HDB flats are covered by the compulsory HDB Fire Insurance Scheme—but is that enough? Some HDB owners would think that getting enhanced home insurance isn’t necessary as their flats are already insured. When it comes to protecting your home, it is important to understand why the HDB Fire Insurance Scheme alone may not be enough, and how a home insurance can give you a better sense of security and a peace of mind.
Contributed by: Estelle Heng
Intern from Gerontological Management Studies, School of Humanities and Social Sciences, Temasek Polytechnic.
‘I’m too young to think about this’ is probably the most common excuse not to start financial planning in Singapore. However, if we think twice, we’re never too young. Parents buy insurance for their babies as soon as they are born, some before they even take their first breaths. What’s so important about insurance that it is this urgent? The reality is that unexpected things happen. And when they do, you can’t afford to give up your future because of piled-up debts from hospitals or leaving your dependents to pay them off. So really, insurance is more than just protecting yourself, it includes supporting your loved ones as well.
Despite the large number of financial advisers in Singapore, many are still unaware that personal financial planning goes beyond some discussions with a financial adviser and is, in fact, an essential part of leading a fulfilling life. The list below highlights different stages of a person’s life and gives you an insight on what should be noted when making financial decisions at these life stages.