5 Tips To Help You Select The Most Suitable Insurance Savings Plan

1. 5 Tips To Help You Select The Most Suitable Insurance Savings Plan

2. If you are looking for ways to build a nest egg for the future, an insurance savings plan could prove to be a great way to grow your money. This type of plan allows you to build a corpus of funds through regular savings over a period of time. Upon completion of the plan’s term, you receive your returns as a lump sum. In the unfortunate case that you do not survive the plan’s term, the nominated beneficiary gets a death benefit payout. Now, there are many good insurance savings plan options available for you to choose from. Choosing just one from the many can prove to be challenging. To help you pick the best savings plan for yourself, we have listed down a few helpful tips.

3. Think about your goals To start off, you need to understand the reason or purpose for which you are saving money. This will help you understand your saving goals and how much you hope to receive when the plan’s term is up. Perhaps, you want to save up for buying a new home or you simply want to gather money to cushion your retirement years. Deciding on the reason why you are saving money will really help put your savings plan into perspective.

4. Decide on how much premium you can afford Insurance savings plans can either have a single lump sum premium or regular premiums. You might consider going for the lump sum premium payment or a regular premium payment tenure that completes before the plan itself matures. Both can allow you to plan to have your premiums payment completed before other responsibilities crop up. You can easily get an instant quote online today. Examine the benefits of the plan you choose When comparing variousinsurance savings plan options, do make sure to carefully evaluate the features of each one. Some features include: • Lump sum or regular premium options • Wide range of plan term • Capital guaranteed upon plan maturity • Easy application without the need for a medical check-up

5. Availability of riders Savings plans can be enhanced with riders too. You might want to opt for a rider that waives the premium in case you are diagnosed with a critical illness. Another rider that you may want to consider is one that waives the premiums on your spouse’s or child’s policy if you pass away or are impacted by critical illness or total permanent disability.

6. Read the fine print Finally, before settling in on an insurance savings plan, make sure to go through the fine print in the brochure. If you come across any clause that you are unsure about, make sure to have them clarified with a financial consultant. This way, you can start an investment with having complete knowledge of what you are getting into. We hope that this article has proven to be insightful and will help you find the most suitable savings plan in Singapore for your needs.