“How much insurance do I need?”

“What types of insurance are there?”

“Would be family be financially looked after should something happen to me?”

These are the common questions that I am often asked by my clients. I’ve therefore clarified the key types of insurance below and when you should consider having them in place.

Life Insurance

Life Insurance provides financial security and peace of mind for you and your loved ones for a specified term or throughout your whole life, should the worst occur. A typical rule of thumb for needing life insurance is quite simply – If you have family and people in your life that you care for, then life insurance is an important consideration.

The KEY question to ask yourself for Life Insurance are:

• If I were to pass, would my family have sufficient financial resources to continue living their current lifestyle?

Click here to learn more about Life Insurance and how much you should have in place.

Critical Illness OR Trauma Insurance

Critical Illness Insurance is cover that provides you with a lump sum payment if you are diagnosed with one of the critical illnesses that is outlined within the policy. This highlights why it is very important to ensure that you review the critical illnesses that you would be covered for if the unforeseen should occur.

The KEY question to ask yourself for Critical Illness or Trauma Cover are:

• If I were to be diagnosed with an illness, and were to survive, would I have enough money to continue supporting my family during an extended treatment and recovery period?

Click here to learn more about Critical Illness OR Trauma cover and how much you should have in place.

Total & Permanent Disability Cover

Total and Permanent Disablement Insurance covers you in the event that you are no longer able to work. This cover will pay out a lump sum in the event that you are totally and permanently disabled and no longer able to work again.

The KEY question to ask yourself for Total & Permanent Disability Cover are:

• If I were no longer able to work again, would I have sufficient capital to ensure that my family and I could continue to lead our current lifestyle?

Click here to learn more about Total & Permanent Disability cover and how much you should have in place.

Income Protection

For an average person, working a 40 hour week from 18 – 65, they will work for 90,240 hours per annum (assuming a 4 week holiday per year). We spend a great deal of our lives working for an income which is highly valuable to ourselves and our families. As most of us are already aware, time is our most valuable asset and can not be purchased.

The KEY question to ask yourself for Income Protection Insurance are:

• Could you continue to meet your ongoing expenses if you couldn’t work for 6 – 12 months?

Click here to learn more about Total & Permanent Disability cover and how much you should have in place.

Health Insurance

International Health Insurance is medical insurance designed to cover your health and medical expenses while you’re living abroad. As an expat living and/or working abroad, it is important to have health insurance that covers you wherever you go.

Click here to learn more about International Health Insurance and how much you should have in place.

Jarrad Brown is an Australian-trained and qualified Fee-Based Financial Adviser with Australian Expatriate Group of Global Financial Consultants providing specialist financial advice and portfolio management services to international and local professionals in Singapore.

To discuss how these personally finance matters could impact you, click here to book in a complimentary, obligation-free meeting with me: Book Your Meeting Here