Why December is a Good Time to Buy Life Insurance

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Buy life insurance early

Time flies. 2020 will be ending really soon. Before it’s too late, take some time to reflect on how the year has been for you. For many of us, 2020 has been one of the most disruptive years to date, with a series of unprecedented events, such as the Australian bushfires, COVID-19 pandemic and greatest economic recession since the 1930s Great Depression.

Well, that’s life, where you are bound to meet challenges along the way. While you can’t control the occurrence of such events, you can protect yourself from life’s uncertainties with life insurance. Here’s why December is a good time to get some life insurance before the new year arrives!

1. Last month to work on that new year resolution before the year ends

At the start of the year, you would probably have set New Year resolutions, like keeping fit or growing your wealth for retirement. Instead of failing to accomplish your goals (once again), it’s not too late to work on that new year resolution this December.

There is a common misconception that buying life insurance may add on to your financial burden and prevent you from saving more money. However, you never know what’s going to happen tomorrow with life being so unpredictable. Should anything unfortunate happen in the future, buying adequate protection can actually lift the financial burden off your shoulders and those of your loved ones.

#TiqOurWord Not ready to commit to a whole life insurance plan? Term life insurance is a cheaper option for those with financial concerns. Learn more here.

2. Get some potential income tax relief for the year

Income tax relief

In case you didn’t know, you can claim tax relief for annual premiums paid on your life insurance policies. Of course, this is provided you meet conditions set by our tax authority – IRAS. More details can be found here.

Purchasing a life plan not only offers you life protection, but will also potentially cut your upcoming tax bill!

3. Enjoy lower life insurance premium before your next birthday

Did you know that life insurance is cheaper when you are younger? This is because you are at higher risks for more health problems as you age and that could affect your life insurance premium.

Simply put, some of the key factors that determine the amount of insurance premium depends on your existing health condition and age. Therefore, the earlier you buy that life insurance policy, the higher your chance of enjoying a lower premium!

#TiqOurWord Life protection plans from Tiq by Etiqa Insurance starts from an affordable S$0.04/day. Get a quote instantly and easily online! Find out more here.

4. Make better use of your year-end bonus

Life insurance matters

As we enter one of the largest economic recession in history, many companies may not be paying any bonuses this year-end to their employees. If you are fortunate enough to be working in one of the thriving industries and still able to receive a year-end bonus, congratulations! Don’t let that go to waste.

It’s wise to secure your life protection with a term life or whole life insurance plan especially when we live in some uncertain times. Make better use of the extra cash by buying essential protection, so you can have greater peace of mind knowing that your loved ones are financially secured should life uncertainties struck.

Besides protection for total and permanent disabilities and critical illnesses, you will also be eligible for cash value and reversionary bonus accumulation if you buy a whole life plan. Alternatively, you can also get more out of your spare cash through one of our insurance savings plans as they include life protection elements.

Of course, Don’t just buy any life insurance. Do your due diligence, look for an insurer with strong financial strength and an established history of serving life customers, like Etiqa Insurance. With a strong Fitch rating of ‘A’, which indicates a stable financial outlook, you can be assured your money is in safe and reliable hands.

#TiqOurWord Bridge your protection gaps with a flexibility of choices at Tiq by Etiqa Insurance. Affordable life protection with no medical examination is required^. In addition, you can choose a term life insurance plan with guaranteed renewal between 5 and 20 years depending on your needs with ePROTECT term life. Find out more here!

Protect you and your loved ones

Opting for life protection is one of the best gifts you can give yourself before the epic year ends in a couple of weeks. Stop procrastinating. With customisable coverage and flexible choice of commitment period Tiq by Etiqa’s ePROTECT term life gives you the best value for your hard-earned buck!

^ For DIRECT – Etiqa term life and ePROTECT term life only.

 [End]

Information is accurate as at 24 December 2020. This policy is underwritten by Etiqa Insurance Pte. Ltd. (Company Reg. No. 201331905K). Protected up to specified limits by SDIC. As buying a life insurance policy is a long-term commitment, an early termination of the policy usually involves high costs and the surrender value, if any, that is payable to you may be zero or less than the total premiums paid. You should seek advice from a financial adviser before deciding to purchase the policy. If you choose not to seek advice, you should consider if the policy is suitable for you. This advertisement has not been reviewed by the Monetary Authority of Singapore.

Tiq by Etiqa Insurance Pte. Ltd.

A digital insurance channel that embraces changes to provide simple and convenient protection, Tiq’s mission is to make insurance transparent and accessible, inspiring you today to be prepared for life’s surprises and inevitabilities, while empowering you to “Live Unlimited” and take control of your tomorrow.

With a shared vision to change the paradigm of insurance and reshape customer experience, Etiqa created the strong foundation for Tiq. Because life never stops changing, Etiqa never stops progressing. A licensed life and general insurance company registered in the Republic of Singapore and regulated by the Monetary Authority of Singapore, Etiqa is governed by the Insurance Act and has been providing insurance solutions since 1961. It is 69% owned by Maybank, Southeast Asia’s fourth largest banking group, with more than 22 million customers in 20 countries; and 31% owned by Ageas, an international insurance group with 33 million customers across 16 countries.

Discover the full range of Tiq online insurance plans here.

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