This holds especially true for life and health/medical insurance, which are the two you should never skimp on, as it involves the most important thing – your health.Life can be unpredictable, with ups and downs every turn of the way. Just like the peaks and troughs of the business cycle causing upturns and recessions of the economy, life can have its own ups and downs.
In the case of sudden medical emergencies, accidents or even the onset of illnesses, your family’s lives and health could be put at major risk. What’s more, without insurance, your financial protection would be gone as well. We all know that Singapore’s healthcare system is world-class, but hefty fees still apply, especially for major diagnoses such as cancer which involve lengthy and long-term treatment.
During periods of recession, economic downturn, and inflation, everything is more expensive, and your job and sources of income become even more unstable and uncertain.
On the contrary, life and health insurance policies preserve their value, and you will be able to get your payouts without losing the money in your policy and insurance portfolios. This is because insurance plans do not depend on the volatility of the economic market conditions, and are a safe and secure way to protect your assets.Many may think that insurance is only for those who have increased risks of falling sick or passing on.
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