Getting Married: Why buy insurance?

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If you’ve just gotten married or planning to marry, congratulations! Planning your life ahead with the one you love is an amazing journey. Buying a house, going on unforgettable escapades (ok, maybe not at this moment), and having children could be part of your life plan together but have you ever considered insurance as part of your life plan? If you think that insurance is not essential, here are some reasons for buying life insurance if you’re a newlywed or those of you who are planning to get married. Read on!

Provide assurance to family

One of the biggest reasons to have reliable life insurance is that if you become terminally ill (touch wood!), it can help you and your spouse to manage income loss and medical costs while maintaining quality of life.

Furthermore, in the event of death or terminal illness, you can receive a full payout in claims based on your policy to assist with your medical and living expenses. This can also help cover mortgage and children expenses because let’s face it – children are very expensive! With rising costs of education, healthcare and living in Singapore, you’d want to make sure not to burden your family with financing treatments and focus on your recovery.

Protection for future

Marriage is a lifelong commitment that involves a lot of future planning. You love your partner and want to protect them in whatever way, for as long as you can. Insurance can be a way to protect your loved ones from unexpected circumstances and ensure your life partner will not be left with debts or worries for living expenses if you pass on.

#TiqOurWord With ePROTECT term life, you can opt for a fixed 5-year renewable term or 20-year fixed term to be covered till 65 years old. Learn more.

Protection for the life you’ve built

Remember that famous line from Forrest Gump, “My mum always said life is like a box of chocolates. You never know what you’re gonna get”? Well, his mum is right and we all probably resonate with that quote as life can be so unpredictable. No one knows what will happen in the future – unless you’re a fortune teller!

Comprehensive life insurance can help you and your loved ones adjust to a new life in the event an accident that causes you to be permanently disabled (touch wood again!). There are three main types of insurance policies in Singapore that provides payout for disability; Disability Income Insurance, Total Permanent Disability and Severe Disability Insurance. As these insurances cover you in different areas, it’s best to try to understand the policies before choosing one that best suits your need.

#TiqOurWord DIRECT – Etiqa term life and DIRECT – Etiqa whole life plans from Tiq by Etiqa has Total & Permanent Disability (TPD) cover with the optional Critical Illness rider. Learn more here.

Building a life together

Many married couples share household expenses so it may be wise to buy a life insurance policy as soon as you get married to save you money in the long run. Life insurance premiums become more costly because rates increase as you get older. This is because you may be more prone to have more medical conditions as you age – thus making premiums more expensive if you choose to purchase later in your life.

A recent research conducted by a professor at the National University of Singapore showed that couples are burdened by physical and financial obligations to care for not just their children but also their parents as they also juggle with work. This can cause a lot of physical and mental strain, which can affect your well-being. Whole life insurance premiums come with retirement benefits so that’s one less thing to worry about – for you and your children in the future!

#TiqOurWord When buying life insurance, consider your current financial situation, debts and also future expenses you anticipate for the best policy that suits your needs! If you’re not sure how much coverage you need, use this calculator here as a gauge.

Extra support during COVID-19

Every marriage is different and your needs will vary from other couples, especially during a pandemic. Protect your future with your loved one together with a reliable life insurance. Remember to shop around and research for the best life insurance that will best suit your needs to help you and your partner build a strong foundation together. Whole life and term plans such as  ePROTECT term life from Tiq by Etiqa can give you a better peace of mind with financial assistance benefits for COVID-19 and side effects of the vaccine. Learn more.

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Information is accurate as of 15 June 2021. 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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