Insurance Priorities of a Single Child

Posted 12 June, 2016 by Surely
in Opinion

One husband, one wife.
A son and a daughter.

That usually makes up a perfect family.
At least that is how our government views it.


This is from a MSF publication. Enuff said !

This is from an MSF publication. Enuff said !


Most Singaporean residents agree.
Two-child family is the most common configuration in Singapore.
However, one child families have doubled in the last two decades, making up 21.6% in 2014.

That means there are more people like me.
A single child.


That is our world.

That is our world.


Why are we different?


First of all, we do not have any siblings.
That means we are the sole recipient of all of our parents’ focus.

Usually, it means we are attention-seeking narcissistic.
However, there are some like me who hate it and always fade into the background whenever we can.

We do not have imaginary friends.
Unlike what you perceive us to be.
However, we can be very loyal friends as we often identify our BFFs as our brothers or sisters


Ted isn't real?

Ted isn’t real?!

As we interact much more with adults from young, we tend to mature faster.
We grow weary of things much faster than the rest.
Most critics are probably single-child, given how cynical they usually are.


Our different insurance needs


Rehashing the same point, we do not have siblings.
Our parents have only us.
The responsibility of taking care of your parents falls solely on our shoulders.


Siblings - something we wish we have.

Siblings – something we wish we have.


If we do not have any life partner, we have no one else to help us.
Only ourselves.
Thus, it is essential for us to prepare for any illness or accidents that may happen.

Lastly, our children will have no one to turn to, in the event of our demise.
No aunts or uncles.
Just their siblings who are likely to be equally vulnerable.

Therefore, our insurance priorities will be different from others.
Let’s see how we may get them done right.




Do you remember when you are young, your parents are the whole world to you.
They feed, nurture and take care of  you when you are not well.


The hands that you turned to for everything in life

The hands that you turned to for everything in life


It is time for you to reciprocate.
Besides being around, you need to ensure they have money for their increasing medical needs.
Getting a hospitalization plan for them will be the top priority.

Next, a disability income plan may come useful.
Older generations are more susceptible to fractures due to the weakening bones.
You may advise them to keep their Eldershield plan for that little bit more coverage.

While it is unlikely that they outlive you, you may also want to have a term insurance policy to cover for that contingency.
There is another reason for that and we shall come to it later.




Like our parents, hospitalization plan is the go-to policy.
Saving yourself is only natural.
Besides, how are you filial if you still need your parents to pay for your hospitalization bill at the ripe age of 40?


It's time for you to be the life buoy and not be the one who needs saving

It’s time for you to be the life buoy and not be the one who needs saving


Critical illness policy is next on the list for you.
It is important for you to have dread disease cover so that you can tide over your living expenses while getting treatment.
Remember that you have no one else to turn to so it is vital to be self-reliant.

Do you have to get a life or term insurance?
It is something you may consider if you still have dependents.


The Young Ones


In the event that you and your spouse meet with an early demise, the kids will be unattended.
Thus, you need cover for both yourself and your spouse.
That is pretty obvious.

However, if the children are still tender in age, they need more than money.
That is where the grandparents come in.
If you have insurance proceeds going to the grandparents, they can take care of the surviving kids without a worry for the finances.


Bringing up the kid. Old School Way

Bringing up the kid. Old School Way


Alternatively, you may wish to consider setting a trust if your parents are no longer around.
The children are too young to handle the financial matters themselves.




We are really not much different from others.
Just that we have fewer people that we may turn to, in the event tragedy strikes
It is  time for the mature you to think about all these things and make the necessary contingency plans.
As it turns out, insurance is a great way to help us to be responsible for our few loved ones.
Plan and be self-reliant today ! aims to eradicate the knowledge gap between consumers and Life Insurance. Our Vision is that one day, every Man, Woman, and Child will be properly insured.

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