Life is full of surprises — some great, some… not so much. With every big change, it’s important to stop and consider if your insurance coverage still matches your needs. So, when should you take a closer look at your insurance? Let’s break it down.
Marriage: A New Chapter and New Responsibilities
Getting married? Congrats! Before you jet off on that dreamy honeymoon, take a moment to chat with your insurer. Marriage means sharing responsibilities, and any unexpected event like job loss or hospitalisation could affect both of you financially.
Is your coverage adequate to support your spouse if something happens? If you're the primary breadwinner, this is crucial, as your spouse might rely on your income. And don’t forget your CPF nomination — updating it ensures your spouse is the rightful beneficiary of your savings should the unexpected occur.
Buying a Home: Big Purchases, Bigger Coverage
As a new homeowner, it’s easy to think that the mandatory fire insurance that comes with your BTO is all you need. But here’s the catch: fire insurance only covers the building itself — not your stuff inside.
You’ll need home insurance to cover things like your furniture, appliances, renovations, and any accidental damage. Replacing all these things can quickly add up, so make sure your coverage matches the value of your home and belongings.
Starting a Family: New Needs for a New Family
Having a baby is exciting, but it also brings new responsibilities. While adjusting to sleepless nights, don’t forget to ensure your growing family is protected.
Consider increasing your life insurance to ensure your child’s future education and well-being is financially protected. At the same time, reassess your health insurance for added healthcare needs, from prenatal care to paediatric visits. And if one parent stays home, it’s especially important that both of you have coverage that protects against income loss, critical illness, or disability.
Job and Salary Changes: Make Sure Your Insurance Keeps Up
A career change, whether it’s a promotion, job loss, or pay cut, can dramatically affect your financial situation. While a raise or promotion doesn’t automatically mean your financial obligations will increase, lifestyle choices and new financial commitments—like mortgages, loans, or family support—often follow, so it’s wise to review your coverage accordingly.
If your income drops, it’s completely understandable to want to adjust your life or disability coverage to ease financial pressure. Just remember to be gentle with yourself when scaling back—cutting too much might leave you vulnerable when you need support the most. Finding the right balance is key to protecting both your budget and your future peace of mind.
Retirement: Preparing for the Next Chapter
Retirement is meant to be a time to unwind, but as you start tapping into your savings, your financial priorities shift — and so should your insurance.
Health insurance becomes more important as you age, with increased risks of chronic conditions, surgeries, and regular check-ups. Basic plans might not cover all the costs, so it’s worth exploring supplemental coverage. Long-term care insurance, which covers home care or nursing homes, becomes more crucial in retirement.
As your children become independent, you may not need as much life insurance, but keeping a smaller policy can still provide financial support for your spouse, covering final expenses and offering peace of mind.
Stay Ahead with Regular Insurance Check-Ins
Life moves fast, and your insurance should keep up. Whether you're entering a new chapter or simply reassessing your needs, LiveLife’s relationship managers are here to help you navigate each stage.
