For the older couple, the focus should shift towards estate planning and guarding against poor health and disability. Estate planning can be done via policy nomination of a whole-life or endowment policy. This will enable you to plan how much you want to leave behind for your loved ones should anything happen to you.

Health, critical illness and disability insurance become more expensive with age. With escalating health care costs, such insurance coverage is essential. Disability protection also becomes more important for the reasons stated above.

How much coverage is enough? The rule of thumb is enough to meet your spouse's lifetime needs. Even with grown, independent children, life insurance to meet the income protection needs of your spouse is crucial.

Conclusion

Securing your financial future and protecting your loved ones involve choosing the right type and amount of insurance to buy. The above checklists provide some guidelines as you map out the appropriate risk management strategies that suit your individual and family situation.

The key is to get coverage before you need it.

Remember too, that as your needs change with each life stage, your insurance coverage must also change. If you need assistance to reassess your insurance needs, please visit any of our OCBC Bank branches near you!