Friday, August 21, 2009

How much insurance coverage do Singaporeans need?

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How much insurance coverage do you think you as a Singaporean require? Many would say $100,000 would be enough. For others, they may not be having any insurance at all too. According to an article published in the Straits Times today, a typical average Singaporean would require an insurance coverage of $494,851, however the average Singaporean has just an average insurance coverage of only $165,628 with many falling short of this coverage amount!

Though the pace of life in Singapore is generally hectic, one must really sit down and plan for his retirement, his insurance coverage because time and tide really waits for no man! Before you know it, 10 years will be gone in a flash! I have always know that to grow your retirement amount, saving is not enough, what one must really do is to invest your money into unit trusts etc! However, I have not done that, as the rates of return really do fluctuate with time but generally one can still invest in blue-chip stocks and wait for a longer time horizon!

Money is really essential to living, we must start planning for our retirement and insurance today!

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