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What is Disability Income Insurance?

Disability Income Insurance (DII) is a very specific type of policy with the intended purpose of insuring one’s ability to work. Much like the Aesopian goose, most Singaporeans produce their own “golden eggs” in form of the monthly salaries they receive for working. DII steps in to replace the lost monthly income when a person is unable to work due to accident or illness.

Income replacement is possibly one of the top most priority for working class Singaporeans after a hospitalisation plan, and many insurance policies are sold on this premise. However, as cliché as the proverbial goose analogy is in the world of insurance sales, many agents are not recommending DII policies, pitching life coverage in form of Critical Illness and Total & Permanent Disability as income replacement solutions instead. Let’s take a look at what DII does and why so many Singaporeans are under-insured in this regard.

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How I Ruined My Father’s Insurability

This is a topic that is close to my heart and also explains the motivation behind what I do.

My dad fought and thankfully won a critical illness back when I was still a young boy, a time when managing my finances meant putting away coins into a piggy bank. Back then, both my parents were in their prime and provided a lifestyle for my sister and I which was, by most standards, a very comfortable one.

We were too young to know why Dad left his stable job, or the reason behind the abrupt resignation of my mother from her illustrious insurance career. It was much later did I realise how my parents have been sheltering us from worry and distress.

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Taking off the Bubble Wrap!

After many hours of tweaking, coding and testing, it’s finally time for me to take off the bubble wrap and unveil this very blog for the world.

Everyone’s connected to the net now and it’s common to see financial advisers and consumers alike take to the Internet. You have insurance agents trying to find – yet again – their next prospective client, and on the other hand you have the clients themselves trying to figure out what on earth their adviser has just recommended them. Inevitably, there’s quite a bit of noise generated and even in cyberspace, where discussions are open for all to see and refute (especially on Internet forums), there are still many with vested interests propagating misleading half-truths in a bid to justify certain dubious practices.

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