×

Get Your Quote Now

Protection
Term Life Insurance
Whole Life Insurance
Cancer Insurance
ePROTECT safety
3 Plus Critical Illness
Home & Maid
Tiq Home Insurance
ePROTECT maid
Maid & Home Bundle
Travel & Lifestyle
Tiq Travel Insurance
Personal Cyber Insurance
ePROTECT personal mobility
Motor
Private Car Insurance
ePROTECT motorcycle
Savings & Investments
Tiq 3-Year Endowment Plan
Tiq Invest
Skip to content
Security alert: Stay vigilant at all times and beware of phishing attacks. For more information, please click here.
Leading digital insurance company in Singapore | TIQ Singapore
  • COMMUNITY
  • CONTACT
  • SIGN IN
    • TIQ INVEST
    • PRODUCTS
      • Products Template

        Protection
        Financial support for you and your loved ones in times of need

        3 Plus Critical Illness NEW
        Term Life Insurance
        Whole Life Insurance
        Cancer Insurance
        ePROTECT safety

        Home & Maid
        Fuss-free coverage for your home and maid

        Tiq Home Insurance
        ePROTECT maid
        Maid & Home Bundle

        Travel & Lifestyle
        Protection for your lifestyle needs in case of unexpected events

        Tiq Travel Insurance
        Personal Cyber Insurance
        ePROTECT personal mobility

        Motor
        Protection for you and your motor vehicle

        Private Car Insurance NEW
        ePROTECT motorcycle

        Savings & Investments
        Simple solutions to grow and protect your money

        Tiq 3-Year Endowment Plan
        Tiq Invest
        Tiq Easy Save
        GIGANTIQ
    • PROMOTIONS
    • SUPPORT
      • SUPPORT TEMPLATE
        Renewal
        Claims
        Apply eGiro
    • ABOUT
    • BLOG
    • SEARCH
      • search template
  • TIQ INVEST
  • PRODUCTS
    • Products Template

      Protection
      Financial support for you and your loved ones in times of need

      3 Plus Critical Illness NEW
      Term Life Insurance
      Whole Life Insurance
      Cancer Insurance
      ePROTECT safety

      Home & Maid
      Fuss-free coverage for your home and maid

      Tiq Home Insurance
      ePROTECT maid
      Maid & Home Bundle

      Travel & Lifestyle
      Protection for your lifestyle needs in case of unexpected events

      Tiq Travel Insurance
      Personal Cyber Insurance
      ePROTECT personal mobility

      Motor
      Protection for you and your motor vehicle

      Private Car Insurance NEW
      ePROTECT motorcycle

      Savings & Investments
      Simple solutions to grow and protect your money

      Tiq 3-Year Endowment Plan
      Tiq Invest
      Tiq Easy Save
      GIGANTIQ
  • PROMOTIONS
  • SUPPORT
    • SUPPORT TEMPLATE
      Renewal
      Claims
      Apply eGiro
  • ABOUT
  • BLOG
  • SEARCH
    • search template

6 Ways Our Customers are Growing Their Emergency Fund

  • Date: February 18, 2020
Share on facebook
Share on email
Share on whatsapp
Share on linkedin
A young woman contemplating about financial planning and emergency fund

Adulthood can be daunting. Faced with the unknown – a global pandemic, salary cut and retrenchment – preparing an emergency fund seems like the next best step to take. Earlier this year, we asked how you save for emergencies. Here’s what you said, with some reminders for an even healthier portfolio.

Ensure a portion of your savings is readily available as cash

Savings bank in the form of UnicornImage credit: Unsplash

A common method among our followers is depositing a portion of their savings in high-yield savings accounts. Knock on wood, you never know when you’re going to need the money, but knowing that at least some of your savings are immediately available can help you cope with emergencies.

Investment works, but not always

A man using an ipad with a screen showing chartsImage credit: Unsplash

The logical next step would be to funnel some savings into purchasing securities. The benefits of this approach are obvious, but selectivity is important. In general, the investments you use to grow your emergency fund should have a short maturity period, whereupon they can be easily converted to cash if needed. Sometimes a shorter lock-in period can mean less attractive returns, but such a trade-off can be worthwhile when caught in a financial emergency.

#TiqOurWord With Tiq 3-Year Endowment Plan, you get high guaranteed returns of 1.68% p.a. in just a short 3-year maturity period. It also comes with life protection and Financial Assistance Benefit for the Novel Coronavirus (COVID-19).

Round off the edges with insurance savings plans

Phone on table Image credit: Unsplash

Insurance savings plans, also known as endowment plans, constitute a form of forced savings. Choose a plan with attractive guaranteed crediting rates and a short lock-in period, or one that allows withdrawal without penalty or interest clawback. Insurance savings plans form a comfortable middle ground in being less risky than investment and in providing more attractive benefits than popping your cash in the piggy bank.

Be disciplined with your savings

A lady holding a phone and textingImage credit: Unsplash

Being this conscious about your savings strategy is the first step to healthy finances, but such an approach requires discipline to maintain. Start by funneling a fixed percentage of your monthly income to your emergency fund before dividing the fund internally. Consider online insurance savings plans and learn ways to digitally management your finances. Putting your emergency savings in a separate account from your regular savings can also prevent your reserves from being eroded by accidents or impulses.

Ensure your emergency fund doesn’t dip below a minimum amount

Budgeting at home Image credit: Unsplash

Among the crises your savings should support you through is the loss of your job and other important income sources. As a rule of thumb, the value of your emergency fund should fall between 3 to 6 months of your current salary. Of course, the more you save, the better – but remember to allocate enough to longer-term investments for further goals. You can start saving from just S$10,000 with Tiq 3-Year Endowment Plan and enjoy the flexibility to apply and manage your policy online.

Never lose your cool

Nobody is immune to disasters. The Circuit Breaker is in place for safety reasons, but there’s no doubt that it’ll dent the economy. Hence, preparation goes a long way. With a financial support system this strong, you’ll have everything you need to get back on your feet no matter the outcome. And remember this: everything will be okay in the end; if it’s not okay, then it’s not yet the end.

[End]

Information is accurate as at 5 January 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.

Related Blogs:

Real Life Situations Where Home Insurance Comes In Handy

How To Deal With Rising Inflation In Singapore?

The hidden costs of critical illness and its impact on your future

Related Blogs:

Real Life Situations Where Home Insurance Comes In Handy

How To Deal With Rising Inflation In Singapore?

The hidden costs of critical illness and its impact on your future

Share:

Tags:

Share on facebook
Share on linkedin
Share on email
Share on whatsapp
  • best endowment plan Singapore, best interest rate, economic crisis, finance tips, high interest savings account, insurance savings plan, investment, job hunt, maturity time, online savings account, Savings, Singapore, Singapore jobs, Tiq 3-Year Endowment Plan, Tiq by Etiqa Insurance
PrevPreviousDrive Safe: 5 Dos and Don’ts of Using Your Smartphone On The Road
NextWhy family travel can be disastrous – and how to make it rightNext

FOLLOW US

  • About Us
  • FAQ
  • Data Protection
  • Privacy Statement
  • Policy Owner's Protection Scheme
  • Sitemap
  • Online Security Tips
  • Our Commitments
Back to top
×

Be the first to know
Get the latest promotions and news

Please share with us which topics interest you:
All
Financial Planning
Health & Wellness
Travel & Leisure
For the Millennials
Promotions & Giveaways

I consent and agree for Etiqa Insurance to collect, use and disclose the personal data above for the purposes of validation and sending, via telephone calls and text message. Read Etiqa's Privacy Policy [here]

Subscription Successfully.

Subscription Failed.

© 2022 ETIQA INSURANCE PTE. LTD. All rights reserved.
UEN: 201331905K

Add Tiq to your Homescreen!

Add