An Insurance article especially was written for TheNewSavvy.com by ClearlySurely.com 

There are plenty of things that we know ought to be done – but don’t. Like, going to the gym. Sticking to a monthly budget. Visiting the dentist twice a year. Buying insurance. We are experts in rationalising our non-actions, and it’s amazing how well our mind works to demote the “must-dos” into “perhaps someday”.

“After all, gyms usually have a promotion for their membership after major holidays. It’s ok to sign up then. I overspent two months in a row, but its ok – my bonus is coming up. I’ll skip my next dentist visit since I brush my teeth religiously. Insurance? Nah, I feel great, I just don’t need it now.”

Knowing that people will procrastinate until the bitter end to do the things that matter most to them, we have put together a list of 5 reasons why you need to get insurancepronto.

  1. Your crystal ball isn’t workingTop 5 Reasons Why You Need Insurance – Now!

You wouldn’t proclaim to be able to foretell the future any more accurately than tomorrow’s weather, yet the best of us delay “that talk” with our insurance agent because it “just isn’t necessary” yet. It’s easy to wake up each morning to think that today would be no different from yesterday.

Life isn’t always smooth sailing. We burn the toast. We spill the milk. The carpark at Expo is full. Those we cannot foresee, but we can handle.

How about serious illnesses? Accidents? Premature Death?

Unless you have a letter of guarantee issued by God (or any religious being of your choice) that excludes you from any serious mishap, it’s a good idea to ensure you are properly covered.

Not to scare you, but it seems that life has a 100% mortality rate. Just saying.

  1. Death should not be synonymous with debtTop 5 Reasons Why You Need Insurance – Now!

Life Insurance can help your dependents cover any financial responsibilities that are left after your death. Debt can be a tremendous burden, on top of the already emotional toll your absence creates in their lives.

Now imagine passing on without adequate cover. Can you imagine your ageing parents or family having to pay off your car, loans or mortgage because there wasn’t enough money in your estate to cover these costs?

Life insurance can’t replace you, but it can replace some or all of your income if you die. It can cover the cost of final expenses and help pay off debts, as well as day-to-day expenses, like food, clothing, and housing.

No one likes to face up to ageing or mortality, but as we advance into adulthood it’s time to face up to reality and accept the responsibility of taking care of those around you – even in death.

  1. Insurance is cheaper than your daily latteTop 5 Reasons Why You Need Insurance – Now!

If you think you can’t afford life insurance, you might be wrong. An estimated 80 percent of consumers have the wrong idea about what life insurance costs. Millennials, for example, believe life insurance policies are more than three times more expensive than they actually are.

A typical healthy woman aged 25 can get herself covered for 25 years for about…

$6 a day.

Six Singapore dollars a day in exchange for 100 k of cover.

This makes insurance cheaper than your daily latte, your monthly phone bills, or even your cable TV subscription.

Of course, the prices do vary based on age, gender and health factors. Which leads us to our next reason for getting insurance now…

  1. Wait for more, pay moreTop 5 Reasons Why You Need Insurance – Now!

While it’s easy to put off buying life insurance, the longer you wait, the more you’ll spend. Typically up until the age of 40, the cost of coverage goes up by a bit every year. Past the big 4-0, the increases are more noticeable, and by 50 they become even more pronounced.

In the previous section, we could get a 100k cover for $6 a day as a 25-year-old. 10 years later that cost increases to $11 a day. By 45, it balloons up to $25 dollars a day.

It’s no big secret – the older you are, the more expensive insurance becomes to purchase. And it makes absolute sense because there is no reason why a person would be healthier at age 40 or 60 than they were at age 30.

Moral of the story – buy insurance while you are still young!

  1. Peace Of MindTop 5 Reasons Why You Need Insurance – Now!

You wouldn’t drive a car without a seatbelt or airbags, neither would you get on a plane with inadequate life jackets. These things cost manufacturers millions, if not billions of dollars a year, yet they are non-negotiable – we know that these devices save lives in the case of an emergency (however remote the chance).

So it is with life insurance. It gives you the peace of mind to pursue the things that matter. It gives you the assurance that your financial future will always be rock solid, no matter how bad things get. And it lets you sleep peacefully at night – and there is no better feeling than that!

So there you have it. 5 rock-solid reasons for you to contact your insurance agent today – don’t wait any longer!

By ClearlySurely.com, which aims to demystify all that is Life Insurance in Singapore. It provides users with simple, easy to digest information about Life Insurance that helps the decision-making process.

Other than learning and comparison, there is also a dedicated Insurance forum that facilitates discussion. Show them some love by liking their Facebook page here.

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Founder @ The New Savvy
Anna Haotanto is the Advisor (former CEO) of The New Savvy. She is currently the COO of ABZD Capital and the CMO of Gourmet Food Holdings, an investment firm focusing on opportunities in the global F&B industry. She is part of the founding committee of the Singapore FinTech Association and heads the Women In FinTech and Partnership Committee. Anna is the President of the Singapore Management University Women Alumni. Anna invests and sits on the board of a few startups. Anna is also part of the Singapore Chinese Chamber of Commerce & Industry Career Women’s Group executive committee. Anna’s story is featured on Millionaire Minds on Channel NewsAsia. She hosts TV shows and events, namely for Channel NewsAsia’s “The Millennial Investor” and “Challenge Tomorrow”, a FinTech documentary. Anna was awarded “Her Times Youth Award” at the Rising50 Women Empowerment Gala, organised by the Indonesian Embassy of Singapore. The award was presented by His Excellency Ngurah Swajaya. She was also awarded Founder of the Year for ASEAN Rice Bowl Startup Awards. She was also awarded the Women Empowerment Award by the Asian Business & Social Forum. Anna has been awarded LinkedIn Power Profiles for founders (2018, 2017), Tatler Gen T, The Peak’s Trailblazers under 40 and a nominee for the Women of The Future award by Aviva

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