Singapore Life Insurance For Senior Citizens – How To Cover Yourself?

In general, senior citizens are people, who are more than 50 years of age and these people can consider two type of insurance plans that can provide them the monthly payout for their entire lifetime. And these two plans can also be helpful in taking care of their final expenses as well. The first option is of course the annuity, which is the hot topic in Singapore now and for purchasing an annuity, an individual can use his/her CPF least sum or cash can also be used and the first payout can be at any age from 40-65 years chosen by the policy holder.

If the person intending to purchase such a Singapore life insurance coverage is wealthy, he can leave his CPF minimum sum with CPF board that will pay him for the next 20 years with an assured 4% rate of interest. Then, the individual can use cash for purchasing annuity that will pay him a lifetime monthly income. If not, he can use a part of his CPF minimum sum for procuring the annuity.

If an individual is at his 50 years and thinks that he cannot invest in a whole life insurance coverage, just because he cannot pay high premium mainly because of his pre-existing illness, there need not be any worry. It is still possible for the individual to purchase a coverage for up to 70 years, even with his pre-existing illness. However, for doing the same, he should not have been hospitalized for the past 12 months.

If he is confused about purchasing the right Singapore life insurance coverage, the best thing he can do is to seek the help of companies, who are operating to provide the best advice for people in the selection of the best insurance coverage regardless of their age. Generally, experts are of the opinion that seniors should make their investment in an option that will pay them monthly income, so that they can manage the family even after they get out of their job and even when they are not earning regularly.

Singapore is a country with higher cost of living and so it is suggested that an individual should consider the monthly expenses he will have to make and accordingly choose a policy with a premium rate that will never affect his financial plans. So, get a professional help to arrive at the best coverage, so that you can lead a peaceful and comfortable life.

Life insurance is always the backbone of any solid financial plan. Insuranceguru.com.sg is firm who tied up with insurance agents of more than 12 major insurance companies in Singapore and helps you to get the best life insurance quote that would satisfy all your needs. To get more info on Singapore Life Insurance,please visit us online.

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