Most people know the importance of insurance protection but are sometimes unsure about whether they have adequate protection. Some think that simply having more policies is better, but that is not always true. Whether you’re a career achiever or the breadwinner of a young family, being adequately covered and choosing the right type of insurance coverage can help secure the financial future of your loved ones for life’s unexpected moments. Starting early and buying the right insurance plans may also prove beneficial in the longer term as it can help to supplement retirement income during your golden years.
Having adequate insurance coverage is not about owning more policies but having the relevant policies to match your protection needs. As our needs change over time, it’s prudent to review your insurance portfolio periodically. A good time to do so is when you encounter significant changes in your lifestyle or reach certain milestones – such as increases in salary, marriage, or an increased liability such as a housing loan – to ensure that your protection is relevant to your current circumstances.
Important Information
Insurance plans are underwritten by The Overseas Assurance Corporation Limited and/or The Great Eastern Life Assurance Company Limited, both wholly-owned subsidiaries of Great Eastern Holdings Limited and members of the OCBC Group. They are not bank deposits or obligations of, or guaranteed by OCBC Bank. Terms and conditions apply. MAX is a registered trademark of The Overseas Assurance Corporation Limited.
Buying a life insurance policy is a long-term commitment. An early termination of the policy usually involves high costs and the surrender value payable may be less than the total premiums paid.
It is usually detrimental to replace an existing accident and health policy with a new one. A penalty may be imposed for early policy termination and the new policy may cost more or have less benefits at the same cost.
You may wish to seek advice from a financial adviser before making a commitment to purchase a life policy. In the event that you choose not to seek advice from a financial adviser, you should consider whether the life policy in question is suitable for you.
The above is for general information only. It is not a contract of insurance. It does not constitute an offer to buy an insurance product or service. It is also not intended to provide any insurance or financial advice. The specific terms and conditions of the plan are set out in the policy documents. A person interested in the insurance policies should read the product summary and benefit illustration (available from OCBC Bank) before deciding whether to buy this product.
No representation or warranty whatsoever (including without limitation any representation or warranty as to accuracy, usefulness, adequacy, timeliness or completeness) in respect of any information (including without limitation any statement, figures, opinion, view or estimate) provided herein is given by OCBC Bank and it should not be relied upon as such. OCBC Bank does not undertake an obligation to update the information or to correct any inaccuracy that may become apparent at a later time. All information presented is subject to change without notice. OCBC Bank shall not be responsible or liable for any loss or damage whatsoever arising directly or indirectly howsoever in connection with or as a result of any person acting on any information provided herein.
OCBC Bank, its related companies, their respective directors and/or employees (collectively “Related Persons”) may have positions in, and may effect transactions in the products mentioned herein. OCBC Bank may have alliances with the product providers, for which OCBC Bank may receive a fee. Product providers may also be Related Persons, who may be receiving fees from investors. OCBC Bank and the Related Persons may also perform or seek to perform broking and other financial services for the product providers.
