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5 Things to Know About Your Life Insurance

8 May 2018 By admin Leave a Comment

When it comes to strengthening your overall financial wellness, many people could benefit from flexing their muscles with a greater understanding of life insurance.

Think about going to a gym and walking into a room with a variety of machines and equipment. What if you don’t know what they do or how to properly use them? This is similar to how many Americans feel about the various forms of life insurance. People know they need it, but they are often unsure of the type of coverage they should get and when to get it.

To help you get started, here are five important questions you should ask yourself.

Why do I need life insurance? Many people simply overlook the important role that life insurance plays in financial planning. It’s not typically as popular of a topic as portfolio construction or retirement income planning. The reality, however, is that as we transition into adulthood and take on growing responsibilities and family obligations, life insurance soon becomes fundamental to having a comprehensive plan.

Thinking about the unexpected isn’t always easy, but taking the necessary precautions has it benefits. Just like a healthy body, protecting your assets in your financial plan with life insurance can help mitigate future risk. For example, if you have outstanding debts or financial obligations, the right policy may help ensure that those burdens do not fall on your family members after you’re gone.

Beyond the most common use, which is providing a death benefit, life insurance may also come in handy for more sophisticated planning. If you have a child with special needs or a life-altering condition, death benefits may provide the ability to secure their financial future without adversely impacting your other children. Or, it could provide the means to cover any taxes that might be left on your estate.

 At the end of the day, you want to know that your loved ones will be taken care of, and life insurance can help to deliver that sense of comfort.
By Tom Halloran
See Full Story at money.usnews.com

Filed Under: Interesting Stuff, Tips Tagged With: life insurance

How to assure your spouse gets life-insurance money when you die

12 April 2018 By admin Leave a Comment

Here are tips to make sure these problems don’t happen to you.

Temporary coverage during underwriting

Ask for temporary coverage during underwriting so you are protected before the policy kicks in. You may be required to begin paying premiums. The payments are refunded if the policy is not finalized.

Keep notes

Keep notes of all conversations with insurance representatives, no matter how minor, including names and dates. Ask your agent for a copy of statements you made during the application interview. These documents can be useful in contesting a denial.

Ask questions

Ask questions any time you don’t understand something and always answer honestly. Life insurance companies can use the inaccurate or incomplete information to refuse a claim. Even failing to disclose a minor medical condition unrelated to the cause of death can jeopardize your benefits.

List a secondary address

List a secondary address on your policy. If you move or change banks and forget to pay your premium, you have a better chance of receiving the reminders to pay. Most insurance companies cancel policies after 30 to 60 days of missed payments.

Look at guides before buying

Before you buy a policy, check out helpful guides from the American Council of Life Insurers and the National Association of Insurance Commissioners.

By Rebekah L. Sanders

See Full Story at www.azcentral.com

Filed Under: Uncategorized Tagged With: life insurance

Learning life insurance basics

3 October 2017 By admin Leave a Comment

One of the most common reasons for buying life insurance is to replace the loss of income that would occur in the event of your death.

When you die and your paychecks stop, your family may be left with limited resources. Proceeds from a life insurance policy make cash available to support your family almost immediately upon your death.

Life insurance is also commonly used to pay any debts that you may leave behind. Life insurance can be used to pay off mortgages, car loans and credit card debts, leaving other remaining assets intact for your family. Life insurance proceeds can also be used to pay for final expenses and estate taxes. Finally, life insurance can create an estate for your heirs.

How much life insurance do you need?

Your life insurance needs will depend on a number of factors, including whether you’re married, the size of your family, the nature of your financial obligations, your career stage, and your goals. For example, when you’re young, you may not have a great need for life insurance. However, as you take on more responsibilities and your family grows, your need for life insurance increases.

There are plenty of tools to help you determine how much coverage you should have. Your best resource may be a financial professional, although there is no assurance that working with a financial professional will improve results. At the most basic level, the amount of life insurance coverage that you need typically corresponds to your answers to these questions:

What immediate financial expenses (e.g., debt repayment, funeral expenses) would your family face upon your death?

How much of your salary is devoted to current expenses and future needs?

How long would your dependents need support if you were to die tomorrow?

How much money would you want to leave for special situations upon your death, such as funding your children’s education, gifts to charities or an inheritance for your children?

Since your needs may change over time, you’ll need to continually re-evaluate your need for coverage.

How much life insurance can you afford?

How do you balance the cost of insurance coverage with the amount of coverage that your family needs? Just as several variables determine the amount of coverage that you need, many factors determine the cost of coverage. The type of policy that you choose, the amount of coverage, your age, and your health all play a part. The amount of coverage you can afford is tied to your current and expected future financial situation, as well. A financial professional or insurance agent could help you select the right insurance coverage.

By Stacy Bush

See full Story at www.valdostadailytimes.com

Filed Under: Interesting Stuff Tagged With: life insurance

10 Tips For Buying Life Insurance

15 August 2017 By admin Leave a Comment

Of course you don’t want to think about leaving your loved ones behind…who does? But if your family depends upon your income, then it’s time to stop putting it off and start thinking life insurance.

10 tips for buying life insurance

  1. Compare side-by-side. Take the time to compare different types of coverage. Ask your agent for summaries of several plans, and review the advantages and disadvantages of each for your situation.
  2. Get comfortable. It’s important that you are confident in your final decision. There may be terms or parts of your policy that you don’t understand. Remember, you’re not the life insurance expert, your agent is, so don’t hesitate to have them explain every last detail to you. You shouldn’t purchase a policy if you are uncomfortable or have any doubts about the insurance company, your agent, or the actual insurance itself.
  3. Do a background check. Unfortunately not every insurance company is as reputable as they appear. Before you purchase your plan, contact your state insurance department and double check that the insurance company is licensed there. Your ideal life insurance company will have a good reputation, an excellent customer service record and a strong financial outlook. You can see how your prospective company stacks up through rating companies like A.M. Best, Standard & Poor’s, Fitch Ratings, and more.
  4. Don’t lie. You will be asked about your medical history when purchasing life insurance. It’s important that you are completely honest: intentionally misrepresenting any significant health conditions you have is considered insurance fraud. Take care to fill out your application correctly, and once completed, contact your agent immediately to let them know if you’ve made a mistake, or have additional information to add.
  5. Proper paperwork. When you buy your life insurance policy, don’t pay in cash, and make the check out to the insurance company that handles the policy, not the actual agent. It’s important to get a receipt for your records, as well as your own copies of all the paperwork.
  6. Keep an eye on the time. You can expect your policy to show up within 60 days. If it doesn’t, call your agent right away.
  7. Take a good look. Many insurers offer policyholders a ‘free look’ period. The length of your free look can vary, but you typically have 10 days from when you received your policy to decide whether or not to keep it. Take advantage of your free look and review your new policy thoroughly. If you decide you don’t want it, you will need to notify the company during the free look period so they may cancel it and refund you.

See full story at www.insurelane.com

Filed Under: Health Tagged With: life insurance

Tips on How to Get Life Insurance for Seniors

10 August 2017 By admin Leave a Comment

Life insurance is important, but not everyone knows that.

As you get older and start your family or get married, it looms larger and larger in importance. It can be a safeguard for the people in your life so that they can feel secure no matter what. It can give you piece of mind know that if anything happens, your family will be covered.

You may be a late bloomer when it comes to understanding life insurance. You may even be one of those people who thought having life insurance is unnecessary.

Despite your delayed realization on what you’ve been missing all these years, it is never too late. You can still get a life insurance and feel protected. Then again, because of your delay, there are certain factors that you need to take into consideration in terms of what you can still get from your insurance.

In any case, it is always a good decision to step up, take control of your life and get your own life insurance. Follow these two tips to put yourself on the path to get there.

Get it the Traditional way

Depending on certain key factors, you can still get a life insurance policy from a good number of insurance providers even though you are a senior. Luckily for you, there are certain policy regulation boundaries that can still allow you to apply and be covered by a suitable insurance plan.

One of the most critical factors will be your age. There are companies that still cater to clients up to 65 years old. As long as you pass the other requirements, you can still apply for a policy and be covered for life. However, since the claims for any life insurance policy are primarily based on the length of time that you have kept the policy enforced, you might get benefits that are relatively lesser when compared to the benefits of those who have been insured much longer.

Now, if you passed the age criteria, you also need to make sure that you are in good health. Just like anyone applying for a life insurance policy, you need be in tip-top shape to be given a policy that maturity enough to be worth it in the long-term.

There is a variety of options for you if you plan on going through the regular route of getting insured. Do your research and talk to a financial adviser who can help you know more about insurance products that fits your needs, wants, and your place in life.

See full story at yerkesfinancialadvisors.com

Filed Under: Products Tagged With: life insurance

Tips for Finding Cheap Life Insurance

1 August 2017 By admin Leave a Comment

Cheap life insurance is out there, if you know what you’re looking for. That’s why it’s important to do your research. You’ve got to educate yourself on the various types of life insurance policies that are available, including additional benefits that may or may not be offered.

Plus, you should make an effort to research your options as they relate to the various life insurance companies. It’ll be to your advantage to know what you want and need in terms of cheap life insurance before you start getting quotes.

Term vs. whole life

The first big determinant of cheap life insurance is the type you select. Term life insurance will almost always cost you less than whole life insurance. Term insurance is purchased for a specific period of time, for a specific face value.

Whole life, as the name implies, provides life insurance benefits for the rest of your life, whether that ends up being 10 years or 50. Whole life insurance policies generally have a cash value aspect meaning you’ll pay more in monthly premiums. The amount over and above that which is necessary to cover the premium is used for investment purposes.

Even if you do choose whole life insurance, your costs can be lower if you look around for a policy that has lower fees. The fees you want to pay attention to aren’t really fees, they’re commissions. Commissions can eat away at the cash value of your whole life policy. When researching, look for the term, “low load” as that generally means lower fees.

But be careful. You’ll find this type of life insurance won’t be cheap if you withdraw funds. When the policy’s cash value is greater than the premiums paid, you’ll likely have to pay taxes. A loan against the cash value may have the same end result.

Think long and hard about this type of life insurance policy; it’s not meant to be a substitute for a more traditional type of investment plan. And the premiums you’ll pay will be hefty.

By Ayat Ahadi

See full story at goodherald.com

Filed Under: Health, Tips Tagged With: life insurance

Tips for getting Life Insurance with Type 2 Diabetes

25 July 2017 By admin Leave a Comment

When you’re ready to apply for life insurance, it’s important that you’ve done research on your policy options, eligibility factors, and have arranged to speak with a licensed and knowledgeable life insurance agent about any questions or concerns you may have about your eligibility, while simultaneously putting forth your best effort to ensure that you’re in the best health possible given your health conditions.

We have compiled a list of five tips that will assist you in understanding what actions are necessary to take if you’re looking to for life insurance with type 2 diabetes.

1. Have labs drawn and assess whether they are within normal range.

When applying for eligibility to purchase diabetic life insurance, the life insurance company will request that you visit the doctor to obtain current labs, and provide them the results so that they are able to assess your current health standing. Why labs? Labs provide insight into your health status that a routine physical cannot display. If you’re a person with type 2 diabetes, life insurance companies will be especially interested in the results of your A1C test, a lab that measures how your body is metabolizing glucose.

2. Shed extra pounds.

Weight management is a factor that contributes heavily to the overall health of any individual, and for diabetics, excess weight can negatively impact health in an even more profound way. If you are a type 2 diabetic looking to purchase life insurance, it is exceedingly important for you to understand that being overweight comes as an additional liability to any insurance company.

If you’re an individual who is overweight, your excess weight can significantly influence your eligibility as well as your monthly premiums. Healthy weight management may be the difference between a premium that is affordable, and one that is not. Make it a priority to gradually be more physically fit so that you can achieve or maintain a healthy weight.

3. Quit Smoking.

Smoking flags you as a huge liability to any life insurance company. An extensive list of chronic illnesses, many of them fatal, have been scientifically proven to occur at greater rates in smokers as opposed to non-smokers. With such a strong correlation between smoking and chronic and fatal illness, it’s understandable why being a smoker would warrant a higher premium.

Individuals who smoke risk being denied eligibility for life insurance or paying an excessive premium, but smoking paired with type 2 diabetes is guaranteed to generate a high premium. To avoid being viewed as an increased risk of liability, work towards quitting smoking as soon as possible.

By MATT SCHMIDT

See full story at www.diabetes365.org

Filed Under: Health Tagged With: life insurance

Is your workplace life insurance enough?

25 October 2016 By admin Leave a Comment

Tourists enjoy the sunset at Kovalam beach in the southern Indian state of Kerala October 1, 2005. REUTERS/Dipak
Tourists enjoy the sunset at Kovalam beach in the southern Indian state of Kerala October 1, 2005. REUTERS/Dipak

As benefits season kicks off, you may be focused on the changes to your health plan. But be sure to pay careful attention to your life insurance options when you fill out your annual enrollment forms.

That is because the typical U.S. company usually only offers one- to three-times salary as a life insurance benefit at no cost to workers, and it ends when you leave the job.

Still, this is all many people have. Only 70 percent of Americans – some 87 million households – have any kind of life insurance coverage, according to the new 2016 survey by life insurance research group LIMRA. Nearly half of those surveyed by LIMRA have only group policies, with an average coverage of $236,000, or 2.6-times income replacement.

“If you’re 26, with no student debt, on your own with no family, then maybe one-times your salary is sufficient,” says Anita Potter, assistant vice president for LIMRA.

The industry recommendation from LIMRA is to have more than double that, and some financial experts recommend even more.

“The old rule of thumb used to be 10-times income, but with today’s markets and lower interest rates, you need closer to 15- or 20-times,” says Marvin Feldman, president and CEO of Life Happens, a non-profit group formed by seven insurance producer organizations.

By Beth Pinsker

See full story at www.reuters.com

Filed Under: Health Tagged With: life insurance

Life Insurance – Is It Really Necessary for Singapore Workers?

26 July 2016 By Digital Curator Leave a Comment

life insurance

Employees love to be taken care of – in fact, research suggests that workers’ benefits can be traced all the way back to the Golden Age of Piracy, where Caribbean pirates who fell injured in their dangerous trade would be compensated with shares of silver and gold pooled from their fellow uninjured buccaneers.

Closer to home, some companies may have their own form of booty in place – by providing some sort of financial compensation to an employee (or his/her beneficiaries) who is afflicted with critical illness or even death – the company usually offers this magnanimous health benefit straight from the company’s bowl of goodwill.

The Upside….
Most employers should consider providing insurance coverage for her employees to remain competitive with their rivals for the most talented employees. In addition, employers themselves also stand to gain from the advantage of less expensive health insurance when you consider the lower rate of premiums that come with purchasing insurance for a large group.

This gesture also suggests that the company cares for her employees’ welfare. In fact, some group insurance plans may offer supplementary riders – in effect, a form of preventative care to keep employees healthy and working. Without preventative care, employers might wind up having more employees out of the office than in it – and for long periods of time.

By: Deanna Bonaparte

See full story at community.jobscentral.com.sg

Filed Under: Interesting Stuff Tagged With: life insurance

Singapore’s life insurance business grew 9% in Q4 2015

22 March 2016 By Digital Curator Leave a Comment

Singapore's life insurance business grew 9% in Q4 2015-credence-insurance-agency

Image via Flickr user Brian Evans

SINGAPORE’S life insurance business grew 9 per cent year on year to S$832.2 million in the fourth quarter of 2015 in total weighted new business premiums – a way to measure the growth of the life insurance industry – lifted by sales of non-linked weighted single-premium plans.

Weighted annual premium sales for the quarter inched up marginally by one per cent to S$550.3 million.

Weighted single-premium sales rose 9 per cent to S$940.8 million in 2015, of which single premium-linked sales comprised 26 per cent, while CPF-funded policies made up 16 per cent.

In 2015, weighted annual premium sales rose 7 per cent to S$2.06 billion.

He added that the Integrated Shield Plan (IP) insurers have been working with the Ministry of Health on the standard class B1 plan, which will be announced soon.

by Claire Huang

See Full Story at businesstimes.com

Filed Under: Industry Tagged With: life insurance, singapore growth, singapore life insurance

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