can afford.

For more information, visit your DBS Treasures Private Client centre or

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