A retirement insurance plan is one of the ways to save up for the golden years of your life. These plans are designed to give you a regular monthly income upon maturity. This income can help you stay financially independent in your senior years.
Are you hearing about retirement insurance for the first time? If so, this article is just for you. Read on to discover 5 things you need to know about retirement insurance in Singapore.
1. You can customise the payout period
One of the best things about retirement insurance plans is that you can customise the payout period as per your requirement. You can start receiving your payouts from the age of 50 years based on your preferred payout period. Most insurers offer payout periods of 10, 15, 20, 25, and 30 years.
2. Continue receiving stable monthly income despite market volatility
Some insurers also safeguard your payout against market volatility. This is good news for you as you will get to maintain a stable income in your golden years no matter how unstable the market becomes. A good retirement insurance plan will pay you a monthly income that never decreases as the years roll by. In fact, your income can even potentially increase based on the performance of the participating fund involved. You can, thus, live the life that you envision without worry.
3. You can opt for a single or regular premium
When buying retirement insurance, you can either choose to have a single premium plan or a regular premium plan as per your financial capacity. If you prefer to complete your premium payment in a single lump sum, you may want to opt for the single premium option. If you choose to pay a single premium, you can make use of your SRS (Supplementary Retirement Scheme) funds to pay your premium. The SRS is a voluntary savings scheme with dollar-for-dollar tax relief. This scheme is open for Singaporean citizens, PRs and even foreigners in the country. Or you can opt to pay regular premiums to space out your dues and make your plan fit in with your other financial obligations.
4. Your spouse can succeed you
You can also nominate your spouse to succeed you if you pass away in a joint ownership retirement insurance plan. Your spouse will then receive the benefits of your plan and be financially stable in their senior years.
5. Riders can be added to the base plan
You can also enhance your retirement insurance plan coverage with the help of riders. You might want to consider adding riders that function as premium waivers. You can get your premiums waived if you meet with an accident that leads to total permanent disability or if you get diagnosed with certain critical illnesses. You can also opt for a rider that waives the premiums of your child’s or spouse’s plan if you pass away or are diagnosed with total permanent disability or a critical illness.
A retirement insurance plan can help you manage your monthly expenses during your retirement years and even make room for those moments that make life memorable, such as a much-needed holiday abroad with your spouse.
Do speak with a financial consultant today for help in selecting the right retirement insurance plan.
Good luck!
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