Some of us would say it’s our families – looking forward to every day to spend time with them and growing old in life together.
It’s a lovely sentiment, but we all know that we spend most of our time at work. It’s true. Did you know that the average Singaporean spends between 40-45 hours at work every week; that’s a significant portion of our lives!
Why’s that? Well, sadly, we all have bills to pay. And also because we want to give our families a better life.
Are You Prepared?
So ask yourself this: If you were to become unemployed, what would happen then?
Do you have enough in your retirement accounts to last you a few more decades? Has the mortgage on your house been paid off yet? Do you have any other unpaid loans?
Sure, the odds of you being retrenched are slim. You’re a hardworking professional who’s held a stable job for years. You climbed the ranks at your workplace, while others have left. You’re too valuable for your company to let you go, right?
We hate to burst your bubble… But we’re living in uncertain times.
Companies worldwide (including those in Singapore) have resorted to retrenchment as a last-ditch resort to cut costs. With international travel stopping, interest rates plunging and business slowing down overall, companies need to trim the fat, or they’ll start to feel the burn.
Okay Superman/Wonder Woman, let’s say you’re immune to retrenchment. What about a global pandemic? (say hello,Covid.) Especially if you're the sole breadwinner in your family. Do you have a plan in place that'll keep your loved ones protected if you are retrenched?
Invest in a good personal accident insurance program. Your family needs more than to hear that the mess they're in was "unlikely to happen"
CIMB Revital Accident Careis a personal accident insurance plan that provides you with a 24-hour worldwide protection from death and permanent disablement, medical reimbursement due to an accident, loan repayment and involuntary unemployment benefit and many more! Should you lose your job due to retrenchment, you will be covered for up to S$1,500 per month for up to 3 months. In the event of death or permanent disability due to accident, you can receive a lump sum of up to S$10,000, helping your family ease any financial obligations.
If this sounds like something you’d be interested in, you’d be pleased to know you can sign up for the plan as long as you're between the ages of 18 and 60, residing or working in Singapore, and you're a Singaporean, permanent resident or holding a valid pass or permit.
Important Notes & Disclaimer
This article is brought to you by CIMB as part of our ongoing efforts to raise the level of financial literacy amongst Singaporeans. Financial knowledge and understanding are key to making well-informed and meaningful financial decisions that will improve everyone’s well-being. This in turn, achieves CIMB’s purpose of advancing customers and society.