Top Income Protection Insurance Service Providers in Singapore


Income protection insurance: Definition, Uses

Income protection insurance was crafted to reimburse cash deposits with any policyholder in the event that policyholders are unemployed because of injury or illness.

Income protection insurance deposits a fixed proportion of the policyholder’s previous income till the policyholder is able to resume stable employment or reaches retirement maturity.

In many situations, premiums deposit sums that could potentially amount to a maximum cap of 75% of the policyholder’s last drawn salary.

Basically put, income protection insurance refills replenishes one’s missed income, up to the point, timing that one is better able to commence employment anew, reaching up till retirement years, or death – whichever comes first.

Income protection insurance: Extent of coverage

Though every policy comes with unique conditions, most diseases or injuries get insured, also are open for claim applications, with full compensation rights, over brief or extended periods.

Income protection insurance is very distinct compared to Critical Illness or Trauma Insurance, which deposits, foots a one-off lump sum (usually between $20,000 to $300,000) in case one gets diagnosed with the insured disease or comes down with ailments inclusive of any Heart Attack or Stroke, etc.

Income Protection Insurance

The possibility of contracting a disease remains much higher than most reckon, surmise.

If any severe disease outbreak has led to any affected income earner to discontinue employment as a consequence, this might lead to an adverse impact on households’ capacity to subsequently foot many household bills or sustain former lifestyles, upon sick leave or annual leave running out:

20% of households might just hold capacities to subsequently pay for usual bills for 1 week.

Some 14% might manage to pay bills over 2 weeks.

At 4 weeks, when sick leave or yearly leave begins to run out, deplete rapidly, some substantial proportions, comprising 55% of households, might possibly lack the capacity, capital, to continue with paying up for most of their regular bills or sustaining former lifestyles.

Conducted surveys revealed that merely 20% of households could continue paying regular bills for over 1 year at most, implying that 80% of Singaporean households might not be able to continue to sustain lifestyles, pay regular bills.

Income protection insurance insures against such difficulties by compensating up to 75% of any policyholders’ income till these may fully resume work, additionally ensuring that considerably less painful disruption to individual finances takes place.

Take note that the capacity to generate some income is an essential skill

Supposing one works over 40 years or earns a median of $50,000 every year, one holds the capacity to earn about $2 million saved.

These savings probably amount to a greater valuation sum than any single independent property one might own. (Unless it is a Good Class Bungalow.)

Logically considering, insuring oneself against being unable to sustain gainful employment might appear a prudent option, still, any commitment to such decisions might depend upon your specific Age, Occupation, Financial Commitments, or Family circumstances.



Income Protection Insurance


Specialty Income Protection Insurance: Income Protection Insurance safeguards you and your family against the negative financial circumstances that arise through the sudden loss of income. The policy provides a steady income that will help you to cover the mortgage, rental, or living costs, buying you valuable time to get back on your feet.

Services: Income Protection Insurance, cope financially, lost your job, emergency fund, cover mortgage, rental, or living costs

Pricing  Request a quotation:
Address 3 Temasek Ave, Level 18 Centennial Tower, Singapore 039190
Telephone +65-6971 1605
Opening hours 8.30 am to 5.30 pm


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Income Protection Insurance


Specialty Protect your income with Freelancer Cash Plus! With immediate policy issuance and affordable premiums, receive up to $120/day if you are unable to work due to injuries or illness. Flat premiums till age 59, receive till $375,000 pay-out for permanent and total disablement, till $5,000 for medical expenses due to accidents.

Services: Affordable premiums, Protect your income, $120/day, Freelancer Cash plus, Flat premiums, $375,000 pay-out

Pricing Request a quotation:
Address 4 Shenton Way, #21-01, Singapore 068807
Telephone +65-6827 7602
Opening hours 8.45 am to 5.30 pm
Review 1 Many thanks to Rosalind Wong, Senior Executive for Claims for handling my case. She has great sensitivity with regard to my recent bereavement. Rosalind has a pleasant personality and has good communication skills. I really appreciate the efficiency and flexibility that she has an exercise to help settle my claims.
Review 2 convenient location. friendly and helpful staffs
Review 3 My kids were covered under the MSIG accident plan and the claims were all done online. No questions asked and cheque received promptly. Keep up the good work!!




Income Protection Insurance

Tribe by Income

Specialty Recovery Pack: Get cash pay-outs when you are hospitalized or put on prolonged medical leave, due to illness or injury, so you can focus on recovery. Cash pay-outs for hospitalization and prolonged medical leave. Receive cash payouts to make up for the loss of income when you are hospitalized, recovering.

Services: Loss of income, Cash pay-outs for hospitalization, prolonged medical leave benefit, illness or injury pay-out, COVID-19 Coverage

Pricing Require a quotation:
Address 75 Bras Basah Rd, Income Centre, Singapore 189557
Telephone +65-67881777
Opening hours 9 am to 5.30 pm
Review 1 The service is fast, and good no insurance agent is involved.

A few years ago when I renew my car insurance at some other outlets, I have mentioned not having an insurance agent involved, but she still put in an insurance agent.
Make me paid a few hundred more for the next renewal.

Hopefully, you can understand my English.

Review 2 The claim process is fast and efficient. A clean and tidy place with helpful and knowledgeable staff.
Review 3 Wonderful place.




Income Protection Insurance


Specialty Suddenly finding yourself unable to work due to disability can have a devastating effect on your family’s financial security. Disability insurance in Singapore provides financial support with regular income to help you adapt to your new situation. Receive a monthly pay-out of up to 75% of your existing income.

Services: Disability Cover, pay bills, meet education expenses, mortgage payments, monthly pay-out of up to 75% of your existing income, AIA Premier Disability Cover

Pricing Request a quotation:
Address 1 Robinson Rd, AIA Tower, Singapore 048542
Telephone +65-1800-2488000
Opening hours 8.45 am to 5.30 pm
Review 1 I am not a direct customer of AIA but my company brought insurance for all the employees. I have benefited from the AIA alliance scheme and they are usually quite comprehensive with the claims and coverage. The Helpdesk agent is quite helpful with the response if I have any queries on the company helpline. When I email them they also provide very useful advice for my claims and such.
Review 2 Insurance is a necessary evil, you can’t live without it but what is the point if you cannot make a claim when the need arises. Considering how expensive it can be to visit the Pediatrician, I bought the AIA Star Protector Plus for my 2 kids. It has been 4 years. The claim process has been smooth, if it is a claimable illness, I will request a doctor’s memo, attach the bill with which AIA will do its due diligence on the medications dispensed before making reimbursement.
Review 3 Highly recommend Isabelle Oh. She’s very prompt in response and even at claims. Gives good advice 🙂


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Income Protection Insurance


Specialty An affordable plan designed for the sandwiched generation to support your loved ones if the unfavorable happens to you. Protection against death, terminal illness, total and permanent disability (TPD before age of 70) and dreaded diseases. Choose your sum assured from two different levels of protection: $100,000, $50,000, Guaranteed renewal.

Services: Family Protect, Protection against death, terminal illness, total and permanent disability, two different levels of protection: $100,000 or $50,000, Guaranteed renewal

Pricing Require a quotation:
Address 75 Bras Basah Rd, Income Centre, Singapore 189557
Telephone +65-67881777
Opening hours 9 am to 5.30 pm
Review 1 There is security at the entrance to the income centre. Need to bring your identity card plus post-appointment date and time in order to enter.
For the Insurance matter best to see is Ms. Lacey, a professional Customer service officer that can give good advice.
Review 2 The service here was great! The staff is very helpful and you get help with anything you need in a professional and fast manner! First time coming here to make an insurance claim and I was attended to instantly as I reached! Overall a good place!
Review 3 Very knowledgeable Pinoy call center officer. Answer all my inquiries. Vehicle Insurance less benefit and pricey medical expenses insurance.




Income Protection Insurance

Great Eastern

Specialty They provide a financial lifeline should you be unable to work due to sickness or injury. With Pay Assure, you will receive a monthly income benefit should you be unable to work in your current occupation due to illness. The benefit pays some, if not all, of your regular living expenses.

Services: 75% of your average monthly salary, illness or injury, Rehabilitation expenses reimbursement, partial monthly benefit, 60, 90, or 180-day pre-benefit period, Death Benefit

Pricing Request a quotation:
Address 1 Pickering St, #01-01 Great Eastern Centre, Singapore 048659
Telephone +65-62482000
Opening hours 9 am to 5.30 pm
Review 1 Alexander Ngaserin is my first financial consultant and I want to thank him for explaining everything to me clearly and helping me plan my financial life out.
As a confused millennial, there are many options we can undertake for our finances and it can be very confusing. However, Alex made it easy and clear for me to understand what and why I was purchasing something. It was within my monthly budget and he is patient and very knowledgeable in explaining all the details of the plans I was purchasing. He has my best interests at heart and recommends what he thinks is ideal for me. No hard-selling! I highly recommend his services and have introduced my friends to him.
Review 2 Selvam is the best insurance assurance manager I have ever known. He knows exactly what you need and is always on his toes with your investments. Call him for all your insurance needs you can really trust him. He has been in the business for more than 20 years
Review 3 If you are looking for an excellent premium health policy, seek no more as Great Eastern will be the one to choose from. They provide good and efficient service. Glad that my agent is also a very responsive and responsible person. Highly recommended!


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Income Protection Insurance


Specialty The plan that supports disability. Their disability income plan offers 24/7 worldwide coverage with a monthly pay-out if ever you become disabled. If you cannot continue working due to a disability, get a monthly pay-out up to age 701. Protection against illness or accidents arising from personal/social activities.

Services: Disability Income, monthly pay-out, disability income plan, Adjusted for inflation at 3%, Protection against illness or accidents

Pricing Request a quotation:
Address 4 Shenton Way, #01-01 SGX Centre, Singapore 068807
Telephone +65-68277988
Opening hours 8.45 am to 5.30 pm
Review 1 Worked in Aviva as a Vendor for an onsite project. The entire experience was wonderful. The management takes good care of the employees and made us feel one among them. Frequent team lunches, gatherings, and activities that promote inclusive diversity of individuals working from various parts of the globe. There is a lot of respect for different cultures and faith.
Review 2 Had a great claim experience under the Group Insurance policy I have with Aviva. Customer Service Exec was extremely helpful and helped with a letter of guarantee which resulted in cashless hospitalization. All in all, they did what they suppose to do – paid my claim!
Review 3 So far so good! Happy with the 2 savings policies I have with Aviva as I feel the returns are competitive. Out of convenience, I also tend to use Aviva for travel insurance whenever I travel – the purchase process is very simple and straightforward.




Income Protection Insurance

Standard Chartered

Specialty Allianz Hospital Income Protect: Get a lump sum pay-out of up to $600 upon diagnosis of Infectious Diseases including Hand Foot Mouth Disease and dengue. Get daily hospitalization income (injury, illness, Covid-19) of up to 750 days. Pay-out doubles for a stay in the intensive care unit for up to 90 days.

Services: Allianz Hospital Income Protect, hospitalization expenses, Daily Hospitalization Cash Benefit. Recuperation Benefit, Medical & Surgical Expenses

Pricing Request a quotation:
Address 6 Battery Rd, Singapore 049909
Telephone +65-67477000
Opening hours 10 am to 5 pm
Review 1 I have had a great experience banking with Standard Chartered bank. Their app is easy to use too. I also appreciate that they have had the chance to work with Standard Chartered bank where they assist to organize free corporate wellbeing events for companies. Supersalary account has no minimum balance needed which is a plus.
Review 2 Staff service was excellent.
Review 3 very very good




Income Protection Insurance


Specialty When accidents or illnesses happen, they can lead to costly hospital charges, as well as loss of income. Protect yourself and receive coverage for your hospitalization expenses with our hospital income insurance plans. Their plans provide daily hospital cash benefits, an additional supplementary income, Daily Hospital Cash benefit, worldwide coverage.

Services: Hospital charges, daily hospital cash benefits, ICU Daily Hospital Cash benefit, Cash Worry-free recuperation, accidents, illnesses coverage

Pricing Request a quotation:
Address 28 Teban Gardens Cres, Singapore 608926
Telephone +65-62928421
Opening hours 9 am to 6 pm
Review 1
Chubb Masterpiece is a must-have product for keeping all the belongings of you and your family secure and giving you peace of mind. My pride and joy watch was badly damaged in an accident and the claim was handled extremely quickly and professionally. And this isn’t the first time Chubb and their agents have swooped to the rescue in such a fashion. The lifesaver that transformed my feelings of heartbreak into relief was Gayle Shepherdson. Thank you, Gayle.
Review 2
I would like to thank Gayle Shepherdson for her professional and prompt response to my claim and for making the process seamless and effective. Gayle is an asset to Chubb.
Review 3 Very Responsive and professional handling of my Home insurance claim request. A great Shout out to both Miss Cindy Chang and Mr. Gayle Shepherdson for their patience with me and their wonderful work attitude !! Keep up the good work !!




Income Protection Insurance


Specialty With the right protection plan, you can have peace of mind that you and your family will be well protected against financial loss even during emergencies like critical illness, disability, and death. Be protected against unforeseen medical expenses and rising healthcare costs with their suite of PRU-Shield and Supplementary plans.

Services: Critical illness insurance plan, Crisis Care Accelerator Benefit, Customizable Policy Term, lump sum pay-out, 500% of your Early Protect sum, monthly payouts

Pricing Request a quotation:
Address Marina One the Heart #01-18/19, 5 Straits View Singapore, Singapore 018935
Telephone +1800 333 0333
Opening hours 9 am to 5 pm
Review 1  Makes you wonder what happened to the customer 4 weeks ago but I’m on the receiving end of a gold standard service today. From the security guard to the receptionist to my customer service officer – they were all attentive, helpful, patient, and all smiles. The guard suggested and walked with me to show me where to go for coffee when I was too early. The receptionist told me not to hurry and to put down my things before registration. My CSO answered all my questions and explained clearly all my available options. She prepared all the necessary forms meticulously, checking and validating everything. Really feels good to be served, first class.
Review 2 My wife and I were served by Nazeer at the Customer Service Centre and we were very impressed. He is detailed and clear with his explanation. He also shared his views and experiences in such a way that showed he really cares about our needs and not just by doing it as the job requires him to do. Prudential is blessed indeed to have such good people to serve the customer’s need and hope that such good service standards will continue to build up customers’ confidence and trust. Keep up the good work Prudential and Nazeer!
Review 3 Very professional from making the online booking to meeting the counter staff. They are doing very well to make sure all visitors are protected. And I made a good decision after speaking with them.




Income Protection Insurance


Specialty When diabetes, critical illness recurrence become common, let’s face the unexpected with confidence by taking charge of your choices in life! AXA Super Criti-Care is holistic critical illness insurance with multiple pay-outs up to 600% Sum Assured and a Diabetes Care Program that puts your well-being in your hands.

Services: Unlimited claims pay-out up to 600% Sum Assured, Coverage for Re-diagnosed Cancer, Recurrent Heart Attack and Stroke, Diabetes Care Program, Death Benefit

Pricing Request a quotation:
Address 8 Shenton Way, #24-01 AXA Tower, Singapore 068811
Telephone +65-68804888
Opening hours 9 am to 5.30 pm
Review 1 Called the general line to enquire if there is any outstanding payment for my car hire purchase loan. Was attended by an excellent customer service agent (Jake). Explained clearly the status, and even gave me a follow-up call. Best customer service I’ve received from an insurer to date.
Review 2 Nice work culture. Awesome office and colleagues.
Review 3 I have a policy premium due which is to be paid through CPF on 1st March. I asked for an extension to mid-march because of not enough funds in my Cpf a/c. I sent an email n faxed. They still require the original document by post. I’m making a trip to the office now. sigh. In this age n time, still, need snail post. So far my experience with their customer service this morning is still ok.




Income Protection Insurance


Specialty A one-time investment in US dollars, HSBC Life Variable Annuity is a capital guaranteed plan that helps boost your retirement income by giving you the chance to benefit from market upside performance while protecting against downside risk through the “ratchet” feature. Disregarding market conditions, you retain confidence to remain invested.

Services: HSBC Life Protect Advantage II, life’s unexpected changes coverage, exclusive riders, accumulate policy cash value, non-guaranteed bonuses

Pricing Request a quotation:
Address 50, #01-03 Raffles Place, Singapore Land Tower, 048623
Telephone +65-1800-4722669
Opening hours 9.30 am to 5 pm
Review 1 Served by miss ong. Fast and efficient
Review 2 Super helpful and obliging service from serene lim (did I remember her name correctly??)!
Review 3 The staff was very friendly and did extra checks for my account even when I step in around the closing time




Income Protection Insurance

Tokio Marine

Specialty TM Protect 1 is a regular premium, non-participating disability plan designed to protect you during the critical stages when you need essential support. The plan pays out a monthly benefit up to your chosen period of coverage. Should you become disabled, they provide essential income support, up to 72 months.

Services: Regular premium, disability plan, monthly benefit, TM Protect 1, Monthly Disability Benefit, Rehabilitation Benefit

Pricing Request a quotation:
Address 20 McCallum St, Singapore 069046
Telephone +65- 6221 6111
Opening hours 9 am to 5.30 pm
Review 1 Office building in Tanjong Pagar, easily accessible and within walking distance to many office buildings within the CBD and Tanjong Pagar.
Review 2 Efficiently process my car insurance claims
Review 3 I had transferred funds for my motor car insurance to Tokio Life Insurance. The Tokio Life Insurance refunded my funds promptly.




Income Protection Insurance


Specialty Higher Monthly Pay-outs for A Lifetime: Get an additional S$200 to S$5,000 per month for a lifetime, on top of your Care-Shield Life or Elder-Shield pay-out, in the event you’re unable to perform at least 3 of 6 (My Long-Term Care) 2 of 6 (My Long-Term Care Plus), disability coverage pay-outs.

Services: Higher Monthly Pay-outs, S$200 to S$5,000 per month, Lump-sum pay-out when you’re severely disabled, Rehabilitation Benefit, Caregiver Relief Benefit

Pricing Request a quotation:
Address 50 Raffles Place, #01-02 Singapore Land Tower, Singapore 048623
Telephone +65-63337777
Opening hours 9 am to 4.30 pm
Review 1 The bank location is not easy to find and the bank reception lady is not very friendly. The counter lady was helpful and efficient.
Review 2 Excellent and professional service. No queue and done in 20min. Thanks.
Review 3 The best SGMY rate so far and I can transfer back to my CIMB account in Malaysia instantly with no charges. +1


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Income Protection Insurance


Specialty Hospital Wise covers you with daily cash benefits and reimbursement of hospital expenses, allowing you to focus on your health in the event of hospitalization. Ensure complete peace of mind during hospitalization. Get up to S$300 daily cash benefit (due to illness or accident). Up to S$225,000 annual policy limit.

Services: Daily cash benefit, reimbursement of hospital expenses, no–claim bonus, 24-hour worldwide coverage, Extend coverage to your family

Pricing Request a quotation:
Address 634 Bukit Batok Central, #01-108, Singapore 650634
Telephone +65-1800-3633333
Opening hours 11 am to 7 pm
Review 1 The bank did the necessary to ensure an orderly manner in view of the COVID19 pandemic. The counter staff was friendly and professional despite their long working hours at this outlet until 7 pm. I’m delighted to be an OCBC customer.
Review 2 Very good service! Today I came just before the branch closed, but the officer in row 15 happily helped me to open an account. He even apologized for the long process, which is I think quite fast actually. Hope the service is maintained and getting better.
Review 3 Bank associate Angie Poh; kind, courteous, and patient. People are so negative these days, it’s the little details like this that deserve to be shone upon.




Income Protection Insurance


Specialty Insure-Health is a hospitalization income insurance plan that can complement your existing medical insurance plans with daily cash benefits and reimbursement of ambulance service charges in the event you are hospitalized. Pay-out of up to S$300 per day on top of your existing hospitalization and medical insurance coverage, illness coverage.

Services: Daily hospital cash benefits, Worldwide coverage, post-hospitalization allowance, Daily Intensive Care Unit (ICU) Cash Benefit, Post-Hospitalization Allowance

Pricing Request a quotation:
Address 10 Marina Blvd, #20 – 01, Singapore 018983
Telephone +65-1800-2229889
Opening hours 9.30 am to 5 pm
Review 1 I waited for only 3 minutes and the customer service was great. Would recommend this branch.
Review 2 Excellent service! Could work on speed but very friendly staff.
Review 3 I think this has the nicest deco compared to other centres, the banking officer who attended to me was professional and friendly. She had explained the products well, and I would definitely come back to this centre again for my banking needs!




Income Protection Insurance


Specialty Affordable personal accident insurance that covers everyday accidents, Dengue, and more. From the unexpected accidents in life to the ongoing threat of infectious diseases like Dengue and COVID-19, our personal accident plan helps you start each day with confidence by protecting you financially against these unforeseen events and many more.

Services: S$15,000 for inpatient and outpatient care, S$500 daily, S$1,000,000 cover against accidental death, S$100 daily for 2 weeks, 24 hours medical helpline

Pricing Request a quotation:
Address 6 Temasek Blvd, #18-01 Suntec Tower, Four 038986
Telephone +65-6820 8888
Opening hours 9 am to 6 pm
Review 1 Tracy from the Customer Engagement Team provided excellent service and attended to all my needs using both live chat and personal call functions. She was able to resolve my issue quickly and efficiently. Kudos! Best Customer Service I’ve come across so far!
Review 2 Had been with FWD for my motor insurance since they came abroad many years back.

Prompt and very customer-centric service from Tracy( Customer Engagement Team).

2 thumbs up and highly recommended

Review 3 I would like to compliment Krissy from the customer engagement team who was very helpful in providing speedy advice and assistance in my best interest. Thank you!




Income Protection Insurance


Specialty Higher lifetime monthly pay-outs for severe disability – choose to receive an additional S$200 to S$5,000 monthly, that is on top of Elder Shield or Care Shield Life pay-outs. Additional support from Lump Sum Benefit, Rehabilitation Benefit2, Dependent Care Benefit, Caregiver Relief Benefit, and Death benefit. Future premiums are waived when it matters.

Services: Lifetime monthly pay-outs, severe disability, S$200 to S$5,000 per month, Lump Sum Benefit, Rehabilitation Benefit2, Dependent Care Benefit, Caregiver Relief Benefit

Pricing Request a quotation:
Address 10 Sinaran Dr, #02-19/20, Singapore 307506
Telephone +65-1800-3396666
Opening hours 24/7
Review 1 I was here yesterday at posb novena square 2 and was served by Amy Low. She was professional and her service was fantastic as she was very pleasant, super helpful, and patient. She also gave me good tips that I did not ask but they were relevant to why I was there. Thank you for your great service Amy! =D
Review 2 Even though it can be busy but the staff serves you politely with a smile and is very helpful.
Review 3 Thank you Syaz for the good customer service and being professional at the same time! Helping with my queries, update of particulars, and others! Also with DBS Safra Card! Keep up the good work and service!




Income Protection Insurance


Specialty Life Ready Plus (II) helps you plan for every stage of your life. Stack up your protection by up to 5X your basic sum insured, with options for additional riders including coverage for Critical Illness. Whole life coverage against death, terminal illness, and total & permanent disability up to age 99.

Services: Coverage against death, terminal illness, total & permanent disability up to age 99, Health Advantage Benefit, Retrenchment Benefit

Pricing Request a quotation:
Address 8 Cross Street, #01-01A, Manulife Tower Singapore, Singapore 048424
Telephone +65-6833 8188
Opening hours 9 am to 6 pm
Review 1 I would like to thanks Mr. Choah Wee Su for his excellent follow-up. He Is willing to go the extra mile to help & clear my doubts regarding my insurance policy. I feel that his hard work should not go unrecognized.
Review 2 Knowledgeable customer service officer who was able to assist me on my policy’s request.
Review 3 A most conducive meeting place for clients and customers. A modernized office building where you can relax and de-stress after a hard day’s work.




Income Protection Insurance


Specialty Life is filled with unexpected moments. Some good, some bad. While you savor the best of times, you should also plan for your health needs during rough patches by covering yourself with a critical illness insurance policy. Be prepared for medical uncertainties including hospital bills with critical illness insurance plans.

Services: Multiplier coverage, critical illnesses, a lifetime of protection, Additional pay-out upon disability, coverage into 15 years

Pricing Request a quotation:
Address 60A Orchard Rd, Singapore 238890
Telephone +65-62255225
Opening hours 24/7
Review 1 I have funds in a US Citibank account that I wanted to transfer without conversion but my local account is obviously in SGD so I needed to open a USD account.

Jared Ong, a very professional, knowledgeable, and friendly front staff, told me about Citibank Global Wallet, helped me with the whole setup, as well as easily answered any questions I had, making the whole process super smooth and such a breeze!

Review 2 Great Service!
Review 3 Best bank in Singapore


To consider, any junior mother or father with 2 kids is likely better primed to engage in income protection insurance than individuals nearly 50 holding any mortgage-free residence.

Supposing you fall sick, sustain injury over an extended interval, some income protection policy could deposit pay-outs over a fixed interval of time.

Considering low-cost policies, a shorter determined pay-out period might get fixed (with every other factor considered equally).

It is essential to understand general distinctions, further examined next.

Short Term Income Protection (billable over 2 to 5 years)

Short-term policies may deposit a consensual sum of pay-outs over 2 to 5 years; deposited sums taken get spent on your regular bills inclusive of mortgage or rent, expenses, or childcare bills.

Upon the tenure for payment lapsing, zero-extended benefits are deposited, thus supposing you remain sick, ailed, or injured, the policy could cease aiding financially.

Due to this, short-term policies cost less than long-term policies owing to risk (or charges) to engaged insurers costing far less.

Long Term Income Protection (payable reaching 65+ years of maturity)

Long-term Income Protection income deposits some steady sums supposing one cannot be gainfully employed owing to disease or disability till one recuperates sufficiently to start commencing employment again, alternatively upon one hitting a consensual age, usually 65 to 70.

Certain insurers could provide this as an additionally opted supplement; this varies widely with many, if not universally to income protection policies.

Triggers remain disease and injury specifically, excluding redundancy or all alternative restructuring in an office.

Online guides to Redundancy insurance disclose details.

One could hold beyond just 1 income protection policy, still, it likely excludes discounted fees.

Holding 2 policies, one could potentially receive sums of reaching 150% of one’s salary deposited as potential benefits, still, the regular stream of premiums to pay might gradually rise, pile up, to massive amounts.

Supposing one seeks to reduce the anxiety of recuperating in the fixed pay-out interval (i.e., 2 to 5 years), picking a policy that provides benefits deposited reaching retirement remains a better investment.

75% of one’s income is adequate and might settle regular bills, whereas the public health institutions, or private health insurance, see to most treatment or recuperation bills.

Income protection insurance excludes deposit pay-outs reaching to sick pay being depleted.

Certain employers provide sick pay above set statutory requirements (5 days per year) while providing up to 12 months’ salary in full amounts.

Take heed to confirm with respective employer sums generally guaranteed, prior to picking an insurance policy.

Most policies exclude pay-out supposing one presently still takes salary income, it remains unnecessary to seek for pay-outs within a 4-week span supposing one’s company sick leave reaches fully to 8 weeks.

For longer sick leave salary payments, extended periods are permitted for general deferment intervals.

This renders the policy lower in cost too.

Self-employed workers are charged more in general, also casual workers generally remain exposed to greater financial uncertainty or risks, upon the outbreak, unfortunate contraction, of any illness or injury.

Contrasted with employees, those remaining self-employed are not granted advantages of drawing on their accumulated sick pay or the assurance, guarantee, of resuming steady employment once they recuperate.

Self-employed individuals remain business managers, leading to extended leave inflicting a heavy, negative impact on the overall profits of operations.

Income protection insurance may substantially relieve, lower the degree of financial burdens, for those self-employed operating independently, solely, because these lack working colleagues, partners to share the workload with.

AIA Disability Scheme

If a disability prevents you from earning a living, you can receive, claim a monthly pay-out of up to 75% of your existing income, supplementing income to match shortfall.

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About the Author

Tom Koh

Tom is the CEO and Principal Consultant of MediaOne, a leading digital marketing agency. He has consulted for MNCs like Canon, Maybank, Capitaland, SingTel, ST Engineering, WWF, Cambridge University, as well as Government organisations like Enterprise Singapore, Ministry of Law, National Galleries, NTUC, e2i, SingHealth. His articles are published and referenced in CNA, Straits Times, MoneyFM, Financial Times, Yahoo! Finance, Hubspot, Zendesk, CIO Advisor.


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