4 Questions To Ask When Choosing A Retirement Insurance Plan

1. 4 Questions To Ask When Choosing A Retirement Insurance Plan

2. The retirement years can be extremely special filled with relaxation and happiness. We work hard so that we can retire comfortably in our golden years. One of the key components of a good retirement is adequate finance. Now, with all the responsibilities that you have shouldered over the years, saving up funds in your account might not be sufficient. You may need something more…something like retirement insurance.

3. A retirement insurance plan is one that pays you a monthly income in your senior years. You can choose the age from which you wish to start receiving these payments. Similar to savings insurance plans, you pay your premiums towards your retirement insurance plan now and receive the benefits when the plan’s chosen payout period begins. The monthly payout that you receive from your retirement insurance plan can help supplement your finances independently. Thus, it becomes so important to choose your retirement savings plan well. In this regard, we have listed down 4 important questions that you must consider asking when getting retirement insurance.

4. Is my plan safeguarded against market volatility? This is, perhaps, the first question you should ask your insurance provider before getting a retirement insurance plan from them. The best retirement insurance plan is one that guarantees you a stable monthly income when the payout period starts and keeps your dues safeguarded against market volatility.

5. What are my premium payment options? Opt for a retirement insurance plan that offers flexibility in terms of the premium payment. You may want to pay your premium as a one-time lump sum before you come across any other responsibilities, or you may prefer regular premium payments. So, ensure that your preferred retirement insurance plan offers you your chosen premium payment option. Can I enhance my retirement insurance plan with riders? Speak to your financial consultant or find out on the insurer’s website about what supplementary benefits you are available with your retirement insurance plan. You might want to consider enhancing your plan with riders for enhanced protection. For instance, consider adding a rider that waives premiums if you get diagnosed with any of the insurer’s listed critical illnesses. That way, you can focus on recovery and getting the treatment you need without worrying about your retirement insurance plan lapsing.

6. Can my spouse get the benefits if something unfortunate happens to me? It is natural to want to secure your family’s future in case you pass away before them. Look for aretirement insurance plan that allows you to appoint your spouse to succeed you when you pass away. This way, you can be sure that they will be financially provided for. This kind of assurance can give you and your spouse peace of mind as you look forward to the golden years of your life together. We hope that this information will help you make a good decision when choosing a retirement insurance plan in Singapore. All the best!