Protecting You and Your Loved Ones

Whether you are a young couple starting out, a growing family with kids at school and a mortgage, or single with no dependants, having the right insurance cover could make a world of difference if the unthinkable happened. If you are unsure which cover is right for your family, begin by asking yourself a series of ‘what ifs’.

What if you pass away pre-maturely or become permanently disabled and unable to work? If this happened to you, how would your partner and children cope emotionally and financially? The kids still need to be fed, clothed and educated, the house mortgage and utilities must be paid, and your partner might need to take up extra job to provide for the loss of income. For sandwich generation, there is also a concern to help provide for the aging parents. Having a Term Life cover that pays a lump sum on your death or become total permanently disabled, could allow your family to focus on supporting each other, secure in the knowledge that the bills will be paid on time, and your children’s education funding taken care of.

What if you get hospitalized due to dengue fever or acute appendicitis? Having a medical insurance could help cover the costs of healthcare. What if you suffer a major illness? The survival rates for critical illnesses such as heart attack, cancer and stroke are improving, but recovery can take a long time and the last thing that you would want is to touch on your savings to tide through the period. Having a Critical Illness (CI) policy that pays a lump sum if you are diagnosed or suffer one of a specific list of illnesses could provide you with the money to focus on recovery without worry to pay for the continued living expenses, or to pay for alternative treatment such as Chinese medicine or supplements, rehabilitation or to hire a care taker. In addition, with medical advancement and awareness, it is common for people to go for regular health check-up and early detection is possible. This is where having early stage CI policies could be useful as it helps complement the traditional CI policies such as paying out for early stage critical illness and even allowing multiple claims following a relapse of condition.

What if you get sick or injured and are unable to work? You probably insure your car and your home, but the impact on your family is potentially much greater if you lose the ability to earn an income. Whether you are out of action for months or years, it is always good to have a safety net. Having an Income Protection insurance could help replace up to 75 per cent of your current income if you are unable to work due to illness or injury. Depending on the policy, it can cover you for short or long periods, sometimes up to age 65, after various waiting times.

All these policies are available separately or bundled together, and you may already be covered for some level of insurance via your company’s employee benefit, however it might not be adequate depending on your needs. It’s important to have insurance that is tailored to your personal circumstances, that will protect your family’s financial and emotional well-being come what may.

Disclaimer: The information is brought to you by Aon Hewitt Consulting (Shanghai) Co. Ltd. registration number 310000400102466. The information does not take into account the specific investment objectives, financial situation or particular needs of any particular person who may be in receipt of the materials. Accordingly, it should not be relied on or treated as a substitute for specific advice concerning individual situations. Please seek advice from a financial adviser regarding the suitability of any investment product taking into account your specific investment objectives, financial situation or particular needs before you make a commitment to purchase an investment product. You are also recommended to obtain such other professional advice where appropriate. The information is provided in good faith and believed to be accurate as of the time of compilation. We do not undertake an obligation to update the materials or to correct any inaccuracy that may become apparent at a later time. You should always consult primary or more accurate or more up-to-date sources of information.